2022–23 | Making a Difference
Message from the Chair Serving as Chair of the Jewish Community Foundation of Calgary is a privilege and an honour. Working hand-in-hand with our professional team, lay leadership, and philanthropists is a pleasure. Collectively, we are dedicated to tzedakah, the act of bringing justice into the world. Our priority is to serve you well, continuously striving to be your trusted advisors in fulfilling your philanthropic objectives.
net of investment management expense. The total return, inclusive of administration fee recovery, was 8.28%. Our Investment Committee continues to monitor the results of our investment managers, measuring their performance in relation to external benchmarks and comparing the investment returns of each manager to the other. Our sincere thanks go to Richard Nagan, Committee Chair, and to all the members of the Investment Committee for their commitment, attention to detail and careful oversight. Please refer to the Investment Committee Report on page 14 for more detailed information.
Investment returns for fiscal 2023 returned to positive territory. For the twelve-month period ending June 30, 2023, our gross investment return was 9.44% on our aggregate assets (inclusive of State of Israel bonds) and 8.89%
JCFC Grants and Disbursements Cumulative | Millions ($) $9.0
$ 9.3
$ 8.2
$8.0 $ 6.7
$7.0 $6.0
$ 5.8 $ 5.2
$5.0 $4.0 $3.0 $2.0 $1.0 0
2
2019
2020
2021
2022
2023
Assets under management top $30 million
Our footprint and positive impact in the Calgary Jewish and secular communities continue to grow. Thanks to the generosity of our fund holders, our grants, for the second consecutive year, reached seven figures, standing at $1.108M ($1.498M in 2022). Our Grants & Allocations Committee, chaired by Stuart Libin, plays a pivotal role in administering the JCFC’s discretionary grants and bursaries. Our heartful thanks to the entire committee for their diligence in managing, enhancing, and facilitating this process. Since its inception in 1990, the JCFC has distributed nearly $9.3 million dollars in support of organizations and causes nearest and dearest to the hearts of Calgary Jewish philanthropists. The JCFC’s funds and assets under management now total 229 (211 in 2022) and $31.3 million in assets under management ($26.5 million in 2022) respectively, establishing a new high. The previous statistics demonstrate that an increasing number of
JEWISH COMMUNITY FOUNDATION OF CALGARY
54% COMMUNITY & SOCIAL SERVICE
22% RELIGIOUS INSTITUTIONS & PROGRAMS
s Institutions & Programs Secular Non Secular 6% ISRAEL
26% SECULAR & WEllness
Reli
Isra
Hea
JCFC Grants by Sector
Edu
Com
on
nity & Social Service
JCFC Grants by Type
9% HEALTH & WELLNESS 8% EDUCATION
74% NON SECULAR
individuals, families and community organizations have faith in our Foundation’s ability to steward their charitable funds capably and to support their philanthropic passions and objectives. Twenty-two youth participated in our Dorshei Tzedec and Camp BB teen philanthropy programs, bringing total youth participation to 167 individuals since program inception. For the second consecutive year, Moriah Samchek, a previous program graduate, took a lead role in the delivery of the program. Her participation is a testament to the impact of this program on the youth of our community and demonstrates that individuals who participate in such programming become philanthropists and leaders in their adult years. Calgary B’nai Brith Lodge #816 have continuously and generously underwritten the teen philanthropy program. We sincerely thank them for partnering with the JCFC in engaging and developing our future leaders and donors.
2023 | ANNUAL REPORT
JCFC’s partnership with the Calgary Jewish Federation and participating Jewish agencies in the Harold Grinspoon Foundation’s LIFE & LEGACY program continues to be a tremendous success. LIFE & LEGACY is a program dedicated to assisting other institutions in building their endowments and planning for a secure future. Calgary completed the last year of the four-year program and continues with this initiative, participating in Grinspoon’s LIFE AND LEGACY PLUS program. Please refer to our entire LIFE & LEGACY article on page 10. In closing, it is a pleasure to acknowledge and thank several individuals who provide invaluable service to the JCFC and, through it, the community at large. Foundation Manager, Brenda Sapoznikow, and Foundation Administrator, Kim Chulsky continue to serve the JCFC with excellence. They are caring, diligent, organized, timely, and proactive demonstrating and supporting our fundholders in achieving there philanthropic goals.
Gerry Barron, Eytan Donsky, Milt Fischbein, Nelson Halpern, Stuart Libin, Richard Nagan and Andrew Oppenheim, all of whom have served the Board of the JCFC for one or more terms, have agreed to stand for re-election. Warm thanks to them and continuing Board members Daniel Blitt, Jackie Halpern, Barb Krell, and Darlene Switzer Foster. We are privileged to work with such capable, visionary, and generous volunteers and philanthropists on behalf of our cherished community. Because of your collective efforts, our future is strong. Sincerely,
Stuart A. Myron, Chair
3
2022–23 | By the Numbers
4
JEWISH COMMUNITY FOUNDATION OF CALGARY
2023 | ANNUAL REPORT
5
2022–23 | Funds in Action Our Partners in Philanthropy We gratefully recognize the following individuals and families who have had the foresight and commitment to create charitable funds at the Jewish Community Foundation of Calgary. We celebrate their legacy, for this generation and generations to come, and we thank them for enabling the Foundation to grow. CUSTODIAL FUNDS 5 Anonymous Donors Calgary Jewish Community Campus Corporation Calgary Jewish Federation Calgary Jewish Federation Hirschmann Israel Fund * CJFED Life & Legacy Reserve Fund CBTCS Beulah & Norman Martin Cantorial Fund CBTCS Building Reserve Fund CBTCS Congregation Fund CBTCS Festival Endowment Fund CBTCS Jewish Film Festival Fund CBTCS Legacy Fund CBTCS Leo & Goldie Sheftel Rabbinic Chair CBTCS Memorial Park Fund CBTCS Rabbi’s Discretionary Fund CBTCS Ralph Gurevitch Tikkun Olam Fund CBTCS Steven Blitz Bursary Endowment Fund CJFED Lil Faider Lion of Judah Endowment Fund
FCJA - Stuart & Irene Ross Literacy Fund
DONOR DIRECTED ENDOWMENT FUNDS
Jewish Historical Society of Southern Alberta
Abe and Bertha Gold Endowment Fund
Steven Blitz Charitable Trust
Alex and Phyllis Rubin Endowment Fund
The Calgary Jewish Academy
Alex Osten Life & Legacy Fund
The Calgary Jewish Federation PJ Library Endowment Fund * The Friends of the Calgary Jewish Academy Trust
Alice z’l & Jacob (Jack) Adler Endowment Fund Ann and Ralph Kalef Endowment Fund Anne Frank Fund For Holocaust Education Archie & Charna Shapiro Family Fund Arlein and Dov z’l Chetner Family Endowment Fund
6
Calgary Jewish Federation Life & Legacy Endowment Fund Camp BB Riback Life & Legacy Endowment Fund Carol Feldman Community Fund CB Life & Legacy Fund
*
Celia Rostoker Millman Fund For Jewish Education Chabad Lubavitch of Alberta Endowment Fund Chaim & Freda Plucer Memorial Fund * Charles Wainberg Memorial Fund
Aron and Ida Eichler Fund For Jewish Education
Cheryl & Jason Gurevitch Family Fund
Asper Holocaust and Human Rights Education Fund
Craimer-Samuels Family Endowment
B H Girvitz Family Fund
Daphne Taras & Allen Ponak Family Fund
Bella Singer Memorial Fund Bing Family Temple B’nai Tikvah Founders Fund Bleviss-Sapoznikow Family Fund Bonnie Kaplan Endowment Fund Boreski Family Endowment Brent and Tedi Martin Fund Calgary Beth Tzedec Synagogue Life & Legacy Endowment Fund
Life & Legacy Fund * New Fund
Calgary Jewish Community Centre Life & Legacy Endowment Fund
Calgary Jewish Academy Jack & Alice z’l Adler Torah Learning Fund Calgary Jewish Academy Life & Legacy Endowment Fund
David Halpern Family Endowment Fund David Inhaber Community Fund David Waterman Endowment Fund Debbie & Nelson Halpern Community Fund Donna Riback Lion of Judah Endowment Fund Donna Riback Temple B’nai Tikvah Building Fund Dr. David Lander Fund Dr. Stuart & Irene Ross Holocaust Education & Endowment Fund
JEWISH COMMUNITY FOUNDATION OF CALGARY
Ed & Mary Lazar Memorial Fund
Jewish War Veterans of Canada, Calgary Post No. 2 Endowment Fund
*
Elize and Lilian Zuidema Endowment Fund Evan Gelman Education Fund
*
Expatriate Fund Fanny and Aaron Malkin Endowment Fund Frandel and Louis Belzberg Scholarship Fund Gabriel Manning Bar Mitzvah Fund Gary Rosenbaum Children’s Assistance Fund General Heritage Foundation Fund George & Sondra Goodman Endowment Fund
Nagan Family Fund
*
Nate and Lily Horodezky Fund Norman and Beulah Martin Endowment Fund
Joe & Sondra Spier Community Fund Joe and Evelyn Busheikin Endowment Fund Jonathan Berall Endowment Fund Joseph & Mira Tappenden Endowment Fund Kaganov Family Fund Kalef Steinberg Family Fund Krell Maccabi Endowment Fund
Norman Silver Endowment Fund ORT March-Of-The-Living Endowment Fund Peter and Kim Cohos Community Fund Raber Family Fund Ralph and Florence Switzer Endowment Fund Rebecca Block Fund Richard & Max Shilling Camp BB Riback Fund
KSW Calgary Holocaust Education & Commemoration Endowment Fund
Robert and Sydney Kalef Endowment Fund
Susan Inhaber Community Fund Susan Podlog Community Fund
*
Switzer 2005 Family Reunion Endowment Fund Ted and Betty Riback Camp Bursary Fund Temple B’nai Tikvah Life & Legacy Endowment Fund The Adam Maerov & Margie Sills-Maerov Fund The Bracey Family Endowment Fund
*
The Podlog Family Fund
*
The Shane & Alana Devlin Family Fund *
Romer Segal Family Fund
The Shilling - Livergant Me, Ourselves & Israel Fund *
Rose Hallis Student Travel Bursary Fund
Vivian Katz Endowment Fund For Jewish Education
Rothenberg Seidman Family Endowment Fund
Waterman Family Endowment Fund
Lorne Pearl Legacy Fund
Sahbra Anna Markus Community Fund
Wedro Holocaust Education Fund
Harriet & Phil Libin Philanthropic Fund
Lynn Einstein and Lionel Groberman Endowment Fund
Sam and Ida Switzer Endowment Fund
William Cohen Memorial Scholarship Fund
House of Jacob Mikveh Israel Life & Legacy Endowment Fund
Maccabi Canada Athlete Fund
Sarah and Ziggy Bleviss Endowment Fund
Yakov and Karen Behar Endowment Fund
Second Generation Fund
Zeisler Family Endowment Fund
Sema and Morris Belzberg Endowment Fund
Zenith/Laven CJA Life & Legacy Scholarship Fund
Gertrude Cohos Endowment Fund Halpern Akiva Academy Life & Legacy Endowment Fund Harold & Saundra Lipton Community Fund
Ida Switzer Lion of Judah Endowment Fund Jack and Betty Sharp Endowment Fund Jacques z’l & Lila Mydlarski Life & Legacy Fund * JCFC Life & Legacy Reserve Fund Jeffrey Secter Bursary Fund Jerry Libin Community Fund Jewish Family Service Calgary Life & Legacy Endowment Fund Jewish Historical Society of Southern Alberta Life & Legacy Endowment Fund
2023 | ANNUAL REPORT
Len & Faigel Shapiro Family Endowment Fund Lipkind Family Endowment Fund Lister Family Endowment Fund
Magidson Family Fund
*
Margaret and Morris Bleviss Endowment Fund Marilyn Libin Lion Of Judah Endowment Fund Marnie & Darren Bondar Family Charitable Fund Max and Bessie Shulder Endowment Fund Max and Molly Pressman Endowment Fund Megan Macfarland Fund Mendelson Hodgins Jewish Community Fund Molly Joffe B’nai Mitzvah Fund Myra & Maurice Paperny Family Fund Myron Family Endowment Fund
Sheila & David Martin Legacy Fund Shilling - Livergant Family Endowment Fund for JFSC Shore-Ellerbeck Family Community Fund Sierra Libin Philanthropy Fund Solomon and Adelle Saper Endowment Fund Stan Libin Memorial Endowment Fund Steinberg Family Fund Steve Eichler & Tracey Rumig - Be the Change Fund Steven Blitz Endowment Fund
Life & Legacy Fund * New Fund
7
2022–23 | Funds in Action DONOR ADVISED FLOW THROUGH FUNDS
Gladys and Mackie Shuler Health Support Fund
Len & Faigel Shapiro Family Flow Through Fund
Bogoch Community Fund
Halpern-Solomon Fund
Lewis Manning Charitable Fund
Bogoch Family Endowment Fund For Jewish Education
Hamborger Family Fund
Lexier Community Fund
Haya & Stan Stein Family Fund
Malka Balaban Community Fund
Camp BB Riback Cabin Refurbishment Fund Chetner Family Community Fund Craimer-Samuels Family Dan Balaban Family Fund Debbie & Nelson Halpern Family Charitable Fund Fania and Leo Wedro z’l Community Fund Fania & Leo Wedro z’l Holocaust Education Fund Fay (Smolensky) Schwartz Memorial Fund Fischbein Family Community Fund Friends of the Foundation Fund
Holocaust Memorial Fund ITC Fund Jack Balaban Memorial Fund Jeff and Wendy Kohn Endowment Fund Jeno Klein Legacy Fund Jewish War Veterans of Canada, Calgary Post No. 2 Casino Joel & Christina Reboh Family Fund Jordan Balaban Community Fund Joy & Max Feldman Community Fund Judy Shapiro Maccabi Fund Krell - Eldridge Family Fund *
Ron Barron Community Fund Rubensohn Family Fund Sam and Ida Switzer Flow Through Fund Sam Switzer Community Fund
March-Of-The-Living Fund
Sharon Batshaw & Family Community Fund *
Mark Shilling & Sheryl Livergant Community Fund
Silverstone Family Community Fund
Marnie & Darren Bondar Family Community Flow through Fund
Stan & Trish Mayer and Family Community Fund
Mary & Ken Taub Family Fund Maureen and Joe Katchen Fund Mayer Family Fund Michael Balaban Community Fund Nitzanim Community Fund
Steve Baylin Legacy Fund Susan Klein Memorial Fund Switzer Foster Family Fund Tibor Kaldor Legacy Fund Tikkun Olam Philanthropic Fund Zeisler Family Charitable Fund
Prosperity Farm Legacy Fund Rabinovitz Family Community Fund
Life & Legacy Fund * New Fund
In Memory The Jewish Community Foundation of Calgary recalls the following fund supporters whose charitable deeds were an inspiration to us all. May their memories always be for a blessing. • Dr. David Taras z’l
The ITC Fund, June 2022
• Fania Wedro z’l
Wedro Holocaust Education Fund and Fania & Leo Wedro Community Fund, August 2023
8
JEWISH COMMUNITY FOUNDATION OF CALGARY
2022–23 | Grantees Alberta Cancer Foundation
Canadian Magen David Adom
Alberta Law Review Society
Canadian Mental Health Association
Alberta SPCA ALS Society of Alberta
Canadian Red Cross
Alzheimer Society Calgary
Canadian Wildlife Federation Inc.
Alzheimer Society of Alberta and Northwest Territories
Cancer Research Society
ARBI
Careers, The Next Generation Foundation
Arthritis Society Beit Halochem Canada
Chabad Lubavitch of Alberta CNIB
Beth Tzedec Congregation Society
Congregation Emanu-EI
B’nai Brith Calgary Lodge 816
Congregation House of Jacob Mikveh Israel
Calgary Counselling Centre Calgary Firefighters Burn Treatment Society Calgary Food Bank Calgary Foundation Calgary Homeless Foundation Calgary Humane Society Calgary Jewish Academy Calgary Jewish Community Campus Corp. Calgary Jewish Federation Calgary Lodge Menorah Charitable Foundation Calgary Opera Calgary Philharmonic Society Calgary Public Library Foundation Calgary Shaw Charity Classic Foundation Calgary Women’s Emergency Shelter Camp B’nai Brith Society Canadian Cancer Society Canadian Fallen Firefighters Foundation Canadian Friends of Hebrew University Canadian Friends of Shalva Israel Association Canadian Friends of Tel Aviv University
Congregation Shaarey Zedec Covenant House Vancouver Crohn’s & Colitis Canada CUPS Calgary Society Cystic Fibrosis Canada Decidedly Jazz Society Diabetes Canada
Institute for Stuttering Treatment and Research
Shock Trauma Air Rescue Society
Jazz is Society of Alberta
Soup Sisters & Broth Brothers Society
Jewish Child and Family Service Winnipeg Jewish Family Service Calgary
Technion Canada
Jewish Federation of Canada - UIA
Technion-Israel Institute of Technology, Technion City
Jewish Federation of Victoria & Vancouver Island
Temple B’nai Tikvah
Jewish Historical Society of Southern Alberta Jewish Immigrant Aid Services Jewish National Fund Jews for Judaism Kadima Foundation Kehilat Shalom Society of Calgary Kidney Foundation of Southern Alberta La fondation des ecoles JPPS-Bialik
Distress Centre of Ottawa and Region
Leket Canada
Ecotrust Canada Epilepsy Canada
Massachusetts Institute of Technology
Foothills Academy Society
Mazon Canada
Glaucoma Research Society of Canada
McGill University
Greenpeace Canada
Na’amat Canada
Habitat for Humanity Southern Alberta
National Music Centre
Magen David Adom
MS Society
Hadassah Wizo Canada
Opportunity International Canada
Halpern Akiva Academy
Parkinson Association of Alberta
Health Reach Canada Inc.
Parkinson’s Canada
Heart and Stroke Foundation of Alberta, NWT & Nunavut
Parks Foundation Calgary
Hebrew Foundation School Hebrew University Heritage Park Society Hillel BC Society HR Canada Charitable Organization
Stars Air Ambulance
Terry Fox Foundation The Arthritis Society The Esther Honens International Piano Competition Foundation The Leukemia & Lymphoma Society of Canada The Michael J Fox Foundation for Parkinson’s Research The Montreal Chapter of Dysautonomia Foundation The Mustard Seed The Nature Conservancy of Canada The United Synagogue of Conservative Judaism The University of British Columbia UNICEF Canada United Israel Appeal of Canada United Way of Calgary and Area University of Calgary War Child Canada Weizmann Canada Weizmann Institute of Science Wellsprings Calgary Carma House
Pembina Institute
Whyte Museum of the Canadian Rockies
Place2Give Foundation
Women in Need Society (WINS)
Plan International Canada
Women’s Centre of Calgary
Project Warmth Society of Alberta
World Vision Canada
Quest Theatre Society
YMCA of Southwestern Ontario Yukon Hospital Foundation
Raincoast Conservation Foundation
Canadian Hadassah-WIZO
2023 | ANNUAL REPORT
9
Giving Calculator Legacy Giving Calculato Calculator Legacy Giving Calculator Legac Philanthropy | Life & Legacy or Legacy Giving Calculator Legacy A Giving Giving Calculator Legacy Giving Calculato Calculator Legacy Giving Calculator Legac or Legacy Giving Calculator Legacy Giving Giving Calculator Legacy Giving Calculato Calculator Legacy Giving Calculator Legac or Legacy Giving Calculator Legacy Giving Giving Calculator Legacy Giving Calculato Calculator Legacy Giving Calculator Legac or Legacy Giving Calculator Legacy Giving Giving Calculator Legacy Giving Calculato Calculator Legacy Giving Calculator Legac or Legacy Giving Calculator Legacy Giving Giving Calculator Legacy Giving Calculato Calculator Legacy Giving Calculator Legac or Legacy Giving Calculator Legacy Giving Giving Calculator Legacy Giving Calculato Calculator Legacy Giving Calculator Legac or Legacy Giving Calculator Legacy Giving Giving Calculator Legacy Giving Calculato Calculator Legacy Giving Calculator Legac fter four years of promoting and securing after-lifetime endowment gifts to help sustain the Calgary Jewish community for generations, there is much to celebrate.
This past spring, LIFE & LEGACY marked its fourth year in Calgary. The success of local communal professionals and volunteers in encouraging a culture of planned giving was recognized at a graduation ceremony capping a weekend of sharing and learning in Springfield, Massachusetts, at the first North American in-person LIFE & LIVING gathering since 2020. Launched by the Harold Grinspoon Foundation in 2012, LIFE & LEGACY helps Jewish communities develop endowment funds to support Jewish life in perpetuity. Calgary was the first Canadian community to embrace the program, organized locally by the Jewish Community Foundation of Calgary and the Calgary Jewish Federation.
“We take much pride in the fact that the Calgary contingent of 10 was the largest of all Jewish communities at the gathering,” said JCFC Chair Stuart Myron. “There is tremendous enthusiasm among our ten participating organizations as we extend our participation for another four years, thanks to the opportunity we have been given to participate in the LIFE & LEGACY Plus program,” Myron said. This “graduate program,” launched locally on April 1, 2023, means that local LIFE & LEGACY partner organizations will continue
10
to benefit from the expertise, guidance and support of LIFE & LEGACY staff for an additional four years. Colorado-based advisor Tammy Dollin will travel to Calgary in November for face-to-face sessions with local LIFE & LEGACY teams for the first time since 2020 when the COVID-19 pandemic forced training sessions online. “Since Calgary began participating in the LIFE & LEGACY program, we have seen a steady increase in the understanding of the importance of legacy gifts as well as an uptick in donors wanting to participate in a meaningful way,” said Calgary Jewish Federation Director of Development Diana Kalef, who serves as the Calgary coordinator for the program. Since its establishment 11 years ago, LIFE & LEGACY has increased charitable giving in Jewish communities to the tune of an estimated $1.7 billion in afterlifetime gifts across North America. To date, 248 Calgary donors have committed to 644 LIFE & LEGACY gifts, supporting an average of 2.6 charitable organizations. The lion’s share of future contributions have been earmarked for local agencies and organizations forming the bedrock of Calgary’s Jewish life. However, donors may allocate gifts to any registered charitable organizations
within and beyond the Calgary Jewish community. In total, the current estimated value of Calgary LIFE & LEGACY commitments is approximately $18.4 million, a figure that fluctuates as donors formalize their gifts. To date, an impressive 77 percent of those who have signed LIFE & LEGACY letters of intent have formalized their gifts. Staff and volunteers in Calgary’s participating organizations continue to actively steward supporters while opening meaningful new conversations with potential donors. Although some individuals opt to give their gifts today, cash up front is not an expectation. Instead, donors are encouraged to identify the charitable organizations and causes that mean the most to them and to name them as beneficiaries in their wills, life insurance policies, retirement funds or trusts. In addition to invaluable training and support, the Harold Grinspoon Foundation provides cash incentives to LIFE & LEGACY partners. To date, participating organizations that have met various predetermined benchmarks of success have received cash grants totalling $256,400. Some organizations have added these plus dollars to their growing LIFE & LEGACY endowment funds, and others have used the funds to
meet immediately urgent needs, such as those that arose during the height of the COVID-19 pandemic. When they arrived in Springfield, Massachusets, Calgary LIFE & LEGACY staff and volunteers were already saying shechechiyanu. The Harold Grinspoon Foundation gave them another reason to celebrate when Diana Kalef was presented with the coveted Gail Littman Leadership Award. According to the Harold Grinspoon Foundation, the award honours “…a LIFE & LEGACY coordinator who “has worked tirelessly to spread the legacy message, coach and mentor partner organizations, assist donors in defining what aspects of Jewish communal life are most important to them, facilitate legacy commitments and integrate legacy giving into the community culture.” At the time, Calgary Jewish Federation CEO Adam Silver referred to Kalef’s honour as the “icing on the cake” for a program that is helping to ensure Calgary’s Jewish tomorrows. Donors of various ages, stages and income levels are stepping up in Calgary. “Notably, more than 25 percent of LIFE & LEGACY donors are less than 50 years of age, some of them much younger. This bodes well for a continuing culture of giving here in Calgary,” says Stuart Myron.
If you have already named Jewish community organizations as beneficiaries of your after-lifetime gift or would like more information on endowment giving through LIFE & LEGACY, please get in touch with the Jewish Community Foundation of Calgary, Calgary Jewish Federation, or any LIFE & LEGACY partner agency.
2023 | ANNUAL REPORT
11
2022–2023 | Statement of Financial Position
2023
2022
Cash and Cash Equivalents
4,390,146
2,557,006
Short-term investments
1,000,000
–
7,091
4,608
5,397,237
2,561,614
24,313,670
22,390,781
State of Israel Bonds, at Amortized Cost
879,820
842,960
Cash Surrender Value of Life Insurance
757,076
657,858
31,347,803
26,453,213
Accounts Payable and Accrued Liabilities
55,360
43,279
Deferred revenue
258,748
206,477
6,722,044
3,932,743
7,036,152
4,182,499
14,711,559
13,656,261
21,747,711
17,838,760
Directed Endowment
7,147,095
6,349,946
Donor Advised Endowment
2,452,997
2,264,507
9,600,092
8,614,453
31,347,803
26,453,213
June 30, 2023 with comparative information for June 30, 2022
Assets Current Assets:
Accounts Receivable
Investments, at Fair Value
Liabilities and Fund Balances Current Liabilities:
Deferred Flow-through Grants
Custodial Funds
Foundation fund balances:
These financial statements for the fiscal year ending June 30, 2023 are derived from the audited financial statements which are prepared by management and audited by our independent auditors, KPMG LLP. The Audited Financial Statement is available upon request.
12
JEWISH COMMUNITY FOUNDATION OF CALGARY
2022–2023 | Condensed Statement of Operations and Changes in Foundation Funds Directed
Donor Advised
Flow-through
2023
2022
Contributions
432,623
120,190
3,434,484
3,987,297
3,650,334
Investment Income
335,545
104,552
170,972
611,069
905,111
Sponsorships
18,477
6,341
17,378
42,196
12,311
Total Revenue
786,645
231,083
3,622,834
4,640,562
4,567,756
Grants
47,509
119,470
941,666
1,108,645
1,497,600
Disbursements
20,810
7,142
19,572
47,524
166,235
Insurance Premiums
161,456
–
42,723
204,179
195,349
Administrative Costs
30,822
11,535
30,853
73,210
97,593
Marketing and Advertising
1,543
472
1,292
3,307
3,812
Audit and Legal
6,315
2,168
5,940
14,423
18,082
Investment Management Charges
35,533
12,196
33,420
81,149
65,995
Total Expenditures
303,988
152,983
1,075,466
1,532,437
2,044,666
Excess of Revenue Over Expenditures
482,657
78,100
2,547,368
3,108,125
2,523,090
Change in unrealized gain (loss) on investments
314,492
110,390
241,933
666,815
(1,649,664)
Excess of Revenue over Expenditures
797,149
188,490
2,789,301
3,774,940
873,426
–
–
(2,789,301)
(2,789,301)
(737,902)
797,149
188,490
–
985,639
135,524
Balance, Beginning of Year
6,349,946
2,264,507
–
8,614,453
8,478,929
Balance, End of Year
7,147,095
2,452,997
–
9,600,092
8,614,453
Revenue
Expenditures
Deferred Flow-Through Grants Change in Foundation funds in the year
These financial statements for the fiscal year ending June 30, 2023 are derived from the audited financial statements which are prepared by management and audited by our independent auditors, KPMG LLP. The Audited Financial Statement is available upon request.
2023 | ANNUAL REPORT
13
2022–2023 | Investment Committee Report
2023 Fiscal Year-End Review early 2022, Canada’s Central Bank raised their policy interest rate from 0.5% to 5%, with the same magnitude occurring south of the border, all hoping to tame inflation and reduce the risk of a global recession. The fight against inflation continues today and has become the central focus for most of the investment world.
Following a difficult 2022, the 2023 fiscal year marked a recovery year for the JCFC investment portfolio.
Inflation, rising interest rates… recession?” - Richard Nagan, Chair, JCFC Investment Committee
Fiscal 2023 was framed by central banks around the globe continuing their assault on postCOVID inflation. Raising the level of interest rates was their tool of choice to try to win this fight, and investment managers struggled, looking to recover troubled portfolios in the face of rising inflation and rising interest rates, the likes of which had not been seen for many years. Since
During the past fiscal year, markets experienced shifting tides, with investors rewarding high-valuation growth securities and selling down interest-sensitive sectors, reversing the previous
JCFC Funds Under Investment Management (at June 30) MILLIONS ($) $27.7
30 $26.2
Custodial
$24.6
25
Foundation 20
$17.7
$19.0
15
10
5
0
14
2019
2020
2021
2022
2023
JEWISH COMMUNITY FOUNDATION OF CALGARY
year’s market experience. Market returns were biased toward a few specific technology names, with broad market indices struggling to generate positive returns. Investors continue to be on guard for signs of recession, and the world is learning to live with higher interest rates. Fiscal 2023 marked the second full year with our current managers. Fiera Capital, Equities alongside Mawer Investment Management, has continued to Bonds bring diversification, manager prudence, and strong guidance to our investments. Both managers have made significant shifts in the portfolio for the past twelve months, including raising cash at times to protect against market downturns. They continue to demonstrate their commitment to prudently managing the portfolios for the long term.
JCFC Portfolio Composition 5% ALT
48% CAN
At June 30, 2022 10% CASH
Equitie Bonds Cash
47% INT’L
30% BONDS 60% EQUITIES
My sincere thank you goes out to our managers, Fiera Capital and Mawer Investment Management, for their hard work and guidance. I would also like to thank the Investment Committee members for their continued interest in ensuring the strong stewardship of the JCFC’s investment funds and for their contributions to the long-term success of the JCFC’s investments.
At June 30, 2023 4% ALT
45% CAN 14% CASH
Equitie
Bonds Cash
Portfolio Composition, Returns and Disbursements As of June 30, 2023, the JCFC’s total assets under active investment management amounted to $27.7 million (excluding State of Israel bonds and cash equivalents), compared to $26.2 million the year prior. This represents an increase of approximately 5.73%. Since 2019, total assets under investment management have grown at a
2023 | ANNUAL REPORT
51% INT’L
55% EQUITIES
31% BONDS
Note: Percentages may not total to 100% due to rounding. Percentages for each portfolio category exclude the impact of the State of Israel bonds.
15
compound annual growth rate of approximately 9.4%. Of the total portfolio of $27.7 million (funds managed by Fiera and Mawer), ~55% was invested in equities (split ~25% Canada, ~28% International, and ~2% in Alternative Equities), ~31% was invested in bonds (100% Canadian bonds), and ~14% was held in cash. This compares to the 2022 Fiscal year with ~60% equity (split ~29% Canada, ~28% International, and ~3% Alternative Equities), ~30% bonds (split 100% Canada), and ~10% cash. Notably, the percentages for each portfolio category exclude the impact of the State of Israel bonds.
During the 2023 fiscal year, the JCFC grants totalled $1,108,645 to various organizations and worthy recipients in our local community and Israel. This compares to total grants of $1,497,600 in the previous year.
At fiscal year-end 2023, the JCFC’s State of Israel bond portfolio had an amortized cost of $879,820, compared with $854,200 in the prior year. This represents an increase of approximately 3%.
JCFC Portfolio Benchmarking (Gross Returns)
Assets at the JCFC continue their move to becoming more heavily weighted toward Foundation Funds (“Foundation”) versus Custodial Funds (“Custodial”). The split at the 2023 Fiscal year-end was 53% Foundation / 47% Custodial. For reference purposes, the split in 2022 was 48% Foundation/52% Custodial, and in 2021, the split was 43% Foundation / 57% Custodial.
The JCFC Investment Committee and the Board continue to evaluate investment performance rigorously.
Active investment manager returns for the fiscal year ended June 30, 2023, were 10.30% before investment management fees (“gross return”) or 9.7%, including investment management fees (“net return”). It is important to highlight that these returns exclude the impact of the State of Israel bonds and additional cash reserves held at our financial institutions. The trailing 10-year average net investment management return for the JCFC is 5.6%, excluding the impact of the State of Israel bonds and additional cash reserves.
JCFC Investment Manager’s Net Annual Returns Percentage % 15 14.5%
PERCENTAGE %
10 5 0 -5
9.7% 4.4% 2019
3.7% 2020
2022 2023
2021 -6.5%
-10 Note: Investment manager returns are displayed on a net basis or after accounting for investment management fees as of year end June 30th.
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For the fiscal year ending June 30, 2023, the JCFC’s assetweighted blended benchmark provided a gross return of approximately 10.7%, resulting in the JCFC portfolio underperforming the benchmark by approximately 0.4% during this period. For comparison, in the fiscal year ending June 30, 2022, the JCFC’s asset-weighted blended benchmark provided a gross total return of approximately -9.7%, resulting in the JCFC portfolio outperforming by approximately 3.8%. In addition to evaluating performance relative to applicable market benchmarks, the JCFC Investment Committee and Board continue to monitor performance against competing Investment Managers who employ comparable investment mandates.
Compliance and Risk Management As of June 30, 2023, the portfolios at Fiera and Mawer complied with the guidelines and constraints outlined in the current JCFC Investment Policy Statement (“IPS”). As the JCFC’s historical return profile demonstrates, returns from the capital markets
JEWISH COMMUNITY FOUNDATION OF CALGARY
Market Outlook
JCFC Benchmarking Analysis Percentage %
20
Gross Return
17.4%
15
PERCENTAGE %
Blended Benchmark
15.1%
10
5
10.3% 10.7%
5.1%
4.2%
4.4% 4.1%
0
-5.9%
-5
-10
-9.7%
2019
2020
2021
2022
2023
Note: Benchmark is the asset-weighted combination of benchmarks from Fiera and Mawer. Fiera: *BLENDED BENCHMARK COMPOSITION: FTSE Canada 91 Day T-Bill Index (CAD): 5.0% of total, FTSE Canada Universe Bond Index (CAD): 35.0% of total, S&P/TSX Composite Index (CAD): 30.0% of total, S&P 500 Index (CAD): 20.0% of total, MSCI EAFE Index Net Return (CAD): 7.0% of total, MSCI World Index Net Return (CAD): 3.0% of total Mawer: From March 2021: 5.00% Global Small Cap Benchmark 5.00% FTSE Canada 91-day T-Bill Index 35.00% FTSE Canada Universe Bond Index 15.00% International Equity Benchmark 5.00% Canadian Small Cap Benchmark 15.00% S&P 500 Index GR 20.00% S&P/TSX Composite Index GR.
Economies and markets are learning to live with higher interest rates, and consensus is being reached that interest rates will be higher for longer. Central banks have done an excellent job at bringing inflation down to manageable levels, but the final steps may cause the greatest amount of turbulence for market participants. Global strife continues to create difficult investment conditions for portfolio managers. Still, corporate earnings have shown resiliency and investors continue to hold on to their longterm belief in equity markets. With the higher interest rates, investors now have many options for generating portfolio returns, potentially capping the equity markets. Short-term predictions will always be challenging for investment managers. Still, with higher interest rates providing solid alternatives to the risk inherent in equity markets, we remain confident in our manager’s abilities to generate strong returns for the JCFC investment portfolio. As long-term investors, the JCFC Board and the Investment Committee remain focused on ensuring that our Investment Managers adhere to the investment mandate outlined in our IPS and believe that the investment actions the managers take continue to deliver strong risk-adjusted portfolio returns.
will vary from one period to the next, particularly on a quarterly basis. The Board and the Investment Committee continue to monitor performance carefully and assess risk-adjusted returns thoroughly relative to both market benchmarks and competing asset managers. During Fiscal 2023, the JCFC updated the IPS to include a formalization to the review process for our investment managers. The Investment Committee and the Board remain committed to ensuring we have high-quality managers who provide consistent and competitive investment returns.
2023 | ANNUAL REPORT
Richard Nagan, Chair JCFC Investment Committee
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Philanthropy | We did what?
Re vie YE
AR
IN
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Life & Legacy Conference Set in downtown Springfield, Massachusetts, we gathered with professionals across North America for a collaborative and educational conference.
The Children of Willesden Lane Holocaust Education The Children of Willesden Lane is the true story of Grammy-nominated Mona Golabek’s mother, Lisa Jura. The acclaimed one-woman show performed by Mona captures how music can bring hope and light to even the darkest of times.
Norman Ronald Silver Sports Leadership Award This year’s recipient, Isabel Cornester Wagner, exemplifies the true meaning of team spirit and sportsmanship by serving as a leader and role model for others.
Community Partnership Nessie Hollander (Seniors Manager) and Rhona Shore (Managing Director) accepting this grant in support of their Golden Age Chanukah Luncheon for the JCC seniors.
Shem Tov Award to Barb & Ron Krell We recognized outstanding volunteers who have given exceptional service to our Jewish community and, therefore, have earned a Shem Tov – a good name.
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Camp BB Riback Teen Philanthropy Jewish teens learn how to think philanthropically and maximize their impact, all while building skills that will stay with them through university and beyond.
JEWISH COMMUNITY FOUNDATION OF CALGARY
Philanthropy | In Action
Camp BB Riback-Teen Philanthropy The JCFC is proud to partner with Camp BB Riback to ensure that every child can experience the magic of summer camps from financial assistance to supporting the cabin refurbishment program to organizing the Teen Philanthropy Program. JCFC is helping kids to enjoy happy, healthy, and meaningful summers while building lifelong friendships and skills.
At the outset, I must confess that our children were initially hesitant to attend the camp. However, thanks to the warm and welcoming environment your support created, our children’s worries were quickly put to rest.
background, can participate in the camp is truly commendable. The subsidy eased our financial burden and opened the door to an experience that has enriched our kid’s life in countless ways. Their ability to participate in a program that celebrates our heritage while fostering personal growth is a treasure beyond measure. We are deeply touched by the willingness to help and connecting us with the sponsors, which enabled our children to create memories and friendships that will last a lifetime.
Words cannot adequately express our heartfelt thanks for the scholarship that allowed our kids to be part of this incredible journey. Your commitment to ensuring that every child, regardless of
Thank you, from the bottom of our hearts, for the invaluable experiences you have provided our kids and all the campers. We look forward to continuing this journey with Camp BB in the years to come.”
“Dear Stacy, As the summer winds down and we reflect on the wonderful experiences our kids had at Camp BB, my wife and I wanted to express our heartfelt gratitude for the exceptional program you orchestrated.
The Jewish Community Foundation of Calgary has become one of our central sources for assistance in fundraising development and adopting a culture of philanthropy that values abundance. Stuart and Brenda have helped Camp BB Riback in many ways, including partnering on two capital campaigns. The first was instrumental in helping us survive COVID, and the second is our current cabin initiative, where we’ve successfully raised two-thirds of our goal with one more year left to go. In addition, they have mentored us in strategic planning and grassroots on-the-ground training for our LTP campers. This partnership is a gift and an incredible opportunity for our organization.” - Stacy Shaikin, Executive Director of Camp BB-Riback
2023 | ANNUAL REPORT
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Philanthropy | In Action
Norman Ronald Silver Sports Leadership Award The Norman Ronald Silver Sports Leadership Award is presented each year to
an athlete who exemplifies the true meaning of team spirit and sportsmanship by serving as a leader and role model for others.
Isabel Cornester Wagner and Board Member Nelson Halpern in the photo.
This year’s award recipient is Isabel Cornester Wagner; she was nominated by Bonnie Rigel and Cathy Newton, the head coaches of the Senior Girls Basketball at Connect Charter School. Isabel is admired for her athleticism, determination, leadership skills, passion for sports, and how she gives back to the community.
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Isabel participates in before and after-school run clubs, cross-country run team, Senior girls’ basketball, badminton and track and field teams. In addition, Isabel is a junior lifeguard.
Given the accolades of her coaches and team mates, Isabel was the unanimous choice for this years Norman Ronald Silver Sport Leadership award.
She inspires her peers by never giving up and encouraging others to do their best. The best word I can use to describe Isabel is “grit”. said coach Bonnie Rigel.
Yasher Koach Isabel, on a job well done!
JEWISH COMMUNITY FOUNDATION OF CALGARY
2023 | Post-Secondary Scholarships
We are empowering our outstanding local students. The Jewish Community Foundation of Calgary is pleased to provide scholarships to post-secondary students based on need and/or merit, including academic excellence, community leadership and future goals. The philanthropists that support these grants are helping to ensure a bright future for deserving students whose future success cannot help but strengthen our community. Mazel Tov to this year’s recipients!
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POST-SECONDARY SCHOLARSHIP RECIPIENTS
I want to thank the Jewish Community Foundation of Calgary for seeing my potential as a student and rewarding me with the 2023 Post-Secondary Scholarship Award. This scholarship will relieve stress and allow me to focus on my studies and become the best student I can be. Thank you for your support and belief in me. 2023 | ANNUAL REPORT
I’m honoured to be awarded this scholarship. I greatly appreciate the support that the JCFC has given me. I plan on using these funds to pay my tuition and rent, allowing me to focus on my studies during the school year and not be stressed about money. This year, fourteen outstanding local students received $40,500 in post-secondary scholarships, allowing them to pursue their academic dreams. Thank you to the following families for generously supporting the education of the youth in our community.
• Bogoch Family Endowment fund for Jewish Education
• Lewis Manning Charitable Fund
• Chetner Family Community Fund
• Max & Molly Pressman Endowment Fund
• Dr. David Lander Fund
• Myron Family Endowment Fund
• Fania & Leo z’l Wedro Community Fund • Fanny & Aaron Malkin Fund • Florence & Ralph Switzer Fund • Hamborger Family Fund • Joe & Evelyn Bushiekin Endowment Fund • Len & Faigel Shapiro Family Fund
• Nitzanim Community Fund • Peter & Kim Cohos Community Fund • Rebecca Block Fund • Robert & Sydney Kalef Endowment Fund • Sam Ousher Switzer Charitable Foundation • Zeisler Family Charitable Fund
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22 Inspiring Philanthropy for more than 30 years.JEWISH COMMUNITY FOUNDATION OF CALGARY
2022 - 2023 | Our Organization
OFFICERS
INVESTMENT COMMITTEE
PAST CHAIRS
Chair, Stuart Myron
Richard Nagan (Chair)
1990-1995 Gert Cohos
Vice President, Andrew Oppenheim
Daniel Blitt
1995-1998 Donna Ribackz’l
Treasurer, Eytan Donsky
Warren Book
1998-2011 Robert Kalef
BOARD OF DIRECTORS
Franklin Eldridge
1998-2012 Sam Switzer
Gerry Barron
Adam Hoffman
2012-2015 Dr. Bettina Liverant
Daniel Blitt
Micah Landes
Milt Fischbein
Corey Mitchell
Darlene Switzer Foster
Martin Molyneaux
Jackie Halpern
Stuart Myron
Nelson Halpern
Andrew Oppenheim
Barb Krell Stuart Libin
Mark Shilling
Richard Nagan
Dr. Bettina Liverant Zeisler
FOUNDATION ADMINISTRATOR
AUDIT COMMITTEE
Leib Zeisler
Kim Chulsky
Eytan Donsky
CONSULTING ACCOUNTANT
Nelson Halpern
GRANTS AND ALLOCATIONS COMMITTEE
Stuart Myron
Stuart Libin (Chair)
Paul Wheaton
Milton Bogoch Reva Faber Eva Hoffman Wendy Kennelly Marilyn Samuels
Sponsors | Friends of the Foundation
PAST PRESIDENT Milton Bogoch
PAST EXECUTIVE DIRECTOR Morris Bleviss
FOUNDATION MANAGER Brenda Sapoznikow
Warren Book