Jewish Community Foundation of Calgary
2019 Annual Report
2018–2019 | Making a Difference HEALTH & FITNESS
Distributed a record $860,885 to 134 charities and scholarship recipients.
ISRAEL
2%
4%
EDUCATION
10%
ARTS & CULTURE
COMMUNITY & SOCIAL SERVICES
12%
COMMUNITY AT LARGE
25%
53%
Arts & Cu
RELIGIOUS INSTITUTIONS & PROGRAMS
19%
JEWISH COMMUNITY
75%
JCFC Grants by Type
JCFC Grants by Sector JCFC Grants and Disbursements Cumulative | Millions ($) 6.0 5.0
Our fundholders continue to direct their philanthropic dollars to both the Jewish and broader community supporting the causes they are most passionate about. Thanks to their caring, generosity and vision for a better future, the Foundation distributed $860,885 – a new high – to 134 organizations including 28 post-secondary scholarship recipients.
2
4.0 3.0 2.0 1.0 0
2015
2016
2017
2018
2019
JEWISH COMMUNITY FOUNDATION OF CALGARY
is chaired by Stuart Libin and we extend our heartfelt appreciation to the entire committee for their diligence in managing, enhancing and facilitating this process. Since its inception in 1990, the JCFC has distributed nearly $5.2 million dollars in support of organizations and causes nearest and dearest to the hearts of Calgary Jewish philanthropists.
Message from the Chair The Jewish Community Foundation of Calgary (“JCFC”) continues to support the philanthropic goals of our donors and the causes dearest to them. Thanks to the generosity of our fund holders, our footprint and positive impact in the Calgary Jewish community and community at large continues to grow. Our Foundation holds assets nearing $18.3 million, representing year over year growth of 27%. This impressive increase in asset value is due, in large part, to the choice of the Friends of CJA Trust to entrust the management of their funds to the JCFC. As you will see in the pages of this Annual Report, a growing number of individuals, families and community organizations have faith in our Foundation’s ability to capably steward their charitable funds and to support their philanthropic passions and objectives. Funds under JCFC stewardship now total 140 (123 in 2018). Over the past year, an impressive total of 411 cheques were issued to 134 charities and scholarship recipients (96 in 2018). On behalf of our fundholders, the JCFC distributed grants nearing $861,000, ($585,000 – 2018), a $276,000 (47%) increase over 2018 and an all-time high. More than ten percent of the grants were administered by our Grants & Allocations Committee, in accordance with written directives by our donors. The committee
2019 | ANNUAL REPORT
For the twelve-month period ending June 30, 2019, the gross investment return on our aggregate assets was 4.8%, before investment management fees. 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 against those of other external managers. Our sincere thanks go to Daniel Blitt, 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. Since the inception of our highly successful Teen Philanthropy Program in 2013, 125 youth have participated in philanthropy education and training, granting more than $14,000 to a variety of charitable causes. Calgary B’nai Brith Lodge #816 has generously underwritten the Teen Philanthropy Program since 2016. We sincerely thank them for partnering with the JCFC in engaging and developing our future leaders and donors. JCFC is delighted to partner with Calgary Jewish Federation in the Harold Grinspoon Foundation’s LIFE & LEGACY program in Calgary. LIFE & LEGACY is a highly successful four-year program that helps to ensure the long-term financial success of local Jewish organizations through after-lifetime endowment gifts. With the local launch of LIFE & LEGACY this past February, Calgary became the first Canadian LIFE & LEGACY partner. Through August 2019, more than 150 legacy gifts have been
pledged by local individuals and families to our 10 partner agencies. These early results are a testament to the desire of community members to support their most treasured charitable organizations and programs in perpetuity. For more information, please refer to our full article about LIFE & LEGACY 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. Our Foundation manager, Brenda Sapoznikow, joined the JCFC in 2017. Brenda is caring, diligent, organized, timely and proactive. She continues to serve the JCFC with distinction. We are pleased to welcome Eytan Donsky, Ellen Magidson, and Andrew Oppenheim to the JCFC Board. Bettina Zeisler will retire as a Director of the Foundation at our 2019 AGM. Bettina has served the organization well for nine consecutive years including three years as Chair. During her tenure she set the bar high, advancing the professionalism of our organization on many fronts including a new website, By-laws, policies in respect to Disclosure, Distribution, Gift Acceptance, and Investment, and the presentation of our Annual Reports. We thank Bettina for her valued service. Gerry Barron, Nelson Halpern, Stuart Libin and Richard Nagan, each of whom has served the Board of the JCFC for one or more terms, have agreed to stand for re-election. Warm thanks to them and to continuing Board members Daniel Blitt, Tamara Cohos, Jackie Halpern, and Mark Shilling. It is a privilege to work with such capable, visionary and generous fellow volunteers, and philanthropists on behalf of our cherished community. Because of their collective efforts, our future is bright.
Sincerely, Stuart A. Myron, Chair
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2018–2019 | By the Numbers
18.3 M IN ASSETS
FUNDS $4 M
$
I
INCLUDING CUSTODIAL FUNDS
IN CAPITAL ADDITIONS
193
TRIBUTE CARDS DELIVERED
PH PA
$
T
4
JEWISH COMMUNITY FOUNDATION OF CALGARY
$860,885 IN DISTRIBUTIONS TO THE JEWISH COMMUNITY
36
75% 25%
411
TEEN PHILANTHROPY PARTICIPANTS GRANTED
CHEQUES ISSUED TO
$1,000
134
TO NA’AMAT (BACK PACK FOR KIDS)
2019 | ANNUAL REPORT
CHARITIES & SCHOLARSHIP RECIPIENTS
1
TO THE COMMUNITY AT LARGE
28
ACADEMIC JEWISH SPORTS POST-SECONDARY LEADERSHIP SCHOLARSHIPS AWARD TOTALLING
$40,500 5
2018–2019 | Funds in Action Our Partners in Philanthropy We gratefully recognize the following individuals and families who have 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.
ENDOWMENT FUNDS
Dr. David Lander Fund
Abe and Bertha Gold Endowment Fund
Elize and Lilian Zuidema Endowment Fund
Alex and Phyllis Rubin Endowment Fund
Expatriate Fund *
Ann and Ralph Kalef Endowment Fund Archie and Charna Shapiro Day Camp Fund Arlein and Dov Chetner Family Endowment Fund Bella Singer Memorial Endowment Fund Bing Family Templ e B’nai Tikvah Founders Fund Calgary Jewish Community Centre Life & Legacy Endowment Fund * Calgary Jewish Federation Life & Legacy Endowment Fund * Camp BB Riback Life & Legacy Endowment Fund * Celia Rostoker Millman Fund for Jewish Education Charles Wainberg Memorial Fund Craimer-Samuels Family Endowment Fund David Waterman Endowment Fund Donna Riback Lion of Judah Endowment Fund Donna Riback Temple B’nai Tikvah Building Fund *
6
Joe and Evelyn Busheikin Endowment Fund Jonathan Berall Endowment Fund Kaganov Family Fund
Fanny and Aaron Malkin Endowment Fund
Krell Family Maccabi Endowment Fund
Fanny and Leo Wedro Holocaust Fund Fischbein Family Community Fund
Lister Family Endowment Fund * *
Frandel and Louis Belzberg Scholarship Fund Gary Rosenbaum Children’s Assistance Fund
Lynn Einstein and Lionel Groberman Endowment Fund Maccabi Canada Athletic Fund Marilyn Libin Lion of Judah Endowment Fund
Gladys & Mackie Shuler Health Support Fund
Max and Bessie Shulder Endowment Fund
Halpern Family Endowment Fund
Max and Molly Pressman Fund
Hamborger Family Fund
Myron Family Endowment Fund
Ida and Aron Eichler Fund for Jewish Education Ida Switzer Lion of Judah Endowment Fund
Nelson & Debbie Halpern Community HOJMI Fund *
Isaac Family Fund for Holocaust Education 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 *
Nate and Lily Horodezky Fund
Nitzanim Community Fund Norman and Beulah Martin Endowment Fund Norman Silver Endowment Fund Paperny Family Fund
Richard & Max Shilling Camp BB Riback Endowment Fund * Rebecca Block Fund Ron & Barb Krell Community Fund * Rose Hallis Student Travel Bursary Fund Rothenberg Seidman Family Endowment Fund * Sarah and Julius Bleviss Endowment Fund Sema and Morris Belzberg Endowment Fund Shilling Family Community Fund Solomon and Adelle Saper Family Fund Stan Libin Memorial Endowment Fund Steven Blitz Endowment Fund Switzer 2005 Family Reunion Endowment Fund Ted and Betty Riback Camp Bursary Fund Temple B’nai Tikvah Life & Legacy Endowment Fund * Vic Freidin Memorial Camp Scholarship Fund
Peter and Kim Cohos Community Fund *
Vivian Katz Endowment Fund for Jewish Education
Ralph and Florence Switzer Endowment Fund
Waterman Family Endowment Fund
JEWISH COMMUNITY FOUNDATION OF CALGARY
William Cohen Memorial Scholarship Fund
Molly Joffe Bat Mitzvah Fund
Jeff and Wendy Kohn Community Fund
Zeisler Family Endowment Fund
Sierra Libin Philanthropy Fund
Jewish Historical Society of Southern Alberta (C)
Zenith/Laven CJA Life & Legacy Scholarship Fund *
ENDOWMENT FUNDS (BY WAY OF INSURANCE POLICY) Bonnie Kaplan Endowment Fund
DONOR ADVISED FLOW THROUGH FUNDS, COMMUNITY FUNDS AND CUSTODIAL FUNDS Anne Frank Fund for Holocaust Education Asper Holocaust & Human Rights Education Fund
Daphne Taras and Allen Ponak Family Fund
Beth Tzedec Synagogue Funds (C)
Gertrude Cohos Endowment Fund
Bogoch Family Endowment Fund for Jewish Education
Jack and Betty Sharp Endowment Fund
Chetner Family Community Fund
Steven Blitz Charitable Trust (C)
Joy & Max Feldman Community Fund
Susan Klein Memorial Fund
Judy Shapiro Maccabi Fund * Len & Faigel Shapiro Family Fund Lewis Manning Charitable Fund Lexier Community Fund March-of-the-Living Fund
As of June 30, 2019 (C) Custodial funds * New funds since our last annual general meeting Life and Legacy
Mayer Family Fund ORT Calgary March of the Living Support Fund
Lipkind Family Endowment Fund
Fanny Wedro Charitable Fund
PJ Library® Jewish Education Fund
Morris and Margaret Bleviss Endowment Fund
Fay (Smolensky) Schwartz Memorial Fund
Prosperity Farm Legacy Fund
Robert and Sydney Kalef Endowment Fund
Friends of Calgary Jewish Academy Trust (C) *
Rabinovitz Family Community Fund
Sam and Ida Switzer Endowment Fund
General Heritage Foundation Fund
Robert & Sydney Kalef Fund
Yakov and Karen Behar Endowment Fund
Holocaust / Second Generation Education Fund
Samuel and Ida Switzer FT Fund
2019 | ANNUAL REPORT
Zeisler Family Charitable Fund
Maureen and Joe Katchen Fund
Craimer-Samuels Family Fund
Gabriel Manning Bar Mitzvah Fund
Stein Family Fund
Jewish War Veterans of Canada, Calgary Post #2
Len & Faigel Shapiro Family Endowment Fund
TEEN PHILANTHROPY Brent Martin & Tedi Martin Fund
Stan & Trish Mayer and Family Community Fund*
Holocaust Memorial Fund
Sam Switzer Community Fund
ITC Fund
Second Generation Fund
Jack Balaban Memorial Fund
Silverstone Family Community Fund
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Grantees | 2018–19 Making a Difference Our fundholders made a difference to the following beneficiaries in the Canadian Jewish and secular communities, and in Israel. Adath Israel Congregation
Camp BB Riback
Alberta Cancer Foundation
Canada Charity Partners
Alberta Children’s Hospital Foundation
Canadian Cancer Society
Alberta SPCA
Canadian Friends of Hebrew University
ALS Society of Alberta
Canadian Hadassah-WIZO
Alzheimer Society of Alberta and Northwest Territories
Canadian Physicians for Aid & Relief
ARBI
Canadian Red Cross
Art a la Carte
Canadian Wildlife Federation Inc.
Aunt Leah’s Place Beit Halochem Canada Beth Tzedec Congregation Society B’nai Brith Menorah Foundation
Jewish Federation of Victoria & Vancouver Island
Stephen Lewis Foundation
Jewish Foundation of Greater Toronto
Temple B’nai Tikvah
Jewish Historical Society of Southern Alberta
The Arthritis Society
Jewish National Fund Jews for Judaism Junior Achievement Southern Alberta Kehilat Shalom Society of Calgary
Careers, The Next Generation Foundation
Kidney Foundation of Southern Alberta
Centre for Israel & Jewish Affairs
Kids Cancer Care Foundation
Technion Canada Terry Fox Foundation The Calgary Between Friends Club The Canlearn Society for Persons With Learning Difficulties The Esther Honens International Piano Competition Foundation The Leukemia & Lymphoma Society of Canada
Chabad Lubavitch of Alberta
KSPS
C4i Canada
Children’s Wish Foundation
Magen David Adom
The Lung Association Alberta & NWT
Mazon Canada
The Mustard Seed
Calgary Board of Education
CKUA Radio Foundation
Calgary Chevra Kadisha
Climbers Access Society of British Columbia
McGill University
The Nature Conservancy of Canada
Calgary Community Kollel Society
CNIB
Calgary Counselling Centre
Congregation Emanu-EI
Calgary Dream Centre
Congregation House of Jacob Mikveh Israel
Calgary Food Bank Calgary Humane Society Calgary Jewish Academy Calgary Jewish Community Centre
Momentum Community Economic Development Society MS Society Na’amat Canada
Diabetes Canada
National Music Centre
Doctors Without Borders Canada
Operation Kick Start
Calgary Jewish Federation
Friends of Simon Wiesenthal Centre for Holocaust Studies
Calgary Opera
Hadassah WIZO Canada
Calgary Philharmonic Society
Halpern Akiva Academy
Calgary Pro Musica Society
Heart and Stroke Foundation of Alberta, NWT & Nunavut
Operation Smile Canada Foundation Parkinson Association of Alberta Project Warmth Society of Alberta Prostate Cancer Canada
Heritage Park Society
Raincoast Conservation Foundation
Calgary Shaw Charity Classic Foundation
Jewish Community Centre of Victoria
Sheldon Kennedy Child Advocacy Centre
Calgary Women’s Emergency Shelter
Jewish Family Service Calgary
Shock Trauma Air Rescue Society
Calgary Public Library Foundation
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The Salvation Army The United Synagogue of Conservative Judaism The War Amputations of Canada Trans Canada Trail Foundation United Way of Calgary and Area University of Alberta, Office of Advancement University of Calgary Vancouver Jaffa House Society Weizmann Canada Whyte Museum of the Canadian Rockies World Vision Canada
JEWISH COMMUNITY FOUNDATION OF CALGARY
Philanthropy | In Action LIFE & LEGACY
The Seidman Family
“Everyone can make a difference,” says Len Seidman who, together with his wife, Kim Rothenberg, is among the early and generous supporters of the LIFE & LEGACY Program in Calgary. For Rothenberg and Seidman, it is all about giving back to the community that welcomed them when they moved to Calgary from Montreal in 1997. “Growing up in Montreal, it was common to see events, institutions and initiatives being sponsored by the Bronfmans and other noted philanthropists“ says Seidman. “Few people have the means to give back at that level. LIFE & LEGACY allows everyone, including young families like ours,
2019 | ANNUAL REPORT
to establish a legacy. The JCFC made doing so easy by introducing and educating us to the concept of after lifetime giving. To us, it makes sense to minimize taxes by maximizing our support of charitable causes that speak to us.” As successful entrepreneurs and engaged community members, Len and Kim are committed to sharing their good fortune by helping to ensure the ongoing success of vital programs and services in the Calgary Jewish community and beyond. The Seidman and Rothenberg family support a range of institutions and causes. While some have touched their own lives, they also value others as bedrock to a stable and strong community.
Youth programming is a particular passion for Len and Kim whose children Alexandra, Mikayla, Joseph and Keira have grown up immersed in Jewish youth activities. “It is important to us to support the activities that bring meaning and joy to our children, and we want them to see that reflected in our giving. Just as important, we want to demonstrate to them the importance of supporting the community as a whole.” says Kim. “We are delighted we have found a way to give back to both secular and non-secular organizations within and beyond the local Jewish community that have made a positive impact in our lives.”
9
Philanthropy | In Action
We are transforming our Jewish tomorrows.” The Harold Grinspoon Foundation’s LIFE & LEGACY initiative – coordinated locally by the Jewish Community Foundation of Calgary and Calgary Jewish Federation – is already making a phenomenal impact when it comes to community building and securing the financial future of Jewish Calgary. This is all thanks to the generosity of legacy donors and the dedication of our 10 partner agencies. Thanks to the extraordinary support of Massachusetts-based philanthropist Harold Grinspoon, LIFE & LEGACY is dedicated to securing after-lifetime legacy gifts in support of local partner agencies including Beth Tzedec Congregation, Calgary JCC, Calgary Jewish Federation, Camp BBRiback, House of Jacob - Mikveh Israel, Jewish Family Service Calgary, Halpern Akiva Academy, Jewish Historical Society of Southern Alberta, Temple B’nai Tikvah and The Calgary Jewish Academy. The success of North American communities participating in the program is breathtaking in its scope.
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As of June 30, 2019 – less than seven years after the inception of the program – 629 Jewish organizations representing 57 Jewish communities, together with 12 Hillel organizations have secured 25,000+ legacy commitments with an estimated value of $928 million in support of their communities. “Calgary’s results are equally striking, confirming both the effectiveness and the wide appeal of LIFE & LEGACY. From the launch of the program on February 1st through August 31st, 2019, more than 150 legacy commitments have been secured with an estimated value of $7.5M. We are off to a strong start and we must continue to build on this momentum over the four-year program horizon and beyond,” said Stuart Myron, Chair of the Jewish Community Foundation of Calgary. Through training and monetary incentives, LIFE & LEGACY motivates and supports participating Jewish organizations in securing gifts, stewarding donors and integrating legacy giving into the culture of each participating organization.
Perhaps most importantly, LIFE & LEGACY team members representing each of the participating agencies, encourage donors to think about other organizations and programs that have meant the most to them and their loved ones and to provide for those agencies and initiatives in perpetuity. Communities participating in LIFE & LEGACY are discovering that the initiative has wide appeal, with people of all ages, stages and income levels stepping up in support of multiple charitable organizations within and sometimes even beyond the Jewish community. Donors have the choice of supporting one or more of the partnering organizations as well as other charities within Jewish Calgary and the broader community. “The LIFE & LEGACY program is a collaborative communitywide effort that demonstrates the positive impact that results from the synergy of the Harold Grinspoon LIFE & LEGACY program, Calgary Jewish Federation, Jewish Community Foundation of Calgary,
JEWISH COMMUNITY FOUNDATION OF CALGARY
our local partners and, most importantly, our legacy donors. We are transforming our Jewish tomorrows,� said Adam Silver, CEO, Calgary Jewish Federation. Typically, donors provide for legacy gifts through wills, trusts, retirement accounts and/or life insurance policies. If you have already named Jewish community organizations as beneficiaries, or would like more information on how to make your gift to the future through Calgary’s LIFE & LEGACY program, please contact the Jewish Community Foundation of Calgary, Calgary Jewish Federation or any LIFE & LEGACY partner agency.
Additional information on LIFE & LEGACY may be found online at www.jcfc.ca/resources.
2019 | ANNUAL REPORT
11
2018–2019 | Statement of Financial Position
June 30, 2019 with comparative information for June 30, 2018
2019
2018
747,776
730,224
2,084
2,376
749,860
732,600
16,355,094
12,638,245
State of Israel Bonds, at Amortized Cost
774,363
747,132
Cash Surrender Value of Life Insurance
415,084
280,756
$18,294,401
$14,398,733
31,766
19,628
1,156,373
1,248,341
1,188,139
1,267,969
10,474,992
7,045,429
11,663,131
8,313,398
63,750
40,787
Directed
2,749,754
2,486,979
Donor Advised
3,817,766
3,557,569
6,631,270
6,085,335
$18,294,401
$14,398,733
Assets Current Assets: Cash and Cash Equivalents Accounts Receivable
Investments, at Fair Value
Liabilities and Fund Balances Current Liabilities: Accounts Payable Deferred Flow-through Grants
Custodial Funds
Foundation Funds: Unrestricted
These financial statements for the fiscal year ending June 30, 2019 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 online and upon request.
12
2019 | ANNUAL REPORT
2018–2019 | Condensed Statement of Operations and Changes in Foundation Funds Unrestricted
Directed
Donor Advised
Flow-through
2019
2018
Contributions
2,891
323,982
254,165
647,647
1,228,685
1,216,857
Investment Income
2,937
131,344
216,315
125,137
475,733
367,266
33
1,510
2,526
1,551
5,620
8,000
5,861
456,836
473,006
774,335
1,710,038
1,592,123
Grants
–
98,552
111,296
651,037
860,885
584,410
Disbursements
–
23,126
–
41,150
64,276
–
Insurance Premiums
–
9,511
40,146
153,877
203,534
42,905
Administrative Costs
538
21,129
27,854
9,778
59,299
48,298
31
2,095
1,811
565
4,502
9,028
Audit and Legal
105
4,126
6,103
1,905
12,239
11,658
Investment Management Charges
439
17,307
25,599
7,991
51,336
50,734
Total Expenditures
1,113
175,846
212,809
866,303
1,256,071
747,033
Excess of Revenue Over Expenditures
4,748
280,990
260,197
(91,968)
453,967
845,090
18,215
(18,215)
–
–
–
–
–
–
91,968
91,968
(575,635)
Change in Foundation Funds in the Year
22,963
262,775
260,197
–
545,935
269,455
Balance, Beginning of Year
40,787
2,486,979
3,557,569
–
6,085,335
5,815,880
Balance, End of Year
63,750
2,749,754
3,817,766
–
6,631,270
$6,085,335
Revenue
Sponsorships Total Revenue
Expenditures
Marketing and Advertising
Funds Transferred Out Decrease in Deferred Flow-through Grants
These financial statements for the fiscal year ending June 30, 2019 are derived from the audited financial statements which are prepared by management and audited by our independent auditors, KPMG LLP. The Audited Financial Statement is available online and upon request.
JEWISH COMMUNITY FOUNDATION OF CALGARY
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2018–2019 | Investment Committee Report
2019 Fiscal Year-End Review The 2019 fiscal year was again marked by fierce capital markets volatility driven by escalating trade war tensions. The second half of the year was a tale of market extremes with significant downward pressure in December followed by a sharp rebound in January with strong performance continuing through the remainder of the fiscal year.
Since 2015, total assets under investment management have grown at a compound annual growth rate of approximately 24%.” - Daniel Blitt, Chair
The Jewish Community Foundation of Calgary (“JCFC”) Board along with the Investment Committee remain committed
to ensuring the safety of JCFC’s capital over the long-term while also providing for enhanced riskadjusted returns. Consistent with that mandate, in March 2019, JCFC released a revised Statement of Investment Policy and Guidelines (“IPS”) for purposes of navigating portfolio management. This most recent revision represents the third IPS amendment effected during the last four years. After significant analysis and evaluation by both the JCFC Investment Committee and Board, along with feedback
JCFC Funds Under Investment Management (At June 30) Lorem ipsum
MILLIONS ($)
20.0 $17.7
Custodial Foundation
16.0 $13.8 $11.7
12.0
8.0
$8.1 $6.1
4.0
0
14
2015
2016
2017
2018
2019
JEWISH COMMUNITY FOUNDATION OF CALGARY
from both investment managers Gluskin Sheff & Associates Inc. (“Gluskin”) and Mawer Investment Management Ltd. (“Mawer”), two major modifications to the JCFC IPS were implemented. These modifications include: i) the introduction of Non-Canadian Fixed Income, and ii) enhanced flexibility to increase weighting to Non-Canadian Equities. The strategic rationale for these changes include diversification, risk management, currency, and investment scope benefits.
JCFC Portfolio Composition 5% 6% 29%
47%
53% 72%
Portfolio Composition, Returns and Disbursements At June 30, 2019, total invested assets under investment management amounted to $17.7 million (inclusive of State of Israel Bonds and excluding cash equivalents held at our financial institutions) compared to $13.8 million the year prior, representing an increase of approximately 29%. Since 2015, total assets under investment management have grown at a compound annual growth rate of approximately 24%. Of the $17.7 million, 60% was invested in equities (split 53% Canada and 47% International), 34% was invested in bonds (split 89% Canada and 11% International) and 6% in cash. This compares to 60% equity (split 72% Canada and 28% International), 35% bonds (entirely Canada) and 5% cash the year prior. It is important to note that the percentages for each portfolio category exclude the impact of State of Israel Bonds. At fiscal year-end 2019, JCFC’s State of Israel Bond portfolio had an amortized cost of $774,363 compared to $747,132 in the prior year, representing an increase of approximately 4%.
2019 | ANNUAL REPORT
35% 34%
60% 60%
INTL
CAN CAN
At June 30, 2018 Equities Bonds Equities Bonds
Cash Cash
6% 47%
53% 34%
60%
INTL
CAN
At June 30, 2019 Equities
Bonds
Cash
Note: Percentages may not total to 100% due to rounding. Percentages for each portfolio category exclude the impact of State of Israel Bonds.
15
JCFC Investment Manager’s Net Annual Returns Percentage %
9.0
8.3%
7.5 6.0 5.0% 4.4%
4.5 3.0
3.1%
1.5 0
1.0%
2015
2016
2017
2018
2019
Note: Investment manager returns are displayed on a net basis or after accounting for investment management fees as of year end June 30th.
Total investment manager returns for the fiscal year-ended June 30, 2019, were 5.1% before investment management fees (“gross return”) or 4.4% after accounting for investment management fees (“net return”). It is important to highlight that these returns exclude the impact of State of Israel Bonds and additional cash reserves held at our financial institutions. Incorporating these excluded items, the gross return for the fiscal year was approximately 4.8% and the net return was approximately 4.1%. For comparison, for the fiscal year-ended June 30, 2018, the JCFC had a gross return of 5.8% and a net return of 5.0%. The trailing 10-year average net return for the JCFC is 6.2% which excludes the impact of State of Israel Bonds and additional cash reserves. During the 2019 fiscal year, JCFC disbursed $860,885 to a broad range of organizations and worthy recipients in our local community and in Israel. This compares to total disbursements of $584,410 during the year prior representing an increase of approximately 47%.
JCFC Portfolio Benchmarking The JCFC Investment Committee along with the Board continue to rigorously evaluate investment performance. For the fiscal year ended
16
June 30, 2019, our Blended Benchmark provided a gross total return of approximately 4.2% resulting in our portfolio outperforming by approximately 0.9% during this period. For comparison, for the fiscal year ended June 30, 2018, the Blended Benchmark provided a gross total return of approximately 6.7% resulting in our portfolio underperforming by approximately 0.9%. As described in the 2019 Fiscal Year End Review section above, the Blended Benchmark was modified prior to April 2019 to reflect the IPS changes to both Non-Canadian Fixed Income and Non-Canadian Equities. In addition to evaluating performance relative to applicable market benchmarks, the JCFC Investment Committee and Board regularly monitor performance against competing Investment Managers who employ comparable investment mandates.
Compliance and Risk Management At June 30, 2019, both portfolios at Gluskin and Mawer are in compliance with the guidelines and constraints outlined in the current JCFC IPS. As the JCFC’s historical return profile demonstrates, returns from capital markets will vary from one period to the next, particularly on a quarterly basis. The Board and the Investment Committee continue to strongly believe both managers provide complimentary investment approaches and perspectives along with diversification benefits. We continue to carefully monitor performance to thoroughly assess risk adjusted returns relative to both market benchmarks and competing asset managers.
JEWISH COMMUNITY FOUNDATION OF CALGARY
JCFC Benchmarking Analysis 8.7%
10
Percentage % 7.5%
6.7%
10 10 6
5.8%
10 10
7.5%6.7%
6.7%
66
2
6
6.7%
5.8% 1.1% 6
7.5%
2.6%
1.1%
5.1%
1.8%
5.8%
2-0.4%
8.7%
7.5%4.2%
8.7%
5.8%
2
22 -2
5.1%
8.7%
1.1%
1.1%
2.6% -0.4%
5.1% 5.1% 4.2% 4.2%
4.2% 2.6% 1.8%
2.6% 1.8%
1.8%
-2 -0.4%
-2 -0.4%
-2 -2 -6
-6
-6
-5.7% -5.5%
-5.7% -5.5%
-5.7% -5.5%
JCFC Gross Return
JCFC Blended Benchmark
JCFC Blended Benchmark JCFC Gross JCFC Blended Benchmark JCFC Gross Return -10 Return
-6 -6 -10
-10
FY 2018
-5.7% -5.5%
FY 2018
FY 2018 Q1-19 Q2-19 Q1-19 Q2-19 Q3-19 JCFC Gross Return
Q1-19 Q3-19
Q2-19
Q3-19
Q4-19
Q4-19
FY 2019
FY 2019
Q4-19 FYBenchmark 2019 JCFC Blended
-10 Note: From April 2019, JCFC Blended Benchmark consists of 5.0% FTSE Canada 91 Day T-Bill Index, 3.0% FTSE World Government Bond Index, 32.0% FTSE Canada Universe Bond Index, 20.0% S&P/TSX Composite Index (TR), 5.0% Canadian Q1-19 Q2-19 Q3-19 Q4-19 Small Cap Benchmark, 15.0% S&P 500 Index (TR), 15.0% International Equity Benchmark, 5.0% Global Small Cap Benchmark. Prior to April 2019, JCFC Blended Benchmark consisted of 5.0% FTSE Canada 91 Day T-Bill Index, 35.0% FTSE Canada Universe Bond Index, 40.0% S&P/TSX Composite Index (TR), 5.0% Canadian Small Cap Benchmark, 6.0% S&P 500 Index (TR), 6.0% International Equity Benchmark, 3.0% Global Small Cap Benchmark.
FY 2018
Market Outlook Investor sentiment remains intensely focused on central bank policies with underlying economic factors and corporate performance appearing to take a backseat. Although the current environment continues to be supportive of equities and bonds, there is reason for caution. The JCFC Board and Investment Committee continue
2019 | ANNUAL REPORT
FY 2019
to be focused on ensuring our portfolio is adequately diversified and resilient to all market conditions. We continue to believe future investment performance to be increasingly differentiated by individual security selection and sector allocations. The JCFC would like to again express our appreciation to both Gluskin and Mawer for their
counsel and oversight of our donor’s capital. We are fortunate to have professionals who are deeply invested in the management of your funds and the communities you continue to support.
Daniel Blitt, Chair JCFC Investment Committee
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Philanthropy | In Action Call for Nominations The Norman Ronald Silver Sports Leadership Award is managed by Jewish Community Foundation of Calgary through a memorial endowment fund created by Norman’s parents, Maxine and Dr. Edward Silver.
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’.
Do you know an athlete in a team sport who inspires others? Someone who motivates others through hard work and a positive attitude? For more information, or to submit a nomination, please contact the JCFC at mail@jcfc.ca or 403.640.2273.
Carter Kowel and Stuart Myron
Athletes who exemplify the true meaning of team spirit and sportsmanship by serving as leaders and role models for others.” 18
This year’s recipient is Carter Kowel. Carter was nominated by the head coach of the Henry Wise Wood (HWW) basketball team, Matt Hanna. Carter is admired not only for his athleticism, but also for his academic achievements and leadership skills.
to integrate physically and mentally challenged students into physical education classes.
Carter was named team captain of the basketball team each and every year of his attendance at HWW. He was a player his team could always count on and one that led by example. Carter’s active role in school initiatives included participation in Access, a program
The selection of Carter as the recipient of the Norman Ronald Silver Sport Leadership award was a unanimous choice given the accolades of his coach and team players.
“In his time at HWW, Carter has been an incredible leader, role model and a major contributor in and out of the school community,” said Matt Hanna.
Yasher Koach, Carter, on a job well done!
JEWISH COMMUNITY FOUNDATION OF CALGARY
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2019 | Post-Secondary Scholarships
Empowering Outstanding Local Students
Jewish Community Foundation of Calgary scholarships are granted from a number of our endowment funds to students pursuing post-secondary education. Awards are granted on the basis of need and/or merit, including academic merit, community leadership and future life plans. Annual awards range from $180 – $3,000. This is an important community service as it provides a meaningful way for Jewish students to feel supported in their educational journey. This year, 28 outstanding local students received assistance in the pursuit of their academic dreams. Thank you to the following families for generously supporting the education of young people in our community. Applications for JCFC scholarships are accepted every February. • Arlein & Dov Chetner Family Endowment Fund • Aron & Ida Eichler Fund for Jewish Education • Bella Singer Memorial Fund • Bogoch Family Endowment Fund for Jewish Education • Charles Wainberg Memorial Fund
Thank you for your generous contribution towards my education, this money will go along way in helping me through university. I am busy studying for diploma exams, and this scholarship is a great motivator.
• Craimer - Samuels Family Endowment Fund • Fanny & Aaron Malkin Endowment Fund • David Waterman Endowment Fund • Dr. David Lander Fund • Joe & Evelyn Busheikin Endowment Fund • Len & Faigel Shapiro Family Fund
• Lewis Manning Charitable Fund • Max & Molly Pressman Endowment Fund • Myron Family Endowment Fund • Nitzanim Community Fund • Norman & Beulah Martin Endowment Fund • Peter & Kim Cohos Community Fund
I want to kindly thank you with my entire heart for the generosity and kindness in regards to the scholarship I received. Individuals like you allow me to continue my dreams and shoot for the stars!. I cannot thank you enough for how far your generosity will take me.
• Ralph & Florence Switzer Endowment Fund • Rebecca Block Fund • Robert & Sydney Kalef Endowment Fund • Silverstone Family Community Fund • Stan Libin Memorial Fund • Stein Family Fund • Zeisler Family Charitable Fund
2019 | ANNUAL REPORT
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2018–2019 | Year In Review
Calgary contingent at LIFE & LEGACY conference with Harold Grinspoon, Winnie Grinspoon and Tammy Dolin
Participants at Camp BB Riback Teen Philanthropy program. Calgary Jewish Federation Grant Cheque presentation for the Metulla Community Centre Gymboree equipment and Kibbutz Menara Preschool equipment supported by the Lillian & Elize Zuidema Endowment Fund.
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JEWISH COMMUNITY FOUNDATION OF CALGARY
Stuart Myron & Harold Grinspoon LIFE & LEGACY Conference
Dedication of the outdoor playground at Yesud Hama’ala Supported by the Lillian & Elize Zuidema Endowment Fund
Stuart Libin JCFC Shem Tov recipient
Jewish Historical Society of Southern Alberta Veteran’s Wall supported by JCFC.
2019 | ANNUAL REPORT
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Legacy
Giving Calculator The Jewish Community Foundation of Calgary has created an easy-to-use tool that can help individuals, couples and families realize their potential for philanthropic legacies.
Available online now!
jcfc.ca/legacycalculator
Your vision – our mission. Inspiring Philanthropy for more than 25 years.
JCFC | Staff, Board and Committees OFFICERS
INVESTMENT COMMITTEE
PAST CHAIRS
Chair
Daniel Blitt (Chair)
1990-1995 Gertrude Cohos
Treasurer Mark Shilling
Jordan Balaban
1995-1998 Donna Ribackz’l
BOARD OF DIRECTORS
Warren Book
1998-2011 Robert Kalef
Gerry Barron
Franklin Eldridge
1998-2012 Sam Switzer
Daniel Blitt
Adam Hoffman
2012-2015 Dr. Bettina Liverant Zeisler
Tamara Cohos
Micah Landes Martin Molyneaux
PAST PRESIDENT
Jackie Halpern Nelson Halpern
Stuart Myron
Stuart Libin
Richard Nagan
Richard Nagan
Mark Shilling
Dr. Bettina Liverant Zeisler
Paul Wheaton
Stuart Myron
AUDIT COMMITTEE Nelson Halpern Mark Shilling
Dr. Bettina Liverant Zeisler Leib Zeisler
GRANTS AND ALLOCATIONS COMMITTEE Stuart Libin (Chair) Milton Bogoch Reva Faber Eva Hoffman Wendy Kennelly Marilyn Libin Marilyn Samuels
Sponsors | Friends of the Foundation
Milton Bogoch
PAST EXECUTIVE DIRECTOR Morris Bleviss
FOUNDATION ADMINISTRATOR Brenda Sapoznikow
CONSULTING ACCOUNTANT Warren Book
TRIBUTE CARD COORDINATOR Terry Hornstein
We invite you to join us. You can establish a fund to remember a loved one, to mark an anniversary, a wedding, a bar/bat mitzvah or birthday, or to ensure a strong community for future generations. The Jewish Community Foundation of Calgary offers variety and flexibility to create the right fund for you. Your vision is our mission.
1607 - 90 Avenue SW, Calgary, AB T2V 4V7 phone: 403-640-2273 ¡ email: mail@jcfc.ca ¡ www.jcfc.ca