2015 Annual Report - Jewish Community Foundation of Calgary

2015

Annual Report Inspiring and Facilitating Philanthropy for 25 years

2015 | By the Numbers • 104 Funds, including custodial funds • $6.7 million in Assets plus $1,435,230 in Future Gifts by donors who intend to support the JCFC through life insurance

• Capital Additions of $776,594 • Net Investment Income of $170,823 • 227 grant cheques written to eighty-one charities • 15 post-secondary scholarships totalling $33,250 • $469,857 in Distributions • 425 Tribute Cards delivered • 365 days to celebrate 25 years of tzedakah!

Chair’s Message At the JCFC we often talk about the dreams of our fundholders.

Our 25th anniversary has provided numerous occasions to realize how far we have come. Last year, we issued 227 cheques to eightyone organizations. We distributed almost $470,000 in grants on behalf of our donors. Of course, it isn’t all about the money. It is about doing good and helping others to do good. And in doing that, we fulfilled dreams – for our donors and for their beneficiaries.

We are reminded every day of the goals set out 25 years ago, when a key group of leaders met to create “a foundation for the community” by establishing a fund of permanent financial resources.

We hope that we have sustained this vision and helped realize their dream. Thank you fundholders and donors for bringing your dreams to us and for all the Tzedakah you have inspired with your example.

At the end of fiscal year 201415 the JCFC had a record $6.7 million dollars under management consisting of endowment funds, donor advised flow through funds, insurance policies, and custodial funds owned by other charitable organizations. Even more meaningful—and cutting to the very heart of our mission— over the past 25 years, the Foundation has distributed more than $2.9 million in grants to social service, educational, religious and community organizations locally, nationally and in Israel.

These accomplishments can be explained in one word: trust.

The roles of our committed lay leaders and professional staff in forging meaningful, enduring relationships with donors cannot be overstated. Donors place confidence in The Foundation to effectively collaborate with them in their philanthropy—during their lifetimes, and in perpetuity.

In celebration of our 25 year anniversary, the JCFC is excited to be a partner in two new grant initiatives: one providing matching grants to our community organizations to help implement small capital projects and seed new programs; the other to encourage our community organizations to create permanent endowments.

These opportunities exist until June 30, 2016. You can learn more on page 18.

Looking through this annual report, it is clear that the JCFC embarks on the next 25 years having set the bar high, with an unwavering commitment to

JEWISH COMMUNITY FOUNDATION OF CALGARY

donors and to the communities they support.

I am pleased to announce that the JCFC will be moving toward the next chapters in its history under the capable leadership of incoming chair Stuart Myron.

Stuart has a long and deep record of commitment to our community, having served the Beth Tzedec Congregation in the roles of Director, Treasurer, Vice President Finance, President, and Past President, and served for six years as a Trustee of Co-operators Pension Plan, holding assets in excess of one half billion dollars.

Stuart is founder and president of Sterling Property Solutions, specializing in commercial real estate development, brokerage, leasing and property management.

Stuart holds an MBA from York University. He has been a director of JCFC for the past four years, is a member of the investment committee, and a passionate advocate for teen philanthropy in our community.

On a personal note, I am grateful to have met so many wonderful, inspiring people these past four years and I look forward to working with current and new donors in my role as past chair, helping to create charitable legacies that will shape the direction of our community for this generation and generations to come.

Sincerely,

Dr. Bettina Liverant Zeisler

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2014–2015 | Making a Difference Our donors create legacies.

The Jewish Community Foundation of Calgary manages over one hundred funds to help donors realize their vision and commitment to all sectors of our community.

Endowment funds enable donors to select programs, organizations or causes to sustain in perpetuity.

Allocations in the fund’s name are made annually from the income generated by the fund. The capital in the fund remains untouched.

Endowment fund donors keep memories alive forever.

Donor advised flow-through funds take advantage of Canada Revenue regulations encouraging the donation of assets such as stocks and bonds. The donor receives a tax receipt for the full value of the donation in the year that it is given, does not have to pay capital gains taxes associated with the assets they donate, and has three years to disburse the capital in their fund to organizations and programs they wish to support. Capital remaining in the fund at the end of three years can be used to establish an endowment fund or redirected to other funds held by the JCFC. Custodial funds are established by a charitable organization or foundation that entrusts the JCFC with the long term management of their endowment funds while retaining ownership of the funds.

Undesignated funds are created by donors who wish to leave a legacy without restrictions. These funds enable the Foundation’s Grants and Allocations Committee to respond to changing needs of our community and fund innovative projects.

JCFC encourages charitable giving by making it easy, efficient and tax-smart.

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$469,857 in Grants made in Partnership with our Donors by Field of Interest

CULTURE

15%

ISRAEL

9%

COMMUNITY & SOCIAL SERVICES

46.5%

RELIGIOUS INSTITUTIONS

13.5%

EDUCATION

16%

JCFC Grants and Disbursements Cumulative | Millions ($) 2,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0

2011

2012

2013

2014

2015

JCFC has granted $1.9 million cumulative since 2009. An estimated total of $1 million was granted prior to 2009. This does not include $2.3 million held for the CJCC capital campaign for the purchase of the Patterson Lands and transferred to CJCC in 2002.

JCFC Camp Scholarships help campers who fall through the cracks of other bursary programs to get the financial support they need to attend camp and benefit from personal, social, physical and cultural growth experiences.

The JCFC and its supporters help us provide Jewish overnight camp opportunities, summers of fun, and lifetimes of friendships, memories, traditions and skills.”

— Jerrod Henoch, Director of Camp BB Riback

2015 | ANNUAL REPORT

Celebration | 25 Years Please join us for a special anniversary celebration at the opening night of the 15th Annual Jewish Film Festival on Saturday, November 7th at 7:00pm.

Join us following the screening of “Rock in the Red Zone” for a live musical performance featuring Hagit Yaso, a talented Israeli singer who was the winner of Kochav Nolad, the Israeli version of American Idol and featured in the evening’s feature film.

JCFC is also excited to be a supporter of the closing night film. Two JCFC funds are sponsoring a preview of ‘On The Map.’ The evening includes a visit by legendary Maccabi Tel Aviv Basketball team captain, Tal Brody, Goodwill ambassador of the State of Israel. Thank you to the Krell Family Maccabi Fund and the Jack Balaban Memorial Fund for supporting what is sure to be an inspiring evening.

Welcome | New Funds As a flexible and secure vehicle for philanthropy, the JCFC is pleased to work with those who wish to give something of enduring value to the community. Welcome to the following new funds that opened from July 1, 2014 - June 30, 2015: • Craimer-Samuels Family Fund • Donna Riback Temple B’nai Tikvah Building Endowment Fund • ITC Fund

*You must have a ticket to the Film Festival to attend post-film events.

In Memory The Jewish Community Foundation of Calgary respectfully acknowledges the following fund supporters who have passed over the year.

July 1, 2014 – June 30, 2015 • Sandra Kalef z”l • Norman Martin z”l • Charna Shapiro z”l

• Stein Family Fund • Max & Molly Pressman Fund We wish to thank all of our donors for entrusting the Foundation with the care of their funds.

JEWISH COMMUNITY FOUNDATION OF CALGARY

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2014–2015 | Funds in Action Funds List | Our Partners in Philanthropy We gratefully recognize the individuals and families who have the foresight and commitment to create permanent endowment funds at The Foundation over the past 25 years. We celebrate their legacy, for this generation and generations to come, and we thank them for enabling the Foundation to grow.

ENDOWMENT FUNDS

Jerry Libin Community Fund

Abe and Bertha Gold Endowment Fund

Jonathan Berall Fund

Alex and Phyllis Rubin Endowment Fund

Kaganov Family Fund

Zeisler Family Endowment Fund

Krell Family Maccabi Endowment Fund

ENDOWMENT FUNDS (BY WAY OF INSURANCE POLICY)

Dave King Memorial Fund

Lynn Einstein and Lionel Groberman Endowment Fund

Bonnie Kaplan Endowment Fund

Faigel Shapiro and Daughters Flow-Through 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 Bogoch Family Fund for Jewish Education

Marilyn Libin Lion of Judah Endowment Fund Max and Bessie Shulder Endowment Fund Max and Molly Pressman Fund* Myron Family Endowment Fund Nate and Lily Horodezky Fund

Celia Rostoker Millman Fund for Jewish Education

Norman and Beulah Martin Endowment Fund

Charles Wainberg Memorial Fund

Norman Silver Endowment Fund

Dave Greber Freelance Writers Award Fund

Paperny Family Fund

David Waterman Endowment Fund Davidman Family Fund Donna Riback Lion of Judah Endowment Fund

Peter and Kim Cohos Community Fund Ralph and Florence Switzer Endowment Fund Rebecca Block Fund

William Cohen Memorial Scholarship Fund

Daphne Taras and Allen Ponak Family Fund

Craimer-Samuels Family Fund* Dave Greber Freelance Writers Awards Support Fund Expatriate Fund

Fanny Wedro Charitable Fund

Faigel Shapiro and Daughters Endowment Fund

Fay (Smolensky) Schwartz Memorial Fund

Gertrude Cohos Endowment Fund

General Heritage Fund

Jack and Betty Sharp Endowment Fund

Holocaust / Second Generation Education Fund Holocaust Memorial Fund

Lipkind Family Endowment Fund

ITC Fund*

Morris and Margaret Bleviss Endowment Fund

Jack Balaban Memorial Fund

Robert and Sydney Kalef Endowment Fund Sam and Ida Switzer Endowment Fund Yakov and Karen Behar Endowment Fund

Jeff and Wendy Kohn Community Fund Jewish Historical Society of Southern Alberta (C) Jewish War Veterans of Canada, Calgary Post #2 Lewis Manning Charitable Fund

Rose Hallis Student Travel Bursary Fund

TEEN PHILANTHROPY (B’nai Mitzvah) FUNDS

Lexier Community Fund

Sarah and Julius Bleviss Endowment Fund

Brent Martin and Tedi Martin Fund

March-of-the-Living Fund

Elize and Lilian Zuidema Endowment Fund

Sema and Morris Belzberg Fund

Gabriel Manning Bar Mitzvah Fund

Fanny and Aaron Malkin Endowment Fund

Solomon and Adelle Saper Family Fund

Frandel and Louis Belzberg Scholarship Fund

Stan Libin Memorial Endowment Fund

Gladys and Mackie Shuler Health Support Fund Halpern Family Endowment Fund

Donna Riback Temple B’nai Tikvah Building Fund* Dr. David Lander Fund

Shilling Family Fund

Molly Joffe Bat Mitzvah Fund Sierra Libin Philanthropy Fund

Library Fund Mayer Family Endowment Fund ORT Calgary March of the Living Support Fund PJ Library® Jewish Education Fund Samuel and Ida Switzer FT Fund

Switzer 2005 Family Reunion Fund

DONOR ADVISED FLOW THROUGH FUNDS, COMMUNITY FUNDS AND CUSTODIAL FUNDS

Ted and Betty Riback Camp Bursary Fund

Anne Frank Fund for Holocaust Education

Sidney and Bronia Cyngiser Jewish Film Festival Fund

Vivian Katz Endowment Fund for Jewish Education

Asper Holocaust & Human Rights Education Fund

Silverstone Family Fund

Calgary Beth Tzedec Congregation Society Funds (C)

Susan Klein Memorial Fund

Issac Family Endowment Fund

Waterman Family Endowment Fund

Jeffrey Secter Bursary Fund

Wedro Holocaust Fund

Chetner Family Community Fund

Ida and Aron Eichler Fund for Jewish Education Ida Switzer Lion of Judah Endowment Fund

Sam Switzer Community Fund Second Generation Fund

Stein Family Fund* Zeisler Family Community Fund

(C) custodial funds *new funds since our last annual general meeting

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2015 | ANNUAL REPORT

Fund Profile | The Power of Endowments On the occasion of the JCFC’s 25 anniversary, we celebrate Aaron and Fanny Malkin, of blessed memory, who cared deeply about Judaism, about Calgary, and about the State of Israel. th

The Malkins led very unassuming lives. Their story is one of devotion — devotion to one another and devotion to community. After serving with distinction in Canada’s signal corps during WWII, Aaron returned to Calgary, opened a clothing store, and met Fanny. Together they led their lives with quiet dignity. They shared a deep passion for the continuity of the Jewish people and for Israel.

After providing for family, Aaron opted to establish an endowment fund to carry forth their legacy and perpetuate their commitment to strengthening the Jewish community.

The Malkin bequest stipulated that for the first twenty years of the fund’s existence, the income was to be distributed to ten causes that meant most to them, including Hadassah-Wizo, JNF, Beth Tzedec scholar-in-residence program, Alberta Childrens’ Hospital, veterans of Israeli wars, and postsecondary scholarships to help promising local students get a good start in life. After that time, the income will be disbursed at the discretion of the board, in Fanny and Aaron’s memory, to address community needs.

Aaron and Fanny Malkin, of blessed memory, felt passionately about supporting Israel and the Jewish community. Their legacy will continue far into the future.

Since 1999, the initial bequest of $558,000 has disbursed $237,260 in grants and grown to $578,000.

What has come from the Malkins’ generosity stands as an example of how an endowment established with the Foundation can turn into a tremendous asset for many communities.

The Aaron and Fanny Malkin Fund exemplifies the Foundation’s steadfast commitment to ensuring its donors philanthropic legacies are

JEWISH COMMUNITY FOUNDATION OF CALGARY

perpetuated beyond this lifetime.

The Jewish Community Foundation is honoured to have been chosen by the Malkins to keep their legacy alive. We are proud stewards of this legacy, just as we are to over 100 other funds administered at the Foundation.

To view a complete list of all our cherished endowment donors, see page 6.

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2014–2015 | Year In Review

2014 September

August

Seniors at Trinity Lodge enjoying shabbos with Leonard Cohen

1st Annual Teen Philanthropy program at Camp BB Riback

October Joel Lipkind (JCFC Director), Wendy Kennelly (Foundation Manager), Bernie Switzer (JCFC Secretary) and Marty Hornstein of Jewish Family Services at our 2014 AGM

2015 January

February

JCFC presents JNF with a $10,000 grant cheque from the Elize & Lilian Zuidema Endowment Fund

Hillel Luncheon sponsored by JCFC to promote post-secondary scholarships and Chetner essay contest

April

Students at CJA enjoying the new media screen funded by the Max & Bessie Shulder Endowment Fund

May

2015 Philanthropy Luncheon with Robin Goodman Launch of the Dorshei Tzedec Teen Philanthropy Program 2015 Grants & Allocations Meeting – Agency Grants & Scholarships

8

June 2015 Norman Silver Sports Leadership Award awarded to Samuel Eisenberg

2015 Chetner Chai Essay Contest Prize awarded at the JCC Seniors Luncheon

2015 | ANNUAL REPORT

Philanthropy | In Action 2nd Annual Philanthropy Seminar | You Can’t Take It With You! In May, JCFC was pleased to host an educational seminar for Jewish professionals, Jewish agency leaders, and community members interested in the tax benefits of planned giving. The seminar featured keynote speaker Robin Goodman, Vice President of Insurance Trust & Estate Planning, RBC Wealth Management.

Planned giving is not only for the wealthy— it can benefit every donor.

Robin believes that philanthropy can be an integral part of an overall financial plan, reducing the tax liability triggered by transferring wealth to the next generation and benefitting the causes that are important to you and your family.

“Hosting a sold-out seminar speaks to the extraordinary generosity of our community and to our common commitment to making the world a better place, today and for future generations.” said Bettina Zeisler, Chair of the

Robin discussed new trust laws and different tax treatments of charitable donations, including the rules and benefits surrounding gifts of life insurance, publicly traded and privately held shares.

Jewish Community Foundation of Calgary.

Highlights of Robin’s presentation can be found at www.jcfc.ca/resources/fordonors/2015-lunch-learn.

Krembo Wings in Israel | A Youth Movement for Children with Special Needs Krembo Wings is unique: bringing children and young people with special needs and their ablebodied peers together in weekly social activities, including arts and crafts, music, games, dancing, laughing, talking, and friendship.

Activity leaders are not trained caregivers but 14- to 18-year-

Members of the Ashod Branch celebrate the Krembo Wings vision: “Together, creating a place and meaning for everyone.” The new branch was opened with the support of a grant provided by the Elize and Lilian Zuidema Endowment Fund at the JCFC.

old Israeli teens who have been provided with leadership training and skills. At Krembo, it is the youth counselors who plan the activities, organize volunteers, coordinate events, and ensure that everything runs smoothly.

Established in 2002, Krembo Wings welcomes youth with physical and mental disabilities from all cultural backgrounds, including religious and secular, Israeli-born and new immigrants, to branches located in communities across Israel. In 2010 Krembo Wings was named “social movement of the decade” by Israeli newspaper Maariv.

In May 2014, a new branch was opened in Ashdod with a grant provided by the Elize and Lilian Zuidema Endowment Fund at the JCFC. The branch is housed within a busy community centre, allowing neighbours to see the Krembo

JEWISH COMMUNITY FOUNDATION OF CALGARY

Wings program in action, helping to change attitudes towards children with special needs!

Last summer, during Operation Protective Edge, when Ashod was under missile fire, Krembo counselors visited members in their homes and volunteered in bomb shelters, using their skills to keep spirits high among the children of the city.

Merav Boaz, Director of Krembo Wings Resource Development, says, “We would like to take this opportunity to thank the Elize and Lilian Zuidema Endowment Fund for the very generous support of our Ashdod branch! The donation was matched by the Israeli Ministry of Welfare, doubling the donation to establish and open the branch in one year. Your support and belief in our work is important to us. Thank you from all of us at Krembo Wings!”

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Philanthropy | In Action Launch | Dorshei Tzedec Teen Philanthropy Program teens. The program will end with a community presentation and celebration for the teen philanthropists involved in the program.

The Dorshei Tzedec program offers Calgary Jewish teens the opportunity to explore Jewish values and ideas and to practice philanthropy. Participants learn leadership skills, the ability to analyze community needs, and the challenge of setting funding priorities. At the end of the program, teens review grant applications and decide which organizations to support with real money. Dorshei Tzedec participants get to see philanthropy in action and make a positive difference in their communities.

With consultation from the Jewish Teen Funders Network in New York, JCFC recently began two pilot projects, running a Philanthropy Camp at Camp BB Riback and a new synagogue based, 8-step teen philanthropy program, in co-operation with

If you want children to keep their feet on the ground, put some responsibility on their shoulders.”

– Len Shapiro, Calgary Philanthropist

Congregation Beth Tzedec and Calgary B’nai Brith.

The new Dorshei Tzedec Program (open to all Calgary Jewish Teens, regardless of synagogue affiliation) involves bi-monthly meetings, a small fundraising activity (generously supported by matching dollars from B’nai Brith Calgary at a $10 to $1 ratio, to a maximum of $3,000), and the allocation of cash grants to registered nonprofit agencies as determined by the participating

Recent reports by the Jewish Teen Funders Network state that 84% of alumni reported an increased sense of responsibility towards their local Jewish communities. Alumni of youth philanthropy programs report that they continue to feel deeply connected to Judaism and remain involved in Jewish life, often in leadership roles. Teen philanthropy programs have a record of success in engaging young people and in creating a new generation of Jewish philanthropists.

Incoming JCFC Chair Stuart Myron says that the “mandate of the Jewish Community Foundation of Calgary (JCFC) is to inspire and facilitate philanthropy. We work with our donor partners to create a strong, sustainable community based on Jewish values of Tzedakah (charity and justice), avodah (work/service), and gemilut chassidim (acts of love and kindness). Supporting the development of youth philanthropy in our community is a natural for the JCFC.” Teen philanthropy camp has been a great success. If the Dorshei Tzedec Program is equally well received, the JCFC will move to establish an endowment fund to permanently support the development of teen philanthropy programming.

For more information regarding JCFC teen philanthropy programs, visit www.jcfc.ca/resources/teenphilanthropy2015.

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2015 | ANNUAL REPORT

2015 | Post-Secondary Scholarships Thank you from the bottom of my heart for the bursary. Receiving this bursary has made a difference in my ability to return to school for the upcoming year. Financial difficulties made it likely I was going to have to withdraw from my program. But with your help, I will be able to return to school and I am so grateful for the support.”

Jewish Community Foundation of Calgary scholarships are granted from a number of our endowment funds to students pursuing post- secondary education. Awards may be granted on the basis of need and/or merit, including academic merit, community leadership and future life plans. Awards range from $360 – $3,360.

This year, eleven outstanding local students received assistance in the pursuit of their academic dreams. Thank you to the following funds for generously supporting the education of young people in our community. Applications for JCFC bursaries are accepted every April.

• • • • • • • • • • • • • • •

Frandel and Louis Belzberg Scholarship Fund Bogoch Family Endowment Fund Peter & Kim Cohos Community Fund Ida and Aron Eichler Family Fund General Heritage Foundation Fund Rose Hallis Student Travel Bursary Fund Jeff and Wendy Kohn Community Fund Dr. David Lander Endowment Fund Stan Libin Memorial Endowment Fund Aaron and Fanny Malkin Endowment Fund Norman and Beulah Martin Endowment Fund Bella Singer Memorial Endowment Fund Charles Wainberg Memorial Fund David Waterman Fund Zeisler Family Community Fund

Grantees | 2014–15

Our fund holders make a difference: in the Jewish Community, in the general community and in Israel.

Adath Israel Congregation

Calgary Jewish Film Festival

Akiva Academy

Calgary Pro Musica Society

Alberta Champions

Calgary Public Library Foundation

Alberta Children’s Hospital Foundation

Calgary United Jewish Appeal

Alzheimer Society of Alberta and Northwest Territories

Calgary Women’s Emergency Service

ARBI

Calgary Zoological Society

Art a’la Carte

Camp BB Riback

Banff Centre

Camp Hatikvah

BC - SPCA

Canadian Cancer Society

BC Cancer Foundation

Canadian Friends of Shalva Israel Association

Beit Halochem Canada Beth Israel Synagogue Beth Tzedec Congregation Betty Ford Centre Society of Canada Big Brothers Big Sisters of Calgary & Area B’nai Brith Calgary Lodge Menorah Foundation

Canadian Hadassah-WIZO Canadian Magen David Adom for Israel Canadian Red Cross Canadian Wildlife Federation Canlearn Society for Persons With Learning Difficulties

Contemporary Calgary Arts Society

Multiple Sclerosis Society

Doctors Without Borders

Nature Conservancy of Canada

DovZ”l & Arlein Chetner Chai Essay Contest Winners Epilepsy Canada Friends of Simon Wiesenthal Centre Giant Steps Foundation Heart & Stroke Foundation of Alberta

National Music Centre Olim Beyahad Place2Give Foundation Raincoast Conservation Foundation Ride To Conquer Cancer Save The Children Canada Shock Trauma Air Rescue Society

JCFC Post-Secondary Scholarships to Eleven Local Students

Soup Sisters Broth Brothers

JEM Workshop Inc.

Temple B’nai Tikvah

Jewish Family Service Calgary (various programs)

Trans Canada Trail Foundation

Jewish Federation of Victoria and Vancouver Island Jewish Historical Society of Southern Alberta Jewish National Fund

CARE Centre

Jews for Judaism

Calgary Community Kollel

Catholic Charities Society

Calgary Counselling Centre

Chabad Lubavitch of Alberta

Kehilat Shalom Society of Calgary

Calgary Health Trust

Chevra Kadisha

Krembo Wings

Calgary Jewish Academy

CKUA Radio Foundation

Miriam Foundation

Calgary Jewish Community Centre

Congregation House of Jacob Mikveh Israel

Mount Royal University Foundation

JEWISH COMMUNITY FOUNDATION OF CALGARY

Stephen Lewis Foundation

United Synagogue of Conservative Judaism United Way of Calgary and Area University of Calgary Weizmann Institute Wings of Hope Breast Cancer Foundation World Wildlife Fund of Canada

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How It All Came Together | A Timeline It takes a long time to build a Foundation. Over twenty-five years, trust in the stewardship of the Foundation has developed and become strong. This will lead to exponential growth in the coming years.

The Jewish Community Foundation of Calgary is a promise of financial stability; from today’s community to tomorrows. The Foundation will continue to inspire philanthropy now and in the future.”

– Gertrude Cohos, JCFC Past Chair (1990-1995)

2001 1989 Gert Cohos, founding chairperson, chairs first board meeting of the Calgary Jewish Heritage Foundation

1985

1994 30 funds and capital of Foundation exceeds $1 million

JCFC manages the funds collected in the capital campaign to purchase Patterson Lands adjacent to JCC ($2.3 million)

1990

1995

2000

1987

1990

1995

Early planning sessions and research on starting a Jewish Foundation in Calgary

Charitable status and incorporation is obtained – 10 Funds and $80,000 in assets

Foundation Board ‘modernizes’ and changes the name and branding to The Jewish Community Foundation of Calgary (JCFC)

What an honour it was to be asked, in 1995, to serve as Chairman of the Jewish Community Foundation of Calgary! I served on the committee established by the Jewish Community Council President, Hal Joffe, to determine the feasibility of forming a community Foundation. That was a lengthy but valuable process that resulted in the establishment of our current JCFC. The Foundation has now grown to a very professional and meaningful organization that is highly respected. I am confident the path established by the current leadership, will result in more endowments and greater assistance to the needs of Calgary and its Jewish community. My sincere congratulations to all on the 25th anniversary.”

Donna Riback (centre) with her family at Camp BB Riback on Pine Lake, 2013.

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– Donna Riback, Past Chair (1995-1998)

2015 | ANNUAL REPORT

I was president of the Jewish Community Council (Federation) at the time the Foundation was first conceived and founded. After speaking to other communities who had already established foundations, I realized how important a Jewish community foundation in Calgary could be to the continuity of Jewish life in our city. For one, the idea of a family creating an endowment to fund its annual UJA contribution, in perpetuity, was very appealing, particularly with the vagaries of economic cycles and the departure or passing of major community leaders and contributors whose families did stay in Calgary or did not have the same commitment as their parents.

I am very proud to have been involved with the growth of the Foundation over the years and to see how it has evolved to its current level of assets, distributions and sophistication.”

– Bob Kalef, JCFC Past Chair (1998-2010)

2005

2010

(left to right) The JCFC team in 1998: Morris Bleviss (Executive Director) with Sam Switzer and Bob Kalef (co-chairs)

2015 2015

JCFC receives the largest gift in Foundation history $750,000 bequest from Lilian Zuidema

G

INSPIRIN

2011

PHILAN

~

I have been the beneficiary of the generosity and foresight of past Jewish philanthropists and by working with the Jewish Community Foundation, I have the honor of sharing my good fortune with the generations that will follow me.”

The JCFC manages 104 Funds and $6.7 million in assets - a total of $2.9 million distributed since the Foundation was established

es

ROPY ~ TH

I believe in the Foundation as the vehicle by which I, and like minded community supporters, will be able to carry out our charitable intentions into the future – a form of time travel. I would like to see our Jewish community not only surviving, but give it the means to grow and prosper long after I have passed on.

t. 1 9 9 0

– Sam Switzer, JCFC Past Chair (1998-2011)

JEWISH COMMUNITY FOUNDATION OF CALGARY

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2014–2015 | Statement of Financial Position June 30, 2015, with comparative information for 2014

2015

2014

379,789

953,812

919

963

380,708

954,775

5,493,878

4,930,920

State of Israel Bonds, at Cost Plus Amortization of Bond Discount

557,920

319,936

Cash Surrender Value of Life Insurance

227,255

205,143

$6,659,761

$ 6,410,774

3,000

5,616

428,307

340,128

431,307

345,744

1,377,704

1,447,284

1,809,011

1,793,028

34,601

36,538

Restricted

2,279,513

2,035,683

Endowment

2,536,636

2,545,525

4,850,750

4,617,746

$6,659,761

$ 6,410,774

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, 2015 are derived from the audited financial statements prepared by our independent auditors, KPMG LLP. The Audited Financial Statement is available on-line and upon request.

Foundation Fact The aggregate value of funds established by the current directors of JCFC is $484,213 (as of June 30, 2015).

This includes endowments, donor advised flow-through funds and deferred lifetime gifts.

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2015 | ANNUAL REPORT

2014–2015 | Condensed Statement of Operations and Changes in Foundation Funds June 30, 2013, with comparative figures for 2012 Unrestricted

Restricted

Endowment

Flow-through

2015

2014

Contributions

1,648

309,762

114,767

350,417

776,594

678,189

Investment Income (loss)

1,182

72,765

83,747

13,129

170,823

514,437

2,830

382,527

198,514

363,546

947,417

1,192,626

4,000

80,085

119,032

266,740

469,857

298,844

Insurance Premiums

-

8,335

33,049

-

41,384

42,556

Administrative Costs

618

38,475

44,288

6,949

90,330

75,999

Marketing and Advertising

52

5,760

4,080

587

10,479

37,434

Audit and Legal

97

6,042

6,954

1,091

14,184

12,251

4,767

138,697

207,403

275,367

626,234

467,084

(1,937)

243,830

8,889

88,179

321,183

725,542

-

-

-

(88,179)

(88,179)

(91,276)

Change in Foundation Funds in the Year

(1,937)

243,830

8,889

-

233,004

634,266

Balance, Beginning of Year

36,538

243,830

2,545,525

-

4,617,746

3,983,480

$34,601

$2,279,513

$2,536,636

-

$4,850,750

$4,617,746

Revenue

Total Revenue Expenditures

Grants

Total Expenditures Excess (deficiency) of Revenue Over Expenditures Increase in Deferred Flow-through Grants (note 5)

Balance, End of Year

These financial statements for the fiscal year ending June 30, 2015 are derived from the audited financial statements prepared by our independent auditors, KPMG LLP. The Audited Financial Statement is available on-line and upon request.

Foundation Fact JCFC holds twelve endowment funds with provisions to direct some or all of their disbursable income to the Calgary Jewish Federation’s annual UJA campaign. In 2014-2015, thirteen additional fund holders used their Donor Advised Flow Through Funds to direct donations to the UJA campaign. Fifteen additional fund holders used Donor Advised Flow Through Funds or Endowment Funds to directly support CJF programs.

JEWISH COMMUNITY FOUNDATION OF CALGARY

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2014–2015 | Report from Investment Committee Ensuring Continuity and Stability

JCFC Funds | Millions ($)

The Jewish Community Foundation of Calgary was built to last for generations to come. Since its creation in 1990, the Foundation has never wavered from its commitment to serve the needs of the community and those seeking to strengthen it. Safeguarding the philanthropic legacy of our donors, and the security and impact of their charitable assets, is our top institutional priority.

7.0

For the twelve-month period ending June 30th, 2015, the JCFC is reporting a gain of 3.1% on the managed funds portion of our pooled assets. This return is net of (after) investment management fees.

2.0

As of June 30th 2015, the JCFC had approximately $6.7 million dollars in assets (after distributions) consisting of endowment funds, donor advised flow through funds, insurance policies, and custodial funds managed for other organizations. This compares with $6.4 million (after all distributions) June 30, 2014.

During this same period, the JCFC distributed a record $470,000 in grants to a broad range of organizations and causes in our local community and in Israel (up from $299,000 in 2013–14).

The Foundation’s investment objective is to preserve and augment capital, achieving a long-term annual rate of return that will maintain the purchasing power of the funds we have been trusted with, enable our fund-holders to disburse grants, and recover operating expenses. We continue to surpass our target on a long-term basis, earning 6.4% (net of investment management fees) annualized for the five years 2010–15.

Amid difficult market conditions, the JCFC’s investment portfolio continues to preserve capital and generate meaningful income.

Risk Analysis The majority of JCFC assets ($6.1 of $6.7 million) are pooled and invested in a diversified conservative portfolio of equities and bonds (including State of Israel Bonds), managed by Gluskin Sheff and Associates. The asset mix targets developed by the investment committee balance the need to preserve capital and maintain the purchasing power of the funds entrusted to Foundation with the need to earn a rate of return that enables funds to disburse grants and support the administration of the Foundation. The annual target is a 5% return. Last year, as financial-market turbulence depressed stock and bond returns, we fell below this target.

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6.0 5.0 4.0 3.0

1.0 0

2011

2012

2013

Foundation Funds

2014

2015

Custodial Funds

Total assets under management at fiscal year end.

On a net basis, the JCFC pooled portfolio gained +26.2% on investments in American equities, gained +2.1% on fixed income investments, and lost -1.6% on investments in Canadian equities. The JCFC’s gross investment return was +4.3%. The TSX composite suffered a loss of -1.2% (gross) for the same twelvemonth period.

The positive total portfolio performance was driven by strong performance in the US markets and a weaker Canadian dollar, which combined to meaningfully boost the value of our American equity holdings; and strong domestic bond returns, buoyed by the Bank of Canada rate cut. Canadian equity and high yield markets suffered from the impact of low oil prices, and our holdings in the resource sectors of the Canadian equity market detracted from the returns.

The Foundation’s ability to preserve endowments in perpetuity, maintain the purchasing power of the annual grant distributions, finance direct charitable activity, and fund administration costs, depends primarily on the investment performance of the pooled portfolio. Operating costs are also supported by the management fees charged to custodial funds and income brought in by Friends of the Foundation sponsorships. The Foundation continues to operate at budget: for 2014-2015 operating expenses were 1.74% of total funds under management.

In order to manage the financial risk of the erosion of capital, the Foundation employs a diversified total return

2015 | ANNUAL REPORT

Returns on Investment JCFC takes a balanced portfolio approach to investing the funds entrusted to us. The portfolio mix includes bonds and debentures to mitigate against negative returns during weak market periods, and equities to take advantage of strong periods in the market. For the year ending June 30th, 2015 we are reporting a gain of 3.1 per cent in the Jewish Community Foundation of Calgary’s investment portfolio. This is in comparison to last year’s 13.2 per cent return. The portfolio goal is to have a long-term average rate of return that will preserve the purchasing power of the endowments, meet administrative expenses, and surpass the 3.5 per cent distribution level required by the Canada Revenue Agency of all foundations. With an annualized five year return of 6.4 per cent on the invested portion of our pooled funds, we are surpassing our goal.

JCFC Percentage of Returns on Investment Portfolio (%)

JCFC Percentage of Returns on Investment Portfolio (%) 9

14 12

8

10

7

8

6

6

5

4

4

2

3

0

2

-2

1

-4

2011

2012

2013

2014

2015

0

Each year’s return represents an average of the preceding five years. The average rate of return for the period 2011-15 was 6.4% per year.

2011

Annual Return

investment strategy. In implementing such a strategy, the Foundation acknowledges some variability of the returns, as there are uncertainties and complexities associated with investing in capital markets. At fiscal yearend 2015 the asset allocations were as follows: 54% in equity strategies (including positions in growth-oriented, yield-oriented and non-Canadian equities), 43% in fixed income strategies (including significant positions in State of Israel Bonds), and 2% in cash and cash equivalents.

Globally, assets were 76% Canadian, 19% American, and 5% international. The investment target asset mix policy allows for up to 10% of the total equity position at any one time to be held in non-Canadian (typically American) equities to take advantage of opportunities that are not always available in Canada. This strategy does expose the pooled funds to some currency risk, although the exchange rate operated to our benefit in 2014-2015. The target asset mix is reviewed regularly by the Investment Committee; changes must be approved by the Board.

2012

2013

2014

2015

5 Year Annualized

Market Comment Despite the challenges faced by commodity based economies such as Canada, Gluskin Sheff and Associates belief that the continuation of a low-interest rate regime and positive economic growth in the United States will set a largely positive economic backdrop through 2015–2016 and beyond. Today’s relatively low-yield investment environment requires a consistent, disciplined approach in order to achieve sufficient returns without taking on undue risk. The JCFC does not invest in alternative asset classes such as real estate, private equity or infrastructure that require management to make estimates and assumptions of value.

The JCFC is fortunate to have respected investors and investment professionals committed to providing thoughtful oversight, and thanks them for their involvement in securing the future of your funds and our community.

JEWISH COMMUNITY FOUNDATION OF CALGARY

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Funds to Inspire 0ur Calgary Jewish Organizations Investing in our community | Today

Investing in our community | Forever

Upgrading our community facilities, introducing new programs and inspiring new donors is a constant challenge faced by all community organizations. Now thanks to the Len & Faigel Shapiro Jewish Community Enrichment Grants, our local Jewish organizations have a partner who can help.

Organizational endowment funds are at the very heart of the sustainability of our community.

As these funds grow, more annual income is generated for Jewish organizations that meet our educational, cultural, spiritual, and social service needs. Now, thanks to the new Zeisler Family Organizational Endowment Incentive Program (the Zeisler Incentive Grant) Jewish organizations have even greater reason to establish their firstever organizational endowment fund.

This program has two goals: to provide matching grants to support small capital projects and seed new programs, and to inspire new support for our agencies and organizations.

Here’s how it works: • Organizations have an opportunity to raise funds for small projects that can make a big difference and an incentive to reach out to donors. Donors have an incentive to give, knowing that their donation will be leveraged to make an even greater impact.

• The organization must find, on its own, new funds to pay for half the cost of small capital improvements or new programming initiatives.

• The Shapiro Enrichment Grant program will match these funds to a maximum of $7,500 per organization. Organizations can also apply for smaller amounts.

• A total of $50,000 is being made available on a first come, first serve basis.

• Grants are available to many of our community organizations.

Here’s how it works: • When a participating Calgary Jewish organization opens an organizational endowment fund with the JCFC, it triggers a $1,000 “incentive” contribution from the Zeisler Family Incentive Grant Program.

• Participating organizations can transfer funds they may already have in reserve to JCFC and are motivated to encourage their supporters to contribute to a permanent endowment fund.

• For organizations that have never had an endowment fund, this is a particularly exceptional opportunity, as this new program provides a financial incentive to open endowment funds and is likely over time to offer a higher rate of return than a typical GIC. • As an added bonus, when a participating organization reaches the $36,000 mark in their endowment fund, this will trigger an additional incentive contribution of $1,000.

“We’re very excited that we are able to launch these dual incentive programs,” says incoming JCFC chair, Stuart Myron. “We look forward to working with our community organizations and helping them to achieve their objectives. JCFC donors support our community: now and forever.”

These incentive programs have been created to celebrate the JCFC’s twenty-fifth anniversary and are available to Jewish organization in our community until June 30, 2016. Beneficiaries of grants from the JCFC must have charitable status, as recognized by the Canada Revenue Agency. To learn how your organization can benefit from these programs, contact the JCFC office.

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2015 | ANNUAL REPORT

Our Organization | Staff, Board and Committees OFFICERS

INVESTMENT COMMITTEE

PAST CHAIRS

Chair

Eric Switzer (Chair)

1990-1995 Gert Cohos

Treasurer Mark Shilling

Bettina Liverant Zeisler

Jordan Balaban

1995-1998 Donna Riback

Secretary Bernie Switzer

Daniel Blitt

1998-2011 Robert Kalef

BOARD OF DIRECTORS

Warren Book

1998-2012 Sam Switzer

Gerry Barron

Adam Hoffman

PAST PRESIDENT

Tamara Cohos

Corey Mitchell

Jackie Halpern

Martin Molyneaux

Nelson Halpern

Stuart Myron

Stuart Libin

Richard Nagan

Joel Lipkind

Mark Shilling

Stuart Myron

Stacey Steinberg

Eric Switzer

Paul Wheaton

Sam Switzer

Bettina Zeisler

AUDIT COMMITTEE Nelson Halpern Mark Shilling Eric Switzer

Leib Zeisler

GRANTS AND ALLOCATIONS COMMITTEE

Milton Bogoch

PAST EXECUTIVE DIRECTOR Morris Bleviss

FOUNDATION MANAGER Wendy Kennelly

CONSULTING ACCOUNTANT Warren Book

TRIBUTE CARD COORDINATOR Terry Hornstein

Stuart Libin (Chair) Milton Bogoch Reva Faber Eva Hoffman Marilyn Libin

Sponsors | Friends of the Foundation

FUNDS Hesperian Capital Management Ltd.

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.

Inspiring and Facilitating Philanthropy for 25 Years 1607 - 90 Avenue SW, Calgary, AB T2V 4V7 · phone: 403-640-2273 · email: mail@jcfc.ca · www.jcfc.ca