jcfc_ar2019_24page_digital-final

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

7

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

8

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.

10

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.”

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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