2020 JCFC ANNUAL REPORT

Jewish Community Foundation of Calgary

2020 Annual Report

30

2019–2020 | Making a Difference JCFC distributed $611,780 to 136 charities and scholarship recipients.

RELIGIOUS INSTITUTIONS & PROGRAMS

HEALTH & WELLNESS

5%

ISRAEL

1%

10%

EDUCATION

19%

COMMUNITY & SOCIAL SERVICES

COMMUNITY AT LARGE

65%

19%

JEWISH COMMUNITY

JCFC Grants

by Sector

81%

JCFC Grants

by Type

JCFC Grants and Disbursements Cumulative | Millions ($) 6.0 5.0

Our Fundholders continue to direct their philanthropic dollars to both the Jewish and broader communities supporting the causes about which they are most passionate. Thanks to their caring, generosity and vision for a better future, the Foundation distributed $611,780 to 136 organizations including 17 post-secondary scholarship recipients.

2

4.0 3.0 2.0 1.0 0

2016

2017

2018

2019

2020

JEWISH COMMUNITY FOUNDATION OF CALGARY

Message from the Chair Celebrating 30 Years The COVID-19 pandemic has created unprecedented circumstances during 2020. Despite this challenge, our Fundholders continue to live generously and the JCFC has once again enjoyed growth while positively impacting the Calgary Jewish community and the community at large.

In the midst of COVID-19, the JCFC celebrated its 30th anniversary, a significant milestone of which we are proud. The Foundation has continuously improved governance, increasing the number of Fundholders and assets under management since the JCFC was capitalized in 1990 with 10 funds totaling $80,000. As you will note throughout this Annual Report, we have come a long way.

The JCFC’s assets under management now total $20.3 million, an all-time high representing year over year growth of 11%. As noted below, an increasing 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 167 (140 in 2019). Over the past year, an impressive total of 377 cheques were issued to 136 recipients (134 in 2019). On behalf of

2020 | ANNUAL REPORT

our Fundholders, the JCFC distributed grants nearing $612,000. Our Grants & Allocations Committee, chaired

by Stuart Libin, plays a pivotal role in administering the JCFC’s discretionary grants and bursaries. Our heartfelt thanks to the entire committee for their diligence in managing, enhancing and facilitating this process. Since its inception in 1990, the JCFC has distributed nearly $5.8 million in support of organizations and causes nearest and dearest to the hearts of Calgary Jewish philanthropists.

For the twelve-month period ending June 30, 2020, the gross investment return on our actively managed assets was 4.4%, 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 competing asset managers. Our sincere thanks go to Committee Chair Daniel Blitt, 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.

Due to the realities of COVID-19, we were unable to deliver our Teen Philanthropy Program at Camp BB Riback this year. Calgary B’nai Brith Lodge #816 has continuously and generously underwritten the Teen Philanthropy Program. We sincerely thank them for partnering with the JCFC in engaging and developing our future leaders and donors.

JCFC’s partnership with Calgary Jewish Federation and participating Jewish agencies in the Harold Grinspoon Foundation’s LIFE & LEGACY program has been a tremendous success. LIFE & LEGACY is a four-year program that helps to ensure the long-term financial health of local Jewish organizations through after-lifetime endowment gifts.

Please be sure to refer to our LIFE & LEGACY article on page 9.

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.

Brenda Sapoznikow, our Foundation manager, continues to serve the JCFC with excellence.

Each and every day Brenda fulfills the JCFC mission with passion while helping our Fundholders to realize their philanthropic goals.

We are pleased to welcome Darlene Switzer-Foster and Barb Krell to the JCFC Board.

Tamara Cohos and Mark Shilling will retire as Directors of the Foundation as of our 2020 AGM. Tamara has diligently served the JCFC for four years bringing added value in the arena of not-for-profit fundraising.

Mark has served the agency well for six years as Treasurer. He expertly oversaw the JCFC’s financial functions, participated as an active member of both the Audit Committee and the Investment Committee, and played a significant role in the development of the JCFC’s Administration Fee Policy.

We thank both Tamara and Mark for their valued service.

Daniel Blitt, Jackie Halpern and I have served the Board of the JCFC for one or more terms and have agreed to stand for re-election. Warm thanks to Daniel and Jackie and to continuing Board members Gerry Barron, Eytan Donsky, Nelson Halpern, Stuart Libin, Ellen Magidson, Richard Nagan and Andrew Oppenheim.

We are privileged to work with such capable, visionary and generous volunteers and philanthropists on behalf of our cherished community.

Because of their collective efforts, our future is strong.

Sincerely,

Stuart A. Myron, Chair

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2019–2020 | By the Numbers

$20.3 M IN ASSETS

167

FUNDS

$2 M

INCLUDING CUSTODIAL FUNDS

$

I

T

IN CAPITAL ADDITIONS

267

TRIBUTE CARDS DELIVERED TOTALLING $19,000

PH

Y SI

4

JEWISH COMMUNITY FOUNDATION OF CALGARY

$611,780

IN DISTRIBUTIONS TO THE JEWISH COMMUNITY

$5.8 MILLION OVER 30 YEARS

81% 19% TO THE COMMUNITY AT LARGE

TEEN PHILANTHROPY PROGRAM INSPIRING

125

YOUNG ADULTS SINCE INCEPTION

2020 | ANNUAL REPORT

377 CHEQUES ISSUED TO

17 ACADEMIC POST-SECONDARY SCHOLARSHIPS

136

CHARITIES & SCHOLARSHIP RECIPIENTS

TOTALLING

$28,000 5

2019–2020 | Funds in Action Our Partners in Philanthropy We gratefully recognize the following individuals and families who have had the foresight and commitment to create charitable funds at the Jewish Community Foundation of Calgary. We celebrate their legacy, for this generation and generations to come, and we thank them for enabling the Foundation to grow.

ENDOWMENT FUNDS Abe and Bertha Gold Endowment Fund

Celia Rostoker Millman Fund for Jewish Education

Halpern Akiva Academy Life & Legacy Endowment Fund *

Alex and Phyllis Rubin Endowment Fund

Charles Wainberg Memorial Fund

Halpern Family Endowment Fund

Alice z’l & Jacob (Jack) Adler Endowment Fund *

CJA Jack & Alice Adler Torah Fund *

Hamborger Family Fund

Max and Bessie Shulder Endowment Fund

Ann and Ralph Kalef Endowment Fund

Craimer-Samuels Family Endowment Fund

House of Jacob Mikveh Israel Life & Legacy Endowment Fund *

Max and Molly Pressman Fund

Archie and Charna Shapiro Day Camp Fund

David Waterman Endowment Fund

Arlein and Dov Chetner Family Endowment Fund

Donna Riback Lion of Judah Endowment Fund

Bella Singer Memorial Endowment Fund

Donna Riback Temple B’nai Tikvah Building Fund

Beth Tzedec Synagogue Life & Legacy Endowment Fund *

Dr. David Lander Fund

Bing Family Temple B’nai Tikvah Founders Fund

Dr. Stuart & Irene Ross Holocaust Education & Commemoration Endowment Fund *

Bleviss-Sapoznikow Family Fund *

Elize and Lilian Zuidema Endowment Fund

Calgary Holocaust Education & Commemoration Endowment Fund *

Expatriate Fund

Calgary Jewish Academy Life & Legacy Endowment Fund * Calgary Jewish Community Centre Life & Legacy Endowment Fund * Calgary Jewish Federation Life & Legacy Endowment Fund Camp BB Riback Life & Legacy Endowment Fund

6

Ida and Aron Eichler Fund for Jewish Education

Jeffrey Secter Bursary Fund

Jewish Family Service Calgary Life & Legacy Endowment Fund Jewish Historical Society of Southern Alberta Life & Legacy Endowment Fund Joe and Evelyn Busheikin Endowment Fund

Fanny and Leo Wedro Holocaust Fund z’l

Jonathan Berall Endowment Fund

Fischbein Family Community Fund

Kaganov Family Fund

Frandel and Louis Belzberg Scholarship Fund Gary Rosenbaum Children’s Assistance Fund

Gladys & Mackie Shuler Health Support Fund

Isaac Family Fund for Holocaust Education

Jerry Libin Community Fund

Fanny and Aaron Malkin Endowment Fund

Gertrude Cohos Endowment Fund

Ida Switzer Lion of Judah Endowment Fund

Kalef Steinberg Family Fund * Krell Family Maccabi Endowment Fund Lister Family Endowment Fund Lynn Einstein and Lionel Groberman Endowment Fund

Maccabi Canada Athletic Fund Marilyn Libin Lion of Judah Endowment Fund

Myron Family Endowment Fund Nate and Lily Horodezky Fund Nelson & Debbie Halpern Community HOJMI Fund Nitzanim Community Fund Norman and Beulah Martin Endowment Fund Norman Silver Endowment Fund Paperny Family Fund Peter and Kim Cohos Community Fund Raber Family Fund

*

Ralph and Florence Switzer Endowment Fund Richard & Max Shilling Camp BB Riback Endowment Fund Rebecca Block Fund Romer Segal Family Fund Ron Barron Community Fund * Ron & Barb Krell Community Fund Rose Hallis Student Travel Bursary Fund

JEWISH COMMUNITY FOUNDATION OF CALGARY

Rothenberg / Seidman Family Endowment Fund Sahbra Anna Markus Community Fund * Sarah and Julius Bleviss Endowment Fund Sema and Morris Belzberg Endowment Fund Sheila & David Martin Legacy Fund * Shilling Family Community Fund Shilling Family Endowment Fund for JFSC * Solomon and Adelle Saper Family Fund Stan Libin Memorial Endowment Fund Steven Blitz Endowment Fund

ENDOWMENT FUNDS (BY WAY OF INSURANCE POLICY) Alex Osten Life & Legacy Fund * Bonnie Kaplan Endowment Fund Daphne Taras and Allen Ponak Family Fund

Asper Holocaust & Human Rights Education Fund

Megan Macfarland Fund *

Bogoch Family Fund for Jewish Education

Jack and Betty Sharp Endowment Fund

Chetner Family Community Fund

Len & Faigel Shapiro Family Endowment Fund

Craimer-Samuels Family Fund

Lipkind Family Endowment Fund

Fanny Wedro Charitable Fund

Lorne Pearl Legacy Fund

*

Max Feldman

Ted and Betty Riback Camp Bursary Fund

Robert and Sydney Kalef Endowment Fund

Temple B’nai Tikvah Life & Legacy Endowment Fund

Sam and Ida Switzer Endowment Fund

Morris and Margaret Bleviss Endowment Fund

Steinberg Family Endowment Fund

Fay (Smolensky) Schwartz Memorial Fund Friends of Calgary Jewish Academy Trust (C) *

Switzer 2005 Family Reunion Endowment Fund

Vivian Katz Endowment Fund for Jewish Education

Lexier Community Fund

Beth Tzedec Synagogue Funds (C)

Gertrude Cohos Endowment Fund

Maxine Fischbein

Vic Freidin Memorial Camp Scholarship Fund

DONOR ADVISED FLOW THROUGH FUNDS, COMMUNITY FUNDS AND CUSTODIAL FUNDS Anne Frank Fund for Holocaust Education

General Heritage Foundation Fund Holocaust / Second Generation Education Fund Holocaust Memorial Fund

*

Yakov and Karen Behar Endowment Fund

Waterman Family Endowment Fund

TEEN PHILANTHROPY Brent Martin & Tedi Martin Fund

William Cohen Memorial Scholarship Fund

ITC Fund Jack Balaban Memorial Fund Jeff and Wendy Kohn Community Fund

March-of-the-Living Fund Maureen and Joe Katchen Fund Mayer Family Fund ORT Calgary March of the Living Support Fund PJ Library® Jewish Education Fund Prosperity Farm Legacy Fund Rabinovitz Family Community Fund Robert & Sydney Kalef Fund Samuel and Ida Switzer Flow Through Fund Sam Switzer Community Fund Second Generation Fund Silverstone Family Community Fund Stan & Trish Mayer and Family Community Fund Stein Family Fund Steven Blitz Charitable Trust (C) Susan Klein Memorial Fund Switzer-Foster Family Fund *

Jewish Historical Society of Southern Alberta (C)

Tibor Kaldor Legacy Fund

Gabriel Manning Bar Mitzvah Fund

Jewish War Veterans of Canada, Calgary Post #2

Zeisler Family Charitable Fund

Zeisler Family Endowment Fund

Molly Joffe Bat Mitzvah Fund

Joy & Max Feldman Community Fund

Zenith/Laven CJA Life & Legacy Scholarship Fund

Sierra Libin Philanthropy Fund

Judy Shapiro Maccabi Fund Len & Faigel Shapiro Family Fund Lewis Manning Charitable Fund

2020 | ANNUAL REPORT

*

As of June 30, 2020 (C) Custodial funds * New funds since our last annual general meeting Life and Legacy

7

Grantees | 2019–20 Making a Difference Our Fundholders benefited charitable organizations within and beyond the Jewish community locally, nationally and in Israel.

Calgary Shaw Charity Classic Foundation

Jewish Federation of Greater Vancouver Jewish Federation of Victoria & Vancouver Island

Temple B’nai Tikvah

Alberta SPCA

Calgary Women’s Emergency Shelter

ALS Society of Alberta

Camp BB Riback

The Arthritis Society

Alzheimer Society of Alberta and Northwest Territories

Canada Sports Hall of Fame

Jewish Historical Society of Southern Alberta

ARBI Art a la Carte

Canadian Friends of Hebrew University

Beit Halochem Canada

Canadian Hadassah-WIZO

Beth Tzedec Congregation Society

Canadian Legacy Project

Kidney Foundation of Southern Alberta

Canadian Mental Health Association

Kids Cancer Care Foundation

Alberta Cancer Foundation Alberta Children’s Hospital Foundation

B’nai Brith Menorah Foundation

Canadian Cancer Society

Jewish National Fund Jews for Judaism Kehilat Shalom Society of Calgary

Magen David Adom

Stephen Lewis 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

McGill University

The Leukemia & Lymphona Society of Canada

Canadian Wildlife Federation Inc.

Mineral Springs Banff Auxillary Hospital

The Lung Association Alberta & NWT

Cancer Research Society Centre for Israel & Jewish Affairs

Momentum Community Economic Development Society

The Michael J Fox Foundation for Parkinson’s Research

Calgary Community Kollel Society

Chabad Lubavitch of Alberta

MS Society

Chevra Kadisha

Na’amat Canada

The Nature Conservancy of Canada

Calgary Counselling Centre

CKUA Radio Foundation

National Music Centre

The Salvation Army

Calgary Drop-In Centre

CNIB

Operation Kick Start

Calgary Firefighters Burn Treatment Society

Community Living Kincardine & District

Operation Smile Canada Foundation

The War Amputations of Canada

Calgary Food Bank

Congregation Beth Israel

Calgary Humane Society

Congregation Emanu-EI

Calgary JCC

Parkinson Association of Alberta

Congregation House of Jacob Mikveh Israel

Parkinson Canada

United Way Ottawa

Peace of Mind Canada

University of Alberta, Office of Advancement

Breaking Free Foundation Brown Bagging for Calgary Kids C4i Canada Calgary Alpha House Society

Calgary Jewish Academy

Canadian Red Cross

Osteoporosis Canada

Calgary Jewish Community Centre

Diabetes Canada

Calgary Jewish Federation Calgary Lodge Menorah Foundation

Friends of Simon Wiesenthal Centre for Holocaust Studies

Calgary Opera

Halpern Akiva Academy

Calgary Philharmonic Society

Heart and Stroke Foundation of Alberta, NWT & Nunavut

Calgary Public Library Foundation

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Project Warmth Society of Alberta

Epilepsy Canada

Prostate Cancer Canada Raincoast Conservation Foundation

Jewish Family Service Calgary

Sheldon Kennedy Child Advocacy Centre Shock Trauma Air Rescue Society

The Mustard Seed

Trans Canada Trail Foundation United Way of Calgary and Area United Way of Greater Victoria

University of Calgary Vancouver Holocaust Education Centre Victoria Foundation Weizmann Canada Whyte Museum of the Canadian Rockies World Vision Canada

JEWISH COMMUNITY FOUNDATION OF CALGARY

Philanthropy | In Action

We must continue to build on our momentum.

The Harold Grinspoon Foundation’s LIFE & LEGACY initiative – coordinated locally by the Jewish Community Foundation of Calgary and Calgary Jewish Federation –continues to have 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 Academy, Calgary Jewish Federation, Camp BB Riback, House of Jacob - Mikveh Israel, Jewish Family Service Calgary, Halpern Akiva Academy, Jewish Historical Society of Southern Alberta, Temple B’nai Tikvah.

Calgary’s results are both phenomenal and exciting. As of our first anniversary in the program, January 31st, 2020, 290 letters of intent (LOI’s) were secured for the future support of our local

Jewish institutions exceeding the program goal of 180 LOI’s by 60%. The estimated value of this response is $11.35M. In addition, the Grinspoon Foundation provided a grant of $7,500 to all 10 of our partner agencies recognizing their success in achieving the stretch goal of 25 LOI’s.

At the time of publication, total program results stood at approximately 350 LOI’s with an estimated value of $13M. While the COVID-19 pandemic has slowed the pace, we remain confident that community members will continue to generously support LIFE & LEGACY as a new normal is achieved.

“The community response to the LIFE & LEGACY program bodes well for the future of our Jewish institutions,” said Stuart Myron, Chair of the Jewish Community Foundation of Calgary. “We must continue to build on our momentum over the four-year program horizon and beyond.”

LOI’s 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. Calgary results are no different. Approximately 45% of our donors are less than 60 years of age. On average, donors support more than two agencies each.

“The results of the LIFE & LEGACY program are heart warming and a testament to what can be accomplished from a collaborative community-wide effort of the Harold Grinspoon LIFE & LEGACY program, Calgary Jewish Federation, Jewish Community Foundation of Calgary, our local partners and, most importantly, our legacy donors.” 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.

2020 | ANNUAL REPORT

9

Philanthropy | In Action PAYING IT FORWARD - INSPIRING PHILANTHROPY

in Uzbekistan. To this day, social services agencies like Jewish Family Service Calgary hold a special place in her heart.

Together the Switzers have found deep personal satisfaction by investing in their community, most recently through the LIFE & LEGACY program. Ida and Sam have chosen to support seven of the participating agencies, helping to ensure a strong Calgary Jewish community by providing for social services and education in perpetuity.

“One of the reasons we went ahead with LIFE & LEGACY is that we really wanted to get our estate in order,” says Ida.

Sam & Ida Switzer

“

One of the reasons we went ahead with LIFE & LEGACY is that we really wanted to get our estate in order.

Ida and Sam Switzer feel immense gratitude for the advantages they had growing up in Jewish Calgary. Longtime community volunteers and supporters, they are thrilled to be making philanthropic decisions that will pay their positive experiences forward for their children and grandchildren – and for their community as a whole.

A retired lawyer and businessman and former chair of the Jewish Community Foundation of Calgary

10

(1998 – 2011) Sam knows a good investment when he sees one.

As a devoted mother and former social worker with a master’s degree in family therapy – and an avid community volunteer – Ida knows first-hand that communities are stronger when they invest in children and families.

In the aftermath of the Holocaust, Jewish Immigrant Aid Services (JIAS) brought Ida’s family to Calgary after she was born in a Displaced Persons Camp

Sam adds that part of the appeal in giving via LIFE & LEGACY is the valuable grants provided by the Harold Grinspoon Foundation when local partner organizations achieve their fundraising goals.

“We’ve been the beneficiaries of far-sighted Jewish philanthropy here in Calgary,” says Sam, who has high praise for former community leaders that had the vision, tenacity and generosity to establish schools, Jewish camps and other organizations including the Calgary Jewish Centre (now the JCC), synagogues and Jewish Family Service Calgary.

“We’ve had the benefit of that as have our children and now our grandchildren. So, we want to pay it forward. We want to show our respect and our appreciation for those persons, and we want to inspire our own children and succeeding generations to do likewise,” Sam adds.

JEWISH COMMUNITY FOUNDATION OF CALGARY

“

We’ve been the beneficiaries of far-sighted Jewish philanthropy here in Calgary… so, we want to pay it forward.

Ida and Sam are inspired by the enormous international success of Harold Grinspoon Foundation’s PJ Library, a Jewish literacy program that provides monthly gifts of quality Jewish books, and sometimes music, to thousands of children around the world. Since 2016, the Switzers have generously supported local PJ Library programs including Chag Sameach, Tot Shabbat and Popsicles in the Park, offerings that are particularly helpful for interfaith families and for parents who are Jews by choice.

“Harold Grinspoon has invested money and energy and people to try and build a foundation for Jewish community everywhere he can reach,” says Sam who, together with Ida, is delighted to be a local partner in both LIFE & LEGACY and PJ Library.

Last summer, Ida and Sam found inspiration in meeting nonagenarian businessman and philanthropist Harold Grinspoon in person when his foundation hosted its annual meeting in Aspen Colorado, bringing like-minded philanthropists from Jewish communities throughout North America together to meet one another and to hear speakers of renown.

2020 | ANNUAL REPORT

“What we are trying to do is preserve Jewish identity,” Sam says.

While Sam and Ida Switzer do so with their two children and three grandchildren in mind, they have a broader and more inclusive philanthropic vision.

“You never know whose life you will touch,” says Ida. “The community was our lifeline.

If I were to wish for anything, it would be that people know they can reach into our community...

There is a lot of strength in that.”

“

You never know whose life you will touch.

In Memory • Maurice Paperny z’l

Paperny Family Fund

• Phyllis Rubin

Alex & Phyllis Rubin Endowment Fund

z’l

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2019–2020 | Statement of Financial Position

June 30, 2020 with comparative information for June 30, 2019

2020

2019

2,057,099

747,776

1,672

2,084

2,058,771

749,860

16,903,101

16,355,094

State of Israel Bonds, at Amortized Cost

809,310

774,363

Cash Surrender Value of Life Insurance

495,191

415,084

20,266,373

18,294,401

98,789

31,766

2,263,445

1,156,373

2,362,234

1,188,139

10,699,377

10,474,992

13,061,611

11,663,131

109,779

63,750

Directed

2,883,517

2,749,754

Donor Advised

4,211,466

3,817,766

7,204,762

6,631,270

20,266,373

18,294,401

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, 2020 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.

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2020 | ANNUAL REPORT

2019–2020 | Condensed Statement of Operations and Changes in Foundation Funds Unrestricted

Directed

Donor Advised

Flow-through

2020

2019

43,651

287,864

247,728

1,690,796

2,270,039

1,228,685

3,477

116,365

168,308

127,963

416,113

475,733

155

5,224

7,303

5,718

18,400

5,620

47,283

403,453

423,339

1,824,477

2,704,552

1,710,038

Grants

–

73,338

84,193

454,249

611,780

860,885

Disbursements

–

3,126

–

80,139

83,265

64,276

Insurance Premiums

–

9,511

41,494

157,026

208,031

203,534

Administrative Costs

461

12,565

20,109

9,567

42,702

59,299

41

2,052

1,890

839

4,822

4,502

Audit and Legal

125

3,659

5,850

2,598

12,232

12,239

Investment Management Charges

627

18,294

29,248

12,987

61,156

51,336

Total Expenditures

1,254

122,545

182,784

717,405

1,023,988

1,256,071

Excess of Revenue Over Expenditures

46,029

286,908

240,555

1,107,072

1,680,564

453,967

Funds Transferred Out

–

(153,145)

153,145

–

–

–

Decrease / (Increase) in Deferred Flow-through Grants

–

–

–

(1,107,072)

(1,107,072)

91,968

Change in Foundation Funds in the Year

46,029

133,763

393,700

–

573,492

545,935

Balance, Beginning of Year

63,750

2,749,754

3,817,766

–

6,631,270

6,085,335

109,779

2,883,517

4,211,466

–

7,204,762

6,631,270

Revenue Contributions Investment Income Sponsorships Total Revenue

Expenditures

Marketing and Advertising

Balance, End of Year

These financial statements for the fiscal year ending June 30, 2020 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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2019–2020 | Investment Committee Report

2020 Fiscal Year-End Review

Since 2016, total assets under investment management have grown at a compound annual growth rate of approximately 19%.”

- Daniel Blitt, Chair

The 2020 fiscal year featured major global indexes falling abruptly into bear market territory during March as the multipronged impacts of COVID-19 took hold.

Although the Jewish Community Foundation of Calgary (“JCFC” or the “Foundation”) has been preparing for a market correction for some time, the velocity of this draw-down was particularly jarring.

Between February and March, the S&P 500 declined by 30% in only 22 trading days, the fastest drop of this magnitude in history.

To put this decline in perspective, during the global financial crisis of

2007 – 2008, it took 250 trading days for the S&P 500 to fall 30% representing a duration of more than 10 times. Equally as striking has been the sharp rebound in major global indexes with many recouping the majority of these losses through June.

Despite the severe volatility experienced during this past fiscal year, the JCFC Board along with the Investment Committee were encouraged by the performance of the Foundation’s assets under investment management. In March 2019, the JCFC released a

JCFC Funds Under Investment Management (At June 30) Lorem ipsum

MILLIONS ($)

$19.0

20.0 $17.7

Custodial Foundation

16.0 $13.8 $11.7

12.0

8.0

$8.1

4.0

0

14

2016

2017

2018

2019

2020

JEWISH COMMUNITY FOUNDATION OF CALGARY

revised Statement of Investment Policy and Guidelines (“IPS”) which provided our investment managers enhanced flexibility to increase weightings to NonCanadian assets. The strategic rationale for this revision included diversification, risk management, currency, and investment scope benefits all of which were validated during this past fiscal year.

Specifically, the trailing 12-month total return at June 30, 2020 for the S&P 500 was approximately 12% compared to the S&P/TSX of approximately (2)%.

JCFC Portfolio Composition 6% 47%

53% 34%

60%

INTL

Portfolio Composition, Returns and Disbursements

CAN

At June 30, 2019 Equities

Bonds

Cash

6% 6% 10% 47% 47% 57%

43% 53% 53% 58% 60% 60%

34% 32% 34%

INTL INTL CAN CAN INTL CAN

At June 30, 2020 Equity Bonds Equities Bonds Equities Bonds

Cash Cash Cash

Note: Percentages may not total to 100% due to rounding. Percentages for each portfolio category exclude the impact of the State of Israel bonds.

2020 | ANNUAL REPORT

At June 30, 2020, total assets under investment management amounted to $19.0 million (inclusive of State of Israel Bonds and cash equivalents) compared to $17.7 million the year prior representing an increase of approximately 8%. Since 2016, total assets under investment management have grown at a compound annual growth rate of approximately 19%. Of the $19.0 million, 58% was invested in equities (split 43% Canada and 57% International), 32% was invested in Bonds (split 97% Canada and 3% International) and 10% in cash. This compares to 60% equity (split 53% Canada and 47% International), 34% Bonds (split 89% Canada and 11% International) and 6% cash the year prior. It is important to note that the percentages for each portfolio category exclude the impact of the State of Israel Bonds.

At fiscal year-end 2020, the JCFC’s State of Israel Bond portfolio had an amortized cost of $809,310 compared to $774,363 in the prior year representing an increase of approximately 5%.

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JCFC Investment Manager’s Net Annual Returns Percentage %

9.0

8.3%

7.5 6.0 5.0% 4.4%

4.5

3.7%

3.0 1.5 0

1.0%

2016

2017

2018

2019

2020

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, 2020, were 4.4% before investment management fees (“gross return”) or 3.7% after accounting for investment management fees (“net return”). It is important to highlight that these returns exclude the impact of the State of Israel Bonds and additional cash reserves held at our financial institutions. Incorporating these excluded items, the gross return for the fiscal year was approximately 4.3% and the net return was approximately 3.6%. For comparison, for the fiscal year-ended June 30, 2019, the JCFC had a gross return of 5.1% and a net return of 4.4%.

The trailing 10-year average net return for the JCFC is 5.5% which excludes the impact of the State of Israel Bonds and additional cash reserves.

During the 2020 fiscal year, the JCFC granted $611,780 to a broad range of organizations and worthy recipients in our local community and in Israel. This compares to total grants of $860,885 during the year prior.

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JCFC Portfolio Benchmarking The JCFC Investment Committee along with the Board continue to rigorously evaluate investment performance. For the fiscal year-ended June 30, 2020, the JCFC’s Blended Benchmark provided a gross total return of approximately 4.1% resulting in the JCFC portfolio outperforming by approximately 0.3% during this period. For comparison, for the fiscal year-ended June 30, 2019, the JCFC’s Blended Benchmark provided a gross total return of approximately 4.2% resulting in the JCFC portfolio outperforming by approximately 0.9%. In addition to evaluating performance relative to applicable market benchmarks, the JCFC Investment Committee and Board continue to regularly monitor performance against competing Investment Managers who employ comparable investment mandates.

Compliance and Risk Management At June 30, 2020, both portfolios at Gluskin Sheff & Associates Inc. (“Gluskin”) and Mawer Investment Management Ltd. (“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 the capital markets will vary from one period to the next, particularly on a quarterly basis. The Board and the Investment Committee 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 Percentage %

11.9%

12 12 8.9%

8 8 5.8%

6.7% 5.1%

4 4

4.4% 4.1%

4.2% 2.1%

2.8% 3.0% 1.3%

0 0

-4 -4

-8 -8

-12 -12

JCFC Gross Return JCFC Blended Benchmark

-8.5% -10.9%

FY 2018 FY 2019

Q1-20

Q2-20

Q3-20

Q4-20

FY 2020

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 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.

Market Outlook With the timeline for a full reopening of the economy still unclear, it is incredibly challenging to make prognostications for near-term economic prospects.

Investors appear optimistic that economies will continue to recover in the short-term from the impacts of COVID-19 propped up

2020 | ANNUAL REPORT

by coordinated global monetary and fiscal stimulus. That said, we expect near-term market moves to be principally driven by updates surrounding COVID-19. As longterm investors, the JCFC Board and the Investment Committee remain laser focused on ensuring our Investment Managers adhere to the investment mandate outlined in our IPS.

The JCFC would like to again express our appreciation to both Gluskin and Mawer for their counsel and oversight of our donors’ 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

17

Years

of Inspiring Philanthropy

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 tomorrow’s. The Foundation will continue to inspire philanthropy now and in the future.”

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

1998 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 then 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.”

1990

Calgary Jewish Heritage Foundation’s charitable status and incorporation is obtained and capitalized with 10 funds and $80,000 in assets.

1994

30 funds with assets exceeding $1million.

1995

– Donna Riback, Past Chair (1995-1998)

Foundation board modernizes and changes the name and branding to The Jewish Community Foundation of Calgary (JCFC).

18

JEWISH COMMUNITY FOUNDATION OF CALGARY

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 given the means to grow and prosper long after I have passed on.

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

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.”

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

2001

2013

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

The JCFC team in 1998: Executive Director Morris Bleviss (L) with Co-Chairs Sam Switzer and Bob Kalef.

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

2011

JCFC introduces its Teen Philanthropy Education & Training Program.

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 not 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)

2020 | ANNUAL REPORT

19

Our Calgary Jewish community is blessed by individuals and families who believe in tikkun olam and act on that intention with vision and generosity. For more than 30 years, the Jewish Community Foundation of Calgary has honoured and supported the philanthropic aspirations of our donors and strengthened our community by continuously professionalizing our governance, operations and communications.

2015

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

Over the years we have updated by-laws and fund agreements, developed operational policies and procedures, and improved communications – making the JCFC website more educational and user-friendly and issuing informative and inspiring annual reports. We recruited board and committee members with a wide range of skills and expertise and hired our first full-time professional.

2016

Above all, we strove to connect with our Fundholders in meaningful and empowering ways. By highlighting their individual and collective impact in the community, we increased the visibility and potential of JCFC.

JCFC entrusted to manage more than $3 million on behalf of the Estate of Steven Blitzz’l

2019

JCFC distributes grants nearing $861,000 - an all-time high. The JCFC, in partnership with Calgary Jewish Federation, launches the Harold Grinspoon Foundation's LIFE & LEGACY program.

I thank my wonderful and committed board members for their part in this remarkable transformation. It has been an honour to partner with dedicated and generous donors and volunteers as we share in the joy of tzedakah.”

– Dr. Bettina Liverant Zeisler, Past Chair (2012-2015)

REVERSE HORIZONTAL

30

2020

The JCFC manages 167 funds. Assets under management reach $20.3 million. Cumulative grants grow to $5.8 million.

20

JEWISH COMMUNITY FOUNDATION OF CALGARY

17

2020 | 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 may be 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, 17 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 in 2020.

• Hamborger Family Fund • Steven Itzcovitch • Joe & Evelyn Busheikin Endowment Fund • Len & Faigel Shapiro Family Fund • Lewis Manning Charitable Fund • Myron Family Endowment Fund

I am deeply honoured by your generous contribution to my education. This grant will help me continue my pursuit of knowledge and achieve my goals.

• Nitzanim Community Fund • Peter & Kim Cohos Community Fund • Rebecca Block Fund • Robert & Sydney Kalef Endowment Fund • Sam Ousher Switzer Charitable Foundation • Stan Libin Memorial Fund • Stein Family Fund • Zeisler Family Charitable Fund • Fania & Leo z’l Wedro Charitable Fund

2020 | ANNUAL REPORT

Thank you so much for awarding me with a 2020 post-secondary scholarship.

It is so generous of you and means so much to me and my family. This will greatly help me with the expense of university, where I hope to continue to give back to our Jewish and greater community.

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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/legacy-calculator

Your vision – our mission.

Inspiring Philanthropy for 30 years.

JCFC | Staff, Board and Committees OFFICERS

INVESTMENT COMMITTEE

PAST CHAIRS

Chair

Stuart Myron

Daniel Blitt (Chair)

1990-1995 Gert Cohos

Vice President

Andrew Oppenheim

Jordan Balaban

1995-1998 Donna Ribackz’l

Treasurer

Mark Shilling

Warren Book

1998-2011 Robert Kalef

Franklin Eldridge

1998-2012 Sam Switzer

Gerry Barron

Adam Hoffman

2012-2015 Dr. Bettina Liverant Zeisler

Daniel Blitt

Micah Landes Martin Molyneaux

PAST PRESIDENT

Tamara Cohos Eytan Donsky

Stuart Myron

Jackie Halpern

Richard Nagan

Nelson Halpern

Mark Shilling

Stuart Libin

Paul Wheaton

Ellen Magidson

Bettina Zeisler

Richard Nagan

Leib Zeisler

AUDIT COMMITTEE Eytan Donsky

GRANTS AND ALLOCATIONS COMMITTEE

Nelson Halpern

Stuart Libin (Chair)

Mark Shilling

Milton Bogoch

BOARD OF DIRECTORS

Reva Faber Eva Hoffman 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

Imagine the joy of ensuring a strong Jewish community for generations to come!

You can establish a fund in memory of a loved one or to mark special milestones like weddings, anniversaries, b'nai mitzvah and birthdays. JCFC offers expertise, variety and flexibility to help you create the fund that turns your philanthropic dreams into realities.

Your vision is our mission.

1607 - 90 Avenue SW, Calgary, AB T2V 4V7 phone: 403-640-2273 ¡ email: mail@jcfc.ca ¡ www.jcfc.ca