2022 JCFC Annual Report

Message from the Chair

a Difference

The second half of fiscal 2022 was marked by double-digit negative market returns resulting in negative investment returns for the JCFC. Notwithstanding the foregoing, thanks to the generosity of our fund holders, our footprint and positive impact in the Calgary Jewish and secular communities continues to grow setting a new high for grants of $1.498M ($953,000 in 2021).

Our Grants & Allocations Committee, chaired by Stuart Libin, plays a pivotal role in administering the JCFC’s discretionary grants and bursaries. 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 $8.3 million in support of organizations and causes nearest and dearest to the hearts of Calgary Jewish philanthropists.

JCFC Grants and Disbursements Cumulative | Millions ($)

JCFC funds and assets under management now total 211 (186 in 2021) and $26.5 million in assets ($25.9 million in 2021) respectively, both establishing a new high. The foregoing statistics demonstrate that 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.

For the 12-month period ending June 30, 2022, our gross investment return was -5.6 % on our aggregate assets (inclusive of State of Israel bonds) and -6.1 net of investment management expense. By way of comparison, the respective returns for the Dow Jones industrial Index, S&P 500, TSX and Bloomberg Global Aggregate Bond Index were respectively -11.1%, - 12.37%, - 6.46% and -11.48% for the same 12-month period. Total return inclusive of administration fee recovery was -7%. Our Investment Committee continues to monitor the results of our investment managers, measuring their performance in relation to external benchmarks and comparing the investment returns of each manager to the other. Our sincere thanks go to Richard Nagan, Committee Chair, and to all the members of the Investment Committee for their commitment, attention to detail and careful oversight. Please refer to the Investment Committee Report on page 14 for more detailed information.

Fiscal 2022 marked the return of the Dorshei Tzedec program delivered to 10 participants. The return of the program was initiated and led by two young adult program graduates, Moriah Samchek and Hannah Silver. Their participation is testament to the

Our footprint and positive impact continue to grow setting a new high for grants.

impact of this program on the youth of our community and demonstrates that individuals who participate in such programming become philanthropic leaders in their adult years. Program delivery was also planned for Camp BB Riback but regrettably did not take place due to COVID -19. B’nai Brith Calgary 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 continues to be a tremendous success. Calgary is in the last year of the four-year program that helps to ensure the long-term financial health of local Jewish organizations through after-lifetime endowment gifts. Please refer to our full LIFE & LEGACY article on page 10.

In closing, it is a pleasure to acknowledge and thank several individuals who provide invaluable service to the JCFC and, through it, the community at large.

Brenda Sapoznikow, our Foundation Manager, continues to serve the JCFC with excellence. Brenda is caring, diligent, organized, timely and proactive. Each and every day, Brenda delivers passion for the JCFC’s mission and our fund holders.

We also thank Kim Chulsky, Administrative Assistant, who joined the JCFC team a little more than one year ago. The addition of Kim to the JCFC staff was timely as she kept the operations of the JCFC running smoothly during Brenda’s leave. Kim has settled very nicely into her role and responsibilities at the JCFC and brings enthusiasm to the Foundation’s work.

Daniel Blitt, Jackie Halpern, Barb Krell, Darlene Switzer-Foster and I, 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 Gerry Barron, Eytan Donsky, Milt Fischbein. Nelson Halpern, Stuart Libin, 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 your collective efforts, our future is strong.

Sincerely, Stuart A. Myron, Chair

& Programs

Grants by Sector

Service

JCF Grants by Type

Child’s

& Jewish

Funds in Action

Our Partners in Philanthropy

We gratefully recognize the following individuals and families who have had the foresight and commitment to create charitable funds at the Jewish Community Foundation of Calgary. We celebrate their legacy, for this generation and generations to come, and we thank them for enabling the Foundation to grow.

CUSTODIAL FUNDS

Calgary Jewish Community Campus Corporation

Calgary Jewish Federation

Calgary Jewish Federation Hirschmann Israel Fund *

CJFED Life & Legacy Reserve Fund *

CBTCS Beulah & Norman Martin Cantorial Fund

CBTCS Building Reserve Fund

CBTCS Congregation Fund

CBTCS Festival Endowment Fund

CBTCS Jewish Film Festival Fund

CBTCS Legacy Fund

CBTCS Leo & Goldie Sheftel Rabbinic Chair

CBTCS Memorial Park Fund

CBTCS Rabbi’s Discretionary Fund

CBTCS Ralph Gurevitch Tikkun Olam Fund

CBTCS Steven Blitz Bursary Endowment Fund

FCJA - Stuart & Irene Ross Literacy Fund

Jewish Historical Society of Southern Alberta

Steven Blitz

Charitable Trust

The Calgary Jewish Academy

The Calgary Jewish Federation PJ Library Endowment Fund *

The Friends of the Calgary Jewish Academy Trust

DONOR DIRECTED ENDOWMENT FUNDS

Adam Maerov & Margie SillsMaerov Fund

Alex Osten Life & Legacy Fund

Alex and Phyllis Rubin Endowment Fund

Alicez’l & Jacob (Jack) Adler Endowment Fund

Ann and Ralph Kalef Endowment Fund

Anne Frank Fund For Holocaust Education Archie & Charna Shapiro Family Fund *

Aron and Ida Eichler Fund For Jewish Education Asper Holocaust and Human Rights Education Fund

Bella Singer Memorial Fund

B H Girvitz Family Fund

Bing Family Temple B’nai Tikvah Founders Fund

Bleviss-Sapoznikow Family Fund

Bonnie Kaplan Endowment Fund

Brent and Tedi Martin Fund

Calgary Beth Tzedec Synagogue Life & Legacy Endowment Fund

Calgary Jewish Academy - Jack & Alice z’l Adler Torah Learning 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

Carol Feldman Community Fund *

Celia Rostoker Millman Fund For Jewish Education

Chabad Lubavitch of Alberta Endowment Fund

Charles Wainberg Memorial Fund

Cheryl & Jason Gurevitch Family Fund

Craimer-Samuels Family Endowment

Daphne Taras & Allen Ponak Family Fund

David Halpern Family Endowment Fund

David Inhaber Community Fund

David Waterman Endowment Fund

Debbie & Nelson Halpern Community HOJMI fund *

Donna Riback Lion of Judah Endowment Fund

Donna Riback Temple B’nai Tikvah Building Fund

Dr. David Lander Fund

Dr. Stuart & Irene Ross Holocaust Education & Endowment Fund

Elize and Lilian Zuidema Endowment Fund

Expatriate Fund

Fanny and Aaron Malkin Endowment Fund

Frandel and Louis Belzberg Scholarship Fund

Gary Rosenbaum Children’s Assistance Fund

General Heritage Foundation Fund

Gertrude Cohos Endowment Fund

Halpern Akiva Academy Life & Legacy Endowment Fund

Harold & Saundra Lipton Community Fund *

Harriet & Phil Libin Philanthropic Fund

House of Jacob Mikveh Israel Life & Legacy Endowment Fund

Ida Switzer Lion of Judah Endowment Fund

Jack and Betty Sharp Endowment Fund

JCFC Life & Legacy Reserve Fund *

Jerry Libin Community Fund

Jewish Family Service

Calgary Life & Legacy Endowment Fund

Jewish Historical Society of Southern Alberta Life & Legacy Endowment Fund

Jewish War Veterans of Canada, Calgary Post No. 2 Endowment Fund

Joe & Sondra Spier Community Fund *

Joseph & Mira Tappenden Endowment Fund

Kaganov Family Fund

Kalef Steinberg Family Fund Krell Maccabi Endowment Fund

KSW Calgary Holocaust Education & Commemoration Endowment Fund

Lexier Community Fund

Lipkind Family Endowment Fund

Lister Family Endowment Fund

Lorne Pearl Legacy Fund

Lynn Einstein and Lionel Groberman Endowment Fund

Maccabi Canada Athlete Fund

Margaret and Morris Bleviss Endowment Fund

Marilyn Libin Lion Of Judah Endowment Fund

Marnie & Darren Bondar Family Charitable Fund

Max and Bessie Shulder Endowment Fund

Max and Molly Pressman Endowment Fund

Mendelson Hodgins Jewish Community Fund

Molly Joffe B’nai Mitzvah Fund

Norman and Beulah Martin Endowment Fund

Norman Silver Endowment Fund

ORT March-Of-The-Living Endowment Fund

Peter and Kim Cohos Community Fund

Raber Family Fund

Ralph and Florence Switzer Endowment Fund

Rebecca Block Fund

Richard & Max Shilling Camp BB Riback Fund

Romer Segal Family Fund

Rose Hallis Student Travel Bursary Fund

Rothenberg Seidman Family Endowment Fund

Sahbra Anna Markus Community Fund

Sam and Ida Switzer Endowment Fund

Sarah and Ziggy Bleviss Endowment Fund

Second Generation Fund

Sema and Morris Belzberg Endowment Fund

Sheila & David Martin Legacy Fund

Shilling Family Endowment Fund for JFSC

Shore-Ellerbeck Family Community Fund *

Stan Libin Memorial Endowment Fund

Stein Family Fund

Steinberg Family Endowment Fund

Steve Eichler & Tracey Rumig - Be the Change Fund

Steven Blitz Endowment Fund

Susan Inhaber Community Fund

Switzer 2005 Family Reunion Endowment Fund

Ted and Betty Riback Camp Bursary Fund

Temple B’nai Tikvah Life & Legacy Endowment Fund

Vivian Katz Endowment Fund For Jewish Education

Waterman Family Endowment Fund

Wedro Holocaust Education Fund

William Cohen Memorial Scholarship Fund

Yakov and Karen Behar Endowment Fund

Zenith/Laven CJA Life & Legacy Scholarship Fund

Funds in Action

DONOR ADVISED ENDOWMENT FUNDS

Abe and Bertha Gold Endowment Fund

Arlein and Dov z’l Chetner Family Endowment Fund

Gabriel Manning Bar Mitzvah Fund

George & Sondra Goodman Endowment Fund *

Isaac Family Fund for Holocaust Education

Jeffrey Secter Bursary Fund

Joe and Evelyn Busheikin Endowment Fund

Jonathan Berall Endowment Fund

Len & Faigel Shapiro Family Endowment Fund

Myra & Maurice Paperny Family Fund

Myron Family Endowment Fund

Nate and Lily Horodezky Fund

Robert and Sydney Kalef Endowment Fund

Sierra Libin Philanthropy Fund

Solomon and Adelle Saper Endowment Fund

Vic Freidin Memorial Camp Scholarship Fund

Zeisler Family Endowment Fund

DONOR ADVISED FLOW THROUGH FUNDS

Bogoch Community Fund

Bogoch Family Endowment Fund For Jewish Education Camp BB Riback Cabin Refurbishment Fund *

Camp BB Riback Covid 19 Revitalize Campaign *

Chetner Family Community Fund

Craimer-Samuels Family

Dan Balaban Family Fund *

Debbie & Nelson Halpern Family Charitable Fund *

Fania and Leoz’l Wedro Community Fund

Fanny Wedro Holocaust Education Fund

Fay (Smolensky) Schwartz Memorial Fund

Fischbein Family Community Fund

Friends of the Foundation Fund *

Gladys and Mackie Shuler Health Support Fund

Halpern-Solomon Fund

Hamborger Family Fund

Haya & Stan Stein Family Fund

Holocaust Memorial Fund ITC Fund

Jack Balaban Memorial Fund

Jeff and Wendy Kohn Endowment Fund

Jeno Klein Legacy Fund

Jewish War Veterans of Canada, Calgary Post No. 2 Casino

Joel & Christina Reboh Family Fund *

Jordan Balaban Community Fund *

Joy & Max Feldman Community Fund

Judy Shapiro Maccabi Fund

Len & Faigel Shapiro Family Flow Through Fund

Lewis Manning Charitable Fund

Lexier Community Fund

Malka Balaban Community Fund *

March-Of-The-Living Fund

Mark Shilling & Sheryl Livergant Community Fund

Marnie & Darren Bondar Family Community Fund

Mary & Ken Taub Family Fund *

Maureen and Joe Katchen Fund Mayer Family Fund

Megan Macfarland Fund

Michael Balaban Community Fund *

Nitzanim Community Fund

PJ Library Jewish Education Fund

Prosperity Farm Legacy Fund Rabinovitz Family Community Fund

Ron Barron Community Fund

Rubensohn Family Fund

Sam and Ida Switzer Flow Through Fund

Sam Switzer Community Fund

Silverstone Family Community Fund

Stan & Trish Mayer and Family Community Fund

Steve Baylin Legacy Fund

Susan Klein Memorial Fund

Switzer Foster Family Fund

Tibor Kaldor Legacy Fund

Tikkun Olam Philanthropic Fund *

Zeisler Family Charitable Fund

Life & Legacy Fund * New Fund

Grantees

Alberta Cancer Foundation

Alberta Children’s Hospital Foundation

Alberta SPCA

ALS Society of Alberta

Alzheimer Society of Alberta and Northwest Territories

ARBI

BC Cancer Foundation

Beit Halochem Canada

Beth Tzedec Congregation Society

B’nai Brith Menorah Foundation

Buddy Check for Jesse Society

Calgary Counselling Centre Calgary Food Bank Calgary Foundation Calgary Health Trust Calgary Homeless Foundation Calgary Humane Society Calgary Jewish Academy

Calgary Jewish Community Campus Corp. Calgary Jewish Federation Calgary Lodge Menorah Foundation Calgary Opera Calgary Public Library Foundation

Calgary Shaw Charity Classic Foundation

Calgary Women’s Emergency Shelter

Calgary Zoological Society

Camp B’nai Brith Society

Canadian Cancer Society

Canadian Friends of Hebrew University Canadian Hadassah-WIZO

Canadian Magen David Adom Canadian Mental Health Association

Canadian Physicians for Aid & Relief

Canadian Red Cross Canadian Wildlife Federation Inc.

Cancer Research Society

Chabad Lubavitch of Alberta

ChamberFest West Society Chevra Kadisha

CKUA Radio Foundation CNIB

Congregation Agudas Israel

Congregation House of Jacob Mikveh Israel

Crohn’s & Colitis Canada

Cystic Fibrosis Canada

Decidedly Jazz Society

Diabetes Canada

Foothills Academy Society

Friends of the Canadian Museum for Human Rights

Friends of the Foundation Fund

Halpern Akiva Academy

Heart and Stroke Foundation of Alberta, NWT & Nunavut

Hebrew Foundation School

Heritage Park Society

Hill House Hospice

Jewish Family Service Calgary Jewish Federation of Greater Vancouver

Jewish Federation of Victoria & Vancouver Island

Jewish Historical Society of Southern Alberta

Jewish National Fund Jews for Judaism

Kehilat Shalom Society of Calgary

Kids Cancer Care Foundation

Leket Canada Maccabi Canada

McGill University

Military Family Resource Centre

Mineral Springs Banff Auxillary Hospital

Mizrachi Organization of Canada MS Society

Na’amat Canada

National Music Centre

Ne’eman Foundation Canada Operation Smile Canada Foundation

ORT March-Of-The-Living Endowment Fund Osteoporosis Canada Ottawa Jewish Community Foundation

Parachutes for Pets Parkinson Association of Alberta Parkinson Canada Parks Foundation Calgary Princess Margaret Cancer Foundation

Project Warmth Society of Alberta

Raincoast Conservation Foundation

Rofeh Cholim Cancer Society

Save a Child’s Heart Foundation Shock Trauma Air Rescue Society

Soup Sisters & Broth Brothers Society

Stephen Lewis Foundation

Sunnybrook Health Sciences Centre Foundation Technion Canada

Temple B’nai Tikvah

The Arthritis Society

The Banff Centre Foundation

The Calgary Rotary Clubs Foundation

The Canlearn Society for Persons with Learning Difficulties

The Esther Honens International Piano Competition Foundation

The Leukemia & Lymphoma Society of Canada

The Michael J Fox Foundation for Parkinson’s Research

The Salvation Army

The United Synagogue of Conservative Judaism

Unicef Canada

United Israel Appeal of Canada

United Jewish Appeal of Greater Toronto

United Way of Calgary and Area

University of Alberta, Office of Advancement University of Calgary Vancouver Holocaust Education Centre

Weizmann Canada Wellspring Calgary Carma House

Whyte Museum of the Canadian Rockies World Vision Canada

The mood in the room was festive as LIFE & LEGACY organizers and supporters gathered at the Paperny Family JCC for a pre-Rosh Hashanah donor appreciation event on September 22. The highlight of the evening was the launch of a video that tugged at the heartstrings as local individuals and families gave voice to the profound hopes and dreams they are fulfilling through their after-lifetime gifts.

Launched by the Massachusettsbased Harold Grinspoon Foundation in 2012, the LIFE & LEGACY program is geared toward helping Jewish communities develop endowment funds to support Jewish life in perpetuity.

“It is a point of pride that Calgary was the first Canadian community to embrace LIFE & LEGACY,” says JCFC Chair Stuart Myron.

“It was an extraordinary turning point for philanthropy within our community when JCFC and Calgary Jewish Federation teamed up to launch this donor-centric program locally three-and-a-half years ago.”

The forward-thinking approach to endowment giving has deepened the culture of charitable giving in Jewish communities to the tune of an estimated $1.34 billion across North America.

To date, 238 Calgarians have committed to 623 LIFE & LEGACY gifts, supporting an average of 2.6 charitable organizations. The lion’s share of future contributions have been earmarked for local agencies and organizations forming the bedrock of Calgary’s Jewish life.

Legacy Giving

In total, the current estimated value of local LIFE & LEGACY commitments is $18.1 million, a figure that will fluctuate as donors continue to formalize their gifts. Meanwhile, ten local partner agencies continue to engage in meaningful conversations with potential donors.

While some individuals opt to give their gifts today, cash up front is not an expectation. Instead, donors are encouraged to identify the charitable organizations and causes that resonate with them and to name them as beneficiaries in their wills, life insurance policies, retirement funds or trusts.

The Harold Grinspoon Foundation provides invaluable training, support and cash incentives to LIFE & LEGACY partner organizations. To date, Calgary partner agencies that have met various predetermined benchmarks of success have received cash grants totalling $210,150

Some organizations have added these plus dollars to their growing LIFE & LEGACY endowment funds. In contrast, others have used the funds to meet immediately urgent needs.

“This has been a real shot in the arm for organizations whose bottom lines were severely impacted by COVID-19,” says Diana Kalef, Director of Development at Calgary Jewish Federation.

“Because of COVID, the reality and the importance of endowment funds have become crystal clear. Increasingly, organizations will be reliant on annual income generated by endowment funds. Those charitable organizations that have built up healthy endowments are most likely to succeed in the future.”

In Calgary, LIFE & LEGACY donors of all income levels have stepped up to support charitable organizations within and beyond the Jewish community.

“Notably, about a half of local LIFE & LEGACY donors are less than 60 years of age, some of them much younger. This bodes well for a continuing culture of giving here in Calgary,” says Stuart Myron.

The Year Three LIFE & LEGACY

video captures the gratitude and determination of Calgary donors.

The Balaban brothers, Dan, Mike and Jordan, speak passionately about the community that helped raise them and their commitment to pay forward the advantages they enjoyed.

“You know, community doesn’t happen by accident,” says Dan. “We each need to do our part. As long as we can find some way to be engaged and help our families to be engaged, I think that goes a long way to building our community.”

Surrounded by his wife, Cynthia, their children and their grandchildren, David Prasow spoke movingly about giving back.

“I feel that I have a responsibility and a duty to do . . . a little more than my share if I can,” Prasow said.

“Give back to the community,” urged Jenny Belzberg. “It enriches your life.”

If you have already named Jewish community organizations as beneficiaries of your after-lifetime gift or you would like more information on endowment giving through LIFE & LEGACY, please get in touch with the Jewish Community Foundation of Calgary, Calgary Jewish Federation, or any LIFE & LEGACY partner agency.

Community doesn’t happen by accident. We each need to do our part.

Statement of Financial Position

June 30, 2022 with comparative information for June 30, 2021 2022 2021 Assets

Current Assets:

Cash and Cash Equivalents 2,557,006 1,375,419

Accounts Receivable 4,608 23,805 2,561,614 1,399,224

Investments, at Fair Value 22,390,781 23,087,889

State of Israel Bonds, at Amortized Cost 842,960 836,807

Cash Surrender Value of Life Insurance 657,858 584,200 26,453,213 25,908,120

Liabilities and Fund Balances

Current Liabilities:

Accounts Payable and Accrued Liabilities 249,756 206,916

Deferred Flow-through Grants 3,932,743 3,194,481 4,182,499 3,401,397

Custodial Funds 13,656,261 14,027,794 17,838,760 17,429,191

Foundation fund balances:

Directed Endowment 6,349,946 6,473,116

Donor Advised Endowment 2,264,507 2,005,813 8,614,453 8,478,929 26,453,213 25,908,120

These financial statements for the fiscal year ending June 30, 2022 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.

Condensed Statement of Operations and Changes in Foundation Funds

Revenue

Contributions 696,323 526,333 2,427,678 3,650,334 2,228,669

Investment Income 334,702 193,327 377,082 905,111 1,437,192 Sponsorships 12,311 12,311

Total Revenue 1,031,025 719,660 2,817,071 4,567,756 3,665,861

Expenditures

Grants 325,359 44,610 1,127,631 1,497,600 952,673

Disbursements 166,235 166,235 153,649

Insurance Premiums 127,705 30,139 37,505 195,349 210,790

Administrative Costs 47,157 17,896 32,540 97,593 65,161

Marketing and Advertising 1,836 705 1,271 3,812 12,071

Audit and Legal 8,708 3,345 6,029 18,082 13,154

Investment Management Charges 33,399 11,911 20,685 65,995 53,160

Total Expenditures 544,164 108,606 1,391,896 2,044,666 1,460,658 Excess of Revenue Over Expenditures 486,861 611,054 1,425,175 2,523,090 1,437,658

Change in unrealized gain (loss) on investments (610,031) (352,360) (687,273) (1,649,664) 767,545 Excess of Revenue over Expenditures (123,170) 258,694 737,902 873,426 2,205,203

Deferred Flow-Through Grants (737,902) (737,902) (931,036)

Change in Foundation funds in the year (123,170) 258,694 135,524 1,274,167

Balance, Beginning of Year 6,473,116 2,005,813 8,478,929 7,204,762 Balance, End of Year 6,349,946 2,264,507 8,614,453 8,478,929

These financial statements for the fiscal year ending June 30, 2022 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.

Investment Committee Report

2022 Fiscal Year-End Review

2022 brought about shifting tides in global markets, and two very different halves for the JCFC’s funds”

- Richard Nagan, Chair, JCFC Investment Committee

The 2022 fiscal and calendar year has been a turbulent one for major global indexes, as well as a year of two very different halves for the Jewish Community Foundation of Calgary’s (“JCFC”) investment managers. Financial markets peaked in late 2021/ early 2022, and our managers delivered strong positive quarterly returns over the first half of the fiscal year. As we entered 2022, the world was forced to confront the realities of rising inflation and increasing global costs as part of the after-effects from Covid-19. The markets started off 2022

by re-pricing growth securities, focusing on rising interest rates, and taking rising global tensions into account…stock market indices headed lower, and have found difficulty in gaining meaningful momentum back to the upside. Sharply higher inflation has prompted central banks around the world to focus on raising interest rates, and negative stock market movements have not been enough for global central banks to reverse course. The financial world is learning to live with higher rates and their consequences.

JCFC Funds Under Investment Management (at June 30)

The 2022 fiscal year marked the first full year with our current managers. The inclusion of Fiera Capital Corporation, alongside Mawer Investment Management, has helped to bring diversification and strong guidance to our investments. New investments, in the form of Private Equity, have been added to the portfolio, and we look forward to continuing to broaden the investment horizon of the portfolio in the coming years.

With equity markets experiencing a significant pullback during the 2022 fiscal year, our managers have combined to beat our benchmark return by 3.8% (-5.90% vs -9.7% for the benchmark), and the JCFC Board, along with the Investment Committee, continue to have confidence in their ability to steward the Foundation’s marketoriented investments.

My sincere thank you goes out to our managers, Mawer Investment Management and Fiera Capital, for their hard work and guidance over the past year. I would also like to thank the Investment Committee members for their continued interest in ensuring the strong stewardship of the JCFC’s investments funds, and to their contributions in the long-term success of the JCFC’s investments.

Portfolio Composition, Returns and Disbursements

At June 30, 2022, total assets under investment management amounted to $26.2 million (inclusive of State of Israel bonds and cash equivalents), compared to $24.6 million the year prior. This represents an increase of approximately 9.2%. Since 2018, total assets under

JCFC Portfolio Composition

Percentages may not total to 100% due to rounding. Percentages for each

exclude the impact of the State of Israel

JCFC Investment Manager’s Net Annual Returns

Percentage %

Note: Investment manager returns are displayed on a net basis or after accounting for investment management fees as of year end June 30th.

investment management have grown at a compound annual growth rate of approximately 14%. Of the $23.8 million (funds managed by Mawer and Fiera), ~60% was invested in equities (split ~58% Canada, ~33% International, and ~9% in Alternative Equities), ~30% was invested in bonds (100% Canadian bonds), and ~10% was held in cash. This compares to the 2021 Fiscal year with ~65% equity (split ~45% Canada, ~52% International, and ~2% Alternative Equities), ~31% bonds (split 100% Canada), and ~5% cash. 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 2022, the JCFC’s State of Israel bond portfolio had an amortized cost of $854,200 compared with $836,807 in the prior year, representing an increase of approximately 2%.

Assets at the JCFC are becoming more balanced between Foundation Funds (“Foundation”) and Custodial Funds (“Custodial”). The split at year-end was 48% Foundation and 52% Custodial. For reference purposes, the split in 2021 was 43% Foundation /57% Custodial, and in 2020, the split was 40% Foundation/ 60% Custodial.

Total investment manager returns for the fiscal year-ended June 30, 2022 were -5.90% before investment management fees (“gross return”), or -6.50%

including investment management fees (“net return”). It is important to highlight that these returns exclude the impact of the State of Israel bonds and additional cash reserves held at our financial institutions. The trailing 10-year average net investment management return for the JCFC is 5.4%, excluding the impact of the State of Israel bonds and additional cash reserves.

During the 2022 fiscal year, the JCFC disbursed $1,497,600 to a range of organizations and worthy recipients locally, nationally and internationally, including Israel. This compares to total disbursements of $952,673 the year prior.

JCFC Portfolio Benchmarking

The JCFC Investment Committee, along with the Board, continue to rigorously evaluate investment performance. For the fiscal year-ended June 30, 2022, the JCFC’s Blended Benchmark provided a gross return of approximately -9.7%, resulting in the JCFC portfolio outperforming the Benchmark by approximately 3.8% during this period. For comparison, in the fiscal yearended June 30, 2021, the JCFC’s Blended Benchmark provided a gross total return of approximately 17.4%, resulting in the JCFC portfolio underperforming by approximately 2.3%.

In addition to evaluating performance relative to applicable market benchmarks, the JCFC Investment Committee and Board continue to monitor performance against competing investment managers who employ comparable investment mandates.

Compliance and Risk Management

At June 30, 2022, both portfolios at Mawer and Fiera were in compliance with the guidelines and constraints outlined in the current JCFC Investment Policy Statement (“IPS”). As the JCFC’s historical return profile demonstrates, returns from the capital markets will vary from one period to the next, particularly on a quarterly basis. The Board and the Investment Committee continue to monitor performance carefully and to assess risk-adjusted returns thoroughly relative to both market benchmarks and competing asset managers.

JCFC Benchmarking Analysis

Percentage %

Market Outlook

Economies and markets around the world continue to struggle with soaring inflation and rising interest rates. Central bank efforts are focused on the task of bringing rising costs (inflation) back in line with historical averages, and the successful accomplishment of this task should allow for markets to continue their strong trajectory of the past few years. Many challenges to the equity markets remain, with the war in Ukraine, supply chain issues, and COVID variants continuing to cause headwinds for recovering stock prices. While the challenge of making shortterm predictions is always in front of financial advisors, investors hold on to the optimistic belief that central banks can engineer a soft landing for the economy and return global indices to their heights of previous years.

As long-term investors, the JCFC Board and the Investment Committee remain focused on ensuring that our investment managers adhere to the investment mandate outlined in our IPS and believe that the investment actions taken by the managers continue to deliver strong riskadjusted portfolio returns.

Note: From March 2021: 5.00% FTSE Canada 91 Day TBill Index 35.00% FTSE Canada Universe Bond Index 20.00% S&P/TSX Composite Index (TR) 5.00% Canadian Small Cap Benchmark 15.00% S&P 500 Index (TR) 15.00% International Equity Benchmark 5.00% Global Small Cap Benchmark. From April 2019: 3.00% FTSE World Government Bond Index 5.00% FTSE Canada 91 Day TBill Index 32.00% FTSE Canada Universe Bond Index 20.00% S&P/ TSX Composite Index (TR) 5.00% Canadian Small Cap Benchmark 15.00% S&P 500 Index (TR) 15.00% International Equity Benchmark 5.00% Global Small Cap Benchmark. From Inception: 5.00% FTSE Canada 91 Day TBill Index 35.00% FTSE Canada Universe Bond Index 40.00% S&P/TSX Composite Index (TR) 5.00% Canadian Small Cap Benchmark 6.00% S&P 500 Index (TR) 6.00% International Equity Benchmark 3.00% Global Small Cap Benchmark

Richard Nagan, Chair JCFC Investment Committee

Philanthropy | In Action

MARNIE AND DARREN BONDAR

For Marnie and Darren Bondar, establishing funds at the Jewish Community Foundation of Calgary was a natural extension of lives devoted to community service.

Their flow-through fund enables the Bondars to extend financial support to charitable organizations in real time; their LIFE & LEGACY after lifetime commitment is part of a growing endowment that will support Jewish Calgary in perpetuity.

Born respectively in Edmonton and Saskatoon, Marnie and Darren grew up in Calgary, benefiting from the support of their closely-knit Jewish community, as their children, Chloe and Jonah, continue to do.

A successful entrepreneur, Darren has deep roots at Beth Tzedec Synagogue, one of the organizations benefiting from the Bondars’ LIFE & LEGACY after lifetime gift. Darren’s grandfather, Sam Katchen, was one of the

founding members at Beth Israel (which amalgamated with Shaarey Tzedec in the mid-1980s to form Beth Tzedec). Darren’s mother, Annabelle Bondar, celebrated her Bat Mitzvah at Beth Israel and was married there to Michael Bondar, of blessed memory, 51 years ago.

Darren has happy memories of his Bar Mitzvah under the guidance of Cantor Morris Lang, a longserving and fondly remembered clergy member. In addition to joyful memories of their wedding there in 1998, Beth Tzedec is the place where the Bondars have enjoyed the chuppahs of many friends and the numerous simchas that have followed over the years, including brises, baby namings and b’nai mitzvahs of the many children who have followed.

“Our connection to the synagogue isn’t unique,” says Darren. “Our story is repeated over and over again in the community. That in itself is very special.”

Darren took great comfort in the outpouring of support from fellow community members following his father’s passing earlier this year.

“The community has really been there for the Bondar and Plucer families during our times of illness and loss,” Marnie says. As a cancer survivor, she knows how critical that kind of support is when it comes to healing and well-being.

Marnie and Darren Bondar

When Marnie and Darren chose to become LIFE & LEGACY donors, it was a commitment they made a point of discussing with their children. During Jonah’s Bar Mitzvah, the family emphasized the giving of the Torah at Mount Sinai and the passing of that legacy m’dor l’dor—from generation to generation.

“That is a big deal for us,” says Marnie. “Jonah and Chloe are the great-grandchildren of Holocaust survivors. It is amazing that we are even here . . . and we don’t take anything for granted.”

Becoming LIFE & LEGACY donors is a natural extension of that philosophy for Marnie and Darren. As community leaders they know firsthand that financial stability is critical when it comes to ensuring a Jewish future for their children and subsequent generations of Jewish Calgarians.

“We chose to support organizations that are critical to building community now and in the future,” says Darren of their LIFE & LEGACY commitment.

The Bondars named a wide range of charitable causes in their LIFE & LEGACY Letter of Intent, including Beth Tzedec,

Camp BB-Riback, The Calgary Jewish Academy, the JCC, Holocaust Education and the Calgary Jewish Federation.

When you connect all those dots, what emerges is a roadmap of the Bondars’ individual and joint journeys.

Both Darren and Marnie benefited from Jewish day school educations, Darren at the I. L. Peretz School and the Calgary Hebrew School (now The Calgary Jewish Academy) which Marnie also attended. Both attended Camp B’nai Brith (now Camp BB Riback) where Darren subsequently worked for seven years. He served as camp director in 1998 and 1999 and later joined the camp board, serving as treasurer and chairperson.

The current president of B’nai Brith Calgary Lodge #816— which just marked its highly successful 70th Annual Dinner—Darren also served for four years on the board of the JCC, including two years as president. He had previously been a leader in the B’nai Brith Youth Organization (BBYO) International #31, serving as president in 1989.

Marnie was an active volunteer at The Calgary Jewish Academy, where she served on the board

of directors. She currently cochairs Calgary Jewish Federation’s Holocaust and Human Rights Education and Remembrance Department. She and her co-chair Dahlia Libin are bringing new energy and vision to Holocaust education and programming, creating partnerships with major community organizations including the Calgary Public Library and the Glenbow Museum. Their most recent labour of love— Here to Tell: Faces of Holocaust Survivors, premiered at the Glenbow at the Edison last spring, attracting more than 10,000 visitors. The companion hardcover book proved so popular that it was recently reprinted.

“We feel very fortunate and are in a really great position to be able to give back to the community,” Darren Bondar told Alberta Jewish News in an interview last year.

“Both of us are taking a lot of pride and passion in what we’re doing.”

Thanks to the generous financial support of JCFC fund holders like Darren and Marnie Bondar, the programs and services that are the bedrock of Jewish communal life in Calgary will continue to thrive dor l’dor

“ We chose to support organizations that are critical to building community now and in the future.”

Philanthropy | In Action

NORMAN RONALD SILVER SPORTS LEADERSHIP AWARD

The Norman Ronald Silver Sports Leadership Award is presented each year to

“ an athlete who exemplifies the true meaning of team spirit and sportsmanship by serving as a leader and role model for others”.

This year’s recipient is Micah Steinberg. Micah was nominated by the head coach of Nordic Canada Robin McKeever and Alain Parent head coach of Team Trail Sports. Micah is admired not only for his athleticism and determination, but also for his leadership skills and passion for his sport along with giving back to the community.

Micah was named team captain of the basketball and volleyball teams at The Calgary Jewish Academy. He now teaches both kids and adults how to ski and mountain bike as he continues to train and compete.

“Micah is a strong racer and ranked amongst the best

in the country for his age group,” says Alain Parent.”

The selection of Micah as the recipient of the Norman Ronald Silver Sport Leadership award was a unanimous choice

given the accolades of his coaches and team players. Yasher Koach Micah on a job well done!

Stuart Myron & Micah Steinberg in photo

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 postsecondary 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 to $3,000. This is an important community service as it provides a meaningful way for Jewish students to feel supported in their educational journey.

Aron & Ida Eichler Fund for Jewish Education

Bella Singer Memorial Fund

Charles Wainberg Memorial Fund

Fania & Leo

Wedro Community Fund

General Heritage Fund

Hamborger Family fund

Nitzanim Community Fund

Lewis Manning Charitable Fund

Fanny & Aaron Malkin Endowment Fund

Bogoch Family Endowment for Jewish Education

Peter & Kim Cohos Community Fund

This year, 10 outstanding local students received a total of $30,000 in assistance allowing them to pursue their academic dreams. Thank you to the following families for generously supporting the education of young people in our community.

Rebecca Block Fund

Myron Family Endowment Fund

Zeisler Family Charitable Fund

I have been seeking confirmation that I am on the correct path pursuing my passion of the arts and this grant validates that I have made the right decision.

I could not be more blessed knowing that a semester of my university is already paid for and will support other academic needs with this grant. Thanks again.