“Grants reach a new high of $1.948M
Message from the Chair
Serving as Chair of the Jewish Community Foundation is a privilege. The honour to work hand-in-hand with our professional team, our lay leadership and our philanthropists is a pleasure. Collectively, we are dedicated to tzedakah, the act of bringing justice into the world. Our priority is to serve you well, continuously striving to be your trusted advisors in fulfilling your philanthropic objectives.
JCFC Grants and Disbursements
Investment returns for the fiscal period ending June 30, 2024 were 10.62% on our aggregate assets (inclusive of State of Israel bonds) and 10.08% net of investment management expense. Total return inclusive of administration fee recovery was 9.45%. 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.
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 of $1.948M ($1.108M in 2023). Our Grants & Allocations Committee chaired by Stuart Libin play a pivotal role in administering the JCFC’s discretionary grants and bursaries. Our heartful thanks to the entire committee for their diligence in managing, enhancing and facilitating this process. In the last five years, the JCFC has distributed nearly $6.2 million dollars in support of organizations and causes nearest and dearest to the hearts of our fund holders. MILLIONS ($)
The JCFC’s funds and assets under management now total 244 (229 in 2023) and $33.7 million in assets ($31.3 million in 2023) respectively, 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.
Twenty-four youth participated in our camp BB teen philanthropy programs bringing total participation to 190 individuals since program inception. Philanthropy is a skill that needs to be taught, and evidence clearly demonstrates that individuals who participate in such programming become philanthropists and leaders in their adult years. Many thanks to Brenda Sapoznikow and Kim Chulsky for delivery of this program. 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 continues to be a tremendous success. LIFE & LEGACY is a program dedicated to assist our institutions in building their endowments and planning for a secure future. Calgary completed the first year of the four-year program of Grinspoon’s LIFE AND LEGACY PLUS program. Please refer to our full LIFE & LEGACY article on page 10.
The JCFC’s Board of Directors has authorized growth in our staffing model adding the position of Director, Philanthropy. The role is
JCFC Grants by Type
focused on enhanced organizational visibility, awareness and effectiveness, ensuring a sustainable and resultsbased organization and growth in the foundation’s assets to sustain the substantial portion of the financial needs of the community annually and in perpetuity. We are delighted to welcome Joey Tappenden to this position as of November 4, 2024.
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.
Foundation Manager Brenda Sapoznikow and Foundation Administrator Kim Chulsky respectively, continue to serve the JCFC with excellence. They are caring, diligent, organized, timely and proactive, each day delivering passion for the JCFC’s mission and our fund holders.
Jackie Halpern, Barb Krell and Darlene Switzer Foster, all of whom has served the Board of the JCFC for one or more terms, have agreed to
JCFC Grants by Sector
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.
Daniel Blitt has elected to step down from the Board of Directors of the JCFC having served the organization diligently for the last eight years. As the previous Chair of our Investment Committee, Dan was instrumental in structuring our policies and procedures for the governance and monitoring of our investment managers. Yasher Koach, Dan.
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
2023–24 | By the Numbers
2023–24 | 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
Anonymous Donors (7)
Calgary Jewish Community Campus Corporation
Calgary Jewish Federation
Calgary Jewish Federation Hirschmann Israel Fund
CBTCS - Beth Tzedec Jewish Film Festival Fund
CBTCS - Beulah & Norman Martin Cantorial Fund
CBTCS - Building Reserve Fund
CBTCS - Festival Endowment Fund
CBTCS - Interfaith Scholar in Residence
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
CBTCS - Unrestricted Congregation Fund
CJFED Life & Legacy Reserve Fund
CJFED Lil Faider Lion of Judah Endowment Fund
FCJA - Stuart & Irene Ross Literacy Fund
Halpern Akiva Academy Custodial Fund (HAA) *
Life & Legacy Fund * New Fund
Jewish Historical Society of Southern Alberta
Steven Blitz Charitable Trust
Temple B’nai Tikvah Capital Endowment Fund
The Calgary Jewish Academy
The Calgary Jewish Federation PJ Library Endowment Fund
The Friends of the Calgary Jewish Academy Trust
DONOR DIRECTED ENDOWMENT FUNDS
Abe and Bertha Gold Endowment Fund
Abrams Family Legacy Fund
Alex and Phyllis Rubin Endowment Fund
Alex Osten Life & Legacy Fund
Alice z’l & Jacob (Jack) Adler Endowment Fund
Ann and Ralph Kalef Endowment Fund
Anne Frank Fund For Holocaust Education
Archie & Charna Shapiro Family Fund
Arlein and Dov z’l Chetner Family Endowment 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
Boreski Family Endowment
Brent and Tedi Martin Fund
Calgary Beth Tzedec Synagogue Life & Legacy Endowment Fund
Calgary Jewish AcademyJack & 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
CB Life & Legacy Fund
Celia Rostoker Millman Fund For Jewish Education
Chabad Lubavitch of Alberta Endowment Fund
Chaim & Freda Plucer Memorial 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 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
Ed & Mary Lazar Memorial Fund
Elize and Lilian Zuidema Endowment Fund
Esther & Ben Dorchik Holocaust Legacy Fund *
Evan Gelman Education Fund
Expatriate Fund
Fania and Leo z’l Wedro Community Fund
Fania & Leo Wedro z’l Holocaust Education Fund
Fanny and Aaron Malkin Endowment Fund
Frandel and Louis Belzberg Scholarship Fund
Gabriel Manning Bar Mitzvah Fund
Gary Rosenbaum Children’s Assistance Fund
Gayle Sherman Fund *
General Heritage Foundation Fund
George & Sondra Goodman Endowment Fund
Gertrude Cohos Endowment Fund
Jewish Historical Society of Southern Alberta Life & Legacy Endowment Fund
Jewish War Veterans of Canada, Calgary Post No. 2 Endowment Fund
Joe and Evelyn Busheikin Endowment Fund
Joe & Sondra Spier Community Fund
Joseph & Mira Tappenden Endowment Fund
Josh Inhaber Endowment Fund *
Kaganov Family Fund
Kalef Steinberg Family Fund
Krell Maccabi Endowment Fund
KSW Calgary Holocaust Education & Commemoration Endowment Fund
Len & Faigel Shapiro Family Endowment Fund
Lexier Community Fund Restricted
Library Fund
Linda & Isaac Rotstein Fund *
Mendelson Hodgins Jewish Community Fund
Molly Joffe B’nai Mitzvah Fund
Myra & Maurice Paperny Family Fund
Myron Family Endowment Fund
Nagan Family Fund
Nate and Lily Horodezky Fund
Norman and Beulah Martin Endowment Fund
Norman Silver Endowment Fund
Northwest Canada B’nai Brith Youth Organization Society 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
Reva Faber Life & Legacy Fund
Richard & Max Shilling Camp BB Riback Fund
Shilling - Livergant Family Endowment Fund for JFSC
Shore-Ellerbeck Family Community Fund
Sierra Libin Philanthropy Fund
Solomon and Adelle Saper Endowment Fund
Stan Libin Memorial Endowment Fund
Steinberg Family Fund
Steve Eichler & Tracey Rumig - Be the Change Fund
Steven Blitz Endowment Fund
Susan Inhaber Community Fund
Susan Podlog Community Fund
Switzer 2005 Family Reunion Endowment Fund
Ted and Betty Riback Camp Bursary Fund
Temple B’nai Tikvah Life & Legacy Endowment Fund
The Adam Maerov & Margie Sills-Maerov Fund
The Blue Jay Endowment Fund
The Bracey Family 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
Isaac Family Fund for Holocaust Education
Jack and Betty Sharp Endowment Fund
Jacques z’l & Lila Mydlarski Life & Legacy Fund
Jeffrey Secter Bursary Fund
Jerry Libin Community Fund
Jewish Family Service Calgary Life & Legacy Endowment Fund
Linetsky Family Fund *
Lipkind Family Endowment Fund
Lister Family Endowment Fund
Lorne Pearl Legacy Fund
Lynn Einstein and Lionel GrobermanEndowment Fund
Maccabi Canada Athlete Fund
Magidson Family 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
Megan Macfarland Fund
Robert and Sydney Kalef Endowment Fund
Romer Segal Family Fund
Rose Hallis Student Travel Bursary Fund
Rosenberg Family Fund
Rothenberg Seidman Family Endowment Fund
Sahbra Anna Markus Community Fund
Sam and Ida Switzer Endowment Fund
Sam Switzer Insurance fund
Sarah and Ziggy Bleviss Endowment Fund
Second Generation Fund
Sema and Morris Belzberg Endowment Fund
Sheila & David Martin Legacy Fund
The Podlog Family Fund
The Shane & Alana Devlin Family Fund
The Shilling - Livergant Me, Ourselves & Israel Fund
Vic Freidin Memorial Camp Scholarship Fund
Vivian Katz Endowment Fund For Jewish Education
Walter & Jessie Moscovitz z’l Fund
Waterman Family Endowment Fund
William Cohen Memorial Scholarship Fund
Yakov and Karen Behar Endowment Fund
Zeisler Family Endowment Fund
Zenith/Laven CJA Life & Legacy Scholarship Fund
2023–24 | Funds in Action
DONOR ADVISED FLOW THROUGH FUNDS
Bogoch Community Fund
Bogoch Family Endowment Fund For Jewish Education
Chetner Family Community Fund
Chulsky Family Fund *
Craimer-Samuels Family
Dan Balaban Family Fund
Debbie & Nelson Halpern Family Charitable Fund
Edmonton Family Fund *
Fania & Leo z’l Wedro Holocaust Education Fund
Fay (Smolensky) Schwartz Memorial Fund
Fischbein Family Community 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
Jennifer D Silver Charitable Fund *
Jeno Klein Legacy Fund
Jewish War Veterans of Canada, Calgary Post No. 2 Casino
Joel & Christina Reboh Family Fund
Jordan & Zoe Balaban Community Fund
Joy & Max Feldman Community Fund
Judy Shapiro Maccabi Fund
Krell - Eldridge Family 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 Flow through Fund
Mary & Ken Taub Family Fund
Maureen and Joe Katchen Fund
Mayer Family Fund
Total Funds in Action
Michael Balaban Community Fund
Murray Robins CLU Fund *
Nitzanim Community Fund
PJ Library Jewish Education Fund
Prosperity Farm Legacy Fund
Rabinovitz Family Community Fund
Robins Family Fund *
Ron Barron Community Fund
Rubensohn Family Fund
Sam and Ida Switzer Flow Through Fund
Sam Switzer Community Fund
Sharon Batshaw & Family 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
Zeisler Family Charitable Fund
2023–24 Grantees
Alberta Cancer Foundation
Alberta Children’s Hospital Foundation
Alberta SPCA
Alberta University of the Arts
Alzheimer Society
Alzheimer Society Calgary
Alzheimer Society of Alberta and Northwest Territories
ARBI
Arthritis Society
Associated Hebrew Schools of Toronto
Asthma Canada
BC Cancer Foundation
Beth Israel Synagogue
Beth Tzedec Congregation Society
Big Brothers Big Sisters of Calgary and Area
Bima Gromyki
Birthright Israel Foundation of Canada
B’nai Brith Calgary Lodge 816
B’nai Brith of Canada Foundation
Bow Valley College
Brain Tumor Foundation of Canada
Brown Bagging for Calgary Kids
C4i Canada
Calgary Community Kollel Society
Calgary Counselling Centre
Calgary Drop-In Centre
Calgary Food Bank
Calgary Foundation
Calgary Humane Society
Calgary Jewish Academy
Calgary Jewish Community Campus Corp.
Calgary Jewish Federation
Calgary Lodge Menorah Charitable Foundation
Calgary MFRC
Calgary Opera
Calgary Philharmonic Society
Calgary Public Library Foundation
Calgary Science Centre Society
Calgary Shaw Charity Classic Foundation
Calgary Women’s
Emergency Shelter
Camp B’nai Brith Society
Camp Hatikvah Foundation
Camp Moshava
Canadian Anti-semitism Education Foundation
Canadian Associates of the Ben Gurion University of the Negev Inc.
Canadian Cancer Society
Canadian Feed The Children
Canadian Friends of Hebrew University
Canadian Friends of Shalva Israel Association
Canadian Friends of Tel Aviv University
Canadian Magen David Adom
Canadian Mental Health Association
Canadian Red Cross
Canadian Wildlife Federation Inc.
Cancer Research Society
Cassandra Jamieson
Centre for Affordable Water and Sanitation Technology
Centre for Israel & Jewish Affairs
Chabad Lubavitch of Alberta
Chevra Kadisha
Christian-Jewish Dialogue of Toronto
CKUA Radio Foundation
CNIB
Congregation Emanu-EI
Congregation Etz Chayim
Congregation House of Jacob Mikveh Israel
Congregation Shaarey Zedec
Crohn’s & Colitis Canada
CUPS Calgary Society
Cystic Fibrosis Canada
Developing Scholars
Diabetes Canada
Epilepsy Canada
Firefighters Burn Treatment Society - Calgary Chapter
Foothills Academy Society
General Heritage Foundation Fund
Greenpeace Canada Education Fund
Hadassah-Wizo
Halpern Akiva Academy
Health Reach Canada Inc.
Heart and Stroke Foundation of Alberta, NWT & Nunavut
Hebrew Foundation School
Hillel BC Society
HR Canada Charitable Organization
ICEJ Canada
Inclusion Alberta Society
Indian Residential School Survivors Society
Inn from the Cold Society
Jazz is Society of Alberta
JCFC Operating
JCFC Scholarship Distribution Fund
JCFC Violins of Hope Program Fund
Jewish Family Service Calgary
Jewish Family Services
Vancouver Island
Jewish Federation of Canada - UIA
Jewish Federation of Victoria & Vancouver Island
Jewish Historical Society of Southern Alberta
Jewish Immigrant Aid Services
Jewish National Fund
Jews for Judaism
Kadima Foundation
Kehilat Shalom Society of Calgary
Kidney Foundation of Southern Alberta
Kids Cancer Care Foundation of Alberta
KSW Calgary Holocaust Education & Commemoration Endowment Fund
Leket Canada
Maccabi Canada
Mazon Canada
McGill University
Mizrachi Organization of Canada
MS Society
My 100 Percent
Na’amat Canada
National Music Centre
Nature Conservancy of Canada
Ne’eman Foundation Canada
Northwest Canada B’nai B’rith Youth Organization Society
NSCAD University
One Family Fund Canada
Opportunity International Canada
Parachutes For Pets
Parkinson Association of Alberta
Parkinson Canada
Project Warmth Society of Alberta
Shock Trauma Air Rescue Society
Sleeping Children Around the World
Sophie Libin
Soup Sisters & Broth Brothers Society
Southern Alberta Institute of Technology
Spinal Cord Injury Alberta
Stars Air Ambulance
Technion Canada
Temple Beth Ora Congregation of Edmonton
Temple B’nai Tikvah
Terry Fox Foundation
The Calgary Jewish Federation PJ Library Endowment Fund
Custodial
The Canlearn Society for Persons With Learning Difficulties
The City Shul Congregation
The Friends of Israel Gospel Ministry - Canada
The Jerusalem Foundation of Canada
The Leukemia & Lymphoma Society of Canada
The Salvation Army
The University of Manitoba
The War Amputations of Canada
Unicef Canada
United Hatzalah Canada
United Jewish Appeal of Greater Toronto
United Way of Calgary and Area
University Hospital Foundation
University of British Columbia (Student Support& Enrollment Services)
University of Ottawa Heart Institute
Viktoria Ersmont
War Child Canada
Weizmann Canada
Wellsprings Alberta
YMCA of Southwestern Ontario
Assuring Jewish Tomorrows Today
Life and Legacy, an initiative of the Harold Grinspoon Foundation, has been cascaded throughout North America, all with the goal to “Assure Jewish Tomorrows”. The breadth and impact of the program has now reached 75 North American communities, benefiting 898 participating organizations and raising an estimated $1.6 billion for the Jewish future. In support of this objective, Grinspoon has provided training, support and monetary incentives to participating organizations to garner endowments, wherein the capital is preserved in perpetuity, providing income annually in support of cherished Jewish organizations.
“Calgary’s results, having completed its fifth program year, represent an excellent start,” said Stuart Myron, Chair of the Jewish Community Foundation of Calgary. To date, legacy endowments of nearly $19 million have been secured from 267 families and individuals.
“It is time to return our focus to securing more endowments. Nearly 90% of the $19 million was secured in the first two years of the program in keeping with the program’s focus, while the latter years were directed at formalizing gifts,” said Myron. “Further, our family participation rate stands at less than 5% of our community, representing the potential to accomplish much more”.
Life & Legacy Progress
“Grinspoon’s single-mindedness on “endowments” and their long-term benefits is vividly presented in the following chart”, said Myron. “Income totaling $1.9 million has been granted while 100% of the $5 million of capital has been retained.
“It is easy to understand the necessity and benefits of endowments in assuring Jewish tomorrows for our agencies going forward,” said Diana Kalef, Interim Chief Executive Officer, Calgary Jewish Federation.
The Power of an Existing Legacy Endowment
If you have already named Jewish community organizations as beneficiaries of your after-lifetime gift or want more information on endowment giving through Life & Legacy, please contact the Jewish Community Foundation of Calgary, Calgary Jewish Federation, or any Life & Legacy partner agency.
2023–2024 | Statement of Financial Position
June 30, 2024 with comparative information for June 30, 2023
and Fund Balances
31,347,803
These financial statements for the fiscal year ending June 30, 2024 are derived from the audited financial statements which are prepared by management and audited by our independent auditors, MNP LLP. The Audited Financial Statement is available upon request.
2023–2024 | Condensed Statement of Operations and Changes in Foundation Funds
These financial statements for the fiscal year ending June 30, 2024 are derived from the audited financial statements which are prepared by management and audited by our independent auditors, MNP LLP. The Audited Financial Statement is available upon request.
Playing the global waiting game…will interest rates fall and will it matter?”
- Richard Nagan, Chair, JCFC Investment Committee
2024 Fiscal Year-End Review
Following a recovery year in 2023, the JCFC investment portfolio experienced another strong year in Fiscal 2024.
Fiscal 2024 started out with continued uncertainty in financial markets, as inflation and high levels of interest rates continued to weigh on financial assets. However, as the calendar moved into CY2024, markets began to look to falling inflation and interest rates as reasons to move higher.
Markets hit their low points in October 2023, and the subsequent months and quarters brought about
strong portfolio returns, along with confidence that the economy was recovering, inflation was set to fall, and that the stage had been set for markets to move higher into the future. The result was three straight quarters of positive market returns and a strong overall return for the JCFC’s investment portfolio.
Since North American interest rates reached their peak in late 2023, Canadian 5-year rates have fallen by over 150 basis points, and US 5-year rates have fallen by over 135 basis points. This has occurred without major intervening moves
JCFC Funds Under Investment Management (at June 30)
coming from Central Banks, and the bond markets have made their adjustments ahead of formal policy shifts. The result has been the move out of fixed-income and money-market assets into greater risk exposed assets like equities and commodities.
Aside from inflation and interestrates, markets are watching a world where the US election is just around the corner, wars are being fought on numerous continents, and geo-politics are playing a large role in the daily movements of both equity and fixed-income markets. Investors, along with Central Banks around the world are being asked to weigh many factors when making their investment decisions, and volatility and uncertainty continue to be present in the daily, weekly, and monthly performance of markets.
Fiscal 2024 marks the third full year with our current managers. Fiera Capital Corporation alongside Mawer Investment Management have continued to bring diversification, manager prudence, and strong guidance to our investments. Both managers have made significant shifts in the portfolio over the course of the past twelve months, including deploying cash into equity markets, looking to take advantage of opportunities as they present themselves.
My sincere thank you goes out to our managers, Fiera Capital and Mawer Investment Management for their hard work and guidance. 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
As at June 30th, 2024, the JCFC total assets under management amounted to $33.6 million (excluding State of Israel bonds and cash equivalents), compared to $27.7 million the year prior. This represents an increase of approximately 21%. Since 2020, total assets under investment management have grown at a compound annual growth rate (CAGR) of approximately 12%.
Of the $29.7 million in in active management funds (funds managed by Fiera and Mawer), ~61% was invested in equities (split ~47% Canada, ~49% International, and ~4% in Alternative Equities), ~31% was invested in bonds (100% Canadian bonds), and ~8% was held in cash. This compares to the 2023 Fiscal year with ~55% equity (split ~46% Canada, ~51% International, and ~4% Alternative Equities), ~31% bonds (split 100% Canada), and ~14% 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 2024, the JCFC’s State of Israel bond portfolio had an amortized cost of $1,354,500, compared with $879,820 in the prior year. This represents an increase of approximately 54%. This large increase was due to a conscious decision by the Board to increase the fund’s allocation to State of Israel bonds.
Assets at the JCFC have continued their trajectory of becoming more heavily weighted towards Foundation Funds (“Foundation”) versus Custodial Funds (“Custodial”). The split at
Note: Percentages may not total to 100% due to rounding. Percentages for each portfolio category exclude the impact of the State of Israel bonds.
2024 Fiscal year-end was 56% Foundation/ 44% Custodial. For reference purposes, the split at 2023 Fiscal year-end was 53% Foundation/ 47% Custodial.
Foundation funds, over the past five years, have experienced a CAGR of 19.6%, versus 5.5% for Custodial fund.
Active investment manager returns for the fiscal year ended June 30, 2024, were 11.14% before investment management fees (“gross return”), or 10.60% 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%, and the trailing 5-year average net investment management return is 6.4%. Both returns exclude the impact of the State of Israel bonds and additional cash reserves.
During the 2024 fiscal year, the JCFC grants totaled $1,947,971 to a range of organizations and worthy recipients in our local community and in Israel. This compares to total grants of $1,108,645 in the previous year.
JCFC Portfolio Benchmarking (Gross Returns)
The JCFC Investment Committee, along with the Board, continue to rigorously evaluate investment performance.
For the fiscal year ended June 30, 2024, the JCFC’s asset-weighted blended benchmark provided a gross return of approximately 12.3%, resulting in the JCFC portfolio underperforming the Benchmark by approximately 1.14% during this period.
For comparison, in the fiscal year-ended June 30, 2023, the JCFC’s asset-weighted blended
JCFC Investment Managers’ Net Annual Returns
benchmark provided a gross total return of approximately 10.7%, resulting in the JCFC portfolio underperforming by approximately 0.4%.
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
As at June 30th, 2024, the portfolios at Fiera and Mawer 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.
Starting with Fiscal 2024, and for each four-year cycle with our investment managers, the JCFC’s updated IPS calls for a formal review of each of the investment managers. The first review will be of Mawer, to be completed prior to year-end 2024. The Investment Committee and the Board remain committed to ensuring that we have high quality managers who provide consistent and competitive investment returns.
Market Outlook
Many of the economic and market-related issues facing the world over the past year continue to be present in 2024. Markets continue to grapple with the direction of interest rates, hoping that interest rates fall sooner rather than later, but fearful that if rates fall too quickly, it is due to weak economic data and a worsening economic picture.
Falling interest rates should result in investors continuing their move out of Fixed Income and Money Market securities, and taking these dollars into equity markets. With this condition in place, equities are set to move higher over the coming quarters, but the moves are never straight-line, and volatility is to be expected during this transition, Labour market uncertainty, as well as the global strife present on numerous continents, continue to impact commodities and the flow of goods around the world.
Short-term predictions will always be challenging for investment managers, but with the backdrop for higher markets being set in place, we remain confident in our managers’ abilities to generate strong returns for the JCFC investment portfolio.
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.
JCFC Benchmarking Analysis
Percentage %
Note: Benchmark is the asset-weighted combination of benchmarks from Fiera and Mawer.
Fiera: *BLENDED BENCHMARK COMPOSITION: FTSE Canada 91 Day T-Bill Index (CAD): 5.0% of total, FTSE Canada Universe Bond Index (CAD): 35.0% of total, S&P/TSX Composite Index (CAD): 30.0% of total, S&P 500 Index (CAD): 20.0% of total, MSCI EAFE Index Net Return (CAD): 7.0% of total, MSCI World Index Net Return (CAD): 3.0% of total
Mawer: From March 2021: 5.00% Global Small Cap Benchmark 5.00% FTSE Canada 91-day T-Bill Index 35.00% FTSE Canada Universe Bond Index 15.00% International Equity Benchmark 5.00% Canadian Small Cap Benchmark 15.00% S&P 500 Index GR 20.00% S&P/TSX Composite Index GR. From April 2019: 5.00% Global Small Cap Benchmark 5.00% FTSE Canada 91-day T-Bill Index 32.00% FTSE Canada Universe Bond Index 15.00% International Equity Benchmark 5.00% Canadian Small Cap Benchmark 3.00% FTSE World Government Bond Index TR 15.00% S&P 500 Index GR 20.00% S&P/TSX Composite Index GR. From inception: 3.00% Global Small Cap Benchmark 5.00% FTSE
Richard Nagan, Chair JCFC Investment Committee
Year in Review
Violins of Hope
A poignant collection of string instruments dating from before and during the Holocaust. These meticulously restored instruments once belonged to victims and survivors of the Holocaust. Today, these instruments stand as enduring symbols, serving to educate and memorialize those affected by one of history’s darkest chapters through concerts, exhibitions, and other commemorative projects.
Shem Tov Award to Nelson Halpern
The Shem Tov Awards are given each year to recognize outstanding volunteers who have given exceptional service to our Jewish community and therefore have earned a Shem Tov – a good name.
Norman Ronald Silver Sports Leadership Award
This year’s recipient, Sophie Libin, exemplifies athleticism and determination in all she endeavors to accomplish both in track and field and volunteerism.
Camp BB Riback Teen Philanthropy
Jewish teens learn how to think philanthropically and maximize their impact, all while building skills that will stay with them through university and beyond.
2024 | Post-Secondary Scholarships
Empowering Outstanding Local Students
The Jewish Community Foundation of Calgary is pleased to provide scholarships to students pursuing postsecondary education. Awards are granted based on need and/or merit, including academic excellence, community leadership and future life plans. Our scholarships help provide a meaningful way for Jewish students to feel supported in their educational journey. Mazel Tov to this year’s recipients!
This year, 18 outstanding local students received a total of $38,500 in post-secondary scholarships allowing them to pursue their academic dreams. Thank you to the following families for generously supporting the education of youth in our community.
• Bogoch Family Endowment Fund for Jewish Education
• Charles Wainberg Memorial Fund
• Chetner Family Community Fund
• Dr. David Lander Fund
• David Waterman Endowment Fund
• Fanny & Aaron Malkin Fund
• Florence & Ralph Switzer Fund
Your financial support allows me to continue pursuing my passion for the arts, and your acknowledgement validates that I have made the right decision. I’m able to pay for my tuition and aid my success throughout my creative and artistic postsecondary experiences. I’ve worked very hard in my first year at AUArts, developing my artistic skills and passion while maintaining my 3.87 GPA. I look forward to the opportunity to create meaningful art, making the Jewish community of Calgary, Canada and Israel proud.
• Joe & Evelyn Bushiekin Endowment Fund
• Len & Faigel Shapiro Family Fund
• Lewis Manning Charitable Fund
• Marnie & Darren Bondar Family Community Fund
• Max & Molly Pressman Endowment Fund
• Myron Family Endowment Fund
• Nitzanim Community Fund
• Peter & Kim Cohos Community Fund
• Rebecca Block Fund
• Robert & Sydney Kalef Endowment Fund
• Rubenson Family Fund
• Sam Ousher Switzer Charitable Foundation
• Zeisler Family Charitable Fund
I’m thankful to be granted $2500 that allows me to worry less about living expenses and instead focus on my studies and perform to the best of my abilities. This year has been particularly harsh on my father’s finances, and being able to attend university still is a blessing that only you could have given me. My repayment will show in my transcript and participation at my local Chabad, whether in prayer or Torah study, throughout the week. I will never be able to say thank you enough that could add up to your generosity.
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 Sophie Libin. Sophie was nominated by Alex Kouperman and Brenda English former Head of the Calgary Jewish Academy as well as the senior girl’s basketball coach. Sophie is admired not only for her athleticism and determination, but also for her leadership skills and passion for her sports along with giving back to the community.
Sophie is a member of the Volleyball, Track & Field and Senior girls’ basketball team. In addition, Sophie is a volunteer scorekeeper and assists with elementary student sports clubs after school.
“Sophie is an amazing young woman who has and will continue to make a difference in others lives says Brenda English.”
The selection of Sophie as the recipient of the Norman Ronald Silver Sport Leadership award was a unanimous choice given the accolades of her coaches and team players.
Yasher Koach Sophie, on a job well done!
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. The Norman Ronald Silver Sports Leadership award is managed by the Jewish Community Foundation of Calgary through a memorial endowment fund created by Norman’s parents, Maxine and Dr. Edward Silver.
Sophie Libin and Board member Richard Nagan
Camp BB Riback-Teen Philanthropy
The JCFC continues to partner together with Camp BB Riback in their goals to ensure that every child, regardless of their background, can participate in the camp experience, whether they are staying in a newly renovated cabin, or participating in the Teen Philanthropy Day program, or living their best summer at camp. The Teen Philanthropy program is generously underwritten by B’nai Brith Lodge 816.
To date the JCFC has taught 190 students about giving back to their community and philanthropy as a whole. The LTP young adults this year came to consensus to distribute the grant money to The Jewish Historical Society of Southern Alberta and Jewish Family Service Calgary. See right side for an excerpt from an email that a parent sent after their child experienced camp. Below are photos from the Teen Philanthropy program.
Dear Stacy,
I am just writing to say thank you for giving our daughter the possibility of enjoying herself like crazy, maturing so much so quickly, learning amazing values from Judaism and life in general, …in sum, there are no words to express our gratitude. We just want you to know that everything you did has influenced our daughter’s life forever and that we hope she can continue having you guys in her life for a long long time, in her own words until she becomes a counselor herself. We send each and all of you a big hug and infinite thanks for doing what you do with such passion and ethics.”
Giving Calculator Legacy Giving Calculator Calculator Legacy Giving Calculator Legacy Calculator Legacy Giving Calculator Legacy Giving Giving Calculator Legacy Giving Calculator Calculator Legacy Giving Calculator Legacy Calculator Legacy Giving Calculator Legacy Giving Giving Calculator Legacy Giving Calculator Calculator Legacy Giving Calculator Legacy Calculator Legacy Giving Calculator Legacy Giving Giving Calculator Legacy Giving Calculator Calculator Legacy Giving Calculator Legacy Calculator Legacy Giving Calculator Legacy Giving Giving Calculator Legacy Giving Calculator Calculator Legacy Giving Calculator Legacy Calculator Legacy Giving Calculator Legacy Giving Giving Calculator Legacy Giving Calculator Calculator Legacy Giving Calculator Legacy Calculator Legacy Giving Calculator Legacy Giving Giving Calculator Legacy Giving Calculator Calculator Legacy Giving Calculator Legacy Calculator Legacy Giving Calculator Legacy Giving Giving Calculator Legacy Giving Calculator Calculator Legacy Giving Calculator Legacy Calculator Legacy Giving Calculator Legacy Giving LegacyGiving 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. jcfc.ca/build-your-legacy Your
30 years. Giving calculator available online:
2023 - 2024 | Our Organization
OFFICERS
Chair, Stuart Myron
Vice President, Andrew Oppenheim
Treasurer, Eytan Donsky
BOARD OF DIRECTORS
Gerry Barron
Daniel Blitt
Milt Fischbein
Darlene Switzer Foster
Jackie Halpern
Nelson Halpern
Barb Krell
Stuart Libin
Richard Nagan
AUDIT COMMITTEE
Eytan Donsky
Nelson Halpern
Stuart Myron
INVESTMENT COMMITTEE
Richard Nagan (Chair)
Daniel Blitt
Warren Book
Franklin Eldridge
Adam Hoffman
Micah Landes
Corey Mitchell
Martin Molyneaux
Stuart Myron
Andrew Oppenheim
Mark Shilling
Paul Wheaton
Dr. Bettina Liverant Zeisler
Leib Zeisler
GRANTS AND ALLOCATIONS COMMITTEE
Stuart Libin (Chair)
Milton Bogoch
Reva Faber
Eva Hoffman
Wendy Kennelly
Marilyn Samuels
Sponsors | Friends of the Foundation
PAST CHAIRS
1990-1995 Gert Cohos
1995-1998 Donna Riback z’l
1998-2011 Robert Kalef
1998-2012 Sam Switzer
2012-2015 Dr. Bettina Liverant
PAST PRESIDENT
Milton Bogoch
PAST EXECUTIVE DIRECTOR
Morris Bleviss
FOUNDATION MANAGER
Brenda Sapoznikow
FOUNDATION ADMINISTRATOR
Kim Chulsky
CONSULTING ACCOUNTANT
Warren Book
