2018
Annual Report Jewish Community Foundation of Calgary
2017–2018 | Making a Difference Distributed a record $584,410 to 93 recipients.
ARTS & CULTURE
3%
RELIGIOUS INSTITUTIONS & PROGRAMS
ISRAEL
4%
17%
COMMUNITY AT LARGE
9%
HEALTH & FITNESS
EDUCATION
8%
4%
JEWISH COMMUNITY
COMMUNITY & SOCIAL SERVICES
64%
JCFC Grants by Sector
91%
JEWISH COMMUNITY
JCFC Grants by Type
JCFC Grants and Disbursements Cumulative | Millions ($) 5.0
Our fund holders continue to direct their philanthropic dollars to both the Jewish and broader community supporting the causes they are most passionate about. Thanks to their caring, generosity and vision for a better future, the Foundation distributed $584,410 - a new high - to 83 organizations and 10 post secondary scholarship recipients.
4.0
3.0
2.0
1.0
0
2
2014
2015
2016
2017
2018
2018 | ANNUAL REPORT
...JCFC has distributed nearly $4.3 million dollars in support of organizations.” return on our actively managed invested assets was 5.8%, before investment management fees. For this, sincere thanks go to all the members of the Investment Committee for their commitment, attention to detail and careful oversight.
Message from the Chair At its core, the Jewish Community Foundation of Calgary was founded to support the philanthropic goals of our donors and the causes dearest to them. Thanks to the generosity of our fund holders, our footprint and positive impact in the Calgary Jewish community continues to grow. As you will see in our financial report, our Foundation has now reached $14.4 million in assets representing year over year growth of 18%. This increase is a testament to the remarkable individuals, families and agencies that care so much about our community; they show it by making tzedakah a prominent part of their lives and planning for the Jewish communal future. It is also a testament to the trust they have in our Foundation’s ability to support their philanthropic passions and objectives. The number of funds under JCFC stewardship now total 123. Over the past year, an impressive total of 307 cheques were issued to 93 recipients. On behalf of our fund holders, the JCFC distributed grants totaling nearly $585,000, a $102,000 increase over 2017 and an all-time high. Since its inception in 1990, the JCFC has distributed nearly $4.3 million dollars in support of organizations and causes nearest and dearest to the hearts of Calgary Jewish philanthropists. For the twelve-month period ending June 30, 2018, the gross investment
Last year I noted that Mawer Investment Management Ltd. had been added to our investment management team as of December 2016 alongside the incumbent Gluskin Sheff & Associates Inc. In addition to evaluating the performance of our investment managers vis a vis external benchmarks, we are now also in a position to compare the investment returns of our fund managers. Please refer to the Investment Committee Report for more detailed information. JCFC continues its highly successful teen philanthropy programming. Since inception in 2013 more than 90 teens have participated in philanthropy education and training, granting in excess of $13,000 to various charitable causes. Teen philanthropy programs are an effective way to engage and develop our future leaders and donors. We thank Calgary B’nai Brith Lodge #816 for underwriting the program since 2016. JCFC is delighted to partner with Calgary Jewish Federation in delivering and implementing the Harold Grinspoon Foundation’s LIFE & LEGACY program in Calgary. LIFE & LEGACY is a tested, proven and successful four year program during which we will team up with local Jewish organizations to ensure their future financial success. The objective of the program is to secure legacy gifts in support of local Jewish day schools, synagogues, Federations, social service agencies and other local Jewish organizations. Stay tuned in 2019 as we launch this exciting program. For additional information, please refer to our full article about the LIFE & LEGACY program.
JEWISH COMMUNITY FOUNDATION OF CALGARY
On another equally important front, the JCFC continues to monitor and improve our governance practices, ensuring the professionalism of our organization. This year, for example, we reviewed and updated our By-laws and Investment Policy Statement. For details on the Investment Policy Statement, please refer to the Investment Committee report. The revised By-laws are being presented for acceptance by the membership at our 2018 AGM. In closing, it is a privilege to acknowledge and thank several individuals who provide invaluable service to the JCFC and, through it, the community at large. Our Foundation manager, Brenda Sapoznikow, joined the JCFC a little more than a year ago. Brenda is caring, diligent, organized and proactive. We are delighted to have her on the JCFC team. Daniel Blitt, Tamara Cohos, Jackie Halpern and Mark Shilling have served as directors of the JCFC for one or more terms. Each has agreed to stand for re-election. Their willingness to do so speaks to their passion for our Foundation and their understanding of the importance that permanent endowments play in sustaining Calgary Jewish life well into the future. Board members Gerry Barron, Ed Dunn, Nelson Halpern, Stuart Libin, Richard Nagan and Bettina Zeisler continue to generously share their time, guidance and expertise for the betterment of the JCFC. It is a blessing to work with such committed volunteers and generous philanthropists on behalf of our cherished community. Because of their efforts, our future is bright. Sincerely,
Stuart A. Myron, Chair
3
JEWISH COMMUNITY FOUNDATION OF CALGARY 4
Capital increase of $2.2 million
$
(18%)
over previous years
123 Funds, including custodial funds
$ 14.4
$ million in Assets
10 Post Secondary Scholarships Totalling $19,500
1
Jewish Sports Leadership Award
277
TRIBUTE CARDS DELIVERED
Teen Philanthropy Program inspiring 27 young adults
1 Jewish Essay Contest Award
$2,700
$
307
$ $ 584,410
GRANT CHEQUES
written to
in Distributions
93 Recipents
Four reasons to trust your giving to the Foundation 1. Expertise
2. Your legacy
3. Efficiency
4. Charitable impact
The JCFC is a one stop solution for philanthropy, with the expertise to make it easy, effective and tax-efficient.
A legacy with the JCFC means your philanthropic leadership will continue to benefit the causes and organizations you care about well into the future.
Smart philanthropy is like smart business. The JCFC helps clients give more at a lower cost.
Your philanthropy is an important part of your life. The JCFC is your partner in caring about your community and building a better world.
5
2017–2018 | Funds in Action Our Partners in Philanthropy We gratefully recognize the following individuals and families who have the foresight and commitment to create charitable funds at the Jewish Community Foundation of Calgary. We celebrate their legacy, for this generation and generations to come, and we thank them for enabling the Foundation to grow. ENDOWMENT FUNDS Abe and Bertha Gold Endowment Fund Alex and Phyllis Rubin Endowment Fund Ann and Ralph Kalef Endowment Fund Archie and Charna Shapiro Day Camp Fund Arlein and Dov Chetner Family Endowment Fund Bella Singer Memorial Endowment Fund Bing Family Temple B’nai Tikvah Founders Fund Celia Rostoker Millman Fund for Jewish Education Charles Wainberg Memorial Fund Craimer-Samuels Family Endowment Fund
Isaac Family Fund for Holocaust Education
Ted and Betty Riback Camp Bursary Fund
Chetner Family Community Fund
Jeffrey Secter Bursary Fund
Fanny Wedro Charitable Fund
Jerry Libin Community Fund
Vic Freidin Memorial Camp Scholarship Fund
Joe and Evelyn Busheikin Endowment Fund
Vivian Katz Endowment Fund for Jewish Education
Jonathan Berall Endowment Fund
Waterman Family Endowment Fund
Kaganov Family Fund Krell Family Maccabi Endowment Fund Lynn Einstein and Lionel Groberman Endowment Fund Maccabi Canada Athletic Fund Marilyn Libin Lion of Judah Endowment Fund Max and Bessie Shulder Endowment Fund Max and Molly Pressman Fund Myron Family Endowment Fund
William Cohen Memorial Scholarship Fund Zeisler Family Endowment Fund ENDOWMENT FUNDS (BY WAY OF INSURANCE POLICY) Bonnie Kaplan Endowment Fund
Craimer-Samuels Family Fund Fay (Smolensky) Schwartz Memorial Fund General Heritage Foundation Fund Holocaust / Second Generation Education Fund Holocaust Memorial Fund ITC Fund Jack Balaban Memorial Fund Jeff and Wendy Kohn Community Fund
Daphne Taras and Allen Ponak Family Fund
Jewish Historical Society of Southern Alberta (C)
Gertrude Cohos Endowment Fund
Jewish War Veterans of Canada, Calgary Post #2
Jack and Betty Sharp Endowment Fund
Joy & Max Feldman Community Fund
David Waterman Endowment Fund
Nate and Lily Horodezky Fund
Len & Faigel Shapiro Family Endowment Fund
Nitzanim Community Fund
Lipkind Family Endowment Fund
Lewis Manning Charitable Fund
Davidman Family Fund
Norman and Beulah Martin Endowment Fund
Morris and Margaret Bleviss Endowment Fund
Lexier Community Fund
Norman Silver Endowment Fund
March-of-the-Living Fund
Paperny Family Fund
Robert and Sydney Kalef Endowment Fund
Dr. David Lander Fund
Peter and Kim Cohos Community Fund
Sam and Ida Switzer Endowment Fund
Mayer Family Fund
Elize and Lilian Zuidema Endowment Fund
Ralph and Florence Switzer Endowment Fund
Yakov and Karen Behar Endowment Fund
Fanny and Aaron Malkin Endowment Fund
Rebecca Block Fund
Donna Riback Lion of Judah Endowment Fund Donna Riback Temple B’nai Tikvah Building Fund
Fanny and Leo Wedro Holocaust Fund Frandel and Louis Belzberg Scholarship Fund Gary Rosenbaum Children’s Assistance Fund Gladys & Mackie Shuler Health Support Fund Halpern Family Endowment Fund
Rose Hallis Student Travel Bursary Fund Sarah and Julius Bleviss Endowment Fund Sema and Morris Belzberg Endowment Fund Shilling Family Community Fund Solomon and Adelle Saper Family Fund
Hamborger Family Fund
Stan Libin Memorial Endowment Fund
Ida and Aron Eichler Fund for Jewish Education
Steven Blitz Endowment Fund
Ida Switzer Lion of Judah Endowment Fund
Switzer 2005 Family Reunion Endowment Fund
TEEN PHILANTHROPY Brent Martin & Tedi Martin Fund Gabriel Manning Bar Mitzvah Fund
Len & Faigel Shapiro Family Fund
Library Fund Maureen and Joe Katchen Fund ORT Calgary March of the Living Support Fund PJ Library® Jewish Education Fund Prosperity Farm Legacy Fund
Molly Joffe Bat Mitzvah Fund
Rabinovitz Family Community Fund
Sierra Libin Philanthropy Fund
Samuel and Ida Switzer FT Fund
DONOR ADVISED FLOW THROUGH FUNDS, COMMUNITY FUNDS AND CUSTODIAL FUNDS Anne Frank Fund for Holocaust Education Asper Holocaust & Human Rights Education Fund
Sam Switzer Community Fund Second Generation Fund Silverstone Family Community Fund Stan & Trish Mayer and Family Community Fund* Stein Family Fund
Beth Tzedec Synagogue Funds (C)
Steven Blitz Charitable Trust (C)
Bogoch Family Endowment Fund for Jewish Education
Susan Klein Memorial Fund Zeisler Family Charitable Fund
(C) custodial funds * new funds since our last annual general meeting
6
2018 | ANNUAL REPORT
Grantees | 2017–18 Making a Difference Our fund holders made a difference to the following beneficiaries in Israel and the Jewish and general communities.
Adath Israel Congregation
Calgary Jewish Federation
Heritage Park Society
Akiva Academy
Calgary Opera
Alberta Cancer Foundation
Calgary Philharmonic Society
Jewish Community Centre of Victoria
Calgary Public Library Foundation
Jewish Family Service Calgary
Stephen Lewis Foundation
Alberta Children’s Hospital Foundation
Calgary Women’s Emergency Shelter
Jewish Federation of Victoria & Vancouver Island
Technion Canada
ALS Society of Alberta
Camp BB Riback
Jewish Historical Society
The Arthritis Society
Alzheimer Society of Alberta and Northwest Territories
Canada Charity Partners
Jewish National Fund
Canadian Cancer Society
Jews for Judaism
The Canlearn Society for Persons With Learning Difficulties
ARBI
Canadian Friends of Hebrew University
Kehilat Shalom Society of Calgary
The Kidney Foundation
Beit Halochem Canada
Kidney Foundation of Canada
Beth Torah Congregation of Toronto
Canadian Friends of Shalva Israel Association
Kids Cancer Care Foundation
The Leukemia & Lymphoma Society of Canada
KSPS
The Mustard Seed
Beth Tzedec Congregation Society
Canadian Physicians for Aid & Relief
Maccabi Canada
The Nature Conservancy of Canada
B’nai Brith Calgary Lodge #816
Canadian Red Cross
C4i Canada
Canadian Wildlife Federation Inc.
Calgary Community Kollel Society
Chabad Lubavitch of Alberta
Calgary Counselling Centre
CKUA Radio Foundation
Calgary Firefighters Burn Treatment Society
Congregation House of Jacob Mikveh Israel
Calgary Food Bank Calgary Foundation
Alberta Champions Society
Chevra Kadisha
Magen David Adom
Shock Trauma Air Rescue Society
Terry Fox Foundation
The Salvation Army
McGill University Momentum Community Economic Development Society Mood Disorders Society of Canada
Sheldon Kennedy Child Advocacy Centre
Trans Canada Trail Foundation UNICEF Canada United Way of Calgary and Area Weizmann Canada
MusiCounts
Whyte Museum of the Canadian Rockies
Epilepsy Canada
Na’amat Canada
World Wildlife Fund Canada
National Music Centre
Calgary Humane Society
Friends of Simon Wiesenthal Centre for Holocaust Studies
Calgary Jewish Academy
Hadassah Wizo Canada
Parkinson Canada
Calgary Jewish Community Centre
Heart and Stroke Foundation of Alberta, NWT & Nunavut
Prostate Cancer Canada
Operation Kick Start
Donor Advised Funds
Open a flexible user-friendly fund with a minimum donation of $5,000.
Endowments
Create a fund to support an organization or a cause in perpetuity.
JEWISH COMMUNITY FOUNDATION OF CALGARY
Bequests
Make a gift in your will.
Other Options
Learn about other ways to give, including Life Insurance Policy, a RRIF, or a gift in kind.
7
Philanthropy | In Action
Legacy gifts are essential to the very future of Jewish Life in Calgary.” An exciting initiative devoted to ensuring the financial viability of the Jewish community is poised to make a phenomenal impact in Calgary. Joint efforts by the Jewish Community Foundation of Calgary (JCFC) and Calgary Jewish Federation have culminated in the selection of Calgary as the first-ever Canadian Jewish community to participate in the Harold Grinspoon Foundation’s remarkable LIFE & LEGACY program.
8
LIFE & LEGACY assists participating Jewish communities to secure after-lifetime endowment commitments from loyal donors to support cherished Jewish organizations that have impacted them during their lifetime. Perhaps most importantly to potential donors, legacy giving allows individuals and families to continue supporting these valued causes and institutions for generations to come. It is a community-building effort that has already exceeded expectations
in more than fifty communities throughout the United States, including many that mirror Jewish Calgary both in size and range of Jewish institutions. “Acceptance of our community into the LIFE & LEGACY program is a major accomplishment. The program supports individuals and families across the economic spectrum in securing the future of Jewish communal life in Calgary. Elaine and I look forward to
2018 | ANNUAL REPORT
supporting this initiative with our own endowment gift. In many situations, donors are able to use tax credits to give generously with minimal impact on the portions of their estate left to heirs,” said Stuart Myron, Chair of the Jewish Community Foundation of Calgary. “Legacy gifts are essential to the very future of Jewish Life in Calgary.” LIFE & LEGACY is a tested, proven and successful four year program dedicated to proactively securing after lifetime legacy gifts in support of participating local Jewish agencies and services including day schools, synagogues, Federations, social service agencies and other Jewish organizations. Through training, support and monetary incentives, LIFE & LEGACY motivates and supports Jewish organizations in securing these gifts, stewarding donors and integrating legacy giving into the culture of each participating Jewish organization. The breathtaking success of communities already participating in the program has led to a sense
of excitement and a call to action here in Calgary. As of June 30, 2018, less than six years from the inception of the program, 565 Jewish organizations in 52 Jewish communities and 12 Hillel organizations have secured some 20,700 legacy commitments with an estimated value of $757 million in support of their Jewish communities. It is inspiring to note that the majority of participating communities are exceeding their objectives. Prior to the submission of our application for program acceptance, JCFC and Calgary Jewish Federation invited all of our local Jewish organizations to attend information sessions about the LIFE & LEGACY program. Akiva Academy, Beth Tzedec Congregation, Calgary JCC, Calgary Jewish Federation, Camp BB Riback, House of Jacob Mikveh Israel, Jewish Family Service Calgary, Jewish Historical Society of Southern Alberta, Kehilat Shalom, Menorah Foundation, Temple B’nai Tikvah and The
Calgary Jewish Academy have expressed interest as potential partners in the program. In November these agencies will be invited to attend the first LIFE & LEGACY training session to learn more about the legacy program in Calgary, the importance of endowments for their organization, and how this program will help them to encourage generous participation throughout the Jewish community. Formal applications will be available at that time. “LIFE & LEGACY is an amazing opportunity for our community – one that highlights, reinforces and enables us to collectively ensure a bright Jewish future in Calgary. We are honoured to have been selected as the first Canadian community to partner in the program. The synergy of the Harold Grinspoon LIFE & LEGACY program, Calgary Jewish Federation, JCFC and our local partners has the power to transform our Jewish tomorrows,” said Adam Silver, CEO, Calgary Jewish Federation.
For more information on LIFE & LEGACY visit www.jcfc.ca/resources.
JEWISH COMMUNITY FOUNDATION OF CALGARY
9
2017–2018 | Statement of Financial Position
June 30, 2018 with comparative information for June 30, 2017
2018
2017
730,224
460,546
2,376
1,974
732,600
462,520
12,638,245
10,737,998
State of Israel Bonds, at Amortized Cost
747,132
695,999
Cash Surrender Value of Life Insurance
280,756
261,834
$14,398,733
$12,158,351
19,628
12,000
1,248,341
672,706
1,267,969
684,706
7,045,429
5,657,765
8,313,398
6,342,471
40,787
39,034
Restricted
2,486,979
2,311,499
Endowment
3,557,569
3,465,347
6,085,335
5,815,880
$14,398,733
$12,158,351
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, 2018 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.
10
2018 | ANNUAL REPORT
2017–2018 | Condensed Statement of Operations and Changes in Foundation Funds Unrestricted
Restricted
Endowment
Flow-through
2018
2017
337
178,283
83,357
954,880
1,216,857
612,187
2,080
133,793
185,866
45,527
367,266
542,562
48
2,722
4,158
1,072
8,000
5,000
2,465
314,798
273,381
1,001,479
1,592,123
1,159,749
Grants
–
87,908
86,482
410,020
584,410
483,186
Insurance Premiums
–
9,640
33,265
–
42,905
42,556
Administrative Costs
291
16,432
25,106
6,469
48,298
62,015
Marketing and Advertising
45
4,110
3,875
998
9,028
13,926
Audit and Legal
70
3,966
6,060
1,562
11,658
21,184
306
17,262
26,371
6,795
50,734
45,645
712
139,318
181,159
425,844
747,033
668,512
1,753
175,480
92,222
575,635
845,090
491,237
Revenue Contributions Investment Income Sponsorships Total Revenue
Expenditures
Investment Management Charges Total Expenditures Excess of Revenue Over Expenditures Funds Transferred Out Increase in Deferred Flow-through Grants Change in Foundation Funds in the Year Balance, Beginning of Year
Balance, End of Year
(244,235) –
–
–
(575,635)
(575,635)
(150,845)
1,753
175,480
92,222
–
269,455
96,157
39,034
2,311,499
3,465,347
–
5,815,880
5,719,723
$40,787
$2,486,979
$3,557,569
–
$6,085,335
$5,815,880
These financial statements for the fiscal year ending June 30, 2018 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
11
2017–2018 | Investment Committee Report 2018 Fiscal Year-End Review This past fiscal year was marked by resurgent capital markets volatility driven by trade war fears and rising interest rates as evidenced by the U.S. Government 10-Year bond yield exceeding 3% in May 2018 for the first time in more than four years. The Jewish Community Foundation of Calgary (JCFC) Board and Investment Committee, along with our portfolio managers,
remain intensely focused on ensuring the safety of the JCFC’s capital over the long-term. As part of that mandate, in June 2018, the JCFC released an updated Statement of Investment Policy and Guidelines (IPS) for purposes of steering portfolio management. The objectives of the revised IPS remain to: i) ensure safety of capital over the long-term, ii) earn sufficient investment
returns to meet disbursement requirements, iii) preserve the purchasing power of the Foundation’s endowments over the long-term, and iv) endeavour to ensure no investment is made in entities participating in a boycott of Israel or related companies or individuals. Additional prescriptive guidelines were introduced to manage State of Israel bond weightings.
Portfolio Composition, Returns and Disbursements This past fiscal year marked the first full year with both Gluskin and Mawer managing funds on behalf of the JCFC. The Board and the Investment Committee continue to strongly believe both managers provide complementary investment approaches and perspectives along with diversification benefits.”
At June 30, 2018, total assets under investment management amounted to $13.8 million (inclusive of State of Israel Bonds and cash equivalents) compared to $11.7 million the year prior, representing an increase of ~17%. Of the $13.8 million, 60% was invested in equities (split 72% Canada and 28% International), Lorem ipsum 35% in bonds and 5% in cash. This compares to 58% equities (split 74% Canada and 26% International), 37% bonds and 5% cash the year prior. It is important
16
JCFC Funds Under Investment Management (At June 30) Millions ($)
$13.8
14 $11.7
12 10
$8.1
8 6
$5.6
$6.1
4 2 0 Daniel Blitt, Chair JCFC Investment Committee
12
2014
2015
2016
Foundation Funds
2017
2018
Custodial Funds
2018 | ANNUAL REPORT
to note that the percentages for each portfolio category exclude the impact of the State of Israel Bonds. At fiscal year-end 2018, the
JCFC’s State of Israel Bond portfolio had an amortized cost of $747,132 compared to $695,999 in the prior year representing an increase of 7%.
JCFC Investment Manager Net Annual Returns Percentage %
14
13.2%
12 10 8.3% 8 6
5.0%
4
3.1%
2 0
During the 2018 fiscal year, the JCFC disbursed $584,410 to a broad range of charities and students in our local community and in Israel. This compares to total disbursements of $483,186 during the prior year, representing an increase of over 20%.
1.0% 2015
2014
2016
2017
Total investment manager returns for the fiscal year-ended June 30, 2018 were 5.8% before investment management fees (gross return) or 5.0% after 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 ~5.5% and the net return was ~4.7%. For comparison, for the fiscal year-ended June 30, 2017, the JCFC had a gross return of 9.0% and a net return of 8.3%. The trailing 5-year average net return for the JCFC is 6.1% which excludes the impact of the State of Israel Bonds and additional cash reserves.
2018
Note: Returns are displayed on a net basis or after accounting for investment management fees.
JCFC Portfolio Composition 5%
5%
26%
29%
74%
INTL
60%
CAN
At June 30, 2017
INTL
Equities
Bonds
35%
72%
37%
58%
Cash
CAN
At June 30, 2018
Equities
Bonds
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.
JEWISH COMMUNITY FOUNDATION OF CALGARY
13
JCFC Portfolio Benchmarking As outlined last year, the Board and the Investment Committee continue to diligently evaluate investment performance. For the fiscal year-ended June 30, 2018, the JCFC’s Blended Benchmark provided a gross total return of ~6.7% resulting in the JCFC portfolio underperforming by ~0.9% during this period. However, in keeping with our strong focus on safety of capital, the JCFC portfolio outperformed its Blended Benchmark during the third quarter which marked the only quarter of the fiscal year with negative total returns. Additionally, during the 2018 fiscal year, the total return (inclusive of dividend reinvestment) on the S&P/TSX Composite was 10.4%, the S&P 500 was 15.9% and the FTSE TMX Canada Universe Bond index was 0.8%. For context, during the 2018 fiscal year, ~40% of the JCFC’s total assets under investment management were invested in bonds and cash equivalents with applicable market benchmarks returning less than 1.0% during the year.
JCFC Benchmarking Analysis (FY 2018) Percentage %
8 JCFC Gross Return
JCFC Blended Benchmark
Percentage %
6
6.7% 5.8%
4
3.4%
3.6%
3.6% 2.5%
1.2% 0.6%
0 -0.8% -1.9%
Q1
Q2
Q3
Q4
FY
Note: JCFC Blended Benchmark consists of 5.0% FTSE Canada 91 Day T-Bill Index, 35.0% FTSE TMX 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.
Continuing to Actively Monitor Risk and Performance Ensuring the safety of the Foundation’s capital over the long-term remains the number one focus for the Board and the Investment Committee. Currently, our 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
14
As the JCFC’s trailing 5-year annual net return profile demonstrates, returns from the capital markets will vary from one period to the next, sometimes considerably. This past fiscal year marked the first full year with both Gluskin and Mawer managing funds on behalf of the JCFC. The Board and the Investment Committee continue to strongly believe both managers provide complementary investment approaches and perspectives along with diversification benefits. We continue to carefully monitor performance to thoroughly assess risk adjusted returns relative to both market benchmarks and competing asset managers.
Market Outlook
2
-2
IPS. In addition to monitoring market risks, the Board and the Investment Committee continue to actively evaluate investment performance as highlighted above.
Many capital markets observers continue to warn that the nine year old bull market may soon come to an end driven by higher interest rates, escalating global trade tensions, and lofty securities valuations. As a result, future investment performance is expected to become increasingly differentiated by individual security selection and sector allocations. The JCFC again expresses our gratitude to both Gluskin and Mawer for their counsel and diligent 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
2018 | ANNUAL REPORT
Philanthropy | In Action Norman Ronald Silver Sports Leadership Award
Call for Nominations 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. 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.
Athletes who exemplify the true meaning of team spirit and sportsmanship by serving as leaders and role models for others.”
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 Cathy Cole. Cathy was nominated by her teammates on the Calgary Rocky Mountain Chai Catchball Team. While visiting Israel she observed the popularity of “Mamanet”, commonly known as catchball in North America. Cathy participated in the sport in Israel with such enjoyment that she decided to bring the game back home to Calgary. On her own initiative, she has devoted a great deal of time and effort toward promoting the game in our Jewish community. The selection of Cathy as the recipient of the Norman Ronald Silver Sports Leadership award was an easy and unanimous choice given the testimony provided her
Cathy Cole
by her teammates, some of whose accolades follow: “Cathy is the team captain and role model for her team mates; through her tireless efforts, Catchball has grown to include a “sisterhood” of women. Cathy is encouraging, welcoming and incredibly positive.” “Cathy’s leadership, encouragement and positive energy have grown our program to what it is today. A place for women to come to be active, enjoy sports and be social.” “Cathy volunteers and supports our community, country and Israel. She participates and leads by example.” Yasher Koach, Cathy, on a job well done!
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Philanthropy | In Action Donna Ribackz’l Led by Example with Legacy Gifts for the Permanent Benefit of Our Community Donna Ribackz’l was passionately engaged in Jewish communal endeavours throughout her life. A born and raised Calgarian, tikkun olam was part of her DNA. Inspired by the charitable ways of her parents, Ted and Betty Riback, Donna strongly believed in leading by example. She supported numerous causes in Calgary and in Israel and served on many community boards. As one of the founders and former Chair of the JCFC, Donna established three distinct endowment funds to support the causes that mattered most to her. Then she doubled the mitzvah by encouraging others to do the same. Donna was the first Calgarian to create a Lion of Judah Endowment Fund so as to provide financial support to the United Jewish Appeal in perpetuity. She once said, “Establishing an endowment for Lion of Judah was very important to me. Having served as Chair of the UJA campaign for two years, and for several years as Chair of the
Lion of Judah Division, it became crystal clear that each year the campaign commences with many thousands of dollars less than it did the year before. As donors pass on, their past donations no longer exist.” The Donna Riback Lion of Judah Endowment Fund ensures that Donna’s support of her community will continue. With her beloved sister, Faith, Donna established the Ted and Betty Riback Camp Scholarship Fund, perpetuating their commitment to Camp BB Riback by assisting families in need with camp scholarships. Through a bequest, Donna created a third endowment fund in support of her beloved Temple B’nai Tikvah. Donna believed that charity meant “...giving of oneself with time, effort and funds.” “This is why I have established endowment funds with our own Jewish Community Foundation,” she once explained. “It’s also why I allow my name to identify these Funds. I want to encourage others
Donna Ribackz’l
to give generously and consistently, and to support in a way that sustains the causes we worked hard to build, long after we are gone.” Donna believed that the JCFC had the long term outlook and expertise to help her provide for the community she loved. Because of her vision, commitment and trust, Donna Riback’s legacy continues to strengthen our community and to inspire us all.
In Memory The Jewish Community Foundation of Calgary recalls the following fund supporters whose charitable deeds were an inspiration to us all. May their memories always be for a blessing.
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July 1, 2017 – June 30, 2018 • Jack Sharp z”l • Donna Riback z”l • Sam (Ousher) Switzer z”l
2018 | ANNUAL REPORT
2018 | Post-Secondary Scholarships Empowering Ten Outstanding Local Students Jewish Community Foundation of Calgary scholarships are granted from a number of our endowment funds for 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, ten 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 2018. • Rebecca Block Fund
• Norman & Beulah Martin Endowment Fund
• Bogoch Family Endowment Fund
• Lewis Manning Charitable Fund
• Peter & Kim Cohos Community Fund
• Stan Libin Memorial Fund
• Craimer-Samuels Family Endowment Fund
• Max & Molly Pressman Endowment Fund
• Aron & Ida Eichler Fund for Jewish Education
• Myron Family Endowment Fund
• Dr. David Lander Fund
• Ralph & Florence Switzer Endowment Fund
• Expatriate Fund
• Stein Family Fund
• Jeff & Wendy Kohn Endowment Fund
• David Waterman Endowment Fund
• Fanny & Aaron Malkin Endowment Fund Applications for JCFC bursaries are accepted every February.
Help us fill the seats.
JEWISH COMMUNITY FOUNDATION OF CALGARY
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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
jcfc.ca/legacycalculator
Your vision is our mission. Inspiring Philanthropy for more than 25 years.
JCFC | Staff, Board and Committees OFFICERS
INVESTMENT COMMITTEE
PAST CHAIRS
Chair
Daniel Blitt (Chair)
1990-1995 Gertrude Cohos
Treasurer Mark Shilling
Jordan Balaban
1995-1998 Donna Ribackz’l
BOARD OF DIRECTORS
Warren Book
1998-2011 Robert Kalef
Gerry Barron Daniel Blitt Tamara Cohos Edward Dunn
Franklin Eldridge
1998-2012 Sam Switzer
Adam Hoffman
2012-2015 Dr. Bettina Liverant Zeisler
Corey Mitchell
PAST PRESIDENT
Jackie Halpern
Martin Molyneaux
Nelson Halpern
Stuart Myron
Stuart Libin
Richard Nagan
Richard Nagan
Mark Shilling
Dr. Bettina Liverant Zeisler
Stacey Steinberg
AUDIT COMMITTEE
Paul Wheaton
CONSULTING ACCOUNTANT
Nelson Halpern Mark Shilling
Dr. Bettina Liverant Zeisler
Warren Book
Leib Zeisler
TRIBUTE CARD COORDINATOR
GRANTS AND ALLOCATIONS COMMITTEE
Terry Hornstein
Stuart Myron
Micah Landes
Stuart Libin (Chair) Milton Bogoch Reva Faber Eva Hoffman Wendy Kennelly Marilyn Libin Marilyn Samuels
Sponsors | Friends of the Foundation
Milton Bogoch
PAST EXECUTIVE DIRECTOR Morris Bleviss
FOUNDATION ADMINISTRATOR Brenda Sapoznikow
We
invite you to join us.
You can establish a fund to remember a loved one, to mark an anniversary, a wedding, a bar/bat mitzvah or birthday, and to ensure a strong community for future generations. The Jewish Community Foundation of Calgary offers variety and flexibility to create the right fund for you. Your vision is our mission.
ISSUED 10-30-17
1607 - 90 Avenue SW, Calgary, AB T2V 4V7 · phone: 403-640-2273 · email: mail@jcfc.ca · www.jcfc.ca