your dreams, your vision, your legacy

your dreams, your vision, your legacy report to the community 2013

THE JEWISH COMMUNITY FOUNDATION OF MONTREAL Taking care of tomorrow... today

To inspire, promote and innovate Jewish

philanthropy to create a strong, sustainable

Montreal Jewish community based on

Jewish values of Tzedakah, Tikun Olam

and Dor l’Dor.

Our Vision

The Jewish Community Foundation of Montreal | 2013 Annual report 3

I’m delighted to update you on our progress this past year. Most notably, our Board of Directors embarked on a strategic planning process. Our aim was to see if we could do better: better in how we go about inspiring and promoting Jewish philanthropy; better by sharpening our focus and pursuing a set of clear priorities; and better in the scope of services we offer philanthropists and how we engage donors and families.

Through the planning process, we did find opportunities to do better, although it was evident the Foundation is in good shape and in capable hands. Improvements and adjustments are mostly about focus and achieving unanimous endorsement of priorities and actionable goals by the Board, in partnership with professional leadership.

You will find the strategic plan in this Annual Report. It may look simple, but I assure you it reflects a significant commitment of time, challenge, healthy debate and consensus building to achieve a succinct plan.

Allow me to very briefly share four goals from our plan. These are not in any order of importance. They are all of equal priority and they are all underway now:

A commitment to increase the quantity and quality of our relationships with donors in Montreal. We’re adding staff, training and developing our people, and we are partnering, formally, with Federation CJA to increase the number and the quality of philanthropic “engagements”.

Expanding the services we provide to our donors. Stay tuned for more on this – but let me just say that we’re rounding out and innovating our service offer.

Using “allocatable” funds – funds that are not designated – more strategically and tactically. The successful “Generations Fund” is a good example – a formula or model where we prove the funding concept and then seek other donors to contribute to steward the initiative into the future.

Securing the professional leadership of the Foundation long-term, post Bobby Kleinman. Bobby recently announced his desire to step down next year as Executive Director. His plan is to move into donor service 100% of the time. Kathy Assayag will be joining the Foundation part-time this Fall and a year from now will be our Executive Director. Thus, we are increasing our service capacity enormously and, at the same time, ensuring excellent professional leadership for another generation.

I wish to thank my fellow board members for their commitment and service this past year. A president is only as good as his or her Board and I am most grateful for the experience. I have learned a lot from many people and wish my successor, Brenda Gewurz, every success going forward.

Shana Tova,

Message from the President

If you don’t know where you’re going, any road will get you there. Lewis Carroll

JOEL SEgAL President

4 The Jewish Community Foundation of Montreal | 2013 Annual report

Meeting Highlights

• Treasurer Michael Etinson reported that Foundation assets grew from $286 to 317 million – thanks to a record number $65 million in gifts. • Another record number of cheques, 4,500, totalling over $23 million, were issued to almost 500 social service, educational, religious and community organizations on behalf of donors. • President Joel Segal announced that the Foundation has partnered with Federation CJA as fundraiser and custodian of the mega million Generations Fund. • New Board members include: Sylvain Abitbol, Paul Levine FCPA, FCA and Danny Ritter.

2012-2013 From vision to reality 41st Annual general Meeting

May the dreams of your past be the reality of your future. Unknown

This year’s honourees are the individuals and families who helped us perpetuate the dreams of our founders for over 40 years. Joel Segal, President

We hold much admiration for those who have served as our president. Each had their own dream for building this Foundation. And all were committed to their mission. Robert Kleinman, Executive Director

Joel Segal, President & Alvin Segal

Honourary chair, Sheila Zittrer & Brenda Gewurz, Vice-President

Susan Levine & Jonathan Levine

The 2012 Annual Meeting commemorated the Foundation’s 40th Anniversary. Honourary chair – and the Foundation’s 4th president – Sheila Zittrer shared her memories of the Foundation’s early years and reflected on its growth and vital role in the Montreal Jewish community. Executive Director Robert Kleinman paid tribute to the Foundation’s 17 past presidents and acknowledged those who attended the event.


President Joel Segal (far right), with honourary presidents Robert Raich, Barry Pascal, Robert Vineberg, Sheila Zittrer, L. Michael Blumenstein, Oscar Respitz, Harvey Levenson & Joel Raby

Lauren, Kyle, Francine & Robert Wiseman, Barry, Andrew & James Pascal

Dorothy Reitman, Herb & Marilyn Blumer

Janna, Douglas, Sheila, Robert & Randy Zittrer

Murray & Elsa Kotler, Clarence Blatt, David Oberman, Micki & Norman Keesal z”l



Phyllis & Ian Karper with recipient Kelly Benisty Allan & Jonathan Levitt

Recipient Amanda Becker with Elliot & Elsa Becker

Anthony & Fernando Dicaprio, Mark & Andrew Heitner with recipient Rebecca Berman

Class of 2012


SADIE POLATSHEK MEMORIAL AWARD Lilly Simon

DR. OSKAR AND SALLy SCHICKLER FELLOWSHIPSRebecca Cohn, Elay Kornecki

MuSIA AND LEON SCHWARTZ SCHOLARSHIPSAudrey Mallet, Emilie Duranceau-Lapointe

ELCA AND TOM TARAS AWARDJoshua Assaf Moshe Freedman

BERNARD MICHAEL TARSHIS MEMORIAL SCHOLARSHIPSRacheli Haliva, Bakinaz Khalifa

HuGuETTE AND ANDRES VERES SCHOLARSHIP Molly Teitelbaum

STuDy IN ISRAEL

BERNICE AND GORDON BROWN SCHOLARSHIPCarly Surkes

yEHOSHuA FRIEDBERG MEMORIAL SCHOLARSHIPS Yidan Bettan, Aryeh Blanshay, Haviva Elharrar Samuel Kuperstok, Elana Lawrence, Netanel Schondorf, Liora Attar, Julia Lasry, Nina Gottesman, Joshua Schwartz

JACK GITLITZ MEMORIAL SCHOLARSHIPSAmanda Elmakiyes, Ryan Halickman

MITCHELL KARPER MEMORIAL SCHOLARSHIPDeborah Cohen

RABBI SIDNEy SHOHAM SCHOLARSHIPDaniel Toledano

LEVITT FAMILy FOuNDATION SCHOLARSHIPSAmanda Beker, Lara Bohbot, Ozzy GdalevitchJoanne (Chana) Haboucha, Michael MalcaNatalia Roldugina, Rabbi Dov WhitmanJoey Abraham Zukran

IRENE BRAND LIEBERMAN MEMORIAL SCHOLARSHIPLiane Rebner

BASSIA AND SASCHA MARMERSTEIN MEMORIAL SCHOLARSHIPSLauralie Pow, Christina Tong

DR. OSKAR AND SALLy SCHICKLER SCHOLARSHIPSVictoria Agu Dassi, Zachary LeckerMiya Kagan-Cassidy

MCGILL SCHOOL OF SOCIAL WORK

HENRy OELBERG FELLOWSHIPSabrine Lacroix Sarradet

MANNy WEINER FELLOWSHIPKarine Fonda

MCGILL DEPARTMENT OF JEWISH STuDIES

PETER DAVID BERGER SCHOLARSHIPJennifer Loiacono

JACK GITLITZ MEMORIAL SCHOLARSHIPSEliana Schwartz, Jesse Tepperman

BLACHER AND GLASROT FAMILIES MEMORIAL AWARD FOR HOLOCAuST RESEARCHAllie Shier

SHEVA AND DAVID HONIG SCHOLARSHIP FOR STuDIES IN JEWISH MuSICLilly Chapnik

From vision to reality 2012 Scholarships

Study leads to action. Talmud

EVELyN JOy ABRAMOWICZ SCHOLARSHIPJoni Shuchat

THERESE AND DAVID BOHBOT SCHOLARSHIPSAnthony Cimino, Arielle CorobowLevy Corobow, Jennifer ElbazKimberly Elbaz, Sarah GirouxEric Penney, Rebecca RouimiDanielle Serfaty, Pamela SkarfAlisa Soukhodolskaia, Debbie Zeituni

MARLENE BRAND MEMORIAL SCHOLARSHIPRebecca Berman

HADAR CHEMTOB MEMORIAL SCHOLARSHIPDaniela Carolina Cymberknop

HARRy HOPMEyER MEMORIAL SCHOLARSHIPRaphael Stein

MITCHELL KARPER MEMORIAL SCHOLARSHIPSKelly Benisty, Lawrence David Bisse

JOSEPH KATZ MEMORIAL SCHOLARSHIPMelanie Rich

MICKI AND NORMAN KEESAL SCHOLARSHIPDavid Plotkin

LIELA KLINGER KuRTZMAN MEMORIAL SCHOLARSHIPMelissa Stern

HENRIETTE AND MARCEL KORNER SCHOLARSHIPSClaudia Biagioni, Audrey Pitaru

KAREN E. LATT MEMORIAL SCHOLARSHIPAlexia Kalin

Thank you so much for both the financial support and your belief in me. It means so much that I am supported in my community and it makes me feel that I am becoming a stronger person by achieving my dreams. Deborah Cohen, Mitchell Karper Memorial Scholarship recipient

Over 125 donors, recipients and their families attended the annual scholarships presentations. Scholarships were presented to over 54 students for undergraduate or postgraduate study in Montreal or in Israel. Vice-President Brenda gewurz thanked the donors whose generosity and commitment have enabled students to pursue their academic dreams in the family’s name or that of a loved one. The event was hosted by Allan Levitt and son Jonathan, who presented medals to recipients of the Levitt Family Foundation Scholarship started by father and grandfather, Irving Levitt z”l.


Over 200 professionals in the fields of financial and estate planning attended the annual seminar. The multi-disciplinary program included updates on investing, discussing philanthropy, smart tax practices and navigating digital channels and safety online. Speakers included David Lisbona, RBC Dominion Securities; Phil Nadler CPA, CA, RICHTER; Robert A. Kleinman FCPA, FCA, Executive Director, Jewish Community Foundation of Montreal; Mark Brender, Osler; Nancy Cleman, Sternthal, Katznelson, Montigny; and Sharon g. Druker, Robinson Sheppard Shapiro.

David, Phil, Mark, Nancy and Sharon: you have educated and enlightened us with your expertise, knowledge and practical skills. We are so fortunate to have you in our community and working with us. Joel Segal

The seminar also provided an opportunity to honour financial advisors who helped their clients create endowments or other legacy gifts at the Foundation. Testimonials were presented to: Steven Korda, Howard Nemeroff, David Perlin CPA, CA and Marvin Wexler.

The event is presented annually by the Professional Advisory Committee (PAC) co-chaired by Phil Nadler CPA, CA and Rhonda Rudick.

Mark Brender, David Lisbona, PAC co-chairs Rhonda Rudick & Phil Nadler, Nancy Cleman, Sharon G. Druker & Robert Kleinman

Mark Brender, David Lisbona, PAC co-chairs Rhonda Rudick & Phil Nadler, Nancy Cleman, Sharon G. Druker & Robert Kleinman

Robert Kleinman, Brenda Gewurz, Phil Nadler, honourees David Perlin, Marvin Wexler, Howard Nemeroff & Steven Korda; Rhonda Rudick

From vision to reality Professional Development Seminar

Who makes others do good transcends the doers. Talmud


From vision to reality Roadmap To The Future

Vision without action is a dream; action with vision is making a positive difference. Joel Barker

Meta-Strategy 2013-2016

Mission

To inspire, promote and innovate Jewish philanthropy

Vision

A strong, sustainable Montreal Jewish community

Values

• Tzedakah: justice, charity• Tikun Olam: repairing the world• Dor l’Dor: passing on Jewish values, raising new generations of leaders• Kavod: respect, responsiveness, acts of loving kindness• Derech Eretz: transparency, accountability, excellent governance

I believe we now have a blueprint to ensure a sustainable, rock-solid future for our community and generations to come.

Joel Segal

The 4 strategic pillars

Do more Tzedakah with more families

Deepen valued and trusted relationships

with donors

Become a trusted advisor

Broaden and innovate scope of services:

Fund management

Intergenerational philanthropy

Demonstrate outstanding leadership and governance

Board renewal with diverse talents and ages

Exemplary investment standards

Seed fund new initiatives

Innovative, collaborative, achievable, measurable

proposals with long-term impact

Emergency funding

In June the Board of Directors approved a comprehensive strategic plan to ensure the Foundation continues to offer the best services to our donors while responsibly and effectively serving the needs of our community well into the future.

Increase Capacity Improve Donor Engagement Stewardship Strategic Allocations


B’NAI TZEDEK FuNDSLeah BenabouDaniel BensoussanBenjamin FeldmanAaron Jay GurmanNoah Jared KaderAaron Michael LohnerMatthew MatlinOwen MillerJonathan SteinbergZach Sone

COMMuNITy TRuST FuNDSHebrew Academy Endowment for ExcellenceTBDJ Youth Programming Fund

April 1, 2012 - August 1, 2013

LION OF JuDAH ENDOWMENTS (LOJE)Brenda GewurzFelice Pascal z”lSylvia Quint

BEquESTSIsaac Braunstein z”lRabbi Maurice Cohen z”lMinnie Klein z”lBetty Reitman z”lEugene Wagner z”lBarbara Weldon z”l

LEGACy SOCIETy

We are deeply grateful to the Legacy Givers who have declared their intention to provide for the future of ourJewish community through their wills or by making deferred lifetime gifts such as life insurance and charitable remainder trusts.

Marcel KornerGordon LaxGisela & Andre SiposGayle Ann Shinder

Your dreams, your legacy New Funds

We are greatly appreciative of those individuals and families who, during their lifetime or by a will bequest, have demonstrated that Tzedakah and the spirit of Tikkun Olum live in their hearts.

DESIGNATED FuNDSBerall Family Foundation for the JEM WorkshopBronfman Family Gen J Fund for the Jewish Learning CentreMoses Deitcher Memorial FundHarry Feldman Memorial ScholarshipMary Shapiro Kantor Memorial FundMichael Kastner Fund for Magen David AdomMichael Kastner Fund for Medécins sans frontièresMichael Kastner Fund for Save the Children CanadaBetty & Charles Maldoff Fund for Auberge ShalomBetty & Charles Maldoff Fund for CJCSBetty & Charles Maldoff Fund for Gen J

uNDESIGNATED FuNDSLeonard Fisher Memorial FundAnn & Al Wexler Memorial Fund

FAMILy FOuNDATIONS/PHILANTHROPIC FuNDSDyna and Morris Dalfen Family FoundationAdolf Egett Memorial FundGilsig Family FoundationGloria Miloff Memorial FundPeggi Cohen Rabinovitch & Mark Rabinovitch Foundation

Daniel, Haim and Talia Bensoussan, B’nai Tzedek chair

Leah & Harry Feldman z”lHebrew Academy


I love the opportunities B’nai Tzedek provides for kids to have Jewish conversations with other Jewish kids to discuss what they care about. Shawna Goodman Sone

Inspired by my mother-in-law, Jean Quint, we are all strongly committed to the Jewish people and Israel. Sylvia Quint

Raised in the Jewish tradition, I believe in Tzedakah. My biggest pleasure is to help people in any way. Marcel Korner

Ted & Sylvia quint

Shawna, Zachary & Todd Sone

Marcel Korner

The future belongs to those who believe in the beauty of their dreams. Eleanor Roosevelt


Bathurst Jewish Community Centre 6,800United Jewish Appeal of Greater Toronto 6,500 Camp Garden (Gan) of Israel 5,700 Tyndale St-Georges 5,600 Camp Kinneret-Biluim 5,300 L.O.V.E.: Leave Out Violence 5,200Eastern Ontario & Western Quebec Christmas Cheer Foundation 5,000

HuMAN SERVICES The Sir Mortimer B. Davis - Jewish General Hospital Foundation 3,272,300Montreal General Hospital Foundation 652,600The Montreal Children’s Hospital Foundation 349,200 Miriam Foundation 176,500 Donald Berman Yaldei Developmental Centre 156,300Mizrachi Organization of Canada 141,300 Royal Victoria Hospital Foundation 106,700Mount Sinai Hospital Foundation 105,200St. Mary’s Hospital Foundation 98,700Montreal Heart Institute Foundation 98,300Maimonides Hospital Foundation 91,500 Jewish Hospital of Hope Eldercare Foundation 76,700 Juvenile Diabetes Research Foundation Canada 64,300Alzheimer Groupe Inc. 58,100Fondation du Dr. Julien 55,000Fondation du Centre hospitalier de l’Université de Montréal (CHUM) 50,000The Foundation for Gene and Cell Therapy 50,000 Maison Shalom 43,700 Mary Katz Claman Foundation 43,200Fondation de l’Hôpital Sainte-Justine 37,700 Chabad Lifeline 34,900 Just for Kids Foundation 34,600Cancer Research Society Inc. 32,300Maisonneuve-Rosemont Hospital Foundation 29,000Jewish Community Rehabilitation Foundation 27,400

Centraide of Greater Montreal 148,100 Agence Ometz 131,400 Mada Community Centre 130,000 YM-YWHA Montreal Jewish Community Centres 129,100Foundation for the YM-YWHA 128,900 Camp B’nai Brith Inc. 113,500 Cummings Jewish Centre for Seniors Foundation 98,400Maccabi Canada 95,800 Chaverim Donne La Main 95,000 David Suzuki Foundation 73,000Auberge Shalom ... pour femmes 71,300 The Friendship Circle 61,800 Communauté sépharade unifiée du Québec 40,900Jewish Public Library 38,000Atwater Library & Computer Centre 31,200 MAZON Canada 30,100 B’nai Brith Canada 24,700Camp Moshava 24,700 Camp B’nai Brith Foundation 22,500JEM Workshop Inc. 21,800 Honor Aid Society 21,500 Refuge des Jeunes de Montréal 20,200 Sun Youth Organization 20,200 Cummings Jewish Centre for Seniors 16,500 Camp Massad 16,200 Desta Black Youth Network 15,000March to Jerusalem 13,000 Centre Communautaire de la petite Italie 12,500 Ensemble pour le respect de la diversité 12,300 Les Amis de la Montagne 11,700 Hebrew Free Loan Association 11,000 Info Cult 10,300 Gates of Mercy 10,000Jewish Community Foundation of Calgary 10,000Project Genesis 9,700Dans La Rue 9,100 Moisson Montreal Inc. 8,300 The Old Brewery Mission Inc. 7,800 Radio Shalom 7,600

2012-2013 Allocations

Great is the privilege of the philanthropists for they awaken the good of the community. Zohar

JCF ALLOCATIONS COMMITTEE gRANTS from Undesignated Funds

COMMuNITy & SOCIAL SERVICES Federation CJA $74,200Communauté sépharade unifiée du Québec 31,500Jewish Unity Partnership Inc. 10,000Jewish Federations of Canada - UIA 6,600Jewish Federations of North America 5,000Jewish Public Library 5,000Jewish Russian Community Centre of Montreal 5,000 Leave a Legacy 5,000United Community of Russian Speaking Jews of Quebec 5,000

EDuCATIONShaping our Future 196,200UTT/Herzliah 32,300JPPS-Bialik 28,700École Maïmonide 9,700

RELIGIOuS INSTITuTIONS B’nai Or Montreal Community Shul 10,300

ARTS AND CuLTuRE KlezKanada 23,000

MISCELLANEOUS 15,000 TOTAL $462,500

TZEDAKAH ALLOCATIONS IN PARTNERSHIP WITH JCF DONORS Designated and Philanthropic Funds

COMMuNITy & SOCIAL SERVICES Federation CJA $10,078,100Jewish Federations of Canada - UIA 213,500Chabad Lubavitch Youth Organization 205,400

Our donors continue to direct their philanthropic dollars to the issues and causes they care most about, ranging from meeting basic human needs to cutting-edge programs in both the Jewish and secular communities. They create legacies through the establishment of endowment funds which are invested with professional investment managers under the guidance of the Foundation’s investment committee. A 5% allocation is granted annually according to donors’ instructions.

Designated funds enable donors to select programs or causes to sustain in perpetuity. Allocations in their names are made to those organizations which are most meaningful to them.

Family Foundations/Philanthropic funds offer an easy and meaningful way to give as a family. Allocations are decided in consultation with family representatives.

Undesignated funds are created by donors who wish to leave a legacy without any restrictions. These funds enable the Foundation’s allocations committee to respond to changing needs of our community and fund innovative projects.


EDuCATIONCanadian Society for the Weizmann Institute of Science 380,600 McGill University 363,000 Bnei Chesed Foundation 216,000 JPPS-Bialik 175,200 Hebrew Academy 136,800 Scholarships 113,900 Rabbinical College of Quebec 106,500 Lower Canada College 106,200 The Akiva School 104,900 Fondation HEC Montreal 100,000Bronfman Jewish Education Centre 97,800 UTT/Herzliah 96,100 Chaya Mushka Seminary 92,800 The Study School Foundation 79,200 Solomon Schechter Academy 59,700 Selwyn House School 47,100 St. George’s School of Montreal 46,800Concordia University 44,500 École Maïmonide 43,700 Bais Yaakov Elementary School 40,500The Governing Council of the University of Toronto 40,100 Beth Jacob School 36,700 Université de Montréal 29,500 Canadian Institute for Jewish Research 29,400 Hebrew Foundation School 27,900 Beth Jacob Seminary 27,500 Trinity College School Foundation 25,600Beth Rivkah Academy 21,000 HEC Montreal 20,000 BMC Teachers College 12,700 Thomas More Institute 12,500 University of British Columbia – Sauder School of Business 12,500 Free Hebrew for Juniors 8,800 Trafalgar Ross Foundation 8,400 Summit School Foundation 8,300 Miss Edgar’s & Miss Cramp’s School 5,700 Torah Fax 5,500

The Rick Hansen Foundation 25,000Fondation Mira Inc 21,500 Doctors Without Borders 20,700 Hôpital Notre Dame 20,500 La Fondation Jean-Montbourquette 20,000 Tikva Children’s Foundation 20,000 Sir Mortimer B. Davis JGH Ladies Auxiliary 19,900 Yismah Moshe Hevraj Pinto Charitable Society of Ontario 17,800Cedars Cancer Institute at the McGill University Health Centre 17,600 Migdal Ohr Tower of Light Children’s Foundation 16,500 Urban Pardes 15,600 The Baycrest Centre Foundation 14,200 Défi Corporatif Canderel 13,400 Ottawa Hospital Foundation 12,000 Alzheimer Society of Montreal 11,100McGill University Health Centre Foundation 11,100Fondation Hôpital Charles-LeMoyne 11,000 The Teresa Group 11,000 Rofeh Cholim Cancer Society 10,000 Auxiliary Mount Sinai Hospital 9,800 MAB-Mackay Foundation 9,700 Go Le Grand Défi Pierre Lavoie 9,500 Quebec Society for Disabled Children 9,500 Farha Foundation 8,200 Queen Elizabeth Health Complex Foundation 7,900 Crohn’s & Colitis Foundation of Canada 7,800 Multiple Sclerosis Society of Canada 7,800 Fondation Centre de cancérologie Charles Bruneau 7,100Montreal Canadiens Children’s Foundation 5,800 Colorectal Cancer Association of Canada 5,600 BMP Foundation 5,000 Fondation C.E.D. Inc 5,000 Kelly Shires Breast Cancer Foundation 5,000Société de sclérose systémique (sclérodermie) du Québec 5,000

RELIGIOuS INSTITuTIONS Va’ad Mishmeres Mitzvos 806,100 Congregation Tifereth Beth David Jerusalem 182,600 Congregation Shaar Hashomayim 162,700 Shaare Zion Congregation 147,400 Temple Emanu-el Beth Sholom 136,400 Yeshiva Gedola Merkaz Hatorah 111,800 Congregation Beth-El 71,700Congregation Dorshei Emet 65,000 Kollel Torah Mitzion 58,200Congregation Chevra Kadisha B’nai Jacob Beit Hazikaron 49,200 Montreal Torah Center – Congregation Bais Menachem Chabad Lubavitch 35,600 Chasdei Tovim Meoros 34,200 Or Menachem Synagogue 33,200 Congregation Beth Tikvah 29,100 Beth Zion Congregation 26,800Mifale Chaim Bechesed 25,000 Montreal Community Mikva 23,500 Congregation Beth Ora 21,400 Beth Israel Beth Aaron Congregation 19,600 Ezras Achim Congregation of Brotherly Help 18,600 Jewish Education Program 18,500 House of Israel Congregation of Ste. Agathe 16,900 Jewish Experience 14,000 Yeshivat Yesodei Hatora 12,600 Tomchei Shabbos of Montreal 12,100 Yeshivat Aish HaTorah College of Jewish Studies 12,000 Shaare Zedek Congregation 11,500 Kupas Hachesed Meoroth 11,400 Congrégation sépharade Or Hahayim 11,300 Jewish Unity Partnership Inc. 11,200 Congregation Toldos Yakov Yosef 11,100 Centre d’etudes talmudique de Côte-St-Luc 11,000Adath Israel Poale Zedek Anshei Ozeroff Congregation 10,800


Festival des arts de St-Sauveur 21,000 Canadian Vocal Arts Institute 20,600 Opéra de Montréal 18,600 Montreal Symphony Orchestra 16,300 Montreal Symphony Orchestra Foundation 14,000 Montreal Museum of Fine Arts Foundation 12,200Jerusalem Foundation of Canada Inc. 9,400 Canadian Centre for Architecture 8,000 Les Idées Heureuses 7,500 Les Ballets Jazz de Montréal 7,200 Canadian Zionist Cultural Association 6,700

ISRAEL & OVERSEAS ORT Canada 185,600 Jewish National Fund of Canada 136,700 Israel Cancer Research Fund 113,000 Canadian Friends of Zefat 90,000 Canadian Friends of the Hebrew University 57,500Canadian Associates of Ben Gurion University of the Negev 48,400 Canadian Technion Society 45,700Canadian Magen David Adom for Israel 24,300 Aid to Disabled Veterans of Israel-Beit Halochem Canada 23,600

Communauté sépharade de Ville St. Laurent 10,200Congrégation sépharade de Hampstead Nahar Chalom 10,200 Adas Israel Congregation of Hamilton 10,000Menucha Vesimcha 8,000 Congregation Shomrim Laboker 7,900 Kollel Keser Torah 7,400 Yeshiva Skver Montreal 7,200 First Mesifta of Canada 7,100Communauté sépharade Hékhal Shalom 7,000 Chasdei Levy Yitzcok 6,800Kollel Avrechim Fondation Sépharade 5,300 Fondation des instituts juifs orthodoxes 5,000 Or Shalom 5,000 Temple Sholom 5,000 Torah Umersorah 5,000

ARTS & CuLTuRE Segal Centre for Performing Arts 956,600 Canadian Society for Yad Vashem 118,800Cinemania 106,000 Montreal Holocaust Memorial Centre 97,100KlezKanada 57,800

A grant from the Foundation helped develop Vermont Public Television’s newest documentary, Little Jerusalem, which captures the history of this early Jewish community. Using archival images and interviews with descendants of the original settlers, the film tells the little-known story of a traditional Jewish community that thrived in Burlington’s Old North End from the 1880s to the 1940s.

Little Jerusalem evokes Burlington’s remarkable Jewish heritage - a heritage that enriches the cultural mosaic of Vermont to this day.

Little Jerusalem... in Burlington?

Community Organizations

Human Services

Education

Religious Institutions

Arts & Culture

Israel/Overseas

Miscellaneous

42.9

8.43.25.1

8.1

10.5

21.8

Allocations by Field of InterestAllocations Summary

Canadian Friends of Yeshiva University 20,600 Save the Children Canada 20,500 Canadian Friends of Mosoos Chasidei Belz 20,000Canadian Friends of Mir Yerushalayim 18,000 Hadassah-WIZO Canada Foundation 17,400 Ezras Cholim 15,000 Emunah Women of Canada 14,700 Can Serve Foundation 13,200 Association for the Soldiers of Israel 10,000 Canadian Friends of the World Union for Progressive Judaism 8,100Canadian Friends of Ezrath Nashim Herzog Hospital 8,000 Canadian Friends of Jaffa Institute 6,800Ve’Ahavta Canadian Jewish Humanitarian & Relief Committee 6,000Friends of Simon Wiesenthal Center for Holocaust Studies 5,600 Na’amat Canada 5,100Enablis Foundation Canada 5,000

MISCELLANEOuS 2,420,800

TOTAL $28,523,700

Grants from undesignated funds $462,500 Grants from designated and philanthropic funds 28,523,700 TOTAL ALLOCATIONS $28,986,200

The Rosenberg family, 1898


For the year ending March 31, 2013, we are reporting a gain of 8.51% on the Jewish Community Foundation (“JCF”) of Montreal’s pooled fund. This is in contrast to last year’s negative 0.12% return and leaves the fund with a 2-year return of 4.11%. Over a 3-year period the annualized return is 5.52%.

This performance is directly related to the investment policies and strategies of the committee – primarily to use a fund of fund or a passive index investment approach, to diversify the pool into an array of asset classes and to hedge investment strategies to mitigate risk against significant losses. This will be further explained below.

During the last fiscal year the markets rallied, particularly in the U.S., overcoming concerns over the financial and economic situation of Europe. Canadian equities were the clear laggards to global performance, as commodities were detrimental to performance. Equity markets performed well during the period with the S&P rising 11.4%, the MSCI 11.16% and the S&P/TSX composite 5.46%.

Asset Allocation Performances

Equities

Over the long term, equity holdings are generally expected to generate returns superior to those of less risky assets such as bonds and cash.

This category makes up 40% of the pool and includes traditional market equities (Canadian, US and foreign), private equity, and distressed debt.

Our 10% Canadian equity allocation, to a Statestreet Composite index fund, reported a 4.83% gain this year against the bench-mark of 5.46% (S&P/TSX Composite).

Our US, International, and Emerging Markets Funds, managed by Commonfund and also utilizing a passive indexed strategy, reported a 8.67 % gain against a benchmark of 11.16% (20% allocation).

The 100% private equity and distressed debt fund of funds (“fofs”) reported an 11.56% aggregate return. These “illiquids” continue to contribute positively to the total performance of the pool.

Real Assets

Real asset investments provide attractive return prospects, portfolio diversification, and a hedge against unanticipated inflation. This category of investment is typically less liquid than publicly traded

securities. JCF includes real estate and natural resources in its alloca-tion to real assets.

The 10% of assets placed in this asset class returned 11.91%.

Hedge Funds

Hedge funds provide portfolio diversification, seeking to generate high long-term real returns by exploiting market inefficiencies. Unlike traditional marketable securities, hedge funds have historically provided returns largely independent of overall market moves.

30% of our portfolio is placed in hedge fund fofs with Commonfund and HSBC. The Foundation’s hedge funds performed well versus their peers (7.15% versus the benchmark of 4.86%). Although strong equity markets made short positions a drag on performance in some strategies, managers added value during the year relative to the risk in their strategies. Manager skill, or alpha, was higher this year than it has been in the last few years. Long short equity and credit strategies did well while macro and trend following strategies were the laggards.

Fixed Income

Fixed income assets generate stable flows of income, providing greater certainty of nominal cash flow than other asset classes. They have the lowest historical and expected returns of the asset classes included in the JCF’s portfolio.

20% of the pool is placed in fixed income and returned 4.46%. Over 80% of this allocation is run by State Street in a Canadian Fixed Income Index Fund, with the balance mostly invested in State of Israeli Bonds.

Currency and Currency Hedging

The returns described above are described in the currency of the underlying investments. As about 70% of the pool is invested in $US, currency fluctuations have an impact on the final returns described in $CDN. The fund uses a dynamic hedging formula with the aim of significantly reducing the foreign currency risk.

This past year the Canadian dollar was stable against the US greenback, as the exchange rate moved from 0.99 to 0.984. The Investment committee hedges currency fluctuations. This year the hedging and currency fluctuations were minor.

Conclusion

The market remains uncertain and volatile. Interest rates have begun to climb. The Investment Committee will maintain its policies of diversification and hedging.

Investment Committee Report for year ended March 31, 2013

The only way to predict the future, is to shape it ourselves. Unknown


As at March 31 2013 2012 2011 2010 2009 $ $ $ $ $

ASSETS

Cash 6,735,368 6,704,189 5,422,439 3,197,637 4,151,206 Loans and other assets 1,609,683 1,450,222 1,415,417 2,434,090 1,447,404Investments 319,942,223 294,193,620 264,480,563 231,546,531 195,933,534Investments in private Canadian companies 16,034,092 14,536,932 14,376,096 15,251,904 19,609,181Capital assets 469,514 728,714 724,314 777,588 445,249 344,790,880 317,613,677 286,418,829 253,207,750 221,586,574

LIABILITIES AND NET ASSETS

LIABILITIES

Grants and accounts payable 136,063 168,411 123,435 211,406 615,574Trust funds payable 91,812,280 85,659,807 97,951,370 86,621,632 73,673,317

91,948,343 85,828,218 98,074,805 86,833,038 74,288,891

NET ASSETS

Restricted for endowment purposes 225,366,051 206,663,565 164,829,861 144,066,891 129,495,546Unrestricted 27,476,486 25,121,894 23,514,163 22,307,821 17,802,137

252,842,537 231,785,459 188,344,024 166,374,712 147,297,683 344,790,880 317,613,677 286,418,829 253,207,750 221,586,574

Financial summary Balance Sheet

As the generation, so the leader; as the leader, so the generation. Talmud


Year ended March 31 RESTRICTED UNRESTRICTED TRUST FUNDS TOTAL FUND TOTAL FUND FUNDS FUNDS SUBTOTAL PAYABLE BALANCE BALANCE 2013 2012 $ $ $ $ $ $

CONTRIBUTIONS AND REVENUES

Endowment and other contributions 33,183,299 763,507 33,946,806 - 33,946,806 65,787,738 Administration fees - 952,796 952,796 - 952,796 908,302 Investment income 15,437,314 1,969,440 17,406,754 6,294,198 23,700,952 3,205,041

48,620,613 3,685,743 52,306,356 6,294,198 58,600,554 69,901,081

Trust fund contributions - - - 4,771,355 4,771,355 8,312,419

48,620,613 3,685,743 52,306,356 11,065,553 63,371,909 78,213,500

DISTRIBUTIONS AND ExPENSES

Grants paid 28,523,657 462,497 28,986,154 - 28,986,154 23,834,738 Administration fees 648,969 87,903 736,872 215,924 952,796 908,302 Administration and fundraising expenses 523,465 997,536 1,521,001 - 1,521,001 2,881,104

29,696,091 1,547,936 31,244,027 215,924 31,459,951 27,624,144

Trust fund distributions - - - 4,702,407 4,702,407 19,439,484

29,696,091 1,547,936 31,244,027 4,918,331 36,162,358 47,063,628

Change in the year 18,924,572 2,137,807 21,062,329 6,147,222 27,209,551 31,149,872 Interfund transfers (222,036) 216,785 (5,251) 5,251 - -

18,702,486 2,354,592 21,057,078 6,152,473 27,209,551 31,149,872

Net assets, beginning of year 206,663,565 25,121,894 231,785,459 85,659,807 317,445,266 286,295,394

Net assets, end of year 225,366,051 27,476,486 252,842,537 91,812,280 344,654,817 317,445,266

Statement of Operations and Changes in Net Assets

16.2

2010

8.48.5

201120122013

-0.1

Investment Performance

RETuRN OF POOL By yEAR (%)

Growth in Total Assets

201120122013

350 M

300 M

250 M

200 M

150 M

100 M

50 M

0


FOuNDING PRESIDENTArthur Pascal C.M. z’l

HONOuRARy PRESIDENTSL. Michael Blumenstein Barry Clamen CFCA, FCA Marvin Corber C.M. FCPA, FCASenator Yoine GoldsteinStanley Hyman z”l Mildred Lande C.M. z”lHarvey Levenson Boris G. Levine C.M. z”lJoel Raby Robert Raich Oscar Respitz Q.C. Gordon Schwartz z”l Robert Vineberg Sheila Zittrer

OFFICERS

IMMEDIATE PAST PRESIDENT Barry Pascal

PRESIDENT Joel Segal

VICE-PRESIDENT Brenda Gewurz

SECRETARy Barbara Novek

TREASuRER Michael Etinson

BOARD OF DIRECTORS Sylvain AbitbolThérèse AttiasHoward Berish FCPA, FCAMichael Frankel CPA, CA Peter JacobsIan KarperArmand Kessous Kathy LempertPaul Levine FCPA, FCA Susan LevinePhilip Nadler CPA, CASam OlielDanny Ritter Miriam Roland Steven SitcoffIrwin TaubenRichard Vineberg FCPA, FCA Francine WisemanLawrence Young

CHAIRS OF COMMITTEES

ALLOCATIONSPeter Jacobs

AuDITNorman Daitchman FCPA, FCA

B’NAI TZEDEKFrancine Wiseman

INVESTMENTAllan Schouela

PROFESSIONAL CONSuLTANTSPhilip Nadler CPA, CARhonda Rudick

MARKETINGHoward Krosnick

SCHOLARSHIPAllan Levitt

STAFF

EXECuTIVE DIRECTOR Robert A. Kleinman FCPA, FCA

EXECuTIVE VICE-PRESIDENTJoel King BCL, LLB

DIRECTOR OF FINANCEJoelle Mamane CPA, CA

DIRECTOR OF MARKETINGMarlene Gerson

CONTROLLERSita Piche

EXECuTIVE DIRECTOR EMERITuSEmanuel Weiner

DONATIONS CO-ORDINATORBryna Hersh

GRANTS CO-ORDINATOR Lee Omer

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