Table of Contents 3 – Messages 4 – LIFE & LEGACY 6 – OJCF Legacy Society 8 – OJCF’s Impact in the Community 10 – OJCF Giving Council 11 – OJCF Professional Advisors Group 12 – Oregon Jewish Community Youth Foundation (OJCYF) 14 – Financial Year in Review 15 – Consolidated Financial Information 16 – Investment Committee & Grants Overview 18 – Scholarship Awards & Endowment Distributions 19 – Support in Israel & Types of Funds 20 – OJCF Supporters 22 – Board of Trustees 23 – Professional Team
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President’s Message from Jeff Wolfstone
Executive Director’s Message from Julie Diamond
In my first year as president of the Oregon Jewish Community Foundation, I have had the privilege of leading a dynamic and creative organization. Giving can be very simple, think raising your paddle during a Mitzvah Moment, or quite complex as in charitable gifts of real estate or artwork. With everything in between, there is a way for all of us to be charitable, to support our Jewish and general community and to experience the rewards of making a difference and sustaining our Jewish values of tzedakah.
Fiscal year 2015 marked another year of growth and development at OJCF, thanks to you and all our wonderful fund holders and community members. We established new funds for both individuals and partner organizations and received generous contributions to existing funds and endowments. All in all, OJCF distributed a total of $4,895,637 to our Jewish organizations and the broader charitable community.
I’m reminded of a favorite quote by Aristotle, “Quality is not an act, it is a habit.” The Foundation is dedicated to delivering the highest quality philanthropic services every day, as a habit. To that end, we are always exploring new ways to support sophisticated philanthropists such as with supporting foundations and our new socially responsible investment option. At OJCF, there are many opportunities, ideas and charitable vehicles to choose from. With an initial gift of $1,800, parents can establish a donor advised fund for their 13-year old daughter in celebration of her bat mitzvah. Poised for growth, grants can be made once the fund grows beyond $5,000. For someone who wants to be charitable but needs income during his lifetime there are charitable gift annuities and charitable remainder trusts. Gifts of life insurance and simple bequests can create significant financial resources for the future. These are all ways that we can meld your passions with our financial resources for a strong Jewish community. OJCF is here to help you explore what could be the most rewarding and exciting approach for you. I’m amazed by the diversity of the Foundation’s services. Yet, it’s all about serving donors and partner organizations in ways that are impactful. I’m looking forward to another meaningful year with all of you, working to ensure a strong and vital Jewish community.
During the course of the 2015 fiscal year, our donor advised fund holders recommended a total of 862 individual grants. The generosity of our fund holders and their dedication to making a difference is inspiring and illustrates our cherished value of tikkun olam or “repairing the world.” In addition to granting activity, the Foundation continues to provide innovative programs that connect and strengthen our community. Recently, the Foundation launched the OJCF Giving Council, a giving circle for young professionals. Facilitated by Sonia Marie Leikam, OJCF’s new Collaborative Giving Program Coordinator, the program is bringing together Jewish adults in their 20s and 30s to explore their values and passions as a group, pool their charitable contributions and distribute funds according to their philanthropic vision. Our LIFE & LEGACY program continues to be a success. As of the end of the second year of the now four- year program, Portland and Eugene’s participating organizations secured a total of 396 legacy commitments. These declarations represent a total estimated future value of $17.7 million. LIFE & LEGACY has brought our community together to collaborate in a way it never has before and we are all stronger for it. Thank you to my dedicated OJCF colleagues who bring so much to the Foundation. I also want to thank our steadfast Board of Trustees and committee members for their ongoing commitment to the Foundation’s strength. It is truly a privilege to do this work with the goal of ensuring a long and vibrant future for our Jewish community.
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LIFE & LEGACY OJCF and our LIFE & LEGACY partner organizations ended the second year of the legacy initiative strong by surpassing our community-wide goal and securing 172 new legacy commitments. These promises of support for our community’s Jewish organizations have an estimated future value of approximately $7 million. LIFE & LEGACY, now extended to a four-year partnership between OJCF and the Harold Grinspoon Foundation, is changing the culture of philanthropy in our community and assisting the participating organizations with the crucial mission of building their endowments to ensure strong futures. To further increase the reach and impact of LIFE & LEGACY in Oregon and SW Washington, OJCF has launched LIFE & LEGACY Abridged, an accelerated version of the initiative being offered to the Foundation’s partner organizations that are not a part of the formal legacy program.
LIFE & LEGACY Facts:
Total Number of Legacy Commitments Secured in Years One & Two:
396
Total Estimated Future Value:
$17.7 million
Total Number of Legacy Gifts Already Realized in Program:
$1.3 million
10 participating organizations: Cedar Sinai Park, Congregation Beth Israel, Congregation Neveh Shalom, Congregation Shaarie Torah, Jewish Family & Child Service, Jewish Federation of Greater Portland, Mittleman Jewish Community Center, Oregon Jewish Museum and Center for Holocaust Education, Portland Jewish Academy, Temple Beth Israel, Eugene
LIFE & LEGACY Leadership Council
Eric Rosenfeld, Chair • Julie Diamond • Gail Mandel Elizabeth Menashe • Jim Meyer • Jeff Wolfstone Ben Isenberg z”l, Founding Chair
“I have spread my legacy gift across our community to enhance learning, caring, worshiping and healing. I’m thinking past today, past tomorrow. Part of my legacy will be that I’ve planted seeds in a garden that I’ll never get to see. That’s the way it ought to be.” – Marshal Spector 4
“I’m proud of the way our community has worked so closely and so generously to launch LIFE & LEGACY. I’m proud of the many families who stepped up to fund the program’s launch and the 10 local Jewish organizations who agreed to partner with OJCF. It’s a tremendous statement about the strength of our local Jewish community and our collective commitment to ensuring its future.” – Eric Rosenfeld
Tom & Patti Barkin
Michael Weiner & Kathy Davis-Weiner
For Tom and Patti Barkin, Eugene’s Jewish community has provided them with a spiritual, emotional and social home for nearly 40 years. Over the decades, Temple Beth Israel has been the true center of this home, which is why the idea of making a legacy gift in support of the synagogue was logical to them. “We were very involved in the temple’s capital campaign to build our beautiful new home,” shares Patti. “Building a temple was a once in a lifetime experience. Leaving a legacy beyond that, well, that’s what we do.” The couple feels that the LIFE & LEGACY program has been really motivating and has allowed the legacy conversation at TBI to begin in earnest. “The temple has been the recipient of occasional bequests over the years but it was the LIFE & LEGACY initiative that really allowed the TBI team to cultivate and solicit such gifts,” explains Tom. The Barkins hope that future generations in Eugene will find a Jewish community as welcoming and dynamic as the one they have been a part of for almost forty years.
Michael and Kathy believe that philanthropy is the backbone of Jewish cultural and religious survival so committing to make a legacy gift in support of the Jewish Federation of Greater Portland through their OJCF donor advised fund just made sense. “It is critically important that we pay forward our Jewish heritage by funding institutions and groups that will preserve the values we cherish,” shares Kathy. The LIFE & LEGACY program triggered discussions between them regarding how to best accomplish their philanthropic goals. “Nothing is more important to us than the preservation and enhancement of a vibrant Jewish community in Portland,” says Michael. “Kathy and I will continue to work with OJCF, the Jewish Federation of Greater Portland and other organizations to find ways to make sure that Portland’s Jewish community continues to thrive for future generations.”
In Brief:
LIFE & LEGACY promotes after-lifetime giving to benefit local Jewish day schools, synagogues, social service organizations and other Jewish entities. Through training, support, and monetary incentives, LIFE & LEGACY motivates Jewish organizations to integrate legacy giving into their philanthropic culture in order to assure Jewish tomorrows. 5
OJCF Legacy Society In 2015, the Foundation was proud to name Renee and Irwin Holzman OJCF’s Legacy Society Honorees for the year. For decades, Renee and Irwin’s philanthropic generosity has enriched programming and strengthened institutions throughout Portland’s Jewish community. Their recent $1 million endowment gift establishing the Holzman Family Religious School Scholarship Fund of OJCF will provide financial aid to Congregation Beth Israel’s religious school families for generations of children to come.
OJCF Legacy Society Honorees
“Renee & Irwin Holzman embody what it means to give tzedakah and to be philanthropic as they continue, with great intentional care, to make the effort to increase the well-being of humankind.” – Rabbi Michael Cahana, Cantor Ida Rae Cahana and Rabbi Rachel Joseph
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2015 2014 2013 2012 2011 2010
-
Renee & Irwin Holzman Eric & Tiffany Rosenfeld & Family Min Zidell Gloria Bacharach Gerel & Henry* Blauer Stuart Durkheimer*
OJCF Legacy Society Members OJCF’s Legacy Society recognizes and honors individuals who have made a legacy gift to the Foundation or our Jewish community through the Foundation, in their will or estate plan or by beneficiary designation.
Anonymous (6)
Jonathan Glass & Sarah Kahn Glass
Isadore Russell*
Roy & Kay Abramowitz
Ira & Julie Gottlieb
Rose & Arnold* Rustin
Joy Alkalay*
Steve & Michelle Gradow
Jerry & Bunny Sadis
Ron & Judy Appelbaum
Margaret Hasson
Faye & Stan* Samuels
Asa & Adrienne Arnsberg*
Irwin & Renee Holzman
Arlene & Harold* Schnitzer
John & Carol Arnsberg
Janice & Ben* Isenberg
Dina Schnitzer
Jeff & Sandy Axel
Garry & Judith Kahn
Jordan Schnitzer
Gloria Bacharach
Albert Kailes*
Lois & Leonard* Schnitzer
Max Birnbach*
Steve & Elaine Kantor
Mardi Schnitzer
Gerel & Henry* Blauer
Chuck Karsun*
Sandra Schnitzer
Stan & Judy Blauer
Sheldon Klapper & Sue Hickey
Charlotte Schwartz*
George Bodner
Anthony & Priscilla Kostiner
Jack & Barbara Schwartz
Lynn Bonner
Arthur Krichevsky*
Arden & Lois Shenker
Stephen & Beverly Bookin
Roy Lambert & Mary Maxwell
Robert & Mara Shlachter
Barbara Brown
Steve Laveson & Lesley Isenstein
Richard Solomon & Alyce Flitcraft
Bernard & Selma Brown
Leonard & Nira Levine
Ruth & Manton Spear*
Eden Rose Brown
Jonathan Levy
Marshal Spector
Alicia Byerley
Jacob & Rose Lewin
Leah Spellman*
Milt Carl
Leonard & Mimi Lewitt
Helen & Jerry* Stern
Bernard Carr*
Derek & Lydia Lipman
Jack Straus
Stuart & Mandi Chestler
Louis & Rita Lubliner*
Gloria Swire
Nathan Cogan
Victor & Toinette Menashe
Rebecca Tarshis*
Margery Cohn
Jim & Lora Meyer
Sada Tarshis*
Sid & Ruby Conroy*
Sharon & Dean Morell
Ronald Tonkin*
Carol & Seymour* Danish
Harold Nadler*
Kathleen Vanderpool
James & Ilene Davidson
Leah & Marvin* Nepom
Larry & Elizabeth Volchok
Major & Karla Defoe
Miles Newmark & Barbara Gilbert
Robert Weil*
Julie Diamond
Mimi & Ze’ev* Orzech
Sharon Weil
Richard Dobrow
Clara Paige*
Michael Weiner & Kathy Davis-Weiner
Stuart & Leah Durkheimer*
Robert & Rita Philip
Gary & Carolyn Weinstein
Jill Schnitzer Edelson
Harold & Jane Pollin
Bertha Woolach*
Evelyn Findl*
Lois Poplack
Merritt & Cookie Yoelin*
Martin Fishel*
Jerome Reich
Min Zidell
Marilyn Forse*
Irving Roberts*
Josh & Amy Frankel
Gayle Schnitzer Romain
Ruth Friedel
Steve Rosenberg & Ellen Lippman
David Fuks & Deanne Sullivan
Charles Rosenblum
Morris Galen
Betty Rosenfeld*
Bernice & Burton* Gevurtz
Eric & Tiffany Rosenfeld
William Gittelsohn*
Rosemarie Rosenfeld
Robert & Lesley Glasgow
Laurens & Judith Ruben
*Of Blessed Memory Every effort has been made to ensure that this list is accurate and complete. We apologize if your name has been omitted or improperly recorded. If so, please contact OJCF so we can correct our records.
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OJCF’s Impact in the Community
Andy Gitelson, Executive Director of the Oregon Hillel Foundation joins University of Oregon President Michael Schill, and student leaders from Hillel, the University of Oregon Arab, Muslim, & Jewish Student Union at Hillel’s annual Avi Schafer Shabbat dinner. Avi Shabbat brings students of all faiths together to celebrate Shabbat and promote diversity initiatives on campus and in Eugene. These partnerships and initiatives are made possible through the generosity of alumni, friends, parents, and community foundations like the Avi Schafer Foundation and the Oregon Jewish Community Foundation.
Community Endowment Fund Established in 2000, OJCF’s Community Endowment Fund has been making annual distributions to support both community nonprofits as well as OJCF programs. OJCF’s Distribution Committee, along with the Board of Trustees, voted in 2014 to implement a new model for distribution of the funds in key strategic areas that further the mission of the Foundation. These include capacity building, education and outreach, and seeding new initiatives in our community. Since this strategy was implemented, the Community Endowment Fund has made grants to PJ Library; Hillels across the state; Jewish summer camps, in support of their youth philanthropy programs; and OJCF programs, including LIFE & LEGACY, the OJCF Emergency Fund, OJCYF and the Giving Council.
Community Endowment Fund Grants in FY 2015
B’nai B’rith Camp ............................................................
$2,000
Camp Solomon Schechter ..............................................
$2,000
Create a Jewish Legacy Oregon / LIFE & LEGACY .....
$30,000
Emergency Fund of OJCF ............................................
$10,000
OJCF Giving Council ......................................................... $5,000 Greater Portland Hillel ...................................................
$2,666
Oregon Hillel (for Oregon State University’s Hillel) .......
$2,667
Oregon Hillel ..................................................................
$2,667
Oregon Jewish Community Youth Foundation ..............
$9,000
PJ Library ........................................................................
$8,000
Total ................................................................................ $74,000
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Leonard & Lois Schnitzer Charitable Supporting Foundation Incorporated in 1997, the Leonard & Lois Schnitzer Charitable Supporting Foundation of OJCF furthers the mission of the Foundation by funding projects and addressing needs in the areas of Jewish art, culture, community development, education, health and social welfare. The Supporting Foundation’s board meets annually to review grant applications and make award decisions. A supporting foundation, such as the Schnitzer Supporting Foundation, is an independent, nonprofit corporation with its own identity and corporate structure that is affiliated with OJCF. While it qualifies as a public charity with all related tax benefits, it has many of the advantages of a private foundation.
Past 10 Years Supporting the Community
150
$650,000
Total Number of Grants
Total Value of Grants
OJCF Partner Organizations
OJCF is proud to be the endowment and investment partner for the 28 organizations listed below. Working together as a community makes us all stronger.
Beit Haverim B’nai Brith Men’s Camp Association / B’nai B’rith Camp Camp Solomon Schechter Cedar Sinai Park Congregation Ahavath Achim Congregation Beth Israel Congregation Kesser Israel Congregation Kol Ami Congregation Neveh Shalom
Congregation Shaarie Torah Gesher: A Bridge Home Greater Portland Hillel Havurah Shalom Jewish Family & Child Service Jewish Federation of Greater Portland Maayan Torah Day School Maimonides Jewish Day School Mittleman Jewish Community Center NCSY – Portland
Oregon Hillel – University of Oregon Oregon Jewish Museum and Center for Holocaust Education P’nai Or Portland Jewish Academy Portland Kollel Shir Tikvah Temple Beth Israel, Eugene Temple Emek Shalom, Ashland Young Judaea
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“The Giving Council provides a unique avenue to team up with peers to ensure a charitable contribution will deliver a significantly greater impact than simply making a donation on my own.”
Andrew Rosengarten & Sara Epstein, Co-Chairs
– Andrew Rosengarten
OJCF Giving Council OJCF is thrilled to introduce its newest initiative, the OJCF Giving Council, a collaborative giving program for working professionals in their 20s and 30s. Launched in January 2016, the Giving Council is a giving circle that brings together a group of donors to pool their philanthropic dollars and then collectively decide how to grant the funds to deserving nonprofits. The group will meet monthly from January – June 2016, to explore philanthropic values and funding opportunities in Portland.
Giving Council Members Jacob Caniparoli, Walker Clark, Shoshana Deutschkron, Anna Epstein, Margot Feves, Nicole Frisch, Alicia Hunt, Emily Kahn, Anna Kodesch, Julianne Levinson, Simone Meyers, Joshua Philip, Becky Polley, Mackenzie Polley, Mara Rosenberg, Jonathan Singer, Nate Smith, Zachary Snyder, Julia Weiss
Giving Council by the Numbers:
$13,000 Dollars Contributed by Members
+
$9,000 Contribution from OJCF’s Community Endowment Fund
=
$22,000 Total Funds Available to be Granted to Community Nonprofits
“Not only is the Giving Council an amazing opportunity to make a significant collective impact on nonprofit organizations, but it provides members the chance to create lasting bonds with other Jewish individuals based on shared values and aspirations while simultaneously gaining a greater understanding of philanthropic systems.” – Sara Epstein
OJCF Giving Council Members from left to right:
Shoshana Deutschkron, Jonathan Singer, Sara Epstein, Jacob Caniparoli & Nate Smith 10
“PAG has been instrumental in not only connecting professional advisors across the state of Oregon, but also, and perhaps more importantly, ensuring that our clients are well educated about critical estate planning and philanthropic issues.“
Josh Frankel & Brian Suher, Co-Chairs
– Josh Frankel
OJCF Professional Advisors Group Now in its fifth year, OJCF’s Professional Advisors Group (PAG) continues to provide its members with educational programming and continuing education credits as well as community building and networking opportunities at lunch meetings convened several times each year. The group is comprised of professional advisors in various legal and financial fields who are committed to supporting the Foundation’s mission by promoting a culture of philanthropy. Past Professional Advisors Group programs have addressed estate planning tax strategies, inheritance and philanthropy, legal issues for same sex couples and, most recently, aging and empowering elders.
PAG Members Kay Abramowitz Roy Abramowitz Alan Bacharach Richard Barker Owen Blank Eden Rose Brown I. Kenneth Davis Stuart Director Daniel Frankel Stanley Geffen
Gersham Goldstein Steve Gradow Irwin Holzman Steve Kantor Jason Kaufman Charles Kobin Jonathan Levy Gabriel Markiz Jonathan Mishkin Roscoe Nelson III
David Nepom Ben Olds Kim Rosenberg Charles Rosenblum Eric Rosenfeld John Rosenfeld Betsy Russell Jerry Sadis Jack Schwartz Ron Shellan
Jamie Shulman Morton Simon Richard Solomon Lance Steinberg Roberta Taskar Michael Volk Roberta Weinstein Stuart Weiss
“This past year, a meaningful array of topics has swelled the participation of OJCF’s Professional Advisors Group to levels that are double those of just a few years ago. Creatively bringing this current content with the highest quality of presentation has become a gold standard that rivals any group in our state.“ – Brian Suher
Panelists from PAG’s Examining Aging: Empowering Elders program from left to right:
David Fuks, David Molko, Tim Nay & Lesley Sacks 11
OJCYF
The mission of the Oregon Jewish Community Youth Foundation is to secure the future of Jewish philanthropy and to develop a strong generation of future Jewish leaders. By involving Jewish teenagers of the greater Portland, Oregon area and SW Washington in the fundraising, allocation and distribution of money to both Jewish and general nonprofit organizations, OJCYF teaches its youth the challenges and rewards of philanthropy while instilling in them a sense of responsibility for community.
“I have been a part of OJCYF for four years and one of the most important parts of the program for me has been being able to see the impact of an OJCYF gift.” – Sarit Cahana 12
Oregon Jewish Community Youth Foundation Now celebrating its thirteenth year, the Oregon Jewish Community Youth Foundation continues to engage Jewish high school students from the Portland metropolitan area and SW Washington in philanthropy. Nearly 200 teens have participated in OJCYF over the course of the program’s existence. To date, these young leaders have raised more than $400,000 at the organization’s annual fund raising dinners. This impressive total was granted to 104 organizations over the years. Beginning in 2015, the teens of OJCYF committed to growing the OJCYF Endowment Fund with the goal of ensuring the future success and growth of the program. The seniors of OJCYF at that time also decided to begin making distributions from the endowment fund to support programming in Israel. OJCYF teens are leading the way for their generation with their dedication to philanthropy and Jewish values.
OJCYF Grants to Jewish Organizations
OJCYF Grants to General Organizations
B’nai B’rith Camp ............................................................... $500
for Holocaust Education .............................................. $2,000
Assistance League of Greater Portland ...................................... $1,000 Camp Kesem National ............................................................... $2,500 Camp Odyssey ........................................................................... $1,000 CASA For Children, Inc .............................................................. $1,667 Central City Concern .................................................................. $2,531 Children’s Book Bank ................................................................. $1,000 Children’s Center ........................................................................ $2,500 Community Transitional School .................................................. $2,750 Human Solutions ........................................................................ $1,000 Metropolitan Youth Symphony ................................................... $1,000 Momentum Alliance ................................................................... $1,500 Neighborhood House ................................................................ $1,750 Pixie Project ................................................................................ $1,000 Project Lemonade, Inc. ............................................................... $2,000 Raphael House of Portland ........................................................ $3,000 Roosevelt High School ............................................................... $1,000 Serendipity Center ..................................................................... $1,969 SW Community Health Center ................................................... $2,250 Urban Gleaners .......................................................................... $2,750
Total .............................................................................. $15,940
Total .......................................................................................... $34,167
Cedar Sinai Park ................................................................. $950 Congregation Neveh Shalom ............................................ $500
Greater Portland Hillel .................................................... $1,000 Hand in Hand: Center for
Jewish-Arab Education in Israel ................................ $2,750
Jewish Family & Child Service ........................................ $1,500 Jewish Federation of Greater Portland ............................. $540
Jewish Theatre Collaborative ......................................... $1,000 Maimonides Jewish Day School ........................................ $500
Moishe House ................................................................. $2,500 Nehirim ........................................................................... $1,200 Oregon Hillel .................................................................. $1,000 Oregon Jewish Museum and Center
“OJCYF has helped me to take community service to the next level by encouraging me not only to support nonprofits but to also become involved with those whose missions I am passionate about.” – Sarah Millender OJCYF Advisory Committee:
Roy Abramowitz, Julie Diamond, Sonia Marie Leikam, Shari Levinson, Sharon Morell, Rachel Rothstein, Rob Shlachter, Robyn Spring, Mike Tannenbaum, Marcia Weiss
OJCYF Angels:
Gerel & Henry* Blauer, Stan & Judy Blauer, Dick & Cameron Davis, Stuart Durkheimer*, Irwin & Renee Holzman, Harold & Jane Pollin 13
Financial Year in Review For Fiscal Year Ending June 30, 2015
The OJCF equity pool returned 2.45% versus the MSCI All Country World Index return of 0.81%. The OJCF fixed income pool returned 0.60% versus the Barclay’s Aggregate Fixed Income Index return of 1.78%. The equity pool continues to outperform the MSCI world Index given the strength of the U.S. dollar and a strategic overweight to U.S. equities versus international equities. The OJCF fixed income portfolio, with a slightly shorter duration, underperformed the fixed income benchmark. The OJCF real estate pool had a return of 2.39% and adding this asset class to the recommended allocation continued to benefit the overall portfolio. OJCF’s U.S. S&P 500 pool had a return of 7.69% for the period.
and further anticipate a low return environment for equities and bonds into 2016 and beyond. With the backdrop of low current interest rates constraining total return from fixed income investments, the committee moved from a 60% equity allocation to 62% and reduced the fixed income weighting from 37% to 33%. Meanwhile the alternative asset classification currently including, Real Estate Investment Trusts (REITs) and Master Limited Partnerships (MLPs), was increased by 2% providing additional investment opportunities that may enhance overall return and increased diversification in the coming years. These investments are represented in the alternative allocation of 5%. Investment Pool
The financial markets continued to be focused on international turmoil in Europe (Greece, Italy and Spain) and China. Yields moved lower over the period as investors flocked to Treasury bonds to avoid continued downside risk in the international markets. This occurred despite Federal Reserve Chief Janet Yellen’s comments that a rate hike in the U.S. would be forthcoming. As the outlook for slowing growth continued, the majority of economists lowered their GDP expectations in 2015
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Former Allocation
Current Allocation
Percentage Change
Equity
60%
62%
+2%
Fixed Income
37%
33%
-4%
Alternative
3%
5%
+2%
Qtr
YTD
1-Yr
3-Yrs**
5-Yrs**
60/37/3 Portfolio Return
-0.4%
1.9%
1.8%
9.6%
9.9%
Blended Index Return*
-0.8%
1.6%
1.3%
8.7%
8.8%
* Blended Index is comprised of 60% MSCI AC World, 37% BarCap Aggregate Bond Index and 3% DJ US Real Estate ** Beginning on June 30, 2013, a 3% allocation to Real Estate was initiated. Currently, the annualized performance for 3-Year and 5-Year does not include the Real Estate performance.
Consolidated Financial Information
The following is a summary of the Oregon Jewish Community Foundation’s audited financial statement for the year ending June 30, 2015.
Statement of Activities
Statement of Financial Position ASSETS
2015
2014
Cash and cash equivalents
$7,688,510
$2,957,061
Contributions
Investments
74,343,609
74,240,302
Administrative fees
16,578
---
286,620
327,244
4,160,927
4,307,183
152,029
165,305
44,525
8,183
Prepaid expenses Cash surrender value of life insurance policies Assets held in charitable trusts Assets held in charitable gift annuities Surrender value of life insurance policies net of accumulated depreciation & amortization of
$86,692,798 $82,005,278
LIABILITIES $24,690
$11,003
Accrued vacation
16,312
11,736
209,547
56,000
1,181,084
1,340,651
26,530,274
23,881,617
27,961,907
25,301,007
Liabilities under charitable trust agreements and gift annuities Funds held for members Total liabilities
2014
$6,584,599
$4,732,704
241,320
206,846
Interest and dividend income
1,226,241
1,180,902
Net gain (loss) on investments
(190,263)
5,191,491
(41,648)
5,441
(6,569)
353,931
Increase (decrease) in cash surrender value of life insurance policies Change in value of charitable trusts/gift annuities
$7,813,680 $11,671,315
EXPENSES Grants and distributions
Accounts payable
Grants payable
2015
Total revenue, gains & other support
$49,618 in 2015 and $44,752 in 2014 Total assets
REVENUE, GAINS & OTHER SUPPORT
$4,895,637
$2,989,441
General and administrative
740,970
603,318
Other fund expenses
150,453
164,968
Total expenses
5,787,060
3,757,727
Increase in net assets
2,026,620
7,913,588
Net assets, beginning of year
56,704,271
48,790,683
Net assets, end of year
NET ASSETS
INVESTMENTS
Unrestricted net assets:
$58,730,891 $56,704,271 2015
2014
Equity Mutual Funds
$46,019,037
$43,809,460
Designated
2,067,755
1,608,227
Bond Mutual Funds
24,427,376
22,129,631
Donor funds
53,613,373
52,072,281
Other traded Funds
309,149
211,993
Total unrestricted net assets
55,681,128
53,680,508
Money Market Funds & Certificates of Deposit
1,699,141
5,626,982
3,049,763
3,023,763
540,385
545,098
58,730,891
56,704,271
1,348,521
1,917,138
Temporarily restricted net assets Total net assets Total liabilities and net assets
$86,692,798 $82,005,278
Note receivable Real Property Total investments
$74,343,609 $74,240,302
OJCF is audited annually by Hoffman, Stewart & Schmidt, P.C. In the auditors’ opinion, “The consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Oregon Jewish Community Foundation as of June 30, 2015, and the changes in its net assets and cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.” *Note: The “Statement of Activities” excludes all activity related to funds held for members.
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OJCF’s Investment Committee OJCF’s Investment Committee is comprised of investment advisors, CPA’s, finance professionals, estate planning attorneys, business professionals and wealth managers. This experienced and adept group works closely with First Republic Bank, OJCF’s investment and banking partner, to oversee the Foundation’s investments.
Grants Overview for Fiscal Year 2015 The Oregon Jewish Community Foundation awarded almost $5 million in grants, endowment distributions and scholarships in fiscal year 2015. This is an increase in almost $2 million from the previous fiscal year. The significant majority of these grants were made at the recommendation of our generous donor advised fund holders. All in all, these grants supported more than 300 individual organizations.
Grant Distribution Facts: Jewish vs General
75% Steve Gradow, Chair
By Dollars
Jeff Wolfstone, OJCF President
Jewish organizations
25%
General organizations
Roy Abramowitz, OJCF Treasurer Stan Geffen, OJCF Past President Jonathan Glass
Richard Glassman
91%
Joel Greenblum
Steve Laveson, OJCF Vice President
Sharon Morell, OJCF Imm. Past President
By Geography
Jerry Sadis, OJCF Past President
Grants supported Jewish and general organizations in Oregon
9%
Grants supported Jewish and general organizations outside of Oregon
Richard Solomon, OJCF Past President Brian Suher
Stuart Weiss
By Number of Grants “The Investment Committee’s dual objectives are achieving strong portfolio performance while mitigating undue risk and volatility. The committee remains vigilant and focused on long-term trends.” – Steve Gradow, OJCF Investment Committee Chair
63%
Jewish organizations
37%
General organizations
Activity Overview: Donor Advised Funds, Endowments & Scholarships Donor Advised Fund Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87% Endowment Fund Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% Scholarship Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2% Oregon Jewish Community Youth Foundation . . . . . . . . . . . . . . . . . . . . . . 1% Total dollars granted in FY 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . $4,895,637
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Scholarship Awards OJCF awarded a total of $111,528 in scholarships and camperships in fiscal year 2015. These funds provided financial support to 158 students/campers who attended three day schools, four camps, five universities and seven Israel programs.
Awards Lester & Annette Goldschmidt Hillel Scholarship: $1,000 Albert J. Kailes Memorial Scholarship: $5,600 Arthur P. Krichevsky Memorial Scholarship Fund: $81,500 Rebecca & Sada Tarshis Memorial Scholarship: $23,428
Snapshot of Total Awards Granted $111,528: Campership: 5% Day School: 50% Higher Education: 24% Teen Israel: 21%
Endowment Distributions Anonymous A Endowment...................................................$23,256
Lubliner Endowment for the Needy...................................... $10,935
Anonymous A Senior Transportation Endowment..................$5,190
Lubliner Endowment for Robison Jewish Home..................... $4,161
Max Birnbach Charity Fund...................................................$33,310
Leah & Marvin Nepom Endowment Fund.............................. $3,035
Max Birnbach Endowment for PJA.........................................$1,036
A. Victor & Betty Rosenfeld
Margery Cohn Lion of Judah Endowment Fund.....................$5,768
Leadership Development Endowment Fund....................... $5,203
Community Endowment Fund of OJCF................................$74,000
Lloyd B. Rosenfeld Youth Leadership Fund............................ $5,157
Sid & Ruby Conroy Endowment Fund..................................$17,587
Stanley Samuels Endowment Fund......................................... $5,000
Stuart & Leah Durkheimer Endowment Fund.......................$17,036
Leonard & Lois Schnitzer Charitable
First Hebrew Benevolent Fund.............................................$18,827
Supporting Foundation...................................................... $60,703
Marilyn Q Forse Endowment I...................................................$478
Leah Spellman Endowment for Cedar Sinai Park................... $3,628
Marilyn Q Forse Endowment II..................................................$478
Leah Spellman Endowment for
Friendly Rosenthal Fund........................................................$67,741
OJCF’s Community Endowment Fund................................... $947
Chuck Karsun Memorial Fund.............................................$178,997
Leah Spellman Trust Memorial Fund....................................... $7,581
Norman Kobin Memorial Fund...............................................$4,845
Robert P. Weil Fund............................................................... $17,800
Rita Lubliner Beth Israel Sisterhood Fund...............................$1,969
Cookie & Merritt Yoelin Fund............................................... $25,900 Total $600,568
Portland Jewish Academy’s eighth grade students and their teacher Elana Cohn-Rozansky visit Masada during the school’s annual trip to Israel. When reflecting on their years at PJA, many alumni cite their eighth grade trip to Israel as one of the highlights of their PJA education.
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Support in Israel The Oregon Jewish Community Foundation is proud to support nonprofit organizations in Israel. Due to IRS regulations, these charitable contributions are made through the American fundraising offices of Israeli nonprofits. Over the years, OJCF donor advised fund holders have recommended grants to support the Tel Aviv-Yafo Foundation, Birthright Israel, Kehilat Congregation Kol Haneshama, Yemin Orde Youth Village, and Hand in Hand: Center for Jewish-Arab Education in Israel among others. Beginning in 2015, the Oregon Jewish Community Youth Foundation made the commitment to support an Israeli nonprofit organization every year with a distribution from the OJCYF Endowment Fund. The first such distribution went to support Hand in Hand. Two students from the program are pictured above.
Types of Funds OJCF offers a variety of charitable vehicles to assist donors in achieving their philanthropic goals, while achieving tax benefits: Donor Advised Funds (DAF) • DAF’s streamline charitable giving enabling donors to direct all of their contributions through one philanthropic fund. • DAF’s can be opened for a little as $1,800; however, a balance of $5,000 is required for grant making privileges. • Monthly grant cycles permit fund holders to recommend grants of $250 or more to 501(c)(3) nonprofit organizations. • Donors can name successor advisors to encourage future generations to continue giving. Endowment Funds • Endowment funds are permanent, offering donors the opportunity to support organizations they hold dear in perpetuity. • Endowments can be established with a minimum of $10,000. • Earnings from the fund are granted annually to the donor’s selected nonprofits. • Tax benefits can be realized both in the present and after lifetime. Charitable Gift Annuities (CGA) • CGA’s provide donors with income for life and a partial charitable income tax deduction on the original gift. • A CGA is a contractual arrangement between a donor and OJCF and can opened with as little $10,000. • Upon the donor’s passing, the remaining value will benefit OJCF’s Community Endowment Fund and/or the OJCF partner organization of the donor’s choice. • Available only for residents of Oregon. Charitable Remainder Trusts • Donors retain an income interest for a specified period of time. • OJCF serves as trustee and/or beneficiary and receives the remaining principal upon the death of the last income beneficiary or at the trust expiration. • The remaining proceeds are used to create a restricted or unrestricted named endowment fund. Supporting Foundation • A supporting foundation is a separate entity that benefits from OJCF’s public charity tax status. • OJCF facilitates the supporting foundation’s charitable activities. • A supporting foundation provides the donor with favorable tax benefits that are not available for private family foundations. 19
OJCF Supporters Endowment Funds Those listed here have either created endowed funds, advise on endowed funds or have significantly contributed to OJCF’s Community Endowment Fund. Joy Alkalay* Anonymous A* Asa & Adrienne Arnsberg* Gloria Bacharach Gerry Birnbach Jack Birnbach Max Birnbach* Gerel & Henry* Blauer Karen Blauer & Dvora Mencher Bernard Carr* Margery Cohn Sid & Ruby Conroy* Carol & Seymour* Danish Richard Dobrow Stuart & Leah Durkheimer* Evelyn Findl* Martin Fishel* Marilyn Forse* Stan Geffen Ira & Julie Gottlieb Irwin & Renee Holzman Dana Hunt Gertrude Joseph Albert Kailes* Chuck Karsun* Chuck Kobin Norm Kobin* Arthur Krichevsky* Robert Landauer Rita & Louis Lubliner* Harold Nadler* Leah & Marvin* Nepom Amara & Brian Norman Mimi & Ze’ev* Orzech Clara Paige* Irving Roberts* Victor & Betty Rosenfeld* Rose & Arnold* Rustin 20
Faye & Stan* Samuels Lois & Leonard* Schnitzer John & Janet Sherman Manton & Ruth Spear* Leah Spellman* Rebecca Tarshis* Sada Tarshis* Robert Weil* Sharon Weil Bertha Wooloch* Merritt & Cookie Yoelin* Min Zidell
Donor Advised Fund Advisors Leslie & Eva Aigner John & Carol Arnsberg Gloria Bacharach Neil Benaroya Mia Birk & Glen Coblens Owen & Lynn Blank Gerel Blauer Stan & Judy Blauer Joel Bloom & Julie Novkov George Bodner Eugene & Layton Borkan Ethel Katz Briller Eden Rose Brown Milt Carl CashCo Financial Services, Inc. Stuart & Mandi Chestler Nathan Cogan Margery Cohn Carol Danish Ilene & James Davidson Julie & Tom Diamond Stuart & Nikki Director Jill Schnitzer Edelson & Richard Edelson Clarice Eder Barbara Erlich Ari Ettinger Carmella Ettinger Akimasa & Devora Fleshler Elaine Friedman & Robert Liebman
David Forman Morris Galen Erna Gelles & Alan Todd MacCormack Andra Georges Daniel Georges Bernice Gevurtz Kerry Gilbert Ted Gilbert Robert & Lesley Glasgow Jonathan Glass & Sarah Kahn Glass Debra Goldenberg Neil & Diana Goldschmidt Doug & Lila Goodman Greg Goodman & Susan Schnitzer Mark & Christi Goodman Benna Gottfried Jeffry Gottfried Miriam Gottfried Steve & Michelle Gradow Irwin Grossman Michael Grossman Otto Grossman Janice Isenberg Louis & Kathy Jaffee Suzanne Johnson Jessica Justice Garry & Judith Kahn Steven & Wendy Kahn Steve & Elaine Kantor David Karlin Steven Kaufman Allison Kestel Sheldon Klapper & Sue Hickey Lindsay Krivosha Jakob Kryszek Yoshio & Nikki Kurosaki Roy Lambert & Mary Maxwell Jeff Lang & Ramona Svendgard Steve Laveson & Lesley Isenstein Sonia Marie & Theo Leikam Shirlee Lenske Julie Leuvrey Leonard & Nira Levine Jacob & Rose Lewin Kenneth Lewis Howard & Wendy Liebreich
Derek & Lydia Lipman David Lippoff & Liz Rabiner Lippoff Barbara Lovre Yossi & Judy Malka Barry & Susan Menashe Ella Menashe Elizabeth & Ruben Menashe Michael Menashe Solomon & Rosalyn Menashe Larry & Joyce Mendelsohn Jim & Lora Meyer Susan Meyer-Klinge Sally Mink Blake Morell Sharon & Dean Morell Theodore Nelson & Curtis Shaffstall Jeanne Newmark Henry & Nancy Oseran Traci Parker Sue Perkel Robert & Rita Philip Allan & Marney Pike Becky Polley McKenzie Polley Harold & Jane Pollin Irving & Arlene Potter Phillip & Dorothy Reiter Gayle Schnitzer Romain William Rosenbaum Michael Rosenberg Steve Rosenberg & Ellen Lippman Charles Rosenblum David & Diane Rosencrantz Alan & Eve Rosenfeld Claire Rosenfeld Eric & Tiffany Rosenfeld Layton Rosenfeld Rosemarie Rosenfeld Sally Rosenfeld & Andrew Frank Stanley & Madelle Rosenfeld Warren & Sheryl Rosenfeld John & Marti Rosenthal Joann Ruden Jerry & Bunny Sadis Dan Saltzman Marjorie Saltzman
Miles Schlesinger Arlene Schnitzer Audria Schnitzer Dina Schnitzer Jordan Schnitzer Lois Schnitzer Debra Schultz Jack & Barbara Schwartz James & Barbara Sevde Arden & Lois Shenker John & Janet Sherman Ulysses & Narda Sherman Stephanie Sherwood Robert & Mara Shlachter Stanley Shulster David & Barbara Slader Richard Solomon & Alyce Flitcraft Gordon Sondland & Katy Durant Don & Ione Spear Marshal Spector Eve Stern & Les Gutfreund Helen Stern Sharon Stern Tom Stern Brian Suher & Barbara Atlas Gloria Swire Charles & Nancy Tauman Sharon Ungerleider Larry & Linda Veltman Lawrence & Vicki Wasserman Sigrid Weidenweber Michael Weiner & Kathy Davis-Weiner Gary & Carolyn Weinstein Stuart & Marcia Weiss Jeff & Lynn Wolfstone Charlene Zidell Rick & Debbie Zurow
Charitable Gift Annuities Charitable Trusts Gifts of Life Insurance Anonymous B Sandra Axel Gloria Bacharach
Gerel & Henry* Blauer Lynn Bonner Barbara Brown Major & Karla Defoe Ruth Friedel Bernice & Burton* Gevurtz Roy Lambert & Mary Maxwell Victor & Toinette Menashe Harold & Jane Pollin Lois Poplack Laurens & Judith Ruben Helen & Jerry* Stern Jack Straus Gloria Swire Kathleen Vanderpool Larry & Elizabeth Volchok Gary & Carolyn Weinstein *Of Blessed Memory
The information provided on pages 20-21 is current as of March 15, 2016.
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Board of Trustees
First row, left to right: Julie Diamond, Jeff Wolfstone, Brian Suher, Josh Frankel. Second row, left to right: Jonathan Singer, Richard Glassman, Richard Dobrow, Andrew Rosengarten, Spencer Strauss. Third row, left to right: Jim Meyer, Sharon Morell, Rob Shlachter, Shari Levinson, Jack Schwartz, David Forman. Fourth row, left to right: Charlene Zidell, Jonathan Glass, Steve Laveson, Owen Blank, Steve Gradow, Irwin Holzman, Eric Rosenfeld, Roy Abramowitz. (Entire OJCF Board is not pictured.)
Executive Committee
At Large Trustees
Jeff Wolfstone, President Sharon Morell, Immediate Past President Steve Laveson, Vice President Roy Abramowitz, Treasurer Jack Schwartz, Secretary Stan Blauer, Past President Stan Geffen, Past President Irwin Holzman, Past President Jim Meyer, Past President Eric Rosenfeld, Past President
Jonathan Barg Owen Blank Josh Frankel Jonathan Glass Richard Glassman Steve Gradow Shari Levinson Elizabeth Menashe Harold Pollin, Past President Rob Shlachter Jonathan Singer Mike Tannenbaum Charlene Zidell
Partner Organization Trustees Richard Dobrow, Jewish Family & Child Service David Forman, Jewish Federation of Greater Portland Ted Nelson, Congregation Beth Israel Andrew Rosengarten, Cedar Sinai Park Spencer Strauss, B’nai Brith Men’s Camp Association/ B’nai B’rith Camp Brian Suher, Congregation Neveh Shalom
Past Presidents
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2013-2015 2010–2013 2008–2010 2004–2008 2002–2004 2000–2002
Sharon Morell Eric Rosenfeld Stan Geffen Stan Blauer Irwin Holzman Roy Lambert
1998–2000 1996–1998 1994–1996 1992–1994 1990–1992 1988–1990
Jerry Sadis Steve Kantor Richard Solomon Henry Blauer* Jim Meyer Harold Pollin
Professional Team From left to right: Nathaniel Smith, Sonia Marie Leikam, Julie Diamond, Gail Mandel, Tara Siegman, Chris Vitron.
Julie Diamond – Executive Director Responsibilities: Strategic and Intergenerational Philanthropy, Foundation Governance, Complex Gifts of Alternative Assets, Foundation Spokesperson Julie Diamond serves on the Executive Committee of the Northwest Planned Giving Roundtable and is co-chairing the NWPGRT Annual Conference 2016.
Chris Vitron – Director of Finance & Operations Responsibilities: Investments, Gifts of Securities or Alternative Assets, Financial Inquiries, Fund Statements, Human Resources Chris Vitron is an avid animal lover.
Gail Mandel – Legacy Development & Marketing Manager Responsibilities: Fund Establishment, Planned Giving, LIFE & LEGACY, Professional Advisors Group, Marketing Gail Mandel serves on the boards of Jewish Theatre Collaborative, Mittleman Jewish Community Center and Portland Jewish Academy.
Tara Siegman – Donor Relations & Grants Manager Responsibilities: Grant Recommendations, Grant Making, Scholarships, Fund Activity Requests, Community Needs Tara Siegman serves on the Executive Committee of the Grant Managers Network’s Pacific Northwest chapter and is a volunteer grant evaluator for the Oregon Community Foundation.
Sonia Marie Leikam – Collaborative Giving Program Coordinator Responsibilities: Oregon Jewish Community Youth Foundation, OJCF Giving Council Sonia Marie Leikam is the treasurer of Shir Tikvah and serves on the advisory committee of the Holocaust and Genocide Project at Portland State University. She is also the Portland area coordinator of the Pink Boots Society, an organization for women beer professionals.
Nathaniel Smith – Foundation Administrator Responsibilities: Board, Executive and Investment Committee Support, General Inquiries regarding Foundation Business/Practices, Operational Support Nate Smith serves on the boards of the Buckman Community Association and Southeast Uplift Neighborhood Coalition. He also teaches religious school at Congregation Beth Israel.
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NON PROFIT ORG US POSTAGE PAID PORTLAND OR PERMIT 243
1618 SW First Avenue, Suite 210 Portland, OR 97201 Ph 503.248.9328 Fax 503.248.9323 info@ojcf.org www.ojcf.org
The Oregon Jewish Community Foundation is dedicated to creating, promoting and facilitating a culture of giving and serves as the guardian of permanent funds available to safeguard the quality of Jewish communal life in Oregon and SW Washington.