Jewish Communal Fund 2010 Annual Report
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Residents of the following states may obtain financial and/or licensing information from their states, as indicated. Registration with these states, or any other state, does not imply endorsement by the state. Connecticut: Information filed with the Attorney General concerning this charitable solicitation may be obtained from the Office of the Attorney General, Public Charities Unit, 55 Elm Street, Hartford, CT 06106 or by calling 1-860-808-5030. Florida: SC No. CH17581. A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL FREE, FROM WITHIN THE STATE, 1-800-435-7352. REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL OR RECOMMENDATION BY THE STATE. JEWISH COMMUNAL FUND New Jersey: INFORMATION FILED WITH 2010 ANNUAL REPORT THE ATTORNEY GENERAL CONCERNING THIS CHARITABLE SOLICITATION AND THE PERCENTAGE OF CONTRIBUTIONS RECEIVED BY THE CHARITY DURING THE LAST REPORTING PERIOD THAT WERE DEDICATED TO THE CHARITABLE PURPOSE MAY BE OBTAINED FROM THE ATTORNEY GENERAL OF THE STATE OF NEW JERSEY BY CALLING 973-504-6215 AND IS AVAILABLE ON THE INTERNET AT http://www.state.nj.us/lps/ca/charity/chardir.htm. REGISTRATION WITH THE ATTORNEY GENERAL DOES NOT IMPLY ENDORSEMENT. New York: A copy of the most recent annual report is available from the Office of the Attorney General, Department of Law, Charities Bureau, 120 Broadway, New York, NY 10271. 575 Madison Avenue, Suite 703 • New York, NY 10022 Phone: 212.580.4523 Fax: 212.319.6963 www.jewishcommunalfund.org The donor-advised fund of the Jewish community. Since 1972, the Jewish Communal Fund has been helping individuals, families, corporations and communal groups achieve Contents their philanthropic and tax saving goals Letter from the President simply and efficiently, with flexibility, full and Executive Vice President . .1 confidentiality and maximum choice. Overview . .2 Performance Comparison . .3 Independent Auditors’ Report . .4 Through donor-advised funds, JCF facilitates Consolidated Statements and promotes charitable giving. Our donors of Financial Position . .5 recommend grants to sectarian and nonsectarian Consolidated Statements of Activities . .6 organizations, including those that respond to Consolidated Statements needs in health, education, social services, the of Cash Flows . .7 Notes to Consolidated environment, religion and the arts. Financial Statements . .8 Independent Auditors’ Report on Supplementary Information . .17 In the Jewish tradition of tikkun olam— Summary Schedule of Grants repairing the world—it is our hope that Made to Various Philanthropic Institutions . .18 together we can make a profound difference. Schedule of Grants Made to Various Philanthropic Institutions . .20 Funds . .39 Letter from the President and Executive Vice President or nearly 40 years, the Jewish Communal Fund (JCF) has been helping our donors Fachieve their philanthropic and tax-saving goals simply and efficiently, with flexibility, full confidentiality and maximum choice. In the past decade alone, we have distributed over $2 billion to thousands of public charities at the recommendation of our donors. What many may not know is that beyond facilitating our donors’ philanthropy, JCF is charitable in its own right. Every year, JCF makes a substantial annual Community Gift that supports nonprofit programs and institutions in the local and global Jewish community. Our Community Gift consists of two parts: grants to specific projects from our Special Gifts Fund and an unrestricted contribution to the Annual Campaign of UJA-Federation of New York. Our Special Gifts Fund, which the JCF Board established in 1999, gives us the opportunity to support vital services and programs identified by UJA-Federation of New York. To date, the Special Gifts Fund has awarded more than $8 million to over a dozen nonprofits, including Jewish community centers on Long Island, Staten Island, Brooklyn and Manhattan, the Plaza Jewish Community Chapel and Ramapo for Children. And in their hours of need, we have provided emergency grants to Jewish communities in Argentina and Israel. In the past ten years, JCF has also made annual contributions of at least $2 million to UJA-Federation’s Annual Campaign. As one of the campaign’s largest donors, we support UJA-Federation’s extensive network of human-service, educational and community-building agencies and programs, including Connect to Care, which helps individuals and families impacted by the recession. Since its inception in May 2009, Connect to Care has helped nearly 30,000 people access employment, career, debt and financial counseling, legal assistance and spiritual care. We feel privileged not only to make a difference, but also to serve as the stewards of your inspiring philanthropy. We hope that your charitable-giving experience is enhanced by our services—and by the knowledge that JCF shares your profound commitment to meeting our community’s needs effectively and purposefully. Thank you for your enduring support and generosity. David A. Tanner Susan F. Dickman President Executive Vice President 1 JEWISH COMMUNAL FUND Overview DONOR CONTRIBUTIONS INVESTMENTS An initial tax-deductible contribution of $5,000 or In consultation with its investment advisors, the more in cash and/or marketable securities is required Investment Committee of the Jewish Communal Fund to establish a donor-advised fund. A Children’s periodically reviews investments and establishes Giving Fund and NextGen Giving Fund (18-30) may investment policies. These policies are designed to: be established with a gift of $1,800. Memorial Funds (1) ensure that donor contributions and fund assets and Wedding Funds may be established with a gift of are continuously invested; $5,000. A donor may make additional contributions (2) maximize investment returns in relation to risk; to the fund at any time in any amount. Contributions (3) maintain varied investment alternatives that are may be made by friends, family, private foundations, suitable for various philanthropic plans; and corporations, or in conjunction with assorted (4) ensure that operating expenses are minimal estate planning tools such as Charitable Remainder and competitive; Trusts, Charitable Lead Trusts, bequests and (5) ensure that funds are readily available for retirement plan assets. grant-making. GRANT MAKING When a donor-advised fund is established, the first Donors at the Jewish Communal Fund enjoy the $5,000 (or such lesser amount for funds with a lower privilege of recommending distribution of principal threshold) must be invested in one or both of our and income of the assets in their fund to sectarian and primary investments: an institutional money market nonsectarian institutions that are recognized by the fund or a short-term bond fund, both managed IRS as tax-exempt, publicly supported charities that by BlackRock. Donors may request to have the are eligible to receive grants from donor-advised proceeds in excess of the first $5,000 invested in funds. All grants are for charitable purposes. Donors our investment alternatives, subject to the minimums required500 for each alternative. Donors may exercise also have the opportunity to extend this privilege to 409.6 this400 privilege each time a contribution is made and 381.0 others whom they so designate. All recommendations 299.4 300 are subject to evaluation by our staff for adherence to may recommend a reallocation247.3 2 2of6.5 the assets in the 500 200 150.2 165.6 142.9 JCF’s policies and procedures. We consider donor fund four 1times43.2 1 2each7.6 calendar year. 409.6 1400 381.0 recommendations to be of profound importance and 299.4 300 247.3 therefore, give them careful consideration and respect 500 ’00 |C’0ontributions1 ’01 |’02 ’02 |’03 ’03 |’04 ’04 |’05 ’0252|6’0.5 6 ’06 |’07 ’07 |’08 ’08 |’09 ’09 |’10 200 150.2 143.2 165.6 409.6 142.9 400 127.6 381.0 in our grant determinations. 100 299.4 300 0 247.3 226.5 200 ’00 |’01 ’01 |’02 ’02 |’03 ’0136|5’0.6 4 ’04 |’05 ’05 |’06 ’06 |’07 ’07 |’08 ’0184|2’0.9 9 ’09 |’10 FEES AND EXPENSES 150.2 143.2 127.6 3100 275.6 Each fund is assessed a monthly fee for services 261.2 252.8 250 238.9 203.0 218.4 based on the average daily net asset balance. The 200 ’00 |’01 ’01 |’02 ’02 |’03 ’0138|8’0.1 4 ’04 |’05 ’05 |’06 ’06 |’07 ’07 |’08 ’08 |’09 ’09 |’10 153.2 167.3 150 144.2 sliding fee schedule, per annum, operates as follows: 300 Grants 275.6 100 261.2 252.8 250 238.9 50 203.0 218.4 200 188.1 Balances less than $5 million . 0.75% (75 basis points) 0 153.2 167.3 13500 ’00 |’01 ’01 |’02 ’0124|4’0.2 3 ’03 |’04 ’04 |’05 ’05 |’06 ’06 |’07 ’07 |’08 ’08 |’09 ’09 |’10 or $150, whichever 261.2 252.8 275.6 12050 238.9 is greater 203.0 218.4 2500 188.1 Next $15 million . 0.50% (50 basis points) 153.2 167.3 150 144.2 Next $20 million . 0.10% (10 basis points) ’00 |’01 ’01 |’02 ’02 |’03 ’03 |’04 ’04 |’05 ’05 |’06 ’06 |’07 ’07 |’08 ’08 |’09 ’09 |’10 Balances above $40 million . 0.05% (5 basis points) 100 50 Net Assets 1200 0 953.8 1002.2 971.5 In addition, funds are subject to commissions 1000 ’00 |’01 ’01 |’02 ’02 |’03 ’03 |’04 ’04 |’05 ’05 |’06 ’06 |’07 ’07 |’08 ’08 |’09 ’09 |’10 800 723.2 774.3 639.0 629.1 625.4 617.6 685.2 and fees incurred in connection with the sale 600 1200 400 1002.2 of contributed property, as well as management 1000 953.8 971.5 200 774.3 expenses associated with each investment portfolio. 800 723.2 0 639.0 629.1 625.4 617.6 685.2 1200600 ’00 |’01 ’01 |’02 ’02 |’03 ’03 |’04 ’04 |’05 ’05 |’06 ’06 |’07 ’07 |’08 ’08 |’09 ’09 |’10 1002.2 1000400