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

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

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. Message from the President

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

I’m delighted to update you on our progress this past year. Most Using “allocatable” funds – funds that are not designated – more notably, our Board of Directors embarked on a strategic planning strategically and tactically. The successful “Generations Fund” is process. Our aim was to see if we could do better: better in how a good example – a formula or model where we prove the funding we go about inspiring and promoting Jewish philanthropy; better concept and then seek other donors to contribute to steward the by sharpening our focus and pursuing a set of clear priorities; and initiative into the future. better in the scope of services we offer philanthropists and how we engage donors and families. Securing the professional leadership of the Foundation long- term, post Bobby Kleinman. Bobby recently announced his desire Through the planning process, we did find opportunities to do to step down next year as Executive Director. His plan is to move better, although it was evident the Foundation is in good shape into donor service 100% of the time. Kathy Assayag will be and in capable hands. Improvements and adjustments are joining the Foundation part-time this Fall and a year from now mostly about focus and achieving unanimous endorsement of will be our Executive Director. Thus, we are increasing our service priorities and actionable goals by the Board, in partnership capacity enormously and, at the same time, ensuring excellent with professional leadership. professional leadership for another generation.

You will find the strategic plan in this Annual Report. It may I wish to thank my fellow board members for their commitment look simple, but I assure you it reflects a significant commitment and service this past year. A president is only as good as his of time, challenge, healthy debate and consensus building to or her Board and I am most grateful for the experience. I have achieve a succinct plan. learned a lot from many people and wish my successor, Brenda Gewurz, every success going forward. 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 Shana Tova, 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”. Joel Segal Expanding the services we provide to our donors. Stay tuned President for more on this – but let me just say that we’re rounding out and innovating our service offer.

The Jewish Community Foundation of Montreal | 2013 Annual report 3 2012-2013 From vision to reality 41st Annual General Meeting

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

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.

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

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.

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

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

Susan Levine & Joel Segal, President & Jonathan Levine Alvin Segal

4 The Jewish Community Foundation of Montreal | 2013 Annual report Dorothy Reitman, Herb & Janna, Douglas, Sheila, Robert & Randy Zittrer Marilyn Blumer

Lauren, Kyle, Francine & Robert Wiseman, Murray & Elsa Kotler, Barry, Andrew & James Pascal Clarence Blatt, David Oberman, Micki & Norman Keesal z”l

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

The Jewish Community Foundation of Montreal | 2013 Annual report 5 Phyllis & Ian Karper with recipient Kelly Benisty Allan & Jonathan Levitt

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

Recipient Amanda Becker with Elliot & Elsa Becker

Class of 2012

6 The Jewish Community Foundation of Montreal | 2013 Annual report From vision to reality 2012 Scholarships

Study leads to action. Talmud

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.

Evelyn Joy Abramowicz Scholarship Levitt Family Foundation ScholarshipS Sadie Polatshek Memorial Award Joni Shuchat Amanda Beker, Lara Bohbot, Ozzy Gdalevitch Lilly Simon Therese and David Bohbot ScholarshipS Joanne (Chana) Haboucha, Michael Malca DR. OsKar and Sally Schickler FellowshipS Anthony Cimino, Arielle Corobow Natalia Roldugina, Rabbi Dov Whitman Rebecca Cohn, Elay Kornecki Joey Abraham Zukran Levy Corobow, Jennifer Elbaz Musia and Leon Schwartz ScholarshipS Kimberly Elbaz, Sarah Giroux Irene Brand Lieberman MEMORIAL Audrey Mallet, Emilie Duranceau-Lapointe Eric Penney, Rebecca Rouimi Scholarship Elca and Tom Taras Award Danielle Serfaty, Pamela Skarf Liane Rebner Joshua Assaf Moshe Freedman Alisa Soukhodolskaia, Debbie Zeituni Bassia and Sascha Marmerstein Memorial ScholarshipS Bernard Michael Tarshis Marlene Brand Memorial Scholarship Lauralie Pow, Christina Tong Memorial ScholarshipS Rebecca Berman Racheli Haliva, Bakinaz Khalifa Dr. OsKar and Sally Schickler Hadar Chemtob Memorial Scholarship ScholarshipS Huguette and Andres Veres ScholarshIP Daniela Carolina Cymberknop Victoria Agu Dassi, Zachary Lecker Molly Teitelbaum Harry Hopmeyer MEMORIAL Scholarship Miya Kagan-Cassidy Raphael Stein STUDY IN ISRAEL Mitchell Karper Memorial ScholarshipS MCGILL SCHOOL OF SOCIAL WORK Bernice and Gordon Brown Scholarship Kelly Benisty, Lawrence David Bisse Henry Oelberg Fellowship Carly Surkes Joseph Katz Memorial Scholarship Sabrine Lacroix Sarradet Yehoshua Friedberg Melanie Rich Manny Weiner Fellowship Memorial ScholarshipS Micki and Norman Keesal Scholarship Karine Fonda Yidan Bettan, Aryeh Blanshay, Haviva Elharrar David Plotkin Samuel Kuperstok, Elana Lawrence, Netanel Schondorf, Liora Attar, Julia Lasry, Liela Klinger Kurtzman MCGILL DEPARTMENT OF JEWISH STUDIES MEMORIAL Scholarship Nina Gottesman, Joshua Schwartz Peter David Berger Scholarship Melissa Stern Jcka Gitlitz Memorial ScholarshipS Jennifer Loiacono Henriette and Marcel Korner ScholarshipS Amanda Elmakiyes, Ryan Halickman Jcka Gitlitz Memorial ScholarshipS Claudia Biagioni, Audrey Pitaru Mitchell Karper Memorial Scholarship Eliana Schwartz, Jesse Tepperman Karen E. Latt Memorial Scholarship Deborah Cohen Blacher and Glasrot Families Memorial Alexia Kalin Award for Holocaust Research Rabbi Sidney Shoham Scholarship Allie Shier Daniel Toledano Sheva and David Honig Scholarship for Studies in Jewish Music Lilly Chapnik

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

The Jewish Community Foundation of Montreal | 2013 Annual report 7 From vision to reality Professional Development Seminar

Who makes others do good transcends the doers. Talmud

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

Over 200 professionals in the fields of financial and estate The seminar also provided an opportunity to honour financial planning attended the annual seminar. The multi-disciplinary advisors who helped their clients create endowments or other program included updates on investing, discussing philanthropy, legacy gifts at the Foundation. Testimonials were presented to: smart tax practices and navigating digital channels and safety Steven Korda, Howard Nemeroff, David Perlin CPA, CA and online. Speakers included David Lisbona, RBC Dominion Marvin Wexler. Securities; Phil Nadler CPA, CA, RICHTER; Robert A. Kleinman FCPA, FCA, Executive Director, Jewish Community Foundation The event is presented annually by the Professional Advisory of Montreal; Mark Brender, Osler; Nancy Cleman, Sternthal, Committee (PAC) co-chaired by Phil Nadler CPA, CA and Katznelson, Montigny; and Sharon G. Druker, Robinson Rhonda Rudick. 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

8 The Jewish Community Foundation of Montreal | 2013 Annual report From vision to reality Roadmap To The Future

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

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.

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

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

The 4 strategic pillars

Increase Capacity Improve Donor Engagement Stewardship Strategic Allocations

Do more Tzedakah with Become a trusted advisor Demonstrate outstanding Seed fund more families leadership and governance new initiatives

Deepen valued and Broaden and innovate scope Board renewal with diverse Innovative, collaborative, trusted relationships of services: talents and ages achievable, measurable with donors proposals with Fund management Exemplary investment long-term impact Intergenerational standards philanthropy Emergency funding

The Jewish Community Foundation of Montreal | 2013 Annual report 9 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 funds Lion of Judah Endowments (LOJE) Berall Family Foundation for the JEM Workshop Brenda Gewurz Bronfman Family Gen J Fund Felice Pascal z”l for the Jewish Learning Centre Sylvia Quint Moses Deitcher Memorial Fund Harry Feldman Memorial Scholarship Bequests B’nai Tzedek Funds Mary Shapiro Kantor Memorial Fund Isaac Braunstein z”l Leah Benabou Michael Kastner Fund for Magen David Adom Rabbi Maurice Cohen z”l Daniel Bensoussan Michael Kastner Fund for Minnie Klein z”l Benjamin Feldman Medécins sans frontières Betty Reitman z”l Aaron Jay Gurman Michael Kastner Fund for Save the Eugene Wagner z”l Noah Jared Kader Children Canada Barbara Weldon z”l Aaron Michael Lohner Betty & Charles Maldoff Fund for Matthew Matlin Auberge Shalom Legacy Society Owen Miller Betty & Charles Maldoff Fund for CJCS We are deeply grateful to the Legacy Jonathan Steinberg Betty & Charles Maldoff Fund for Gen J Zach Sone Givers who have declared their intention to provide for the future of ourJewish Undesignated Funds community through their wills or by Community Trust Funds Leonard Fisher Memorial Fund making deferred lifetime gifts such as life Hebrew Academy Endowment for Excellence Ann & Al Wexler Memorial Fund TBDJ Youth Programming Fund insurance and charitable remainder trusts.

Family Foundations/Philanthropic Funds Marcel Korner April 1, 2012 - August 1, 2013 Dyna and Morris Dalfen Family Foundation Gordon Lax Adolf Egett Memorial Fund Gisela & Andre Sipos Gilsig Family Foundation Gayle Ann Shinder Gloria Miloff Memorial Fund Peggi Cohen Rabinovitch & Mark Rabinovitch Foundation

Hebrew Academy Leah & Harry Feldman z”l

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

10 The Jewish Community Foundation of Montreal | 2013 Annual report The future belongs to those who believe in the beauty of their dreams. Eleanor Roosevelt

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

Ted & Sylvia Quint

Marcel Korner

Shawna, Zachary & Todd Sone

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

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

The Jewish Community Foundation of Montreal | 2013 Annual report 11 2012-2013 Allocations

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

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.

JCF ALLOCATIONS COMMITTEE GRANTS Centraide of Greater Montreal 148,100 Bathurst Jewish Community Centre 6,800 from Undesignated Funds Agence Ometz 131,400 United Jewish Appeal of Greater Toronto 6,500 Mada Community Centre 130,000 Camp Garden (Gan) of Israel 5,700 COMMUNITY & SOCIAL SERVICES YM-YWHA Montreal Jewish Tyndale St-Georges 5,600 Federation CJA $74,200 Community Centres 129,100 Camp Kinneret-Biluim 5,300 Communauté sépharade unifiée Foundation for the YM-YWHA 128,900 L.O.V.E.: Leave Out Violence 5,200 du Québec 31,500 Camp B’nai Brith Inc. 113,500 Eastern Ontario & Western Quebec Jewish Unity Partnership Inc. 10,000 Cummings Jewish Centre for Christmas Cheer Foundation 5,000 Jewish Federations of Canada - UIA 6,600 Seniors Foundation 98,400 Jewish Federations of North America 5,000 Maccabi Canada 95,800 HUMAN SERVICES Jewish Public Library 5,000 Chaverim Donne La Main 95,000 The Sir Mortimer B. Davis - Jewish Jewish Russian Community Centre David Suzuki Foundation 73,000 General Hospital Foundation 3,272,300 of Montreal 5,000 Auberge Shalom ... pour femmes 71,300 Montreal General Hospital Foundation 652,600 Leave a Legacy 5,000 The Friendship Circle 61,800 The Montreal Children’s United Community of Russian Speaking Communauté sépharade unifiée Hospital Foundation 349,200 Jews of Quebec 5,000 du Québec 40,900 Miriam Foundation 176,500 Jewish Public Library 38,000 Donald Berman Yaldei Atwater Library & Computer Centre 31,200 Developmental Centre 156,300 EDUCATION MAZON Canada 30,100 Mizrachi Organization of Canada 141,300 Shaping our Future 196,200 B’nai Brith Canada 24,700 Royal Victoria Hospital Foundation 106,700 UTT/Herzliah 32,300 Camp Moshava 24,700 Mount Sinai Hospital Foundation 105,200 JPPS-Bialik 28,700 Camp B’nai Brith Foundation 22,500 St. Mary’s Hospital Foundation 98,700 École Maïmonide 9,700 JEM Workshop Inc. 21,800 Montreal Heart Institute Foundation 98,300 Honor Aid Society 21,500 Maimonides Hospital Foundation 91,500 RELIGIOUS INSTITUTIONS Refuge des Jeunes de Montréal 20,200 Jewish Hospital of Hope B’nai Or Montreal Community Shul 10,300 Sun Youth Organization 20,200 Eldercare Foundation 76,700 Cummings Jewish Centre for Seniors 16,500 Juvenile Diabetes Research ARTS AND CULTURE Camp Massad 16,200 Foundation Canada 64,300 KlezKanada 23,000 Desta Black Youth Network 15,000 Alzheimer Groupe Inc. 58,100 March to Jerusalem 13,000 Fondation du Dr. Julien 55,000 Centre Communautaire de la petite Italie 12,500 Fondation du Centre hospitalier de MISCELLANEOUS 15,000 Ensemble pour le respect de la diversité 12,300 l’Université de Montréal (CHUM) 50,000 Les Amis de la Montagne 11,700 The Foundation for Gene and Cell Therapy 50,000 Total $462,500 Hebrew Free Loan Association 11,000 Maison Shalom 43,700 Info Cult 10,300 Mary Katz Claman Foundation 43,200 TZEDAKAH ALLOCATIONS IN Gates of Mercy 10,000 Fondation de l’Hôpital Sainte-Justine 37,700 PARTNERSHIP WITH JCF DONORS Jewish Community Foundation of Calgary 10,000 Chabad Lifeline 34,900 Designated and Philanthropic Funds Project Genesis 9,700 Just for Kids Foundation 34,600 Dans La Rue 9,100 Cancer Research Society Inc. 32,300 COMMUNITY & SOCIAL SERVICES Moisson Montreal Inc. 8,300 Maisonneuve-Rosemont Federation CJA $10,078,100 The Old Brewery Mission Inc. 7,800 Hospital Foundation 29,000 Jewish Federations of Canada - UIA 213,500 Radio Shalom 7,600 Jewish Community Rehabilitation Chabad Lubavitch Youth Organization 205,400 Foundation 27,400

12 The Jewish Community Foundation of Montreal | 2013 Annual report The Rick Hansen Foundation 25,000 EDUCATION RELIGIOUS INSTITUTIONS Fondation Mira Inc 21,500 Canadian Society for the Weizmann Va’ad Mishmeres Mitzvos 806,100 Doctors Without Borders 20,700 Institute of Science 380,600 Congregation Tifereth Beth Hôpital Notre Dame 20,500 McGill University 363,000 David Jerusalem 182,600 La Fondation Jean-Montbourquette 20,000 Bnei Chesed Foundation 216,000 Congregation Shaar Hashomayim 162,700 Tikva Children’s Foundation 20,000 JPPS-Bialik 175,200 Shaare Zion Congregation 147,400 Sir Mortimer B. Davis JGH Ladies Auxiliary 19,900 Hebrew Academy 136,800 Temple Emanu-el Beth Sholom 136,400 Yismah Moshe Hevraj Pinto Charitable Scholarships 113,900 Yeshiva Gedola Merkaz Hatorah 111,800 Society of Ontario 17,800 Rabbinical College of Quebec 106,500 Congregation Beth-El 71,700 Cedars Cancer Institute at the Lower Canada College 106,200 Congregation Dorshei Emet 65,000 McGill University Health Centre 17,600 The Akiva School 104,900 Kollel Torah Mitzion 58,200 Migdal Ohr Tower of Light Fondation HEC Montreal 100,000 Congregation Chevra Kadisha B’nai Children’s Foundation 16,500 Bronfman Jewish Education Centre 97,800 Jacob Beit Hazikaron 49,200 Urban Pardes 15,600 UTT/Herzliah 96,100 Montreal Torah Center – Congregation The Baycrest Centre Foundation 14,200 Chaya Mushka Seminary 92,800 Bais Menachem Chabad Lubavitch 35,600 Défi orporatifC Canderel 13,400 The Study School Foundation 79,200 Chasdei Tovim Meoros 34,200 Ottawa Hospital Foundation 12,000 Solomon Schechter Academy 59,700 Or Menachem Synagogue 33,200 Alzheimer Society of Montreal 11,100 Selwyn House School 47,100 Congregation Beth Tikvah 29,100 McGill University Health St. George’s School of Montreal 46,800 Beth Zion Congregation 26,800 Centre Foundation 11,100 Concordia University 44,500 Mifale Chaim Bechesed 25,000 Fondation Hôpital Charles-LeMoyne 11,000 École Maïmonide 43,700 Montreal Community Mikva 23,500 The Teresa Group 11,000 Bais Yaakov Elementary School 40,500 Congregation Beth Ora 21,400 Rofeh Cholim Cancer Society 10,000 The Governing Council of the Beth Israel Beth Aaron Congregation 19,600 Auxiliary Mount Sinai Hospital 9,800 University of Toronto 40,100 Ezras Achim Congregation of MAB-Mackay Foundation 9,700 Beth Jacob School 36,700 Brotherly Help 18,600 Go Le Grand Défi Pierre Lavoie 9,500 Université de Montréal 29,500 Jewish Education Program 18,500 Quebec Society for Disabled Children 9,500 Canadian Institute for Jewish Research 29,400 House of Israel Congregation Farha Foundation 8,200 Hebrew Foundation School 27,900 of Ste. Agathe 16,900 Queen Elizabeth Health Beth Jacob Seminary 27,500 Jewish Experience 14,000 Complex Foundation 7,900 Trinity College School Foundation 25,600 Yeshivat Yesodei Hatora 12,600 Crohn’s & Colitis Foundation of Canada 7,800 Beth Rivkah Academy 21,000 Tomchei Shabbos of Montreal 12,100 Multiple Sclerosis Society of Canada 7,800 HEC Montreal 20,000 Yeshivat Aish HaTorah College Fondation Centre de cancérologie BMC Teachers College 12,700 of Jewish Studies 12,000 Charles Bruneau 7,100 Thomas More Institute 12,500 Shaare Zedek Congregation 11,500 Montreal Canadiens Children’s Foundation 5,800 University of British Columbia – Kupas Hachesed Meoroth 11,400 Colorectal Cancer Association of Canada 5,600 Sauder School of Business 12,500 Congrégation sépharade Or Hahayim 11,300 BMP Foundation 5,000 Free Hebrew for Juniors 8,800 Jewish Unity Partnership Inc. 11,200 Fondation C.E.D. Inc 5,000 Trafalgar Ross Foundation 8,400 Congregation Toldos Yakov Yosef 11,100 Kelly Shires Breast Cancer Foundation 5,000 Summit School Foundation 8,300 Centre d’etudes talmudique de Côte-St-Luc 11,000 Société de sclérose systémique Miss Edgar’s & Miss Cramp’s School 5,700 Adath Israel Poale Zedek Anshei (sclérodermie) du Québec 5,000 Torah Fax 5,500 Ozeroff Congregation 10,800

The Jewish Community Foundation of Montreal | 2013 Annual report 13 Communauté sépharade de Festival des arts de St-Sauveur 21,000 Canadian Friends of Yeshiva University 20,600 Ville St. Laurent 10,200 Canadian Vocal Arts Institute 20,600 Save the Children Canada 20,500 Congrégation sépharade de Opéra de Montréal 18,600 Canadian Friends of Mosoos Chasidei Belz 20,000 Hampstead Nahar Chalom 10,200 Montreal Symphony Orchestra 16,300 Canadian Friends of Mir Yerushalayim 18,000 Adas Israel Congregation of Hamilton 10,000 Montreal Symphony Orchestra Foundation 14,000 Hadassah-WIZO Canada Foundation 17,400 Menucha Vesimcha 8,000 Montreal Museum of Fine Arts Foundation 12,200 Ezras Cholim 15,000 Congregation Shomrim Laboker 7,900 Jerusalem Foundation of Canada Inc. 9,400 Emunah Women of Canada 14,700 Kollel Keser Torah 7,400 Canadian Centre for Architecture 8,000 Can Serve Foundation 13,200 Yeshiva Skver Montreal 7,200 Les Idées Heureuses 7,500 Association for the Soldiers of Israel 10,000 First Mesifta of Canada 7,100 Les Ballets Jazz de Montréal 7,200 Canadian Friends of the World Union Communauté sépharade Hékhal Shalom 7,000 Canadian Zionist Cultural Association 6,700 for Progressive Judaism 8,100 Chasdei Levy Yitzcok 6,800 Canadian Friends of Ezrath Nashim Kollel Avrechim Fondation Sépharade 5,300 ISRAEL & OVERSEAS Herzog Hospital 8,000 Fondation des instituts juifs orthodoxes 5,000 ORT Canada 185,600 Canadian Friends of Jaffa Institute 6,800 Or Shalom 5,000 Jewish National Fund of Canada 136,700 Ve’Ahavta Canadian Jewish Humanitarian Temple Sholom 5,000 Israel Cancer Research Fund 113,000 & Relief Committee 6,000 Torah Umersorah 5,000 Canadian Friends of Zefat 90,000 Friends of Simon Wiesenthal Center for Canadian Friends of the Holocaust Studies 5,600 ARTS & CULTURE Hebrew University Na’amat Canada 5,100 Segal Centre for Performing Arts 956,600 57,500Canadian Associates of Ben Gurion Enablis Foundation Canada 5,000 Canadian Society for Yad Vashem 118,800 University of the Negev 48,400 Cinemania 106,000 Canadian Technion Society 45,700 MISCELLANEOUS 2,420,800 Montreal Holocaust Memorial Centre 97,100 Canadian Magen David Adom for Israel 24,300 KlezKanada 57,800 Aid to Disabled Veterans of Israel-Beit TOTAL $28,523,700 Halochem Canada 23,600

Allocations Summary Allocations by Field of Interest

Grants from undesignated funds $462,500 Grants from designated and Community Organizations philanthropic funds 28,523,700 5.1 3.2 8.1 8.4 TOTAL ALLOCATIONS $28,986,200 Human Services 10.5 Education

Religious Institutions

Arts & Culture

42.9 / 21.8 Israel Overseas Miscellaneous

Little Jerusalem... in Burlington?

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

The Rosenberg family, 1898 heritage - a heritage that enriches the cultural mosaic of Vermont to this day.

14 The Jewish Community Foundation of Montreal | 2013 Annual report Investment Committee Report for year ended March 31, 2013

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

For the year ending March 31, 2013, we are reporting a gain securities. JCF includes real estate and natural resources in its alloca- of 8.51% on the Jewish Community Foundation (“JCF”) of tion to real assets. 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%. The 10% of assets placed in this asset class returned 11.91%. Over a 3-year period the annualized return is 5.52%. Hedge Funds This performance is directly related to the investment policies Hedge funds provide portfolio diversification, seeking to generate and strategies of the committee – primarily to use a fund of fund high long-term real returns by exploiting market inefficiencies. or a passive index investment approach, to diversify the pool Unlike traditional marketable securities, hedge funds have historically into an array of asset classes and to hedge investment strategies provided returns largely independent of overall market moves. to mitigate risk against significant losses. This will be further explained below. 30% of our portfolio is placed in hedge fund fofs with Commonfund and HSBC. The Foundation’s hedge funds During the last fiscal year the markets rallied, particularly in performed well versus their peers (7.15% versus the benchmark the U.S., overcoming concerns over the financial and economic of 4.86%). Although strong equity markets made short positions situation of Europe. Canadian equities were the clear laggards a drag on performance in some strategies, managers added value to global performance, as commodities were detrimental to during the year relative to the risk in their strategies. Manager performance. Equity markets performed well during the period skill, or alpha, was higher this year than it has been in the last with the S&P rising 11.4%, the MSCI 11.16% and the S&P/TSX few years. Long short equity and credit strategies did well while composite 5.46%. macro and trend following strategies were the laggards.

Fixed Income Asset Allocation Performances Fixed income assets generate stable flows of income, providing Equities greater certainty of nominal cash flow than other asset classes. They have the lowest historical and expected returns of the asset classes Over the long term, equity holdings are generally expected to included in the JCF’s portfolio. generate returns superior to those of less risky assets such as bonds and cash. 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 This category makes up 40% of the pool and includes traditional Fixed Income Index Fund, with the balance mostly invested in market equities (Canadian, US and foreign), private equity, and State of Israeli Bonds. distressed debt. Currency and Currency Hedging Our 10% Canadian equity allocation, to a Statestreet Composite index fund, reported a 4.83% gain this year against the bench- The returns described above are described in the currency of the mark of 5.46% (S&P/TSX Composite). underlying investments. As about 70% of the pool is invested in $US, currency fluctuations have an impact on the final returns described Our US, International, and Emerging Markets Funds, managed in $CDN. The fund uses a dynamic hedging formula with the aim of by Commonfund and also utilizing a passive indexed strategy, significantly reducing the foreign currency risk. reported a 8.67 % gain against a benchmark of 11.16% (20% allocation). This past year the Canadian dollar was stable against the US greenback, as the exchange rate moved from 0.99 to 0.984. The The 100% private equity and distressed debt fund of funds Investment committee hedges currency fluctuations. This year (“fofs”) reported an 11.56% aggregate return. These “illiquids” the hedging and currency fluctuations were minor. continue to contribute positively to the total performance of the pool. Conclusion Real Assets The market remains uncertain and volatile. Interest rates have Real asset investments provide attractive return prospects, portfolio begun to climb. The Investment Committee will maintain its diversification, and a hedge against unanticipated inflation. This policies of diversification and hedging. category of investment is typically less liquid than publicly traded

The Jewish Community Foundation of Montreal | 2013 Annual report 15 Financial summary Balance Sheet

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

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 1,447,404 Investments 319,942,223 294,193,620 264,480,563 231,546,531 195,933,534 Investments in private Canadian companies 16,034,092 14,536,932 14,376,096 15,251,904 19,609,181 Capital 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 136,063 168,411 123,435 211,406 615,574 Trust 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 225,366,051 206,663,565 164,829,861 144,066,891 129,495,546 Unrestricted 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

16 The Jewish Community Foundation of Montreal | 2013 Annual report Statement of Operations and Changes in Net Assets

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

Growth in Total Assets Investment Performance

350 M RETURN OF POOL BY YEAR (%)

300 M 16.2

250 M 8.5 8.4 200 M

150 M -0.1 100 M 2013 2012 2011 2010 50 M

0 2013 2012 2011

The Jewish Community Foundation of Montreal | 2013 Annual report 17 Our Team

THE JEWISH COMMUNITY FOUNDATION OF MONTREAL 2012-2013

FOUNDING PRESIDENT BOARD OF DIRECTORS INVESTMENT Arthur Pascal C.M. z’l Sylvain Abitbol Allan Schouela HONOURARY PRESIDENTS Thérèse Attias Professional Consultants L. Michael Blumenstein Howard Berish FCPA, FCA Philip Nadler CPA, CA Barry Clamen CFCA, FCA Michael Frankel CPA, CA Rhonda Rudick Peter Jacobs Marvin Corber C.M. FCPA, FCA MARKETING Ian Karper Senator Yoine Goldstein Howard Krosnick Stanley Hyman z”l Armand Kessous SCHOLARSHIP Mildred Lande C.M. z”l Kathy Lempert Allan Levitt Harvey Levenson Paul Levine FCPA, FCA Boris G. Levine C.M. z”l Susan Levine Joel Raby Philip Nadler CPA, CA STAFF Sam Oliel Robert Raich EXECUTIVE DIRECTOR Danny Ritter Oscar Respitz Q.C. Robert A. Kleinman FCPA, FCA Gordon Schwartz z”l Miriam Roland EXECUTIVE VICE-PRESIDENT Robert Vineberg Steven Sitcoff Joel King BCL, LLB Sheila Zittrer Irwin Tauben Richard Vineberg FCPA, FCA DIRECTOR OF FINANCE OFFICERS Francine Wiseman Joelle Mamane CPA, CA Lawrence Young DIRECTOR OF MARKETING IMMEDIATE PAST PRESIDENT Marlene Gerson Barry Pascal CHAIRS OF COMMITTEES C ontrOLLER PRESIDENT Sita Piche ALLOCATIONS Joel Segal Peter Jacobs EXECUTIVE DIRECTOR EMERITUS VICE-PRESIDENT Emanuel Weiner AUDIT Brenda Gewurz Norman Daitchman FCPA, FCA Donations co-ordinator SECRETARY Bryna Hersh B’NAI TZEDEK Barbara Novek Francine Wiseman GRANTS co-ordinator TREASURER Lee Omer Michael Etinson

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18 The Jewish Community Foundation of Montreal | 2013 Annual report