JEWISH COMMUNAL FUND 2018 ANNUAL REPORT Since 2000, Jewish Communal Fund’s generous Fundholders have made nearly $5 Billion in grants to charities in all sectors, including: + GRANTS 300,000 to Jewish organizations in the United States, totaling nearly $2 Billion + GRANTS 100,000 to Israeli and international charities, totaling $664 Million + GRANTS 200,000 to general charities in the United States, totaling $2.4 Billion CONTENTS 1 Letter from President and CEO 2 JCF Reinvests in the Jewish Community 3 JCF Adds Social Impact Investments in Every Asset Class 4 Investments 5–23 Financial Statements 24–37 Grants 38–55 Funds 56 Trustees/Staff 2018 ANNUAL REPORT ANNUAL 2018 very year, we are humbled by the enormous generosity of JCF’s Fundholders. FY 2018 was no exception—our Fundholders recommended a staggering 58,000 grants totaling $435 million to charities in every sector. It is our privilege to facilitate your grant- Emaking, and we are pleased to report a record-breaking year of growth and service to the Jewish community. By choosing JCF to facilitate your charitable giving, you further enable us to make an annual $2 million unrestricted grant to UJA-Federation of New York, to support local Jewish programs and initiatives. In addition, JCF’s endowment, the Special Gifts Fund, continues to change lives for the better, granting out more than $17 million since 1999. Your grants and ours combine to create a double bottom line. Grants from the Special Gifts Fund are the way that our JCF network collectively expresses its support for the larger Jewish community, and this sets JCF apart from all other donor advised funds. It clearly demonstrates our new tagline: We have a gift for giving. We are pleased to report that in fiscal 2018, JCF approved grants of $840,000 from the Special Gifts Fund to Jewish charities selected by our trustees, with the assistance of UJA-Federation of New York. These grants will be used to support a Digital Choice Food Pantry at the United Jewish Council of the East Side; free civil legal services from New York Legal Assistance Group (NYLAG) at the Brooklyn Resource Hub; the new Sustenance Center at the Marion and Aaron Gural JCC; and the Community Initiative for Holocaust Survivors (CIHS). Details about these grants and our collective impact as a network of over 7,000 Fundholders can be found on the following pages. 1 Here at JCF, we continue to work hard to bring you the best possible service. To this end, we have increased our social impact offerings and have introduced an array of investment choices for our Fundholders including ESG investments in every asset class. One of the most exciting innovations is our new collaboration with the Hebrew Free Loan Society (HFLS) allowing JCF Fundholders to make interest-free loans. The HFLS program and the new social impact investments are described in the investment section of the report. JCF continues to be the country’s largest and most active Jewish donor advised fund, managing over $1.7 billion in charitable assets for over 3,800 funds. Thank you for your continued partnership and trust. Zoya Raynes Susan F. Dickman President Executive Vice President & CEO JCF Reinvests in the Jewish Community Since 1999, JCF’s endowment, the Special Gifts Fund, has granted more than $17 million to Jewish charities in New York. JCF’s Special Gifts Fund grants in 2018: $840,000 JEWISH COMMUNAL FUND COMMUNAL JEWISH $375,000 to the United Jewish Council of the East Side to provide a Digital Choice Food Pantry $250,000 for New York Legal Assistance Group (NYLAG) to provide free Civil Legal Services at the Brooklyn Resource Hub 2 $125,000 to the Community Initiative for Holocaust Survivors (CIHS) showcasing “Hours of Freedom” $90,000 to support the Marion & Aaron Gural JCC to cover increased food costs at the new Sustenance Center Interested in learning more about Jewish Communal Fund’s generous network of funders? Download our 2018 Giving Report at jcfny.org/givingreport. 2018 ANNUAL REPORT ANNUAL 2018 JCF Adds Social Impact Investments in Every Asset Class Jewish Communal Fund offers a robust Investment Platform, enabling Fundholders to easily customize the investment allocation for the charitable assets in their funds according to their risk tolerance and time horizon goals. JCF’s Special Gifts Fund grants in 2018: $840,000 7 Options for Social Impact Across All Asset Classes $ JCF Social Impact 2 Bond Funds 3 Stock Funds ESG Pre-Set Portfolio Loan Program 2 Israel Investment Options State of Israel Bonds Market Vectors Israel ETF (ISRA) Plus 23 Pooled Investment Funds 3 $ 7 Bond Funds 12 Stock Funds 1 Real Assets Fund 3 Privately-Managed Stock Funds 4 Pre-Set Investment Portfolios CONSERVATIVE MODERATE AGGRESSIVE ESG (new!) Investment Time Horizon: Investment Time Horizon: Investment Time Horizon: Investment Time Horizon: 1–3 YEARS 3–7 YEARS 7+ YEARS 7+ YEARS 10% 20% 45% 15% 30% 80% 50% 75% 70% 5% Equities (stocks) Fixed Income (bonds) Real Assets INVESTMENTS In consultation with its investment advisors, the Investment Committee of the Jewish Communal Fund periodically reviews investments and establishes investment policies. These policies are designed to: (1) ensure that Fundholder contributions and fund assets are continuously invested; (2) maximize investment returns in relation to risk; (3) maintain varied investment alternatives that are suitable for various philanthropic plans; (4) ensure that operating expenses are minimal and competitive; (5) ensure that funds are readily available for grant making. When a donor advised fund is established, the first $5,000 (or such lesser amount for funds with a lower threshold) must be invested in one or both of our primary investments: an institutional money market fund and/or a short-term bond fund, both managed by BlackRock. Fundholders may request to have the proceeds in excess of the first $5,000 invested in our investment options, with a minimum of $2,500 per JEWISH COMMUNAL FUND COMMUNAL JEWISH investment option. Fundholders may exercise this privilege each time a contribution is made and may recommend a reallocation of the assets in the fund four times each calendar year. Investment Name Ticker BlackRock, Treasury Trust Fund (Institutional Money Market) .........................................................TTTXX BlackRock JCF Short Duration Bond Fund (Fixed Income) ...................................... Privately managed BlackRock Core Bond Portfolio .......................................................................................................................CCBBX Vanguard Total International Bond Index ...................................................................................................VTIFX Loomis Sayles Investment Grade Fixed Income Fund ...........................................................................LSIGX TIAA-CREF Social Choice Bond .........................................................................................................................TSBIX T. Rowe Price Institutional Floating Rate ......................................................................................................RPIFX Barings US High Yield.........................................................................................................................................BXHYX PRIMECAP Odyssey (Large Cap. Growth) .................................................................................................POGRX Neuberger Berman, Sustainable Equity (Large Cap. Blend) .............................................................NBSLX Vanguard, Institutional Index (Large Cap. Blend) .......................................................................................VIIIX Harbor (Large Cap. Value) ................................................................................................................................HAVLX Vanguard, Mid-Cap Index (Mid Cap. Blend) .............................................................................................VMCIX Neuberger Berman, Mid Cap Intrinsic Value ........................................................................................... NBRTX Neuberger Berman Genesis (Small Cap. Blend) ..................................................................................... NBGIX 4 Vanguard Small-Cap Index................................................................................................................................ VSCIX Vanguard Total International Stock Index .................................................................................................VTSNX Dodge & Cox International Equity ..............................................................................................................DODFX Domini Impact International Equity ........................................................................................................ DOMOX RBC Emerging Markets Equity ..........................................................................................................................REEIX Principal Diversified Real Asset......................................................................................................................PDRDX Israel Bonds: 2-year Maccabee Bond ..................................................................................................................n/a Israel Bonds: 2-year Jubilee Bond .........................................................................................................................n/a Market Vectors Israel ETF ......................................................................................................................................