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Financial Highlights
This past year, the Foundation experienced a partial recovery from the dramatic losses we suffered in 2008. Our total assets increased by over $11 million during calendar year 2009. We continue to cut our operating costs and have eliminated three full-time positions from our staff over the past eighteen months. Despite these reductions, the Foundation maintained a high level of service and charitable activity on behalf of its donors and client agencies notwithstanding continuing uncertainty and volatility in the financial markets. Highlighted below are the Foundation’s achievements in fund management, endowment development, capital projects and grantmaking.
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F U N D M A N A G E M E N T |
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The Foundation’s financial statements were audited by Freed Maxick Battaglia, PC, an independent certified public accounting firm. The audit report and the Foundation’s annual information return (IRS Form 990) are available on request. |
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E N D O W M E N T D E V E L O P M E N T |
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Contributions and capital additions to Foundation funds in 2009, totaled $11,718,123. The Foundation continues to provide planned giving and development consultation to the endowment efforts of its affiliated agencies and community partners. All endowment donors are recognized in our Legacies Society for their contributions to secure our community’s future. Highlights of the past year’s development activities include: The Compassion Fund to provide emergency financial assistance to needy individuals, especially those who are recently unemployed or otherwise affected by the current recession. The Jewish Federation’s Perpetual Annual Campaign Endowments (PACE) and Lion of Judah Endowments (LOJE) to encourage its donors to endow their annual campaign contributions through planned giving. The Kadimah School’s Hineini Campaign to build its scholarship endowment for tuition assistance. The Bureau of Jewish Education’s Benderson Fund Challenge Campaign to provide financial assistance for participation in Bureau programs. The Jewish Federation Cemetery Corporation Endowment Campaign to support the care and maintenance of community cemeteries. Temple Beth Zion’s Rabbi Joseph and Janice Fink Legacies Society, a new initiative to promote endowment giving and to recognize endowment donors. The Foundation’s Community Endowment Fund to help spur innovation and meet emerging community needs, especially through gifts of life insurance and charitable estate planning. |
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C A P I T A L P R O J E C T S |
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The Foundation is assisting Weinberg Campus in the development of new senior housing options on the campus including the Turtle Creek apartments now under construction. In addition, the campus is seeking financial support for a number of renovation and improvement projects to upgrade existing facilities. The Jewish Community Center launched the Next Generation Capital Campaign with a goal of $7,000,000 to finance major renovations planned for both the Holland Family Building in Buffalo and the Benderson Family Building in Getzville. The Foundation is providing campaign consultation and support for this effort. |
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