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

2011 ANNUAL REPORT

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There is nothing like a dream to create the future Zadok Rabinowitz

can take your philanthropy to another level – one that shouts who you are; what you stand for; what matters; what you care about

can inspire your children to carry on a tradition of giving according to their dreams and your example

can secure a vibrant and vital Jewish community of the future where synagogues are strong and schools nurture excellence and outstanding leaders

will be remembered; your name and your legacy will captivate future generations

will make an impact; doing something meaningful; of consequence

will accomplish all you set out to do – taking advantage of smart, sophisticated gift planning

will fulfil your dreams in ways that nurture your spirit and live forever

The Dream Principle

YouThe Foundation has played such an important role in my life. I have always attended the annual Professional Development Seminars. Having served on the Professional Advisory Committee I can attest firsthand to the commitment of the community of professionals that act as friends and advisors to the JCF. As a parent I had the pleasure of being involved, with my wife Felice and our children, in the establishment of the B’nai Tzedek Program which engages young people and their families – introducing them to the variety of ways that our community improves the lives of so many.

There have been so many fulfilling initiatives this year. The Business Development Task Force was charged with finding new and better ways to provide a higher level of service and philanthropic opportunities for our donors to realize their dreams. The result was The Dream Principle – a new way to look at family giving.

It is, after all, your dreams and values that have inspired you in your philanthropic projects.

The JCF has always maintained the highest level of integrity and transparency. In this tradition, we have joined Imagine Canada’s standardization governance program, integrating these Best Practices into our day to day operations. This important initiative has helped to enshrine these integral values in our daily processes and ensure that the highest professional standards will continue to be maintained into the future.

Montreal is known as a community where the tradition of giving is passed on from generation to generation. By participating in programs such as the Book of Life, you have ensured that Montreal will continue to maintain its stature of leadership in the Jewish world. The Foundation is dedicated to the realization of your philanthropic goals. I know that with your support this great community will continue to thrive for generations into the future.

It has been an immense pleasure to have served as your president and to have been associated with and inspired by an incredible team of volunteers and professionals under the direction of my dear friend, the incomparable Bobby Kleinman, whose commitment, passion and energy are boundless. I have been inspired by your love of our community, Israel and our people.

I am confident that the mission and new strategic plan of the Foundation will be expertly implemented in the most capable hands of our incoming president, Joel Segal.

Thank you and Shana Tova,

MESSAGE FROM THE PRESIDENT

The Dream Principle is a new program of the JCF. Barry Pascal

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The 39th Annual Meeting was held in September at the Segal Centre for the Arts, honouring the centre’s benefactor and the JCF Man of the Year, Alvin Segal O.C., O.Q.

Meeting Highlights

President Barry Pascal noted it was a year of recovery, thanks to JCF donors.

Total assets of the Foundation increased from $222 million to $253 million.

More than $17 million in new endowment funds were received.

The level of community allocations was maintained at more than $20 million.

A man’s dreams are an index to his greatness - Zadok Rabinowitz

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In May, with the city of Montreal as a magnificent backdrop, 11 families signed their entries in the Book of Life. Hosted by Norm and Ellie Latsky, the 18th annual event was a tribute to the family tradition of Tzedakah and service that spans generations. Honourary signers were Selena Paperman, 2010 Women’s Campaign chair and Gad Bitton, Président de la Campagne Sépharade 2010. The Book of Life is a history of the Montreal Jewish community through the eyes of those who have promised to leave a legacy to secure its future. Over 200 histories are now contained in the Book.

Dad …this community is a better place because of you. We are so proud of what you have done and continue to do. You will always be our “Man of the Year”.

- Joel Segal, JCF Senior Vice President

Over 150 professional advisors attended the Foundation’s 2011 Professional Development Seminar.

The program addressed issues involving clients who have special needs. Presenters were Jamie Malus, Solomon & Malus Notaries; Marilyn Piccini-Roy, Borden Ladner Gervais LLP; Samuel Dergel CA, CPA Independent Trustee for Trusts & Estates and JCF Executive Director Robert Kleinman FCA.

As in previous years, several professionals were honoured for their successful efforts in encouraging bequests and gifts to the Foundation. Recipients were Michael Blumenstein, Alexandre Dufresne, Marc Elman CA, Vivian Myron and Barry Rashkovan CA. A special testimonial was presented to Marilyn Piccini-Roy for her leadership and expertise in furthering the understanding of the intricacies of trusts and protective supervision.

The theme resonates with many of us, as we are called upon with growing frequency to assist clients faced with the challenges of caring for elderly parents or for children with permanent and often severe disabilities who are unable to care for themselves.

- Barbara Novek, co-chair, JCF Professional Advisory Committee

…I am proud to be a member of the Montreal Jewish community and to be contributing to its future sustainability and hope that my children carry on our family legacy… - Cheryl Stein

Emigrating from Morocco in 1968, with my parents… the Montreal community embraced our family by helping us integrate with ease and honour…

- Gad Bitton, honourary signee

2011 SIGNERS

Thérèse & Jacob Attias

Gad Bitton

Ellen & Peter Jacobs

Eleanor Latsky & Lois Shapiro

Leila & Herb Paperman

Selena Paperman

Nory Samuel

Cheryl Stein

Ruth & David Steinberg

Sara & Irwin Tauben

Francine & Robert Wiseman

BOOK OF LIFE2010

ANNUALMEETING

PROFESSIONAL DEvELOPMENT

SEMINAR

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OPPOSITE PAGE

1. Barry Pascal, Alvin Segal O.C., O.Q.; 2010 Honouree

2. Joel Segal

3. Barbara Novek, Jamie Malus, Barry Pascal, Joel Segal, Marilyn Piccini-Roy, Samuel Dergel, Robert Kleinman

THIS PAGE

1. Ellie and Norm Latsky

2. Alexandra Gazin and Cheryl Stein

3. Sandra and Gad Bitton

4. 2011 Book of Life signers

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EVELYN JOY ABRAMOWICZ SCHOLARSHIP

Talia Bensoussan

THÉRÈSE & DAVID BOHBOT SCHOLARSHIPS

Jessica BenhaimArielle Corobow Jennifer ElbazEric Penney Pamela SkarfAlisa SoukhodolskaiaRachel Temper Rena TobinDebbie Zeituni

MARLENE BRAND MEMORIAL SCHOLARSHIP

David Plotkin BERNICE & GORDON BROWN / MITCHELL KARPER / JACK GITLITZ MEMORIAL SCHOLARSHIPS

Anna-Leah AhronheimVanessa Barcessat

HARRY HOPMEYER MEMORIAL SCHOLARSHIP

Jessica Welik

MITCHELL KARPER MEMORIAL SCHOLARSHIPS

Leah Balass Samantha Benlolo LIELA KLINGER KuRTZMAN MEMORIAL SCHOLARSHIP

Tia Hannah Ayrton-Hill

KAREN E. LATT MEMORIAL SCHOLARSHIP

Jeanne Bouteaud

LEVITT FAMILY FOuNDATION SCHOLARSHIPS

Hadas BrandesDebra CohenTara Gralnick Ronnie OlloRuth Silva-Smith

IRENE BRAND LIEBERMAN MEMORIAL SCHOLARSHIP

Melissa Stern HENRY OELBERG / MANNY WEINER MEMORIAL SCHOLARSHIPS

Ya Wen

DR. OSKAR & SALLY SCHICKLER SCHOLARSHIPS

Rachel HalivaElhanan Moryoussef

BASSIA & SASCHA MARMERSTEIN MEMORIAL SCHOLARSHIPS

Marek KrowickiXin Ben Yu

An increased number of students were awarded the opportunity to pursue their dreams in 2010, thanks to the creation of several new scholarship funds. Donor families and recipients came together in September to present and receive scholarships. It was truly a family affair. Mothers accepted for children; grandparents accepted for not one, but two recipients, and everyone remembered why they were there and in whose name they were being honoured.

The future belongs to those who believe in the beauty of their dreams - Eleanor Roosevelt

This year saw the creation of the B’nai Tzedek (BT) Executive and Council, co-chaired by Alyssa Wiseman and Adam Shapiro and consisting of several BT members and older community leaders. Sixteen new BT members were added and two successful events focussing on philanthropy and community service were held.

In November B’nai Tzedek kids got to meet a hockey great and talk Tzedakah at the Season Opener event hosted by Francine and Robert Wiseman and family. Special guest Kirk Muller, assistant coach of Les Canadiens, talked about the Canadiens Children’s Foundation and congratulated his young guests for their early start on a lifetime of giving to community.

In May B’nai Tzedek kids participated in the 2011 Day of Service, in conjunction with the National J-Serve organization. The day began with a presentation from Joey Berdugo Adler. The Diesel Canada CEO and Founder of the ONEXONE children’s charity instantly engaged and infused everyone with her passion for giving and community. The afternoon was spent either volunteering at MADA Community Centre or packing over 100 back packs with “bunk junk” for Agence Ometz clients whose children were preparing to go to camp.

This is the opportunity that many of our donors may not get – to meet the beneficiaries of their Tzedakah and see how they have enhanced their lives.

- Joel Raby, Immediate Past President

What do we care about? You would be surprised! Eldercare… Sun Youth… World Wildlife Fund (to save frogs!!)... Camp B’nai Brith… CJA… Herzliah... It’s so amazing to see how much we know about our world and how we might fix it.

- Alyssa Wiseman, B’nai Tzedek Co-Chair

SCHOLARSHIPS

B’NAI TZEDEKKIDS WHO CARE

OPPOSITE PAGE

1. Allan Levitt and recipient, Ronnie Ollo

2. Joel Raby congratulates grandparents of winning grandsons

3. Class of 2010

THIS PAGE

1. Alyssa Wiseman and Joey Berdugo Adler

2. Packing food at MADA Community Centre

3. BT kids and Kirk Muller

4. (left) Janice Gerson, BT chair; Joey Berdugo Adler (left of centre), Barry Pascal (right) with BT kids

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April 1, 2010 to August 1, 2011

Despite an uncertain economic climate our donors continued to strengthen

the foundation for our community’s future by translating their dreams into

their legacies. 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 Olam live in their hearts and in those

of their families.

uNDESIGNATED FuNDS

Lilyan & Ben Rosenhek Fund

DESIGNATED FuNDS

Marjorie & Gerald Bronfman Fund

Harry, Eva & David Geller Memorial Fund for Agence Ometz

Henriette & Marcel Korner Scholarship Fund

Huguette & Andre veres Foundation

PHILANTHROPIC FuNDS /

FAMILY FOuNDATIONS

Anna Brojde Fund

Peter Cohen Fund

Morrie M. Cohen Family Foundation

Joyce & Avram Fishman Family Foundation

Stephen & Benita Greenberg Fund

Edward Pascal Fund

Elly & Howard Shulkin Family Foundation

Sara & Irwin Tauben Family Foundation

Francine & Robert Wiseman Family Foundation

B’NAI TZEDEK FuNDS

Talia Bensoussan

Hannah Bicher

Joshua Freedman

Miles Greenberg

Katherine Anne Kent

Mathew Kfouri

Jennifer Levee

Eden Ovadia

Hannah Polachek

Zachary Rosen

Emme Frances Rosenblum

Lila Annabel Rosenblum

Joshua Rubin

Noah Segal

Ethan David Shahin

Aaron Sossin

BEQuESTS

Simon Bouganim z”l

Conrad David Cohen z”l

Abraham Drainudel z”l

Saul Goldwarg z”l

Marcia Zaritzky z”l

LEGACY SOCIETY

Thérèse Attias LOJE

Shawna Goodman Sone LOJE

Cheryl Stein LOJE

TRuST FuNDS

Jewish Education Program

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A good dream is a good gift - Alcalay

Although we have derived great satisfaction from our community activism, small acts of kindness are the most gratifying... Making someone’s life a little better is what really counts...

- Francine & Robert Wiseman

...For our family, Tzedakah has always been important. We are proud to see our children and grandchildren follow in our footsteps and to be part of the Book of Life...

- Thérèse & Jacob Attias

NEW FUNDS

WE rEmEmBEr

mildred Lande Cm, z”lJCF Honourary President & 2000 Woman of the Year

Boris Levine Cm, FCA, z”lJCF Honourary President & 2001 Man of the Year

NEW DONORS

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1. Jacob and Thérèse Attias

2. Shawna Goodman Sone

3. Ellen and Peter Jacobs

4. Francine and Robert Wiseman

5. Talia Bensoussan (centre) with BT Co-Chairs, Adam Shapiro and Alyssa Wiseman

Many charities are important to me including all Jewish organizations that help our Montreal Jewish community thrive and be successful.

- Talia Bensoussan

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Our donors create legacies through the establishment of endowment funds which are invested with professional money managers under the guidance of the Foundation’s Investment Committee. Annual proceeds (5%) are allocated annually according to donors’ instructions.

Designated funds enable donors to select programs or causes to sustain in perpetuity. Allocations in their names are made annually 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 on an annual basis 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 GRANTSfrom Undesignated Funds

COMMuNITY ORGANIZATIONS

Federation CJA 266,900 Communauté Sépharade Unifiée du Québec 30,000 United Community of Russian Speaking Jews of Quebec 5,000

JEWISH CuLTuRE & EDuCATION

Shaping Our Future 406,700 Bronfman Jewish Education Centre 37,000 KlezKanada 35,900 Segal Centre for the Performing Arts 18,000

RELIGIOuS INSTITuTIONS

Ghetto Shul 30,000

MISCELLANEOuS 57,900

TOTAL $887,400

TZEDAKAH ALLOCATIONS IN PARTNERSHIP WITH JCF DONORSDesignated and Philanthropic Funds

COMMuNITY ORGANIZATIONS

Federation CJA 6,235,600UIA Federations Canada 453,600 Foundation for the YM-YWHA 414,200 Fondation du Grand Montréal 200,000 Centraide of Greater Montreal 197,400 YM-YWHA Montreal Jewish Community Centres 126,000 David Suzuki Foundation 110,100 UJA Federation of Greater Toronto 79,100 Montreal Holocaust Memorial Centre 70,400 Camp B’nai Brith Inc. 53,300 Roasters Foundation 50,000 Fondation Castonguay Hattem 25,200 B’nai Brith Canada 22,000 Quebec Jewish Congress 18,700 March to Jerusalem 16,200 Communauté Sépharade Unifiée du Québec 14,100 Canadian Centre for Diversity 10,000 Trevor Williams Kids Foundation 8,000 Camp Kinneret-Biluim 7,700 B’nai Brith Foundation 6,800 Info-Secte / Info Cult 5,500 Camp Garden (Gan) of Israel 5,000 Dawson Community Basketball 5,000 Nature Conservancy of Canada 5,000

HuMAN SERVICES

The Sir Mortimer B. Davis - Jewish General Hospital Foundation 2,016,300 The Montreal Children’s Hospital Foundation 493,800 Chabad Lubavitch Youth Organization 478,900 Montreal General Hospital Foundation 277,800 Royal Victoria Hospital Foundation 223,000 Canadian Angelman Syndrome Society 214,700 Montreal Heart Institute Foundation 201,600 Jewish Eldercare Centre 141,700 80 Ruelle de l’Avenir 150,000 Agence Ometz 129,600 Alzheimer Groupe Inc. 105,700 Fondation Dr Julien 100,000 The Friendship Circle 81,700 Donald Berman Yaldei Developmental Centre 78,600 McGill University Health Centre Foundation 69,800 Cummings Jewish Centre for Seniors Foundation 68,300 Mizrachi Organization of Canada 57,000 Club des petits déjeuners du Québec 50,000

Mount Sinai Hospital Foundation 49,900 JEM Workshop Inc. 48,400 Sir Mortimer B. Davis JGH Ladies Auxiliary 46,300 Sun Youth Organization 43,700 Mount Sinai Hospital Corporation 43,000 Juvenile Diabetes Research Foundation Canada 39,100 Jewish Community Rehabilitation Foundation 37,600 Maimonides Hospital Foundation 36,000 Cancer Research Society Inc. 34,800 MAZON Canada 34,600 Maison Shalom 33,900 The Old Brewery Mission Inc. 32,400 Share the Warmth Foundation 29,200 Just for Kids Foundation 26,600 Migdal Ohr Tower of Light Children’s Foundation 25,200 Fondation Intègr’ACTION du Québec 25,000 St. Michael’s Hospital Foundation 25,000 Hebrew Free Loan Association 24,000 St. Mary’s Hospital Foundation 23,800 Miriam Foundation 23,200 Cummings Jewish Centre for Seniors 22,600 Montreal Oral School for the Deaf Inc. 21,000 Mary Katz Claman Foundation 20,300 Auberge Shalom pour femmes 19,000 MAB-Mackay Rehabilitation Centre 19,000 Nazareth House 18,000 Chabad Lifeline 17,000 Project Genesis 16,200 Dans La Rue 14,400 Emunah Women of Canada 14,200 AMI-Québec Action on Mental Illness 12,500 Montreal B’nai Brith Food Baskets Inc. 11,800 Fondation de l’Hôpital Sainte-Justine 11,500 Honor Aid Society 11,500 Hatzoloh Rescue Squad of Montreal 10,100 60 Million Girls Foundation 10,000 Canadian Friends of Peace Now 10,000 Calgary Jewish Community Council 10,000 Fondation de la Résidence du Carré Royal 10,000 Fulford Residence 10,000 Inner City Summer Day Camp 10,000 Jewish Child and Family Service 10,000 Oxfam Quebec 10,000 Urban Pardes 9,900 Reena Foundation 9,000 Crohn’s & Colitis Foundation of Canada 7,800 Radio Shalom 7,500 Douglas Hospital Foundation 6,800 Auxiliary Mount Sinai Hospital 6,700 Santropol on Wheels Inc. 6,500 Starlight Children’s Foundation Canada 6,300

Auxiliary of the Royal Victoria Hospital 5,500 Leave Out Violence (LOVE) 5,500 Argyle Institute of Human Relations 5,000 Le Soupecafé Rencontre 5,000 Sotos Syndrome Support Association of Canada 5,000

CuLTuRE & EDuCATION

Segal Centre for Performing Arts 708,100 McGill University 646,800 Selwyn House School 182,600 Canadian Society for the Weizmann Institute of Science 156,800 Cinemania 155,000 JPPS-Bialik 138,300 OISE / UT 125,000 The Akiva School 123,100 Université de Montréal 115,400 Concordia University 111,500 Bronfman Jewish Education Centre 105,500 Hebrew Academy 97,000 Scholarships 78,000 KlezKanada 76,600 Canadian Zionist Cultural Association 57,400 Beth Rivkah Academy 56,400 Miss Edgar’s & Miss Cramp’s School 55,000 The Boulevard Foundation c/o St. George’s School of Montreal 50,000 Trinity College School Foundation 50,000 Free Hebrew for Juniors 49,600 B’nai Brith Hillel Foundation of Montreal Inc. 44,900 Jewish Public Library 44,700 Solomon Schechter Academy 41,500 Jerusalem Foundation of Canada Inc. 40,900 Lower Canada College 40,500 John Dobson Foundation 40,000 Chaya Mushka Seminary - Ben Weider Education Centre 35,000 United Talmud Torahs of Montreal 32,900 The Montreal Museum of Fine Arts 31,700 Jewish Education Program 30,800 Canadian Institute for Jewish Research 29,000 Aron & Susan Lieberman Foundation 25,000 Institut du Nouveau Monde 25,000 SEIIM (Service d’éducation et d’intégration interculturelle de Montréal) 25,000 La Fondation de la tolérance 52,500 Youth Fusion Jeunesse 20,000 Beth Jacob Seminary 19,300 St. George’s School of Montreal 18,300 Orchestre symphonique de Montréal 18,100 Summit School Foundation 13,200 The Study School Foundation 12,600 Lakefield College School 12,000 Hebrew Foundation School 11,400 Canadian Vocal Arts Institute - University of Montreal 10,500 Giant Steps Foundation - Montreal 10,500 Torah Fax 10,500 Opéra de Montréal 10,000 Les Ballets Jazz de Montréal 7,500 École Maïmonide 7,300 Bais Yaakov Elementary School 6,600 Loyola High Shool Foundation 6,500 Friends of Simon Wiesenthal Center for Holocaust Studies 5,500 Community of Sépharade Jews of Montreal 5,200

Hippy Quebec 5,000 Interculturalisme 2011 - Université du Québec à Chicoutimi 5,000 Montreal Chamber Music Festival 5,000

RELIGIOuS INSTITuTIONS

BMC Teachers College 496,000 Va’ad Mishmeres Mitzvos 283,700 Montreal Torah Center 114,500 Congregation Dorshei Emet / Reconstructionist Synagogue 82,700 Ezrath Achim Organization 79,800 Congregation Tifereth Beth David Jerusalem 78,700 Congregation Shaar Hashomayim 72,400 Congregation Shaare Zion 50,700 Kollel Torah Mitzion 45,300 Congregation Chevra Kadisha B’nai Jacob Beit Hazikaron 40,900 Spanish & Portuguese Synagogue 33,600 Montreal Community Kollel 32,700 Yeshivat Aish HaTorah - College of Jewish Studies 30,400 Beth Zion Congregation 28,600 Synagogue Etz Haim-Hi Lamachazikim Bah-Or Menachem 27,500 Academie Taryag D’Arizal 26,000 Temple Emanu-el Beth Sholom 22,600 Montreal Community Mikva 19,000 Yeshiva Gedola Merkaz Hatorah 18,600 Beth Israel Beth Aaron Congregation 16,600 House of Israel Congregation 16,600 Or Shalom 15,300 Congregation Beth Ora 12,000 Congregation Beth-El 11,800 Congregation Shomrim Laboker 11,400 Young Israel of Montreal 11,300 Congregation Beth Tikvah 10,100 Tiferes Israel Congregation 10,000 Noam Jewish Center 9,100 Yeshivat Yesodei Hatora 9,000 Congregation Shaare Zedek 8,500 Congregation Or Hahayim 8,000 OHR Somayach Montreal 8,000 Congregation Toldos Yakov Yosef 6,700 Adath Israel Poale Zedek Anshei Ozeroff Congregation 6,400

Jewish Unity Partnership Inc. 6,200 Kollel Avrechim du Centre Chouva Israel 6,000 Kollel Yishmah Moshe 6,000 Congregation Nahar Chalom de Hampstead 5,000 First Mesifta of Canada 5,000

ISRAEL / OVERSEAS

Canadian Friends of the Hebrew University 159,700 ORT Canada 126,700 Israel Cancer Research Fund 109,300 Jewish National Fund of Canada 95,000 Canadian Associates of Ben Gurion University of the Negev 93,800 Canadian Magen David Adom for Israel 75,800 Canadian Friends of Zefat 54,000 Canadian Friends of Tel Aviv University 40,900 Israel Cancer Research Fund - Toronto 25,500 Canadian Friends of Rambam Medical Centre 25,000 Beit Halochem Canada - Aid to Disabled Veterans of Israel 23,800 Canadian Technion Society 23,600 Canadian Friends of Yeshiva University 23,100 Canadian Friends of the IGDCB 20,100 Hadassah-WIZO 19,800 Can Serve Foundation 18,500 Ezras Cholim 14,600 Na’amat Canada 10,900 Israeli Victims of War Association 9,600 Canadian Red Cross 8,400 Canadian Friends of Herzog Hospital - Ezrath Nashim 8,000 Canadian Friends of Ilan Foundation for Handicapped Children 6,900

MISCELLANEOuS 5,700,500

TOTAL $26,538,400

ALLOCATIONS SuMMARY

Grants from undesignated funds 887,400 Grants from designated and philanthropic funds 26,538,400

TOTAL ALLOCATIONS $27,425,800

2011ALLOCATIONS

30.8

16.0

22.0

21.0

6.6

3.6

ALLOCATIONS BY FIELD OF INTEREST (%)

Community Organizations

Human Services

Israel / Overseas

Culture & Education

Religious Institutions

Miscellaneous

1312

Connecting through Culture

Of the 11 grants allocated in 2010-2011 (totalling $228,300), 9 have been completed successfully. Among them:

Nights at the Ghetto Shul connected participants to their Jewish roots while the inaugural Jewish Music Festival organized by KlezKanada attracted more than 3,000 people to its 5 day event.

The Medium is the Matzo, a gallery exhibition held at Concordia University, demonstrated how the story of the Exodus could be depicted to learn about oppression today in a unique and engaging manner.

Interactive Museum of Jewish Montreal, an on-line, self-guided outdoor museum of historic Jewish Montreal designed to make Montreal’s Jewish Heritage accessible online and outdoors via web and mobile applications, completed Phase I with the launching of its website.

The Shtetl Project consisted of three components – radio, a website and live events to showcase Jewish arts, culture and topics of interest.

JCF Leadership Institute

Focus On Change and Agents Of Change A year after its launch, the ChangeLeaders program has demonstrated that it is in itself a change. The freshman group consisted of quality communal service professionals and talented community volunteers The curricula included Prof. Jeffrey Gandz who spoke on navigating change, the pros from The Actors Institute who focussed on the way we present ourselves, and individual coaching sessions led by Meritas.

Many participants report that they are using much of the skills shared by the professionals as well as the suggestions made by ChangeLeaders colleagues.

Institutional Strengthening

SchoolsAs part of the JCF/McGill/BJEC educational leadership program, students participated in a retreat focusing on leading a Jewish day school. They learned about leadership in the Bible from Rabbi Poupko and had a reflective session led by Gail Baker, Head of School of the Heschel School in Toronto, who addressed the many challenges in leading a Jewish day school.

Camps GEN J expanded their commitment to strengthen Montreal Jewish overnight camps and capacity building by working with lay and professional leadership. Board Development Workshops centred on governance and best practices, while intensive consultation by the Foundation for Jewish Camps, a strategic and funding partner, is ongoing.

Synagogues GEN J Institutional Strengthening for Synagogues was launched in May 2010 to provide Montreal synagogues with value-added, take-away tools for working on governance, addressing concerns on membership issues and encouraging discussion and collaboration among synagogues. Planning for year 2 is in progress, based on evaluation.

Launched one year ago, this JCF initiative is creating

new ways to plan for the future through leadership

development, institutional strengthening and culture

that connects communities.

For the year ending March 31, 2011,

the equity markets, particularly Canadian, continued to rise on the back of solid corporate earnings reports and increased commodity prices. Fixed income markets were stable. Hedge funds did not keep pace with the market’s dramatic rebound.

Against this performance backdrop, we are pleased to report an 8.4% return on the Jewish Community Foundation (“JCF”) of Montreal’s pooled fund. This is in contrast to last year’s 16.2% return.

This performance is directly related to the investment policies and strategies of the committee – primarily to use a fund of fund investment approach, to diversify the pool into an array of asset classes and to hedge investment strategies as an insurance policy against significant losses. This will be further explained below.

Asset Allocation Performances

EquitiesOver the long term, equity holdings are generally expected to generate returns superior to those of less risky assets such as bonds and cash. Within the JCF’s equity allocation are both marketable (traded on public exchanges and highly liquid) and non-marketable (private partnerships, not publicly traded and less liquid) holdings. Included among the marketable holdings are U.S., Canadian and foreign equities. Among the non-marketable holdings are positions in private equity and distressed debt.

This category makes up 40% of the fund and includes traditional market equities (Canadian, US and foreign), private equity, and distressed debt.

Our Canadian equity allocation’s (10%) fund of fund manager (“fof”), SEI, reported a 16.25% return this year against the benchmark of 20.42% (S&P/TSX Composite).

Our US Equity Funds, managed by Commonfund, reported a 14.5% return against a benchmark of 16.76%. (10% allocation)

Commonfund’s International Equity and Emerging Markets funds reported a 12% gain against a benchmark of 16.5%.

Our Private Equity and distressed debt fofs reported a 14.3% aggregate return. These “illiquids” have begun to perform well for the pool.

Real Assets Real asset investments provide attractive return prospects, portfolio diversification, and a hedge against unanticipated inflation. This category of investment is typically less liquid than publicly traded securities. The JCF includes real estate and natural resources in its allocation to real assets.

10% of our assets were placed in this asset class last year and this class was an underperformer primarily due to the real estate component of this class. Real estate returned a 6.6% return. The Natural Resources component of this class returned 21%.

Hedge Funds Hedge funds provide portfolio diversification, seeking to generate high long-term real returns by exploiting market inefficiencies. Unlike traditional marketable securities, hedge funds have historically provided returns largely independent of overall market moves.

30% of our portfolio is placed in hedge funds fofs. Last year this class returned 4.29%, against a benchmark of 5.14% but far below the S&P/TSX composite benchmark of 20.42% used for market equities. These hedge funds performed as intended. They are a style which is aimed at lower volatility than traditional equities. When the market flies, the hedge funds will capture only a portion of the gains; whereas when the market suffers significant losses its losses are significantly lower.

Fixed Income Fixed income assets generate stable flows of income, providing greater certainty of nominal cash flow than other asset classes. They have the lowest historical and expected returns of the asset classes included in the JCF’s portfolio.

20% of the pool is placed in fixed income. Over 70% of the fund is run by State Street in a Canadian Fixed Income Index Fund, with the balance basically invested in Israeli Bonds which the pool has traditionally held. The net return on fixed income was 4.84%.

Currency and Currency Hedging The returns described above are described in the currency of the fund. As about 70% of the pool is invested in $US, currency fluctuations have an impact on the final returns described in $CDN.

This past year the Canadian dollar appreciated against the US greenback. In the year the exchange rate moved from 1.01 to 0.97 an appreciation of over 4%. This appreciation caused an absolute loss on our US investments, which resulted in a 3.2% reduction in our total return number.

However the Investment Committee hedges against the dollar. The hedging this year resulted in a currency gain of 2.7%. On a net basis the currency change reduced the overall return by 0.5%.

Conclusion

The market remains an uncertain and volatile instrument. Market changes have been unprecedented. Currency changes have also been remarkable over the last two years. Although liquidity is an issue in the marketplace, interest rates are at quite low levels. Thus the Investment Committee will maintain its policies of diversification and hedging.

By creating a new model of leadership development, specific to leaders who see a need for change, the JCF has really been investing in our collective future and our community will be all the better for it.

- Jeff Bicher, ChangeLeader

Dreams are today’s answers to tomorrow’s questions - Edgar Cayce

INvESTMENT COMMITTEE

REPORT

SHAPING OUR FUTURE

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BALANCE SHEETfinancial summary

As at March 31 2011 2010 2009 2008 $ $ $ $

ASSETS

Cash 5,422,439 3,197,637 4,151,206 1,028,310 Sundry receivables 1,415,417 2,434,090 1,447,404 1,396,381Balance of sale - - - 800,000Investments 264,480,563 231,546,531 195,933,534 260,274,775Investments in private Canadian companies 14,376,096 15,251,904 19,609,181 24,539,509Capital assets 724,314 777,588 445,249 445,249 286,418,829 253,207,750 221,586,574 288,484,224

LIABILITIES AND NET ASSETS

LIABILITIES

Grants and accounts payable 123,435 211,406 615,574 525,859Trust funds payable 97,951,370 86,621,632 73,673,317 96,843,808

98,074,805 86,833,038 74,288,891 97,369,667

NET ASSETS

Restricted for endowment purposes 164,829,861 144,066,891 129,495,546 167,467,910Unrestricted 23,514,163 22,307,821 17,802,137 23,646,647

188,344,024 166,374,712 147,297,683 191,114,557

286,418,829 253,207,750 221,586,574 288,484,224

STATEMENT OF OPERATIONSand changes in net assets

Year ended March 31 RESTRICTED uNRESTRICTED TRuST FuNDS TOTAL FuND TOTAL FuND FuND FuND SuBTOTAL PAYABLE BALANCE BALANCE 2011 2010 $ $ $ $ $ $

CONTRIBuTIONS AND REVENuES

Endowment and other contributions 39,169,743 462,820 39,632,563 - 39,632,563 17,746,560 Administration fees - 865,793 865,793 - 865,793 804,899Investment income 10,585,081 1,816,742 12,401,823 7,852,872 20,254,695 34,640,398

49,754,824 3,145,355 52,900,179 7,852,872 60,753,051 53,191,857

Trust fund additions - 10,443,706 10,443,706 7,260,143

49,754,824 3,145,355 52,900,179 18,296,578 71,196,757 60,452,000

DISTRIBuTIONS AND ExPENSES

Grants paid 26,538,440 887,436 27,425,876 - 27,425,876 20,265,340 Administration fees 536,242 82,111 618,353 247,440 865,793 804,899Overhead expenses 1,857,563 861,610 2,719,173 - 2,719,173 1,047,082

28,932,245 1,831,157 30,763,402 247,440 31,010,842 22,117,321

Trust fund drawings 6,886,865 6,886,865 6,309,335

28,932,245 1,831,157 30,763,402 7,134,305 37,897,707 28,426,656

Change in the year 20,822,579 1,314,198 22,136,777 11,162,273 33,299,050 32,025,344Interfund transfers (59,609) (107,856) (167,465) 167,465 - -

20,762,970 1,206,342 21,969,312 11,329,738 33,299,050 32,025,344

Net assets, beginning of year 144,066,891 22,307,821 166,374,712 86,621,632 252,996,344 220,971,000

Net assets, end of year 164,829,861 23,514,163 188,344,024 97,951,370 286,295,394 252,996,344

INVESTMENT PERFORMANCE

If you will it, it is not a dream - Herzl

16.2

-21.5 0.8

10.2

2010

2009

2008 2007 2006

10.8

RETuRN OF POOL BY YEAR (%)

8.4

2011

16

1 Cummings Square, Montreal, Québec H3W 1M6

514-735-3541 Fax 514-345-6410 www. jcfmontreal.org

Proud Member

FOuNDING PRESIDENT

Arthur Pascal C.M. z”l

HONOuRARY PRESIDENTS

L. Michael Blumenstein, Barry Clamen FCA, Marvin Corber C.M., FCA, Senator Yoine Goldstein Stanley Hyman, Mildred Lande C.M. z”l, Harvey Levenson, Boris G. Levine C.M., FCA z”l, Robert Raich, Oscar Respitz Q.C.

Gordon Schwartz z”l, Robert Vineberg, Sheila Zittrer

OFFICERS

IMMEDIATE PAST PRESIDENT

Joel Raby PRESIDENT

Barry Pascal SENIOR VICE-PRESIDENT

Joel Segal VICE-PRESIDENTS

Miriam Roland, Gary Ulrich

SECRETARY

Barbara Novek TREASuRER

Michael Etinson

OFFICERS AT LARGE

Etty Bienstock, Michael Frankel CA, Brenda Gewurz, Armand Kessous, Susan Levine, Todd Sone Richard Vineberg FCA, Steven A. Yaphe CA, Stan Zack

BOARD OF DIRECTORS

Annette Amar, Choula Ammar-Hadid CA, Thérèse Attias, Howard Berish FCA, Mark Brender, Norman Daitchman FCA, Jack Dym, Irwin Fruchter, Stephen Gross, Eva Haber, Charles Jacobs CA, Peter Jacobs, Ian Karper, Bruce Kent,

Mervin Kerman, Adriana Kotler, Samuel Merovitz, Sam Oliel, Joseph Paperman, Barry Rishikof, Evelyn Bloomfield Schachter, Janice Gerson Schwartz, Steven Sitcoff, Irwin Tauben, Lawrence Young

CHAIRS OF COMMITTEES

ALLOCATIONS/VISIONING

Peter Jacobs, Todd SoneAuDIT

Norman Daitchman FCA

B’NAI TZEDEK

Janice Gerson Schwartz INVESTMENT

Joel Segal

PROFESSIONAL CONSuLTANTS

Howard Berish FCA, Barbara NovekMARKETING

Brenda GewurzSCHOLARSHIP

Allan Levitt

ExECuTIVE DIRECTOR

Robert A. Kleinman FCA

ExECuTIVE VICE-PRESIDENT

Joel King BCL, LLB

DIRECTOR OF FINANCE

Joelle Mamane CA

DIRECTOR OF MARKETING

Marlene Gerson

ExECuTIVE DIRECTOR EMERITuS

Emanuel WeinerADMINISTRATIVE ASSISTANTS

Sharron Hébert, Bryna Hersh

STAFF

BOARD AND STAFF

2010 - 2011

THE JEWISH COMMuNITY FOuNDATION OF MONTREAL

DES

IGN

: STU

DIO

DU

OTO

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