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Developing the Role of Jewish Federations of North America (JFNA) in Stewardship for Success

Developing the Role of Jewish Federations of North America (JFNA) in Stewardship for Success. Waiting for (Stanley) Kaplan: Who is Going Raise Jewry’s Philanthropic S•A•T Scores and Catapult Us Into the Ivy Leagues? Presentation to JFNA Senior Advisory Cabinet February 2011

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Developing the Role of Jewish Federations of North America (JFNA) in Stewardship for Success

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  1. Developing the Role of Jewish Federations of North America (JFNA) in Stewardship for Success Waiting for (Stanley) Kaplan: Who is Going Raise Jewry’s Philanthropic S•A•T Scores and Catapult Us Into the Ivy Leagues? Presentation to JFNA Senior Advisory Cabinet February 2011 Palm Beach Gardens, FL Alan Leifer, President Leifer Capital Advisers Founder of Boston’s Jewish Community Endowment Pool Alan@leifer.org www.leifer.org

  2. “Nothing Is More Important to the Health of the Jewish People Over the Long Term Than to Establish the North American Jewish Philanthropic Sector As a Trusted, Professional Source of Endowment and Foundation Stewardship”

  3. Today’s Agenda • The Endowment Ivy Leagues • Boston’s Jewish Community Endowment Pool (JCEP) – A Case Study • S•A•T – Size, Access, Talent • Characteristics of the Current System • Discussions for Following Up After the JFNA Investment Institute

  4. The Endowment Ivy Leagues

  5. Universities Today • Contrast to The Ivy League 35 Years Ago • Jewish Presidents • Jewish Buildings • Jewish Investment Committee Members • Virtual Circle of Endowment Management • Gaining Share in Philanthropy from Jews

  6. Assuming $30 billion in Jewish Philanthropic Invested Assets, 100 bps is $300 Million and 500 bps is $1.5 Billion annually

  7. Boston’s Jewish Community Endowment Pool (JCEP) A Case Study

  8. CareGroup/CJP Board of Managers • Board of Managers Established 1967 • Joint body of CJP and CareGroup (The Harvard Medical School Teaching Hospitals of Beth Israel Deaconess, Mount Auburn Hospital, New England Baptist & BID-Needham) • Restructured in 1997 • Volunteers from Boston Money Management Community • 100% Constituted by Investment Professionals • Sole Responsibility for Investment Guidelines, Asset Allocation and Manager Selection • Operates Independently of CJP and CareGroup Boards of Directors

  9. Jewish Community Endowment Pool, LLP(JCEP) • Founded in 1998 With 6 Partners • Investment Oversight by 9 Member CareGroup/CJP Board of Managers • Outsourced to By Endowment Boards of 50 Jewish Non-Profits and 36 Family Charitable Funds • Catapulted Boston’s Jewish Philanthropic Sector into the Endowment Ivy League • Access to Best-in-Class Asset Managers • $1.6 Billion Under Management as part of CareGroup/CJP Collaborative • Ranked by Cambridge Associates as Nation’s Top Decile Performer for Long Term and Top Percentile Performer for Short Term as of June 2010

  10. Asset Allocation Jewish Community Endowment Pool, LLP($531 Million in Partner Assets) As of December 31, 2010

  11. Daniel Jick, Chair HighVista Strategies Seth Klarman, Vice Chair Baupost Group Stephen BergerAdamas Partners Matthew Bottein Blackrock, Inc. Allan Bufferd MIT Lawrence Lasser Putnam Investments Alan Leifer Fidelity Investments Lawrence Marks Fortis Investments R. Gregg Stone Kestrel Venture Partners Board of ManagersCurrent or Past Affiliations Affiliations for identification purposes only.

  12. CareGroup/JCEP Investors - $1.6 Billionas of December 31, 2010 Jewish Federation of Greater Pittsburgh Jewish Federation of New Hampshire Jewish Vocational Services, Inc. Jewish Women's Archives Maimonides School New England Holocaust Memorial Rashi School Sarasota-Manatee Jewish Federation Saval Charitable Trust Solomon Schechter Day School South Area Solomon Schechter Day School Synagogue Council of Massachusetts Temple Aliyah Temple Beth Avodah Temple Beth Avodah Endowment Trust Temple Beth Elohim Endowment Fund, Inc. Temple Beth Shalom Temple Emanuel Endowment Fund Temple Emunah Endowment Temple Isaiah of Lexington Temple Israel (Boston) Temple Israel of Natick Temple Reyim Temple Shalom of Newton Temple Shir Tikva Tidewater Jewish Foundation UJF of Greater Stamford, New Canaan and Darien Adams Street Shul Beth Israel Deaconess OB/GYN Foundation Beth Israel Deaconess Radiological Foundation Camp Ramah of New England Camp Yavneh CareGroup Investment Partnership Caregroup Pension Plan CJP Large Donor Advised Funds CJP Endowment Congregation Beth El of the Sudbury River Valley Congregation Beth Israel of Malden Congregation Mishkan Tefila Facing History & Ourselves Foundation for Jewish Camp Frances Jacobson Early Childhood Center Gann Academy Hebrew College Jewish Agency for Israel Jewish Big Brother & Big Sister Association of Greater Boston Jewish Big Brother & Big Sister Association of Greater Boston Endowment Trust Jewish Community Centers of Greater Boston Jewish Community Housing for the Elderly Jewish Endowment Foundation of Louisiana Jewish Family & Children’s Service Jewish Federation of Cape Cod Jewish Federation of Greater Indianapolis, Inc. Jewish Federation of Greater Middlesex County

  13. Jewish Community Endowment Pool, LLPPerformance vs. Peer Groupas of June 30, 2010 Percentile ranks are based on a scale of 0-100, where 0 is best and 100 is worst. Source: Cambridge Associates, LLC. Three, five and ten year returns are annualized and net of investment management and custodial fees.

  14. CJP Spin-Off Benefits • Annual Campaign Near Peak • Money Managers are the Bulk of $1 Million Annual Donors • Money Managers’ Donations Rose from 2% to 15% of Annual Campaign • CJP Leadership • Chairman (current) - Overseas Chair (current) • Campaign Chairs (2008,2010) - Budget Chair (current) • $2 Million in Donor Advised/Fund Fees • CJP is Viewed as a Trusted Philanthropic Adviser to the Jewish Family Foundation Sector

  15. S•A•T – Size, Access, Talent

  16. S•A•T – Size, Access, Talent • Size is Associated with 100-500 bps in Performance • The Rise of the Hedge Fund Industry Leads To Limited Access • 1 Performance Quartile is 350-1000 bps in Non- Marketables • 100,000 Chartered Financial Analysts Since 1980 • The Best Plans Have 2/3rds Pros on Their Investment Committee • 20 bps on $1 Billion Endowment Pays for a $2 Million Investment Office

  17. Characteristics of the Current System

  18. Key Characteristics of System • 100 JFNA Plans, $15 Billion AUM, $150 Million Average Plan Size, 3 Chief Investment Officers • 300 Sizeable Jewish Family Foundations – Median Size $30 Million, $15 Billion AUM • Total of $30 Billion in Assets Susceptible to Madoff, Fads, Frauds, High Fees • Room for More Accountability, Transparency, Oversight • Room for Less Entrenched Interests– Donors, Accountants, Lawyers, Money Managers • National Jewish Federation Investment Program – 5 Offering Cities with S•A•T • 15-20 Other Cities with S•A•T or S•A•T Potential

  19. Where Are We On Size? Large City Federation Assets Under Management Source: JFNA 2009 Annual Survey of Endowment Development *=2008 Survey Data

  20. Summary • Waiting for (Stanley) Kaplan – Is It JFNA? • Stewardship for Mission Success • Gain Share of Jewish Wallet • Manage by Evidence not Anecdotes • Endowment Management is not a Pro-Am Tournament

  21. Developing the Role of Jewish Federations of North America (JFNA) in Stewardship for Success Waiting for (Stanley) Kaplan: Who is Going Raise Jewry’s Philanthropic S•A•T Scores and Catapult Us Into the Ivy Leagues? Presentation to JFNA Senior Advisory Cabinet February 2011 Palm Beach Gardens, FL Alan Leifer, President Leifer Capital Advisers Founder of Boston’s Jewish Community Endowment Pool Alan@leifer.org www.leifer.org

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