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July 15, 1994 - Image 60

Resource type:
The Detroit Jewish News, 1994-07-15

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HIDDEN page 58


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of the UJF portfolio is in stocks
and 40 percent in bonds. The
good returns, he says, come
from diversification decisions:
stocks vs. bonds, value vs.
growth, and selections based on
capitalization of hundreds of
The vast majority of the in-
vestments are in domestic
firms, but there are also "dis-
creet investments" in mutual
funds that have some non-U.S.
"You don't put all your eggs
in one basket," said Mr. David-
off. "A properly diversified port-
folio will do better in the long
And the UJF is doing well at
14.5 percent. So, when the Al-
lied Jewish Campaign — the
annual fund-raiser that sup-
ports more than 50 local, na-
tional and overseas Jewish
causes — comes up short like it
did this year, why can't Feder-
ation and UJF just use a bigger
chunk of endowment proceeds?
"It sounds terrific, $100 mil-
lion," said UJF President
Michael Maddin. "But in talk-
ing about income from those
dollars, it's not a lot. This com-
munity takes a lot of money to
UJF immediate past presi-
dent Jack Robinson points out
that the unrestricted portion of
the funds is used as a rainy-day
emergency fund. "We are able
to come to the rescue when
there is a crisis in the commu-
nity." UJF funds were used to
bail out the Home for the Aged
over the last four years, when
millions of dollars beyond the
annual Allied Jewish Cam-
paign appropriation were
, pumped into Borman Hall in an
effort to save it from closing.
Gilbert Jacobson, associate
director of planned giving and
foundation relations at CJF in
New York, points out that "you
can't just go out and spend" an
endowment. Nationally, about
17 percent of the funds in Jew-
ish communal endowment pro-
grams are unrestricted.
Most donors have restricted
their funds' use to specific pur-
poses. In other cases, such as
Ms. Groskind's insurance poli-
cies, the money will not become

available to UJF until long into
the future — after her death.
While UJF or the beneficiary
agencies could break a donor's
wishes and spend the invest-
ment income from an endow-
ment for other purposes, it
could be the death knell of a
program if that bond of trust is
'We honor the donor's re-
quest," said Michael Maddin.
"The minute we don't, the whole
system is flawed."
UJF officers and Federation
officials stress the biggest trust
is communal involvement in the
Allied Jewish Campaign.
"The Campaign remains the
single most important fund-
raising apparatus," said
Michael Berke, Federation ex-
ecutive director, because it

"It sounds terrific,
$100 million." But
against the needs,
"it's not a lot."
—Michael Maddin

meets the day-to-day needs of
the recipient agencies. The of-
ficials don't want donors to set
up communal endowments in-
stead of gifts to the Campaign.
They see an endowment as an
additional, long-range gift.
`The endowment program is
for people who are looking to do
something for the community
and for Israel," said Joseph Im-
berman, director of United Jew-
ish Foundation's Federated
Endowment Fund. "A wonder-
fill marriage can occur (through
endowments) that will do a lot
of good for the Jewish commu-
"We tell people how they can
participate to accomplish their
goals and our goals. We try to
be careful about providing the
donor with programs. Most
donors have something specif-
ic in mind."
At the Jewish Community
Center of Metropolitan Detroit,
endowments have ranged from
funding new baseball diamonds
to establishing the wing that
houses the Janice Charach Ep-
stein Museum Gallery. The

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