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August 30, 2002 - Image 21

Resource type:
Text
Publication:
The Detroit Jewish News, 2002-08-30

Disclaimer: Computer generated plain text may have errors. Read more about this.

2 rooms of carpet cleaned only $49 95

"are invested with United Jewish
Foundation, the investment arm, of
the Federation. They've done a
remarkable job in managing our
resources. We had enough earnings
in the past years to continue to fund
our program as usual through August
2002."
However, that amount has
dropped by $100,000, along with
the stock market, affecting grants
distributed last month, says Raines.
Besides the Jewish Fund, the United
Jewish Foundation, the real estate and
banking arm of the Federation, holds
the assets of the community endow-
m.ent including restricted funds and
donor advised funds.
Whereas donor-advised funds can

make distributions based upon donor
recommendations, restricted funds
distribute 5 1/2 percent of the assets
on an annual basis.
The United Jewish Foundation is
invested in both equities and fixed
income, says Davidoff, who is also its.
executive director and chief operating
officer. "We have a balanced invest-
ment approach."
He adds that the Foundation uses
an outside investment adviser, Cam-
bridge Associates of Boston, for con-
sultation only; it does not manage
the money. "We tend to stay the
course, with our strategy, instead of
reacting to the market fluctuations,"
Davidoff says. "We're constantly
reviewing our strategy." ❑

which means others have to double-up
to do those jobs. At the same time,
she's had to reduce increases in pay.
"It's most difficult," Parr says. "We
depend heavily on private donors and
these are difficult times for them. So
they're not as able to give. Yet we are
more dependent on them now than
ever."
Her agency has several endowments
that, this year, have not yielded any
interest, she adds.
Kenneth Goss, 45, of West
Bloomfield is one of the agency's
donors and also treasurer of the JHAS

on 11 Mile and Evergreen in
Southfield, and takes donations from
the community. All proceeds go
directly to help support services to
older adults.

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How To Prepare?

The Federation and heads of founda-
tions are preparing for a possible wors-
ening of the economy, fully aware of
its effects on the agencies and people
they support.
Raines of the Jewish Fund says she's
telling potential fund recipients that
the process is more
competitive this year.
"We're always push-
ing people to think
about the future, to get
ongoing funding for
their program," she
says. "But this year,
alternative funding is
more difficult to find."
Mark Schlussel, pres-
ident of the Jewish
Nancy Grand,
Mark Schlussel,
Norman Keane,
Fund board, adds that
co-chair of
executive director president of the
if the market doesn't
Federation's
board of the
of Jewish Family
improve, the fund will
Annual
Campaign
Jewish
Fund
Service
have to re-evaluate
what to do for the next two years.
Foundation. He speaks to people over
"We are prepared to invade our cor-
the phone to elicit funds for JHAS as
pus [the $60 million original invest-
well as other organizations.
ment] to continually provide for pro-
"Many people say they have to re-
grams we think are essential," he says.
evaluate their priorities and giving lev-
"We expect we will earn that back as
els," he says. "Some say they've given
the economy continues to grow."
in the past, but can't this year, and
If, however, things continue to
hopefully things will turn around next
decline, he adds, "We have to make a
year."
hard decision and possibly defer a
To handle the economic situation,
Parr says, "we've gotten creative."
JHAS opened a resale shop last April TIGHT TIMES on page 24

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8/30

2002

21

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