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Mayerson Foundation of Cincinnati has plummeted in value by $4 mil- lion. Yet the $20 million foundation this year is expanding its Jewish giving, which amounts to about one-third of its total grants. The foundation, launched 15 years ago, funds Cincinnati efforts such as Dor L' Dor, which brings seniors to Jewish day schools to lecture, and Kesher, a network for Jews with disabili- ties. Neal Mayerson, son of the founders, says the foundation has escaped tough economic times in part because the family remains active in the real-estate business. Thus the group hasn't seen its assets wither in the souring stock mar- ket as have many of the estimated 7,000 Jewish family foundations. "It's business as usual for us," says the folindation's director of Jewish giving, Pam Saeks. For other Jewish family foundations, however, it's anything but. From the $180 million Walter & Elise Haas Fund in San Francisco, whose ancestors built the Levi Strauss jeans company, to rela- tively modest upstarts such as the $1 million Joshua Venture, Jewish founda- tion assets are getting buffeted by the bear market. Many foundations, it seems, are digging in for a long fiscal storm, either limiting their annual grants or narrowing their overall scope. "By and large, asset bases are way down, and most funds allocate off their asset base," said Mark Charendoff, pres- ident of the Jewish Funders Network, which serves as the unofficial clearing- house for Jewish foundations and the non-federation philanthropic world. The declining stock market served as the backdrop to this year's 13th annual conference of the Jewish Funders Network, which earlier this month drew some 300 representatives of Jewish fam- ily foundations, large and small, to San Jose, Calif., to peer into the future of Jewish foundation philanthropy. So far, no one has compiled any pre- cise data gauging the economy's impact on the Jewish foundation world. Yet I anecdotal evidence from the conference, one informal survey of participants and one larger study of the wider family foundation world show everyone is hunkering down for tougher times. And increasingly for Jewish causes, that mat- ters. Campaigns OK The community still relies on the tradi- tional organized federation world for support, but the more entrepreneurial family foundations have become the alternative form of philanthropy. The United Jewish Communities, the umbrella of 156 federations and 400 smaller communities in North America, raised $840 million in 2002 and an additional $328 million for its Israel Emergency Fund, according to Michael Fisher, a consultant for the UJC. In 2003, the federations have already secured $566 million in general pledges by Passover, Fisher said. Despite a "lousy" economy, he said, "when Jews are in need, Jews dig deep and come up with big bucks." The Jewish Federation of • Metropolitan Detroit announced cut- backs last week because of a drop in its rainy day funds, despite a near record annual campaign. An e-mail survey of foundation con- ference participants by the Jewish Funders Network found that of 180 foundations that replied, 27 of them, representing $161.3 million in funding in 2002, expected their allocations to shrink to nearly $134 million in 2003, a drop of 17 percent. When asked how they were dealing with the economy, the highest number — 35 percent — said they would be cutting the number of grants they awarded in 2003, while only 11 percent said they would award more grants this year. The rest said the number of grants would remain the same. Of those survey participants, 19 per- cent also said they would be narrowing their philanthropic mission, while 3 percent said they would be expanding their focus. As Charendoff sees it, foundations are taking two main paths. "Either you're viewing this as a time of crisis, and you're hunkering down and wondering about preserving, or you're viewing this