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April 25, 2003 - Image 15

Resource type:
Text
Publication:
The Detroit Jewish News, 2003-04-25

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

Congratulations,

Jon Schey!

We are so proud of you!

as a time of opportunity," he says.
Urging more tzedakah, or charity,
Charendoff exhorts foundations to
increase the 5 percent portion of their
endowments they are legally required to
award each year in order to retain their •
tax-exempt status.
If a foundation has a multimillion-
dollar endowment, •"the difference
between 5 percent and 8 percent is
huge," he says.

ideas. With $2 million in backing from
Bronfman and Schusterman, as well as
mega-donor Len Abramson, Jewish
Family & Life and Hebrew College
President David Gordis co-produced
the new Web site.
But Charendoff and others caution
that the annual charitable fluctuations
of family foundations remains only one
measure of their health. In part, that's
because foundations often award a lump
sum of each grant in one year, then
continue smaller awards in typical three-
Save Or Spend?
year cycles.
One of those big givers is the Charles
But economic turbulence also hits
and Lynn Schusterman Family
philanthropy in a less visible way, he
Foundation of Tulsa, Okla., which
adds. The rise and fall of various finan-
awarded $12.75 million in 2002 and is
cial markets also dry up the cash flowing
planning to give $14 million this year.
into foundations' various investments.
The foundation awards 75 percent of its So while a foundation may meet its $1
grants to Jewish causes, such as
million in grant commitments in a given
Birthright Israel, which sends young
year, Charendoff says, it may have less
people to Israel, and also focuses on
cash on hand for new proposals.
problems such as child-abuse preven-
"That new money is the value added
tion.
that allows, not-for-profits to experi-
"This is such a time of need out
ment," he says. "That's an impact on
there, I felt I really needed to step up
the field that's much broader and deeper
what we were doing" for Jewish and
than you would normally intuit."
non-Jewish causes, says Lynn
Other foundations are even going
Schusterman.
back to the drawing board and taking a
And the Walter & Elise Haas Fund,
fresh look at what kind of causes they
which awarded nearly $11.9 million in
support. The Haas family has felt eco-
grants in 2002, about 40 percent to
nomic ups and downs, says Lieberman,
Jewish causes, is actually raising its
the program officer, but it has also
annual 5.5 percent giving limit to 6 per- undertaken a "strategic planning
cent, said Robyn Lieberman, the group's process" reorganization. "We're identify-
program officer.
ing those causes which are mission criti-
"The idea was there was more need
cal," she says.
out there, and we were not eating into
Jeffrey Solomon, president of the
our corpus [total assets] significantly,"
Andrea and Charles Bronfman
she says.
Philanthropies, which awarded $21 mil-
Meanwhile, the San Francisco-based
lion in 2002, said the Bronfman group
Koret Foundation, which awards half of is also "totally revising our strategy."
its $15-20 million annually to Jewish
That means the Bronfmans are looking
causes, is keeping a tighter rein on its
at projects that are "risk-takers,"
spending, says Sandra Edwards, the
Solomon says, but which have a "careful
group's director of grants. The Koret
measurement of outcome."
family, which made its money in
Bronfman beneficiaries such as
women's fashion, built a $300 million
Birthright Israel, the post-September 11
endowment during the past 25 years
Gift of New York and Project
that is now approaching a "maturation"
Involvement of the Reform movement
phase, Edwards says.
in Israel are all such examples, he says.
"We're scrutinizing projects more
There is some evidence that the
closely," she says. "We've moved to a
Jewish foundation picture mirrors the
proactive kind of grant-making," and
larger foundation world, too. Stacy
taking a more "business-like" approach.
Palmer, editor in chief of the Chronicle
Yosef Abramowitz, a trustee of the
of Philanthropy, conducted a study of
Richard Wortman Family Foundation
the larger foundation world for its
of Los Angeles, says the economic
March 6 issue. She said most founda-
downturn has actually helped grant
tion endowments are shrinking.
seekers like his publishing company
"It's really mixed. Either you've got
Jewish Family & Life, which has built a
some foundations saying that
track record in recent years.
`Absolutely, we have to be giving more
Mega-philanthropist Edgar Bronfman because people are having a hard time,'
came to Abramowitz with the idea of
or others are saying, 'Our assets have
launching MyJewishLearning.com , a
been really.crushed by the stock market
Web portal into Jewish education and
and we're not giving.'"



All our best wishes for happiness

and success in your future.

Love,
Mom, Dad, Jamie,
Nana & Poppy

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M Congratulate

0
0

Your Student's
Success with an ad in

The Jewish News Cap & Gown
Special Section!

Issue Date:

SIZES /PRICES
413A 6 " x 2": $45
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4 13 16 " x 5": $100

May 16, 2003

Ad Deadline:

May 8, 2003

ADDITIONAL SIZES AVAILABLE UPON REQUEST.

For further information call

248.35 I .5100

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Attn: Meg • The Detroit Jewish News
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Suite 110 • Southfield, MI 48034
Phone: 248.351.5100 • Fax: 248.304.0049

4/25

2003

702180

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