One-year growth tops 20 percent at JCF

By Deborah Moon

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Total assets of the Oregon Jewish Community Foundation increased over the preceding year by more than 20 percent, reaching $43,418,922 by the end of the fiscal year June 30, 2007.

The complete annual audit by Hoffman Stewart and Schmidt, P.C., is posted on the foundation’s Web site at www.ojcf.org under foundation financials.

“It was a really spectacular year,” said OJCF Executive Director John Moss. “The big story is our total assets increased from $36.1 million last year and are now $43.4 million. It’s also very significant that contributions increased from $2.3 million to $6.9 million.”

“Most of the increase came from increased donations, not because it was a good market year,” said Moss, adding that the foundation did exceed the market in its investment income gains.

“The growth was aided by the success of our investments, but it really came from the generosity of our donor community.”

   
The foundation’s net income from investments totaled $3.9 million--up from $1.9 million the previous year.
   
Also significant was the $3.1 million the foundation dispersed to the community in grants and gifts. That reflected an increase of 14.6 percent over 2006’s $2.7 million.
   
“One of the key numbers is how much we gave away,” said Moss. “In grants to the community, we gave out more than $3 million. Part of our job is to rain money out onto the community.”
   
Moss said he believes the increase in donations to the foundation is largely due to community’s perception of OJCF’s past success in managing the community’s money and getting it where it needs to go.
   
“I believe we are proving to be a fine investor of community assets,” he said. “OJCF means something to people.”
   
He pointed to projects such as the PJ Library, which provides free books to Jewish children ages 6 months to 5 years, and the Oregon Jewish Community Youth Foundation, which allows teens to experience philanthropy and serving on a non-profit board.
   
“We invest in our peoplehood as well as investing our finances,” he said. “We are an investment in the perpetuity of the Jewish people.”
   
OJCF President Stan Blauer, who is in the second year of his second term, said that the foundation board reviewed the audit at its most recent board meeting and was pleased with the foundation’s accomplishments.
   
“We are very gratified with the growth and the organization,” said Blauer. “We have a board that is very dedicated to the growth of the foundation and I can’t say enough about our staff.”
   
Moss likewise praised the OJCF support staff: “None of this would have been possible without the talented support staff of Julie Diamond, Janet Storm and Alicia Byerley. They are dedicated, smart and super competent.”
   
The audit shows that funds held for foundation members, such as the Jewish Federation of Greater Portland and its constituent agencies, as well as synagogues, totaled $17.3 million at the end of fiscal 2007. Funds held for members are counted as a liability in the audit, because member agencies may remove their funds at any time.
   
After subtracting all liabilities from total assets, OJCF net assets stood at $24.3 million, which reflects a 30.3 percent increase over 2006’s $18.6 million.