Changing The Future
To Our Community
It is my pleasure to announce that the Foundation is now reaching a milestone of $30 million in assets. This past year the Foundation, through Pace Funds and its unrestricted endowment funds, contributed over $361,000 to the Federation’s annual campaign.
The Foundation serves as a backbone of support for the continuation of our Central New York Jewish Community. Thanks to the foresight of our founders, Alex Holstein and Linda Alexander, we are now a major source of funding for our community.
Our investment committee, under the leadership of Neil Hoyt, has managed a balanced portfolio which continues to earn above-average rates of return. This has allowed us to fund a payout of 5% of fund assets while still maintaining growth in our participating accounts.
Many of you may not be aware that the Foundation acts as investment managers for about $10 million of agency funds, which we hold for various entities of our Jewish community.
Our staff, led by executive director Michael Balanoff, as well as our comptroller Don Cronin and Barbara Davis, form the backbone of the effective operation of the services of our Foundation, and I thank them for their hard work and contributions to our success.
I appreciate the opportunity to serve as part of the Foundation’s team and to work for the continued growth of the Foundation so it will be able to meet the future needs of our community.
Howard Port
Board Chair