In 2008, the Jewish Foundation of Manitoba distributed or committed almost $3.1 million to a broad array of organizations both within and outside of the Jewish community! This is testament to the continued support and commitment of our many donors.

There is no doubt that with the current economic crisis, the Foundation is facing a challenging period. The dilemma we face is finding a balance between our obligation to support the community and our obligation to preserve capital.

Our spending policy going forward is a graduated approach that seeks to moderate the impact on organizations that depend on us while rebuilding capital over time.  In 2009, we will be distributing 10% less than in 2008. Over the next few years, subject to ongoing review, we anticipate a moderate decline in our spending policy working towards a distribution rate of 4% of a
3-year rolling average of the market value of our endowment assets. This will allow the rebuilding of the value of our existing capital to 2007 levels.

We believe this to be a reasonable approach in very challenging times. If you have questions about the impact on your fund or any other concerns, please feel free to contact our office.

We value your ongoing support of the Foundation and its role in our community.

Sincerely,

Ed Shinewald

President