Jewish Communal Fund Launches Several Social Impact Opportunities, Just in Time for Giving Tuesday
Largest Jewish donor advised fund in country offers impact investments in every asset class and innovative interest-free lending option
JCF Social Impact Loan Program
Press Release – NEW YORK, Nov. 27, 2018 /PRNewswire/ — Jewish Communal Fund, one of the largest donor advised funds in the country, is announcing on Giving Tuesday that it now offers impact investment opportunities in every asset class. JCF has also introduced an ESG (Environmental, Social and Governance) Pre-Set Portfolio option, in addition to Israel Bondsand the Market Vector Israel ETF options that already exist on JCF’s investment platform to enable Fundholders to invest their charitable assets in a way that aligns with their values. A trailblazer among its peer donor advised funds, JCF most recently launched the JCF Social Impact Loan Program, an innovative collaboration with the Hebrew Free Loan Society (HFLS), whose mission is to help New Yorkers within and beyond the Jewish community achieve financial stability and mobility through interest-free loans.
The JCF Social Impact Loan Program enables JCF Fundholders to facilitate two-year, interest-free loans from their charitable funds to HFLS borrowers. The interest-free loans make it possible for many lower-income borrowers to invest in their family’s future or successfully manage the ups and downs of their financial lives without having to rely on risky and expensive loans or accrue overwhelming amounts of credit card debt.
“Jewish Communal Fund is proud to continue to offer innovative ways to maximize the philanthropic impact of our Fundholders,” says Susan Dickman, the Executive Vice President and CEO of Jewish Communal Fund. “The JCF Social Impact Loan Program is part of our commitment to increasing our Fundholders’ ability to help society.”
The program allows JCF Fundholders with accounts of $100,000 or more to recommend that up to 10% of the charitable assets be lent out in the form of two-year, interest-free loans through the HFLS. HFLS’s interest-free loans make it possible for many lower-income borrowers to invest in their family’s future or successfully manage the ups and downs of their financial lives without having to rely on risky and expensive loans or credit cards. When the two-year term is up, 100 percent of the loan amount will be returned to the Fundholder’s account to be granted out to charity or reinvested. Fundholders will not be charged administrative fees on funds lent to HFLS during the two years these funds are being used for interest-free loans.
In less than a month since this program launched, nearly half a million dollars has already been raised to facilitate interest-free loans to HFLS borrowers.
“The JCF Social Impact Loan Program is a game-changer for our ability to provide lower-income New Yorkers with access to affordable credit,” says Rabbi David Rosenn, Executive Director of HFLS. “With the support of this program, HFLS will increase its lending by millions of dollars over the next few years, donors will get double impact from their charitable funds, and more borrowers get access to interest-free credit. It’s a win-win-win proposition.”
A leader in the world of Jewish philanthropy, JCF continues to be the largest and most active Jewish donor advised fund in the country with over $1.8 billion in charitable assets under management. In FY 2018, JCF distributed a record $435 million in grants to charities in all sectors—representing 26 percent of assets, well above the industry average.
A donor advised fund at JCF enables Fundholders to organize their charitable giving with ease and tax-efficiency. JCF’s educational events and webinars help Fundholders increase their philanthropic impact. In addition, JCF’s robust investment platform enables fund holders to grow their charitable dollars tax-free, enabling them to give more to their favorite causes.
About Jewish Communal Fund
Jewish Communal Fund is one of the largest and most active networks of Jewish funders, currently managing $1.7 billion in charitable assets for more than 3,800 donor advised funds. JCF’s donor advised funds make giving easy, flexible and efficient. The Chronicle of Philanthropy designated JCF a “Top 10” Donor Advised Fund in the U.S. on its Philanthropy 400 list. Learn more about JCF by visiting www.jcfny.org or calling (212) 752-8277. Visit JCF on LinkedIn, like us on Facebook, and follow us on Twitter.
SOURCE Jewish Communal Fund
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