Jewish Communal Fund (NY) Launches Several Social Impact Opportunities
Jewish Communal Fund, one of the largest donor advised funds in the country, 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 Bonds and 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 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.”
JCF is 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.