NewsBits: The Joint Worries and Steinhardt Makes New $5m. Gift to AHA
from The Fundermentalist:
JDC faces significant budget crunch
The Joint is in the early stages of planning its budget for 2010, according to Schawger’s previous letter, dated June 30, and is anticipating a significant budget deficit – most of which he seems to be laying in the lap of the federation system and its umbrella organization, the UJC/Jewish Federations of North America.
About 20 percent of the Joint’s budget, which in 2009 is $332 million, is made up of undesignated funds given by donors for core operating expenses. The UJC provides the lion’s share of that. In May 2009, the Joint had $73.8 million in undesignated funds, of which the UJC and the federation system provided $37 million. But the picture for 2010 is much worse, as the Joint is anticipating a 12 percent budget cut, Schwager said in the newsletter:
“Our 2010 best estimates at this point are that only $66.1 million of undesignated funds will be available. This represents a shortfall of $7.8 million for 2010. The majority of the shortfall is expected to be the result of reduced overseas support from the UJC/Federation system.
Given the Board’s balanced budget policy, if we do not find new sources of funds, an $8 million reduction in undesignated funds will mean a significant reduction in our programs and activities across the globe. As you know, we leverage our undesignated funds on a ratio of four to one. This reduction in undesignated funds of $8 million could translate into an overall budget reduction of about $40 million in 2010.”
Famed Hedge Fund Mgr Cajoles Others To Give
Michael Steinhardt recently corralled 20 or so of his closest friends and business partners on a private jet and flew from New York to Greensboro, N.C., to see, and hopefully support, his latest philanthropic venture: The American Hebrew Academy.
During their visit to the 100-acre wooded campus of the only non-orthodox Jewish college preparatory boarding school in the U.S., Steinhardt announced a $5 million matching gift to launch an endowment campaign and pleaded for his friends to join him.