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Winter 2019

Foundation Fundholders’


02 a Difference
By being a Donor Advised Fundholder, you
Welcome to the new are making an important statement about William Z. Brown $300,000
Endowment makes a
Fundholders’ Quarterly your long-term commitment to sustaining difference
and growing Jewish life in Columbus.

Dear Fundholder, Please look on page 3 to learn about these

opportunities to direct distributions
Thank you for your ongoing support Community
from your fund to support vital initiatives 03 Priorities
of our community. Donor Advised Funds in our community. January 2019
like yours have been instrumental in Find out how to use your
growing our community and providing Donor Advised Fund to
On behalf of JewishColumbus and our support community priorities
funds for needs not always covered by community, thank you for your ongoing
our community planning. generosity and trust.

The needs are large but the impact can Sincerely, Grant
be great. For instance, one community
need is an updated playground at the Grant news and new funds
JCC so we can be inclusive to those
with disabilities. On campus there is Joel Marcovitch, CEO
a crucial need for an Israel advocacy
educator at the OSU Hillel to help SEI
students understand the iniquitous global 06 Economic
Boycott, Divestment and Sanctions (BDS) SEI provides an economic
movement and methods to combat it. And outlook for 4th Quarter 2018
in the wake of the shootings in Pittsburgh, and beyond
our agencies and synagogues need to be
secure and prepared if evil comes
knocking at our door. Rendering of
proposed new
at the JCC
Though we may not realize it, because of the hectic pace of our everyday
lives, we can make a difference. We may feel badly that we cannot volunteer
for this committee or help out with that fund raising event due to lack of
time and sometimes commitment; there is another route to take, as can be
learned from William Z. “Bill” and Judith Brown.

William Brown was born in Europe in 1906. He came In the early 1980s, William Brown brought his older
to this country as a teen along with his two brothers, brother (ten years his senior), Abraham, to
being located in Charleston, West Virginia, by a cousin. Columbus to eventually reside at Heritage House. William
devoted all his time to Abraham, then 92 years
In 1945, he married Judith Canowitz. They lived in old, after his wife passed away.
Charleston for several years before returning to
Judith’s hometown, Columbus, Ohio. Every day of the week William could be found at
Heritage House. He ate dinner there every night with
In Columbus, William went to work for Lazarus, where his aged brother, attended the Businessman’s Breakfast
he remained until his retirement, when he was in his once a month and felt the need to make Kiddush on the
70s. He worked for Lazarus over 30 years as a men’s Sabbath. A sense of dedication and purpose grew within
work clothes salesman. He became active in the him. He felt committed and Heritage House
Lazarus Department Store’s 20-year club. became his second home.

Judith Brown, a graduate of Central High School in William Z. “Bill” Brown died November 2, 1987,
Columbus, was employed during World War II by the of a heart attack at the age of 82. However his
U.S. Government as a stenographer, working in Wash- commitment and dedication did not die with him.
ington, D.C. She was a member of Agudas Achim Syna- He bequeathed his estate to the Columbus Jewish
gogue and of the Agudas Achim Sisterhood, Foundation and Heritage House, where his commitment
Heritage Village Auxiliary, Hadassah and the Jewish lives on. William chose the Foundation because he
War Veterans Ladies Auxiliary. wanted Jewish Columbus, his adopted city, to benefit
from his good fortune.
William Brown, as a veteran of World War II, was
involved in the Jewish War Veterans and Disabled The Columbus Jewish Foundation is the
American Veterans. Additionally, he became a endowment arm of the Central Ohio Jewish
member of B’nai B’rith and a long-time member of community. For further information on the
Agudas Achim Synagogue and of the Agudas Achim Foundation or its various bequest programs,
Brotherhood. Judith Brown, due to illness, was moved please call (614) 338-2365.
to Heritage House in the early 1980s. During his wife’s
stay there, he became more aware of and more in-
volved in Heritage House. Judith Brown died in
December, 1986.

2 Foundation
Newsletter Fundholders’ Quarterly
AREAS OF COMMUNITY NEED Jewish Organizations and Synagogues
OUTDOOR PLAY SPACE Security Fund at JewishColumbus
Jewish Community Center of Greater Columbus
Early Childhood Education Central Ohio Jewish organizations greatly benefited from
the 2017 Ohio nonprofit security grant, but in light of the
The outdoor play space, used year-round at the JCC, recent events in Pittsburgh, it is imperative that we provide
is almost 30 years-old. It is used by more than 470 our community’s agencies and synagogues with increased
preschoolers and 150 campers, and provides an opportunity security support. It costs $2,600 for 40 hours of a police
for outdoor learning, fun and physical exercise. officer and squad car presence, a difficult financial hurdle
for many of our organizations. For $145,600, we could
The JCC outdoor play space serves children from Infant provide all agencies and synagogues with one month of a
through Pre-K years, including some children with police presence.
disabilities. Studies show that outdoor physical play is an
important part of every child’s early childhood experiences. Please consider making a distribution to support the
That is why it is important to the JCC that a new playground JewishColumbus Security Fund to keep our institutions safe.
provide children of varying levels of physical and cognitive
abilities a space they can play and flourish.
To support one of the priority areas, log into your
DonorCentral account via to make
The JCC’s Early Childhood program has been recognized as
a distribution to the agency and program of your choice,
#1 and Best in Class for three years in a row by bringing or contact Peggy Smith at (614) 338-2365 or at
their outdoor play space will ensure that all our children will
be able to benefit from all the JCC has to offer.

Please consider making a distribution to support the JCC’s

ability to build a new inclusive playground.


OSU Hillel

The Columbus Clippers 2019 schedule runs this year from

Regardless of the continuous attacks by supporters of
April 4 through early September. Here’s good news for
Boycott, Divestment, Sanctions (BDS) on The Ohio State
baseball fans: any local Jewish organization or synagogue is
University campus, OSU Hillel has been a formidable force.
eligible for free tickets to home games, thanks to an
Last year Hillel was able to help strike-down an OSU stu-
extremely generous gift from the Foundation’s Zelda
dent government resolution in support of BDS, a feat they
Dubin Endowment Fund. Up to 1,000 tickets will be
have had to perform numerous times.
made available.
Hillel sees such resolutions and the challenge of educat-
Here’s how to get to the games:
ing the university’s student body of Israel’s virtues to be a
Put together a group, select your top three home game
full-time task requiring a consummate educator. An Israel
dates, and let us know the exact number of tickets you’d
Advocacy Educator will strengthen Hillel’s proven meth-
like. We’ll do our best to get you one of the three dates.
odology for building diverse pro-Israel support on campus,
If your group is larger than 50, there’s even a chance that
while helping empower Jewish students with enduring
you’ll get a Clippers welcome on the scoreboard.
connections to Israel.

Call us at (614) 338-2365 for details.

Please consider making a distribution to support and expand
OSU Hillel’s ability to combat BDS efforts on OSU’s campus. 3
During the half year, our community suffered the loss of
many friends and donors. Their testamentary gifts are an
eternal affirmation that each of us has the capacity to
repair the world.

Each of our cherished legators aligned a mental image

Overseas Needs Fund
of the future with their desires, hopes, and dreams. They
American Jewish Joint Distribution Committee
were optimists who believed in the power of the human
Emergency Humanitarian Support: South America
spirit to solve problems. Despite differing backgrounds,
life experiences, and personalities, they shared a love of
our people and a strong desire to help others, including George and Renee Levine Philanthropic Fund
future generations yet unknown. OSU Hillel Birthright: Expanded and Enhanced $53,000

To their families and loved ones we offer our condolences, Melvyn Palius Israel Environmental and Overseas
as we bid a fond farewell and deep heartfelt thanks to: Needs Funds
Dualis Social Enterprise training, mentoring and
James B. Feibel employing young adults on autism spectrum $11,000
Jerry Knight
Frank Levi Social Justice Fund
Dr. Ralph Rosenblum, Sr. National Council of Jewish Women: Back-to-School Store
Maitzie Stan $5,000
Stuart Steinhart
Dr. Milton Levitin Eye Care and the Charlotte & Ben
Kahn Sight Impaired Funds
VOICEcorps Reading Service Broadcast of Columbus
The Internal Revenue Service Jewish News for visually impaired $1,000
announced the official estate and
gift tax limits for 2019: The estate Lenore Schottenstein & Community Jewish Arts Fund
Friends of Early Music, Inc.: “O Jerusalem!” with
and gift tax exemption is $11.4
Apollo’s Fire $1,000
million per individual, up from
$11.18 million in 2018. That means
an individual can leave $11.4 million
to heirs and pay no federal estate or
gift tax, while a married couple will
be able to shield $22.8 million.
The annual gift exclusion amount
remains the same at $15,000.

4 Foundation
Newsletter Fundholders’ Quarterly
New Funds since July 1
The Columbus Jewish Foundation is pleased to
welcome our newest fundholders. We thank them for
their generosity, commitment to our community, and
confidence in the Columbus Jewish Foundation – the
Central Ohio Jewish community’s planned giving and
endowment headquarters.

When the National Council of Jewish Women, Columbus FOUNDERS FUNDS PHILANTHROPIC (DONOR
Section, opens its first ever Back-to-School Store later Evelyn and Jerry Knight z”l ADVISED) FUNDS
this year on July 28, it will do so with a $5,000 grant Josh Barkan
from the Social Justice Fund of the Columbus Jewish
ANNUITIES Susan Tanur Ellman
Foundation, a JewishColumbus partner. This one-day Winnie Gordon and Family
pop-up department store will provide school supplies, Alison Rose and
new clothing (t-shirt, long-sleeve shirt, pants for boy, SPECIAL PURPOSE Mitchell Levine
leggings for girls, underwear, and socks), a new winter FUNDS Nancy and Thomas Lurie
Irving Baker CTA High School Cheryl and Ernie Mandell
coat, hat, gloves, and a gently used book to each child
Scholarship Fund Tim May Holocaust
that “shops” in the store. Sam Baker Fund Education
Michael Brickey Fund Kathryn and David Segal
The goal is to provide the right tools for a successful William Gordon Fund Patti Shorr
school year, coupled with new-found self-esteem and Jewish Cemetery Sharon Simon and Karl Rubin
Project Fund Jason Soll
confidence gained by the experience picking out their
James B. Feibel Memorial
very own clothes, winter gear, and backpacks. While Fund AGENCY CUSTODIAL
the students are shopping with a volunteer “personal Joyce Garver Keller FUNDS
shopper,” their parents and guardians will be invited Memorial Fund Beth Shalom Caring
to the Family Resource Room, for things like vision Gale and Steven Klayman Circle Fund
Annual Campaign Term Beth Tikvah Mitzvah
screenings, financial advice assistance, and information
Endowment Fund Community Outreach Fund
on childhood safety. Evelyn & Jerry Knight
Tifereth Israel Jewish
Grants from the Social Justice Fund focus on eliminating Education Fund B’NAI TZEDEK (Youth
social injustice in central Ohio, including funding for Maria and Steve Rosenthal Philanthropy) FUNDS
local Jewish social action programs and advancing
Joyce and Chuck Shenk Fund Ruth Blumberg
positive relations between the local Jewish community Susie Stan and Stuart Saul Blumberg
and other groups. Appelbaum Fund Ethan Botkin
Karen & Solly Yassenoff JCC Mitchell Cohen
Food for Seniors Fund Eli Davidoff
Eleanor G. Yenkin CJHS Nathaniel Eisenberg
Curator Fund Grant Kaufman
Leah Levin
David Levy
Emmett Pliskin
Gabrielle Sanderow
Remy Schottenstein
Blake Skilken
Maya Zidel 5
The Outlook for 2019:
Party Over, or Will the Beat Go On?
James R. Solloway, CFA, Chief Market Strategist and Senior Portfolio Manager

SEI recently released its fourth-quarter Economic

Outlook. A summary of the conclusions is provided below:

• After a promising start in 2018, financial markets across the globe largely moved lower during the year.

• Despite the severity of recent declines in U.S.

equities, we believe U.S. economic expansion has a good deal of life left in it. While bearish investors probably disagree with
the notion that the stock
market can still be considered a turnaround candidate, we think the odds favor a strong rebound in equity prices.

• Our base case is supported by the expectation that the U.S. economy will continue to grow and corporate earnings per
share are expected to post a mid-to-high single-digit gain over the course of the year.

• Valuations for the S&P 500 have declined from almost 19 times one-year forward earnings per share to an attractive
level of almost 14 times. Investor risk aversion has increased, and so we think much of the bad news flow of recent months is
reflected in current stock prices.

• Bond yields remain low, and have moved down again in the past two months, bolstering the case for riskier assets.

• Fiscal policy will not be the strong catalyst for growth it was in 2018, but the impact of political
gridlock in Washington should still be mildly
• The bear market in oil is largely the result of excess supply, a condition that is expected to improve as low prices
reduce shale output in the U.S., sanctions on Iran come into play and both OPEC and Russia reduce output.

• While we don’t agree with the notion that Federal Reserve (Fed) rate hikes have ended completely for this cycle,
we do seesufficient reasons for a pause. The Fed’s dot plot, which reflects the individual policy-rate expectations of
all the Fed Governors and regional Fed Presidents, has shifted a bit to the downside. This reverses the upward
revision revealed six months ago in the Federal Open Market Committee’s Summary of Economic Projections report.
Regardless of the number of hikes we see in 2019, the central bank is adopting a wait-and-see approach to monetary
policy that is dependent on economic data, ending the nearly automatic quarterly rate increases of 2017 and 2018.

• This outlook sits against a backdrop of political and economic uncertainties that marked 2018 and that show few signs
of changing as the New Year begins. Economic activity in most countries (including the U.S.) is not recessionary, but shows
signs of further deceleration in the first half of 2019. European countries appear particularly depressed: Germany posted a
negative gross domestic product reading as it works through the diesel emission scandal; Italy is close to falling into a
recession; and Brexit hangs over the U.K. and its trading partners.

• Upside surprises remain possible. China and the U.S. could step back from a full-blown tariff war; the Fed may halt further
rate increases until later in 2019; the U.K. could agree to a soft Brexit/no Brexit deal; corporate profit margins could stay
elevated as unit labor costs continue to track below expectations.

• During periods of market volatility such as those we are now experiencing, investors should stick with a
strategic, disciplined approach to investing that is aligned with their goals and risk tolerances and not focus on
daily market gyrations.

SEI is the Foundation’s main investment manager. SEI manages or administers $751 billion in mutual fund and pooled or separately
managed assets for about 8,200 clients. SEI is listed on the NASDAQ exchange under the symbol SEIC.
This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a
guarantee of future results. This information is for educational purposes only and should not be relied upon by the reader as research or investment advice.

1175 College Avenue, Columbus, Ohio 43209 p: 614.338.2365 * f: 614.237.2221