Few institutions have played a more central role in Hamilton’s life than Chedoke Hospitals – in all its incarnations, beginning with its creation in 1906 to fight tuberculosis. 
The Cross of Lorraine on Chedoke’s original west Mountain brow site remains a city landmark of a facility that was the largest of its kind in the British Empire.
The newly-created Chedoke-McMaster Hospitals took over hospital operations in the 1970s while, Chedoke Hospitals, later renamed Chedoke Health Foundation (CHF), retained the land and buildings. Since then the sale and transfers of land have provided health-related grants worth more than $72 million. This year, CHF’s board will donate its remaining assets to Hamilton Community Foundation, perpetuating and preserving Chedoke’s historic legacy. The new fund will provide health care bursaries for students who may not otherwise seek post-secondary education, and projects that support health and wellbeing in Hamilton.
Excerpt from 2015 Annual Report
Local arts and culture lover Gail Robinson-Gow is the first donor to HCF’s Arts Endowment Fund.
Gail has been interested in Hamilton’s cultural scene since moving here in 1980. “Hamilton’s arts scene is vibrant and it’s an important local asset,” she says. I’ve known about HCF’s tremendous support for community needs for many years, so when I learned about the Arts Endowment, it just seemed to fit with what I wanted to support.”
The Arts Endowment Fund focuses on keeping Hamilton’s cultural sector strong and sustainable. To encourage giving to this sector, HCF is matching the first $1 million of donations to the fund. We do the same for contributions to the Environmental Endowment Fund, so you can double your impact to either of these critical sectors of our city.
Both funds are part of our larger Community Fund which is focused on tackling Hamilton’s most pressing issues now and into the future. You can support these three funds in many ways.
Excerpt from Legacy newsletter, Spring 2015
Malloch Foundation board members, from left, Jay Rosenblatt, George Simpson, Anne Bermingham, Diane Arrell, Colin Lazier, Libby Hammond
One of Hamilton’s longstanding private foundations, The Malloch Foundation, has turned to HCF to continue its legacy.
Established in 1964 by Francis and Kate Malloch as a memorial to their son David, the Malloch Foundation has been supporting local charities for five decades.
Hamilton-area organizations — like a sanctuary that rescues injured owls and an arts group that takes Shakespeare into local schools – have benefited from grants over the years. The Malloch Foundation has also helped some of Hamilton’s iconic institutions through good times and bad.
That legacy will continue as the Malloch Foundation becomes the Malloch Foundation Fund at Hamilton Community Foundation and four dedicated Malloch Foundation board members become part of the fund’s advisory committee.
George Simpson, a founding member of the Malloch Foundation and long time friend of David, who is stepping down after 50 years of service, feels that transferring the fund to HCF is the right decision. “Hamilton Community Foundation has the expertise to maintain the Malloch Foundation legacy. Its future is assured, and the excellent advisory committee will continue to make meaningful grants in David’s memory.”
Excerpt from Legacy newsletter, Spring 2015
Hundreds of young Hamiltonians and their families are enjoying cycling – some for the first time – thanks to Mike’s Bikes, a program of the Michael Chamberlain Fund at HCF.
An active cyclist with an adventurous spirit, Mike Chamberlain loved to ride whether on Hamilton’s roads and trails or on biking expeditions around the world.
Family members proudly display their Mike’s Bikes, received with helmets and locks.
The fund, established in Mike’s memory by his family ‑ Mark, Debbie and Kristen ‑ brings to life his dream of making Hamilton a more cycle-friendly city by improving access to biking and promoting cycling as a healthy, safe activity.
“In just two years, the fund has had a positive and ongoing impact on cycling in Hamilton,” says Terry Cooke. “It shows how honouring one person’s passion and legacy can be transformative.”
Since the fund was established, two annual ‘Bike for Mike’ fundraisers have worked toward Mike’s vision. This year, more than 300 riders raised the funds to buy bikes, complete with locks and helmets. A program called Mike’s Bikes has been created to distribute the bikes to children in partnership with community schools.
To help meet the program’s goal of ensuring entire families of the school children also have a bike, the Chamberlain family, friends and local bike shops collect used bicycles, refurbish them and distribute them with the new bikes.
Holy Name of Jesus is the first school to participate in Mike’s Bikes, through which 100 bikes went to children and their families. The children also engage in ongoing safety, maintenance and riding programs, and when they outgrow the bike, they can donate it or exchange it for a new one so others can enjoy owning a bike.
“This is just the beginning,” says Debbie. “Our goal is to involve as many schools as possible until everyone in Hamilton has a bike and the community truly embraces cycling.
Excerpt from Legacy newsletter, Fall 2012
A banner in the McQuesten neighbourhood meeting room is covered in brightly coloured drawings of veggies and fruit. There’s a market stand. Greenhouses. People. And even a cow. Bold statements like “food oasis,” “80% production,” “school trips” and “from observer to farmer” punctuate the pictures.
This is the neighbourhood’s vision for the McQuesten urban farm—a city-owned, three-acre field behind the former St. Helen’s school on Brittania Avenue.
The farm — Hamilton’s first and still in the design phase — has its roots in the neighbourhood plan. McQuesten is currently home to a community garden, but the farm will be more than that. “Farming is an economic activity,” says project coordinator, Adam Watson. “Yes, we’re promoting healthy eating, community engagement and food security—the nearest grocery store is two kilometers away—but we’ll also be generating revenue, offering training and, potentially, employment.”
The farm is breaking new ground for Hamilton, since zoning didn’t originally permit agriculture within the urban boundary. Money-making opportunities include selling produce and value-added products (think McQuesten salsa), growing seedlings for the city’s community gardens, supplying school nutrition programs and hosting school tours. “It’s a destination for education as much as food production,” Adam says. “People want their economic activities to give back to the community.”
HCF’s support to the Urban Farm was doubled when the Foundation connected with a grant-matching program offered by the U.S.-based Funders’ Network for Smart Growth and Livable Communities. As a result, a new staff member started in February. “We call her a farm animator for a reason,” Adam says. “It’s her job to make the site come alive.” This summer she will be running low-cost gardening camps for up to 150 children and youth. Future activities may include cooking classes, tours and a farm volunteer program.
Partners, including the City of Hamilton and Hamilton Victory Gardens, are working with the neighbourhood to take the farm from the seed of an idea to a full-grown operation. The ownership model is a work in progress, but the goal is to have the farm run by a community partner. “This is a pilot project for Hamilton,” Adam says. “There’s great potential here for the whole city.”
Excerpt from 2015 Annual Report
The high school prom is a cherished tradition. It’s a celebratory experience where students say farewell to high school and hello to the next phase of life. But prom has not always been a welcoming, positive experience for every student.
In the past, many Hamilton students who identified as LGBTQI often missed out on that end-of-school marker because they felt unwelcome. In 2008, the Hamilton-Wentworth District School Board initiated the “Rainbow Prom,” to address that exclusion and it has since grown in stature and importance to high school students from across the city.
Saltfleet District High School’s Positive Space student group hosted the Rainbow Prom for the second time—this year supported by a grant from HCF’s Youth Advisory Council.
“The students are always looking for funding,” says teacher advisor Dubravka Prica. “HCF’s grant has allowed us to rent a banquet hall, hire a DJ, decorate with our Rainbow theme, and have a sit-down dinner for everyone attending—just like all the other proms.”
Rainbow Prom is an important event for many students who do not attend their own school prom because of feelings of anxiety, discomfort or exclusion. But every student deserves a prom—one that is affordable and makes a person feel welcome and safe.
Saltfleet District students Lillith Grace, Matthew Demers and Raisa Nevills are part of the organizing team and members of the school’s Positive Space.
“There’s absolutely no judgment at the Rainbow Prom,” says Lillith, “It doesn’t matter who you bring, what you wear, your sexual orientation or gender identity—you’re in good, welcoming company.” “It’s a great place for anyone to really be themselves,” adds Matthew.
Saltfleet District students who have attended Rainbow Prom agree that the goal of encouraging students to come together and celebrate a common cause—feeling safe, happy and included—has been a tremendous success.
Rainbow Prom is open to students from both school boards and students who have already graduated—absolutely everyone is welcome to this event explains Raisa. “You can come to the Prom knowing no one and leave with new friends.”
Excerpt from 2015 Annual Report
The digital world is a passion for local entrepreneur Chris Farias. So is Hamilton. And so is philanthropy.
By creatively combining the three – and with help from the community foundation, his peers, and local residents – he has created a fund that will give more Hamiltonians the skills and resources they need to take advantage of the digital community.
The #HamOntForever initiative used crowd-funding to raise donations from the online community. The first $10,000 in donations were matched by four donors identified by the community foundation, forming a fund to make grants promoting digital literacy.
Digital literacy is a way of life for Chris’s team at Kitestring, a creative branding company, but their work with Hamilton Community Foundation has shown them that not everyone shares that easy access. So the idea of the fund struck a chord with them – and with their local partners. Double Barrel Studios and Brave New Code “jumped in immediately,” says Chris. “This initiative would not have happened without them.”
The partners created a website and a video to launch the campaign, and wrapped up two months later with a day-long telethon, with notables like Mayor Fred Eisenberger taking a turn at promoting the cause. The effort got great media coverage and Chris hopes contributions continue to come in. As a “perk” for donating, contributors could submit a hashtag, tweet, post, or video into a digital time capsule that will be revealed in 2030.
“For me, digital literacy means the ability to navigate, evaluate, communicate, and create online,” says Chris. He believes that Hamilton is one of the most connected communities, but wants to make sure everyone has access to that online world. Grants will be made annually over the next 15 years to support that goal.
“Things change so fast in the digital environment,” Chris says. “Who knows what will be hot 15 years from now. Maybe we’ll open the time capsule and say ‘oh my gosh, remember Twitter?’”
Excerpt from 2015 Annual Report
Ray Brillinger and Cy Hack spent a couple of years educating themselves about community foundations before they established their fund at HCF in 2014.
Ray is a retired human resources manager and organizational change consultant. Cy spent his career in administrative, hospitality, and retail work. Both currently do volunteer work in the community.
A couple since 1982, Cy and Ray have been active supporters of key gay and lesbian groups for decades. While they have seen great progress during their lifetimes in the rights and protections for the LGBTQ community, they are well aware that the fight for dignity and equality is not over. They plan to continue supporting that sector through their fund, along with other areas that interest them – including international development charities, the arts and education opportunities for disadvantaged youth.
The community foundation model felt like a great fit for them, not only as part of their estate planning but also for their current philanthropy. They like the flexibility the community foundation offers to build their fund over time, vary the groups they support, and grant to any eligible Canadian charitable organization.
The process of establishing the fund was a positive one. “The discussions we had about this were very comfortable,” says Cy. “We like the people at the community foundation and feel they understand what we are trying to do.”
“As we don’t have children,” adds Ray, “the fund is an important part of our estate planning.” He feels that the relationship he and Cy develop with Foundation staff over the coming years will help guide the granting decisions the Foundation makes when they are gone. While their fund agreement lays out their areas of interest, “there may be a need in the community that the staff see and say ‘that’s something Ray and Cy would have liked to support,’” he says.
Maria Antonakos and Harald Stover support the causes they care about in a variety of ways. The fund they’ve recently established at the Hamilton Community Foundation is a special pillar in that giving.
Harald, a professor in McMaster’s Department of Chemistry, describes the fund as an opportunity to address financial planning needs through a philanthropic instrument.
He explains that his side of the family came from Germany in each of three generations – his paternal grandparents in the early 1900s, his mother in the 1950s, and himself as a graduate student in the 1980s.
“My family were welcomed to Canada, and I received a great graduate education here,’” he says. “This is one way to give back to the community.”
Maria agrees. “There’s a ‘circle feeling’ about this – a looking forward and back.” She explains that she and Harald had their children late in life and that they hope to use the fund to teach their twins about managing money and being philanthropic. “This is something we can get started now, with smaller gifts, and that the kids can grow with over time.”
The endowment aspect of the fund is important to both Maria and Harald. They like the sense of permanence it provides, allowing them to focus on the grants they choose to make while they leave the investment and administration concerns to the community foundation.
For Maria, whose career has involved diverse aspects of philanthropy, the Foundation’s knowledge of Hamilton’s needs and opportunities is also a big plus. “Since I’m working outside of Hamilton,” she says about her current position with the Perimeter Institute, “this is a way to have a community focus as a family.”
Harald agrees: “The community foundation knows the local scene. They have expertise about what organizations are doing really good work in the area. It’s a great partner in our philanthropy.”
excerpt from 2015 annual report
Hamilton is getting its act together with a program to support its emerging theatre-makers.
ALERT, which stands for Artistic Leadership and Entrepreneurial Training, is a no-cost educational initiative of The Hamilton Fringe Festival. The focus is on helping performing artists aged 19 to 30 develop their artistic and production skills. “We want to give a boost to the next generation,” says Claire Calnan, director of The Fringe. “We want them to take their skills to the next level.”
The Hamilton Fringe is a perfect home for ALERT. Like Fringe Festivals around the world, Hamilton’s group showcases the original work of emerging artists and companies of all sizes through its summer festival. ALERT takes this support a step further.
Monthly workshops are bringing in big names from across Canada to teach the 18 participants practical skills such as budgeting, marketing, fundraising and the intricacies of producing work at non-traditional locations. Participants will also collaborate on a winter theatre festival and mentor local youth with an interest in the arts. But a key element of the program is creating a strong sense of community among emerging artists in the city. “We want them to inspire and push each other,” Claire says.
It’s working already. Aaron Jan is a 22-year-old Hamilton native who has produced several successful Fringe shows. After only one workshop, he has plans to collaborate with three other young theatre companies to ensure a year-round lineup of independent theatre in the city.
The Player’s Guild is providing rehearsal space, while support from the Hamilton Community Foundation covers workshop costs and program coordination.
Claire says there is a real need in Hamilton. “We have Theatre Aquarius and community theatre groups but there’s a middle ground that’s missing—professional theatres where artists can develop their voices and skills while producing new work,” says Claire. “HCF can take credit for helping to create the next generation of theatre-makers in the city.”
“ALERT gives young artists a reason to stay in Hamilton,” Aaron says. “It offers us infrastructure and support. It’s not just about performing our work, but improving it.”
Excerpt from 2015 Annual Report
Donations to the Foundation are invested for the long term in public markets and in alternative investments. Investment income is then allocated annually to support granting, community leadership and operations. The summary and charts presented here provide both a financial snapshot and a history of recent activity that underlies the grants and community leadership activities represented in this annual report, made possible by remarkable donors.
Donations to the Foundation are from individuals, corporations and other charities. Donors may contribute to named endowment or flowthrough funds, to the Board-directed Community Fund, or to HCF’s community leadership projects.
The $35.1 million in donations this year is the second highest total in HCF’s history. Annual donations are influenced by the timing of the realization of donations in wills and significant one-time donations like the $27.7 million in donations of property and private equity. As illustrated in Chart 1, annual donations have ranged between $3.2 and $35.1 million over the past eight years. The five-year rolling average of donations ranges from $5.0 million to $13.3 million over the past eight years.
The five-year rolling average number of donations is 1,787 with 2019-20 at 1,853. The number of donations fluctuates based on “in memoriam” donations and the number and nature of events sponsored by donors to raise money for their funds.
Chart 1
Grants are made annually from both endowed and flowthrough funds. Because flowthrough fund balances are distributed in a shorter time period, granting from these funds can materially influence HCF’s total annual amount granted.
As illustrated in Chart 2, grants and community leadership project spending over the past eight years has ranged from $4.7 million to this year’s historic high of $11.5 million. Granting from endowment funds was reduced in 2013 as a result of the decline in investment returns in 2012 which a) lowered the asset base used for the granting calculation (currently four percent of the fund balances), and b) resulted in less income available to grant. Flowthrough granting and expenditures on community leadership projects has ranged from 22 to 56 percent of total granting in any given year and is dependent on the timing and nature of flowthrough and project activity. At 893, the number of grants for this year is 37 percent higher than the eight-year average.
Chart 2
Investments traded in active markets are reported at fair market value. Investments not actively traded are recorded at their cost less any impairment of their value.
To support our strategy of aligning our assets with our mission and to provide a more diverse and robust portfolio, HCF has committed to investing in alternative asset classes including loans to charities and not-for-profits, private debt, real estate, infrastructure and private equity. These alternatives are consistent with the Foundation’s long-term investment horizon and liquidity requirements. Since these investments are not actively traded, they are valued at cost in the investments. These alternatives total $25.8 million.
HCF invests according to policy guidelines established by the Board of Directors. Two committees of the Board oversee investments to ensure compliance with the policy:
As an endowment builder, HCF’s policy focuses on long-term investing and is supported by reserve accounts that are currently at their policy maximum.
The investment policy sets out a total portfolio target asset mix, as well as a range around these targets. The public market investment managers have mandates within this targeted asset mix and use their discretion to invest the portfolios within this range. Chart 3 reflects the current and target asset mix. Note: $25 million of private equity relates to a fund established by a donor and is not part of the asset mix or the consolidated portfolio results.
Chart 3
Two long-term portfolios are invested in the public markets with Jarislowsky Fraser, and Connor, Clark & Lunn. Chart 4 compares those portfolios against benchmarks as follows:
Benchmarks reflect the performance of each market index based on HCF’s specific target asset mix. Comparing actual results to the benchmark measures the value added by investment managers compared to the average market performance. HCF’s investment policy target is a long-term investment return in the 6.5 to 7.5 percent range.
Chart 4
The effect of the global pandemic has materially affected investment returns, resulting in a -8.4 percent public market return for the year. The seven-year annualized return at 6.8 percent is within the targeted investment policy range and is 1.2 percent higher than the 5.6 percent benchmark. As noted in the financial highlights, the current 10-year annualized return of 7.0 percent is in the target range and is higher than the benchmark by 1.2 percent.
Impact investments enable donations to endowed funds to drive positive change beyond granting, because they represent investments of capital that deliver financial returns coupled with positive social and/or environmental outcomes. In addition, these investments provide a pool uncorrelated to the public markets which, in turn, buffers the portfolio from the volatility currently experienced.
More than 15 percent of our long-term assets are in impact investments. Chart 5 illustrates HCF’s impact investing progress over the past five years, with $25 million currently placed or outstanding and another $15 million committed. This brings the total commitment to $40 million, up from $34 million last year. Impact investments cover areas including affordable housing, arts, environment and sustainable development.
Chart 5
Local loans since inception total $9.7 million with $7.1 million outstanding at year end. Chart 6 shows the impact areas our loans have supported. Since the loan program’s 2012 inception, $2.6 million in loan principal has been repaid and recycled as new loans. In addition, the interest from these loans supports HCF granting.
Chart 6
IRP is a Government of Canada program being delivered nationally by partners including Community Foundations of Canada. As the first phase in the government’s long-term investment in social finance, the IRP’s goal is to make social-purpose organizations “investment ready” so they can make a difference in new and innovative ways through their participation in the social finance market. HCF has partnered with community foundations in London and Niagara, and the McMaster Innovation Park to manage the program regionally on behalf of Community Foundations of Canada. The first request for proposals for funding in January created enormous interest nationally and garnered 65 submissions to our regional partnership. Approved funding is expected to be released in June 2020. As an additional benefit, the IRP brought a growing number of potential opportunities for local loans to HCF’s attention.
These investments include private equity, private debt and real estate investments. Many of these investments are long term in nature, are maintained at cost and do not have a regular income stream. As these investments are maintained at cost, their results include interest income and realized gains, but not unrealized gains. Results for these investments are closely monitored and are reported when realized. Chart 7 identifies the investment areas, with $18.0 million placed and a total commitment of $33 million across 21 investments.
Chart 7
Operating expenses for the fiscal year ended March 31, 2020 total $2.5 million and were 2.5 percent higher than last year. Staffing costs related to the Foundation’s 22 employees represent 70 percent of HCF operating costs.
In addition to breaking out cost by type, operating costs are allocated to each of the Foundation’s operating areas: grants administration, community and philanthropic leadership, community relations and knowledge dissemination, development activities, and administration and governance. Examples of community and philanthropic leadership include convening around the city’s critical issues and fostering the growth of philanthropy by sharing staff time and knowledge to support other charities. Charts 8 and 9 illustrate these costs by operating area and by expense type.
Charts 8 and 9
The Foundation’s annual development expenses are not necessarily attributable to the donations received in that year. The nature of donations to the Foundation can result in costs preceding the receipt of the donation by several years (for example, donations through wills). As a result, consistent with the community foundation sector, operating costs are evaluated by a ratio of total operating expenses to average total assets. Ratios fall within a range depending on the size and stage of the community foundation’s development.
Management considers the ratio of 1.26 percent (1.25 percent in 2019), as illustrated in Chart 10, to be within an acceptable range for a foundation of HCF’s size, stage and level of community leadership, compared against benchmarks established in the community foundation sector. We continue to monitor both the actual results and the benchmarks on an ongoing basis.
Chart 10
Hamilton Community Foundation’s total assets of $201 million at March 31, 2020 include balances of HCF funds and funds held on behalf of others at $1.7 million.
Hamilton Community Foundation’s fund balances, illustrated in Chart 11, represent accumulated donations plus the net investment earnings on these donations, minus granting and operating costs. Funds include both endowed and flowthrough funds. Endowed funds are held permanently and grant from investment earnings. Flowthrough funds are fully distributed as grants over a pre-determined term.
Chart 11
The fund balances have grown 55 percent to $198 million at the year ended March 31, 2020 from $128 million in 2013. Donations of $35.1 million included $4.4 million in flowthrough donations that were largely distributed as grants in the year and, as a result, do not remain in the fund balances at year end. This results in a modest total funds balance growth of 4.8 per cent for the year. The number of funds has grown 19 percent to 377 from 318 in 2013.
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