Christine Hamilton embodied many of the best characteristics of this city. She arrived here as an immigrant in 1949. (She put a hatpin in a map and “it stuck in Hamilton. So did I,” she was fond of saying.) Unpretentious, resilient, with a big heart, a raucous sense of humour and a flair for storytelling, she is best known for inventing The Geritol Follies in 1976 and guiding its growth from a recreational choir for seniors into a much-loved Hamilton institution.
Audiences in Hamilton, as well as in Mississauga, Glasgow, Edinburgh, Toledo and Florida, have been roaring with laughter and applauding the song and dance antics of the Geritol Follies ever since. Hundreds of seniors in their 60s, 70s and 80s have had the joy of performing. Our attitude to aging has been forever changed.
Christine Hamilton’s legacy will live on – not only through the continuing performances of the Follies, but also through scholarships established in her honour at Hamilton Community Foundation for students in Gerontology at McMaster University.
Christine Hamilton may have left us in March 2002, but her spirit and her legacy will continue to shape the community she helped to build.
Excerpt from 2001-2002 Annual Report
Gladys and Edward Halloran
Edward and Gladys Halloran were hard-working, down-to-earth people with a love for Hamilton and for helping others. They quietly left an extraordinary estate legacy to a number of local charitable organizations, including a substantial gift to Hamilton Community Foundation.
The Hallorans lived a modest but rewarding life. Edward was a naval veteran with a passion for invention, registering a number of patents in the U.S. He also owned and operated several Hamilton taxi cabs. Gladys ran a hairstyling business, loved people and animals, and had a keen interest in local politics. Gladys passed away in 2002 and Edward two years later. They left behind extended family but no direct descendants.
It was Colin Corner, CFP, the Hallorans’ financial advisor, who learned of their passion for giving and suggested they consider the Hamilton Community Foundation. “The Foundation met their need to have a local focus and the ability to reach many charities and important community programs,” says Colin, who was a co-executor for the Hallorans’ estates along with their nephew, Michael Melitzer. “They found the Foundation was well-managed and took comfort in its high-profile Board of Directors.”
Through their estates, the Hallorans left donations to nearly 20 local organizations, with HCF as the residual beneficiary. “Michael and I feel they were two very special people with hearts of gold, who had a great love for the city of Hamilton and its people,” Colin says affectionately. “Their gift to Hamilton Community Foundation was made to benefit the city for years to come.”
Excerpt from Spring 2006 Newsletter
John Milton Walter Hahn, born in Mildmay in 1903, lived in Kitchener until he came to Hamilton in 1927. He was employed at the G.T. French Paper Company and later became a partner in the company with his brother, Edward. Mr. Hahn was an active charter member of the Westdale United Church a Director for 22 years of the Hamilton and District Association of the Mentally Retarded, a 32nd Degree Mason and Past Grand Counselor of United Commercial Travelers of Ontario-Quebec.
He was a quiet, helpful man who enjoyed his home and golfing in his spare time.
Excerpt from 1992-1993 Annual Report
Catherine Gretton was not easily intimidated. In Sudbury in 1978, when her husband was a company representative on the negotiating committee during a long strike at the Inco nickel mines, the union staged a rally and started making its way to her home. Worried, her husband Wally called to warn her to stay away from the windows when the mob arrived. Instead, Catherine dashed to the front porch with her camera and snapped photos that were later scooped up by the national papers. Her explanation? “They came for attention and I gave it to them!”
Born in 1928 in Hamilton, Catherine grew up as an only child during the Depression. Those early years had two lasting effects on her, said her son John – she remained frugal and friendly all her life. “With just my brother Tom and me, our family was small but it was never lonely because she loved to make big meals, play bridge and entertain. On Christmas Eve we often had parties for 50 or more.”
A graduate of Delta Collegiate and Hamilton Business College, Catherine worked for the Hamilton Harbor Commission and later as a real estate agent. For several years she volunteered on the Board of the YWCA and had a special interest in the cause of children and battered women. “She wrote many angry letters of protest to the Nestle company when it promoted formula over breast milk in Third World countries,” John recalls.
Catherine and Wally, who married in 1956, shared the belief that involving children in organized sports develops character and confidence. Wally played water polo and was a competitive swimmer, coached by Jimmy Thompson. He felt it had created opportunities he might not have had otherwise. Tom explained that both his parents wanted to help an organization that would give deprived children a similar chance. Catherine’s bequest to the Hamilton Community Foundation has been placed in the Ontario Endowment for Children and Youth in Recreation Fund.
Excerpt from 2000-2001 Annual Report
Dr. Ronald Graham’s illustrious 50-year association with McMaster University touched every aspect of campus life. He served as the university’s first bedel, sat on the Senate, chaired the department of chemistry, was named Dean of Science for Hamilton College and later became Dean of Science Studies.
The Ottawa-born chemist arrived at McMaster in 1942, after completing his Ph.D. at Columbia University in New York. During the Second World War he carried out classified research on methods for defending against chemical warfare. Students recall that while he was often intimidating in the classroom, admonishing them to observe, measure and write with care. Outside the lecture hall, he dropped the stern persona to reveal a warm, caring side.
Dr. Graham’s nephew, Michael Etherington of Oakville, recalls that his uncle was an incredible communicator and storyteller. “He had an eloquent turn of phrase reminiscent of Winston Churchill’s style of writing. His words really meant something. His letters were keepsakes not only for what they said, but because he had the most elegant handwriting.” He said, adding that his uncle was a very private man with a wonderful sense of humour.
Along with the Foundation, several charities were remembered in Dr. Graham’s will.
Excerpt from 1995-1996 Annual Report
David Gow was not a wealthy man, but he really believed in giving back to the community where he lived and worked. He was a volunteer for dozens of organizations in Hamilton, and was recognized as Citizen of the Year in 1992. When he died in 1999, he left several bequests, including a legacy to the Hamilton Community Foundation.
From his involvement as a board member of our Foundation, he knew that an unrestricted gift to the Community Fund would help not only the scores of organizations that he cared about, but many others in the fields of social services, arts and culture, health, education, environment and recreation. Since his death, the Foundation has made grants from the Community Fund to foodbanks, women’s shelters, and arts organizations that were dear to David, along with many other groups.
David also knew that needs and opportunities change in a community over time. His gift, combined with many other unrestricted gifts to the Community Fund, provides the flexibility that allows us to respond to community needs today and changing future needs.
Excerpt from 1998-1999 Annual Report
Blunt-spoken and fiercely independent, but with the softest of hearts, Alice Redman Gooch enjoyed life to the fullest throughout her almost 92 years.
The daughter of an inventor, Mrs. Gooch was educated in the United States but settled in the St. Catharines area. She had some inherited wealth but also worked as an interior decorator, and started a packaging and storage service for frozen goods. She was married only briefly and had no children.
Her friend Maureen Raham remembers with admiration a woman who could fly a plane, produce beautiful needlework, drive a sizeable motorboat, and who once took a mechanic’s course so she could make sure “no one will pull a fast one on me” when she took her beloved Cadillac in for service. She also remembers her friend’s love of community, her many volunteer efforts, and her quiet financial assistance to both organizations and individuals.
Alice Gooch planned her estate with community interests in mind. Back in 1990 she took out an insurance policy and made Hamilton Community Foundation the beneficiary. When she died in July 2004, other beneficiaries of her estate included the Niagara Community Foundation, Brock University, Niagara Children’s Safety Village, St. Catharines General Hospital and the Niagara Peninsula Children’s Centre.
Excerpt from 2004-2005 Annual Report
Dubbed ‘Freddie’ by a childhood friend, Alice Mary Glassco continued to be known affectionately by the nickname by generations of grandchildren, nieces, nephews and friends. The third of six children, Alice Mary Balfour was born October 28, 1917 into a family well-established in the wholesale grocery distribution business.
Alice was educated at Strathallan on Robinson Street (before the present day Hillfield-Strathallan College) and Compton in Montreal, followed by a year in Switzerland. She was a spirited young woman with a good sense of humour. Family lore has it that, as young girls, she and two sisters drove a cow downtown from their home on the Mountain.
Freddie had a great talent for oil painting and her teacher, well-known Canadian artist Frank Panabaker, once remarked that she was his best student and showed great promise. During the Second World War, Alice performed various duties for the Red Cross including driving one of their trucks (unusual for the time) and took pride in the fact that the Duke of Kent visited the Hamilton Branch to congratulate them on their contribution to the war effort. On January 31, 1942, she married Colin Stinson Glassco, a Lieutenant Commander in the Canadian Navy. After brief stints in Vancouver and Edmonton, the couple returned to Hamilton to raise their family on Markland Street – where she lived for 54 years until her death on September 22, 2000.
Her sons Roger and Colin remember a woman completely devoted to her family: “Not only did she support everything we did, our mother had a close association with 27 nieces and nephews and was popular with all of them. She was down to earth, an excellent judge of character, and a loyal friend. She had a warm, generous nature. Nothing gave her more pleasure than to think of some way to offer help to people, whether in the form of a warm welcome to new neighbours, or a gift – often a valuable, personal memento. She especially loved children: her own grandchildren and also the many other children she encountered throughout her life. Her house was always a favourite on Halloween.”
Alice Mary Glassco left a gift to the Foundation in memory of her husband, Colin, who served on the Hamilton Community Foundation Board in the 1970s. Her bequest will be added to the Ontario Endowment Fund for Children and Youth in Recreation. In addition to the Foundation, she also remembered the Red Cross, the Victorian Order of Nurses, Christ’s Church Cathedral, Hillfield-Strathallan College, and the Salvation Army.
Excerpt from 2000-2001 Annual Report
Tara Giuliani was admired by all for her courage and determination to finish her education despite the onset of blindness resulting from diabetes. Tara had developed diabetes at the age of three and had always known that blindness was a danger, but thought it would occur gradually. However, during her first year at the University of Guelph, her sight began to deteriorate rapidly and after a sixth operation, just after her 21st birthday, she woke up blind. She was determined to go back to school and learned to write essays on tape, use a talking computer and read Braille. She also found the perfect guide dog to help her navigate the campus and community.
The daughter of Justine and Rick Giuliani, Tara was a graduate of Nelson High School in Burlington. When she died at 25 from diabetic complications, a tremendous outpouring of admiration and sympathy resulted in more than 150 donations to a fund established in her memory.
The fund provides annual support to several organizations which were important to Tara as she coped with her illness – Ave Maria Place, Canine Vision Canada, Juvenile Diabetes Foundation, Joseph Brant Memorial Hospital and the University of Guelph where a bursary will be given to a student with disabilities.
Excerpt from 1994-1995 annual Report
Rick and Justine Giuliani
Justine and Rick Giuliani began their association with Hamilton Community Foundation a decade ago, when their eldest daughter was living with the severe complications of juvenile diabetes and they began to explore establishing a fund in her honour.
“We had about two years to prepare for Tara’s death,” says Justine, “and we talked to her about everything – what her funeral would be like, what the memorial fund would support, and what difference it would make to others. Now, every year on her birthday we award the grants from her fund. We reduce the sadness on that day by celebrating her life and supporting the organizations that were important to her.”
The Tara Lynn Giuliani Memorial Fund was created with hundreds of memorial donations in 1994. Every year since then, it has funded scholarships for deserving visually-impaired University of Guelph students and grants to other groups that Tara cared about, such as the Diabetes Association and Guide Dog Training through Canine Vision.
“We had some specific ideas about how we wanted to honour Tara’s life and we were really pleased with the way the Foundation accommodated our needs,” says Rick. “Our experience ever since has been extremely positive.”
Both Rick and Justine have recently started new funds at HCF. The new R.K. (Rick) Giuliani Fund will be built up over time through a combination of donations and capitalization of a portion of the fund’s income. His wide-ranging charitable interests include church, university, hospice care, and many other causes. Administration of the fund is “a cruise control kind of thing,” he says. “We turn all the details over to the professionals at the Foundation but still have input into what groups we support.”
Rick Giuliani is well known in Hamilton/Burlington as a leader in the financial services industry and in many community organizations. He has spent 40 years with Great-West Life. As a financial advisor, Rick raises the topic of philanthropy with many of his associates and clients, bringing Hamilton Community Foundation and other charities to their attention. He encourages other advisors to do the same.
“I’m a believer that whatever we have is a gift. We’ve been blessed and we should be doing something good with some of our assets and income. One of the most gratifying things one can do is embark on the path of philanthropy. When you see your fund make its gifts to worthy charities every year, the feeling of satisfaction and accomplishment is difficult to match. A perpetual fund certainly completes my life and allows me to catch up on my tithing.”
In addition to many causes Rick and Justine share, Justine’s fund will also support the arts – reflecting her career as a painter and her commitment to the healing power of artistic expression in all its forms, including dance, poetry and theatre. Justine is an accredited and highly respected professional artist who has worked in Burlington for the last 30 years. For the past five years she has been working to spread the concept of the labyrinth as a relaxation, spiritual, and healing tool. She has become a Certified Labyrinth Facilitator and is in the process of creating a permanent labyrinth in Burlington’s Central Park, which she intends to support through her fund.
Justine believes that we must experience life to the fullest and learn the lessons of life’s journey, finding the personal higher purpose that helps us understand and appreciate life more completely. “Life is about sharing your gifts and talents,” she says, “and encouraging others to share their gifts and to develop their potential.”
Excerpt from Fall 2003 Newsletter
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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