Magevet Endowment Campaign:
Further Information and Frequently Asked Questions
Magevet’s work has an immense impact on all those involved—and, truth be told, on the broader tradition of Jewish, Hebrew, and Israeli music around the world. Audiences have been moved to tears by the power of the group’s voices and repertoire, which runs the gamut from haunting to ebullient and allows us to express both the solemnity of the past and hope for the future. From our oldest listeners, transported back to their childhoods in synagogue or at summer camp, to our youngest (many of whom are just learning the alef bet!), those who are able to hear Magevet sing leave our concerts feeling inspired, joyful, and even profoundly moved.
The group is also of great value in ensuring that the tremendous diversity of Jewish, Hebrew, and Israeli music is preserved and shared for generations to come. Few college students—even those in other Jewish a cappella groups—are able to say that they have performed in Hebrew, Ladino, Yiddish, Luganda, and Amharic. Few have traveled as far afield as South Africa and Chile while still bringing the transformative power of these musical traditions to communities closer to home in Los Angeles, Tennessee, or beautiful New Haven. Recognizing the equal value of the piyyut, the Yiddish lullaby, and the modern Israeli love song offers an education in Jewish musical tradition not just to the group’s members but also to its thousands of listeners every year.
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If you are ready to join us and make your contribution, click here to donate now. When asked which fund you would like to support, indicate the Magevet Endowment Fund.
We hope that the following FAQ answers any questions that you have about the proposed Magevet endowment.
What is an endowment?
An endowment is a fund of donated money that is invested on behalf of a nonprofit to create a reliable stream of annual income. Most endowments are designed to keep the principal amount intact—and growing—while making only the investment income available for operations.
What will the benefits to the group be?
Magevet will be free to focus on its mission of promoting Jewish, Hebrew, and Israeli music rather than its finances. Rather than spending time working to guarantee operating funds, group members will be able to spend more time bringing hope, joy, and culture to communities, especially those that are smaller and underserved.
How will this endowment work?
The Magevet endowment will be set up as a designated endowment fund via the Jewish Community Foundation of Greater Hartford. Information about the endowment funds can be found at this link. The Jewish Community Foundation of Greater Hartford (the Foundation, www.jcfhartford.org) was founded in 1972 with an initial gift of $50,000. Thanks to the vision and generosity of individuals, families, businesses and organizations, past and present, the Foundation currently has $168 million in assets under its management and stewards grants of approximately $4.6 million annually. The endowed fund will be pooled into this diversified portfolio, managed by expert investment professionals.
How did Magevet choose the Jewish Community Foundation of Greater Hartford as its investment partner?
A working group of alumni volunteers researched available options for managing the endowment, including self-management. After carefully reviewing the costs, risks, benefits, administrative requirements, security, and other aspects of the various options, the group concluded that Magevet should partner with a dedicated endowment manager. It further determined that the Jewish Community Foundation of Greater Hartford was the most suitable partner given the Foundation’s mission, capabilities, experience, and ability to support Magevet as we pursue our endowment goals.
Will Magevet have access to the principal?
No. The principal will be owned and managed by the Foundation, ensuring professional management of the funds, and safeguarding the fund’s ability to generate income for Magevet in perpetuity.
How much investment income will be distributed to the group?
The Foundation uses a sophisticated formula, intended to balance current needs and the need to preserve principal so as to generate future income. Historically, the Foundation has distributed income to designated funds at a rate of approximately 4% annually.
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How will the money be spent?
Magevet will be able to use the distributed investment income for any purpose for which group funds are traditionally used, including travel, administrative costs, and group events.
Do I need to be affiliated with Yale or Magevet to donate?
We invite everyone to join us in our campaign to support Magevet in its mission to spread the joy of Jewish, Hebrew, and Israeli a cappella music around the world.
Is my donation tax deductible?
Yes, the Jewish Community Foundation of Greater Hartford is a registered 501(c)(3), and donations to the fund are tax-deductible to the extent permitted by law. The Foundation will provide an acknowledgement letter and inform Magevet of your donation as well.
I made a really big donation. Would you please send me a Magevet CD?
Regrettably, IRS regulations prohibit us from providing any gift in return for your contribution. Please reach out to Magevet’s Business Manager, Lia Solomon, at lia.solomon@yale.edu if you would like to purchase a CD.
Can I get Yale giving credit for my donation?
The Magevet endowment campaign is being conducted outside the auspices of the University and will not be coordinated with alumni giving.
Remind me again why I should do this?
Because Magevet enriches the lives of its students, Jewish life at Yale, and communities all over the world with its unique sound and repertoire. Magevet has fulfilled its mission for nearly 30 years… let’s ensure that the group can continue to do so into the future!
Is there a deadline?
Donations to the Magevet Endowment Fund can be made at any time and will benefit the group whenever they are made. That said, we are aiming to raise $118,000 by the group’s 30th anniversary in spring 2023. We hope that you will help us!
How can I donate?
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Option 1: Give via the JCF Hartford Website. Under “Donate Online Here,” enter your contact information and your gift amount. When asked which fund you would like to support, indicate the Magevet Endowment Fund.
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Option 2: Make out a check to the Jewish Community Foundation of Greater Hartford, Inc. Indicate the Magevet Endowment Fund on the memo line. The mailing address is as follows:
Jewish Community Foundation of Greater Hartford
333 Bloomfield Ave, Suite D
West Hartford, CT 06117
Whom can I contact for more information?
Lia Solomon
Business Manager, Magevet
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Kathryn Gonnerman
Vice President, Philanthropy, Jewish Community Foundation of Greater Hartford
860-727-6193