Boris Mizhen – Delighted with how Charity PACE Family Fund is set up
Boris Mizhen, property expert, has sponsored the Jewish Foundation of Greater New Haven for many years. Mizhen used the organizations’ “PACE” (Perpetual Annual Campaign Endowment) fund to make sure that their mission can go on. The PACE gift is a specially-restricted trust that provides much needed annual financial support, which helps to start the program each year thanks to a reliable source of income. There are various ways a donor can establish a PACE fund, and can do so in the method that is most convenient. Usually it is achieved through a bequest, life insurance, charitable remainder trust, outright gifts of cash or property, transfers of securities, or through other arrangements, often with tax benefits.
“The PACE endowment fund is a unique financial device which helps provide peace of mind at the start of each fiscal year,” said Boris Mizhen. “I’m pleased to be able to help the Jewish Foundation feel a little bit more secure so they don’t have to worry about economic uncertainty disrupting their work. I’m very grateful to be in a position to assist them with their efforts and I encourage everyone who has the means to donate to consider a PACE gift”.
The minimum contribution to a PACE fund is $10,000. However, in recognition that not everyone is in the economic position to make such a generous contribution, the Jewish Federation also provides an opportunity for anyone to have their name listed on the Federation’s Honor Roll through the Community PACE fund. The Community Fund contribution is a minimum of $100 which gets pooled with other individual donations to strengthen their shared potential. The annual gifts help to source activities like Jewish education, schools, camps and care for the elderly Jewish community in the New Haven area. Additionally, the Foundation welcomes people from various different backgrounds and cultures who may be seeking assistance. One innovative local program is their “Jacob Fund” which provides food in a dignified and discreet way to families suffering financial discomfort, whether from loss of employment, illness or other unforeseen events. Between $50 and $100 per week is allotted to families through special gift cards that may be used at partner supermarkets around the New Haven area.
Formerly a longtime resident of Guilford, Connecticut, Boris Mizhen now resides in New York City. He works in the real estate sector striving to improve the quality of housing for people of all economic backgrounds. Mizhen gives considerable time and energy to the Boris Mizhen Family Trust in support of a multitude of local and national charities and other non-profit organizations like Jewish Foundation of Greater New Haven. He has earned a respectful reputation by assisting residents displaced by gentrification, and his work in making neighborhood transitions easier.
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