A former Jewish Communal Fund Trustee, Nathan Gantcher served as President and co-CEO of Oppenheimer & Company for more than a decade. He currently serves as a Managing Member of EXOP Capital LLC. He and his wife, Alice, are active philanthropists who focus on the areas of education, healthcare and Jewish causes. In this exclusive interview with JCF, Mr. Gantcher shared his approach to philanthropy, the charitable causes that are most important to him, and how giving back is a uniquely rewarding experience.
JCF: How did you first become involved in charitable giving?
Nathan Gantcher: I first started to give back in 1968, when I went to my first UJA-Federation of NY meeting. At the time, I was a trainee making almost no money. That was the beginning of what turned into a lifelong habit of giving that has proven quite rewarding. I was lucky enough to earn more money over the years, and be able to give to causes that were helping people in one way or another—education, Jewish causes and Israeli charities. My giving has been both secular and Jewish-related.
I was on the board of Tufts University, my alma mater, for 20 years, and served as Chairman for eight years. I gave increasingly and continuously to Tufts with a focus on two areas: student financial aid, and whatever the institution needed. My philosophy is that I would rather give to support what the institution needs rather than what I think is good.
For example, I recently gave a gift to Tufts for a new squash court. I have no personal passion for squash; that’s simply where the school needed the money. I also donated a field house and convocation center—what was really needed at the school. If I identify a cause that is meaningful, I like to give to what that cause needs, rather then what Nathan and Alice Gantcher want.
JCF: Can you share with us some of the other charitable causes that are meaningful to you?
NG: The charitable causes I support evolve over time. I first got involved with the Albert Einstein College of Medicine in the last eight or nine years. Einstein, which was founded in 1953 by Yeshiva University, was created by Yeshiva because Jews couldn’t get into medical school. About three years ago, Einstein was acquired by Montefiore. I think it’s a really great institution; a top-notch medical school and hospital in the Bronx. Montefiore Hospital helps really needy people in the Bronx. I got involved because of the research they are doing there and how important it is to have a good medical school and hospital.
I support charities that focus on education, healthcare, and places where I can get involved and not just give money. I like to make a difference. I’ve successfully run a business, so when there are financial and strategic decisions as to which direction to go in, I can add something of value to that.
I’ve also been involved in UJA-Federation of NY for years. Now that I spend more time in Florida, I’ve become more involved at the Jewish Federation of Palm Beach County, where I’m on the investment committee. I have also been on the board of Columbia Business School for over 30 years.
JCF: Any advice for those first getting started with philanthropy?
NG: I think that people have to convert their thinking from, “How can I get away with not giving?” to “What satisfaction can I get from giving back?” Find causes you think really need your help and your money. Get some nachas [gratification] from your giving. Give your time and your money. Unless you find it rewarding to you, you’re never going to invest deeply in it.
JCF: How have you transmitted a charitable legacy to your children and grandchildren?
NG: All of my kids have accounts with JCF. To mark the occasion of each grandchild’s bar or bat mitzvah, we give them $3,600 from our account at JCF to fund their own charitable giving account. Their parents are responsible for teaching them how to give, and this is a helpful tool to serve as a beginning. I think it works and gets them involved, and gives them a taste of how rewarding tzedakah can be.
JCF: How did you first hear about JCF?
NG: I had an account with JCF for several years when Joel Ehrenkranz, who was Chairman of the JCF Board at the time, asked me to join the board. I served on the board for a decade in the 1990s. When I was on the board, I had done a commercial for a Lasik eye guy that ran on Bloomberg radio early in the morning. I thought that might be something for us to do around the end of year to publicize JCF. Here we are, so many years later, and JCF’s Bloomberg ads are still running. Evidently, it works.
JCF is less expensive than a private foundation. It’s very good. When I first joined the JCF Investment Committee, they only had money market funds. It has evolved and they now have a robust investment platform. JCF has a very good website. It’s terrific, very easy to use and user-friendly.
JCF: You recently opted in to the JCF Social Impact Loan Program, where you request that a portion of the money in your JCF fund be lent out, interest-free, to borrowers from Hebrew Free Loan Society.
NG: Yes, I saw that opportunity and figured, “Why not do this?” This way, something good is happening with the charitable funds in my account before I grant them to charity.