TORONTO (JTA) – Cash-strapped B’nai Brith Canada is selling two of its landmark buildings in Toronto, including its national headquarters.
The organization’s headquarters located in North Toronto carries two mortgages totaling nearly $4 million and in 2012, the market value assessment was set at slightly more than $3 million, the Canadian Jewish News (CJN) reported.
The difference leaves “open the question of how much B’nai Brith can net from the sale,” the newspaper reported.
A cutting edge facility for those suffering from Alzheimer’s disease opened by B’nai Brith Canada just 18 months ago is also up for sale.
The state-of-the-art Alzheimer Centre for Excellence has 45 beds but only 20 residents, and has been bleeding money since it opened in December, 2014, the CJN also reported, citing court documents.
A front-page Toronto Star story published Thursday said the facility is under insolvency protection. As of two weeks ago, the home had $65,000 in reserves and was spending $50,000 a month. It owes $11 million to creditors, according to the Star.
The building received $5.4 million in funding from the federal government.
Raising money has seemed to be the top priority for B’nai Brith Canada’s new CEO, Michael Mostyn, who took over the organization in September 2014. He replaced Frank Dimant, who retired after 36 years at the helm and is now CEO of Christians United For Israel Canada, a pro-Zionist evangelical group.
Among Mostyn’s first acts was to fold publication of B’nai Brith Canada’s weekly newspaper, the Jewish Tribune.
Mostyn said he hopes to boost charitable donations, which have lapsed in recent years. A “hitch in this plan,” reported the Star, is that Dimant has issued a demand for a retirement payout that the current management of B’nai Brith “believes is too lucrative.”
Last week, Dimant, 69, informed the new management he is owed annual retirement payments of $175,000, or 75 per cent of his former salary.
Dimant described this to the Star as a “demand letter.” He said the arrangement was approved by the board. A source familiar with the deal told the Star it was arranged with little oversight while Dimant was still the boss.