Merger would give Jewish and St. Mary’s $83 million for their assets, which would have to be used for charitable causes
If the much-debated merger between Saint Joseph Health System, University Hospital and Jewish Hospital & St. Mary’s HealthCare overcomes legal obstacles, it could result in a $83 million payment for Jewish and St. Mary’s assets that would have to be used for charitable purposes, according to law.
The money could be used for medical causes, research and to pay for historical support for the Jewish community in Louisville. The sum would make it one of the largest philanthropic funds in the city. “That would enable parent Jewish Hospital HealthCare Services to keep supporting those causes even after effectively losing control of Jewish & St. Mary’s and its roughly $1 billion a year in revenue once the merger becomes final,” reports Patrick Howington of The Courier-Journal.
Stu Silberman, president and CEO of Jewish Community of Louisville, said the fund “certainly means we’ll be able to continue developing new and vibrant programming to support Jewish families, Jewish seniors in need, provide Jewish education.” The Jewish population in Louisville is about 8,300.
News of the money came from a financial report by Catholic Health Initiatives, which owns Saint Joseph Health System. The report also suggested the hospital merger could become final as early as Dec. 31, seven months earlier than expected. (Read more)