New $3.2 Billion Health Foundation Created from Fidelis Sale

The State’s Catholic Bishops have announced plans to create the Mother Cabrini Health Foundation and fund it with $3.2 billion, part of the proceeds of the sale of the company to a for profit insurer.  The foundation has appointed a board chaired by Al Kelly, CEO of VISA who has been a major supporter of Catholic programs in New York.    The new foundation would likely make grants available for health care institutions and non profit organizations serving low income persons’ health needs.

The foundation would be the 9th largest in the state.  Currently, the New York State Health Foundation has been operating for several years with proceeds of the sale of the Blue Cross insurance company.   That foundation has been a major donor for community health care projects across the state.

“The foundation will seek to transform the lives of underserved New Yorkers from all corners of the state and set a national model for addressing the health and wellness needs of low-income communities,” Cardinal Timothy Dolan said. The foundation would serve New Yorkers “of every color, every religion and every background.”

The announcement also stated, “The charity will look to invest in health care and health-related causes, such as the social determinants of health. The foundation would look to invest in preventive health, behavioral health, nutrition, obesity, substance abuse treatment, early intervention services for children, home and community-based services in rural areas and education among other areas.”