New York Charitable Asset Foundation
ORG
New York Charitable Asset Foundation
The governer's plan to use $160 million, held by the fledgling New York Charitable Asset Foundation, has the support of the state's other top Republican, Joseph L. Bruno. Because of the legal battle over the roughly $5 billion in proceeds from the conversion, the foundation has yet to use any of its share of the funds. A joint press release from Mr. Pataki and Mr. Bruno last month explained that because the windfall profits from the conversion of Empire, which is now part of WellPoint, were higher than expected, the foundation's 5 percent share exceeded what had been envisioned. The purpose of this foundation is to extend coverage and access to poor people. John McArdle, a spokesman for Mr. Bruno, said several senators had been looking at biomedical research proposals when the Pataki administration came to them with the idea of using money from the foundation. And his plan to use that amount, $160 million, held by the fledgling New York Charitable Asset Foundation, has the support of the state's other top Republican, Joseph L. Bruno, the majority leader in the State Senate. Because of the legal battle over the roughly $5 billion in proceeds from the conversion, the foundation has yet to use any of its share of the funds.