GREAT NECK, N.Y., Dec. 15 Following is a statement from Michael Dowling, president and CEO of the North Shore-LIJ Health System, in regards to its financial exposure with Madoff Securities:
The North Shore-LIJ Health System's financial exposure with Madoff Securities is limited to $5.7 million, which represented a contribution from a single donor, who stipulated that the funds be invested with Madoff. The $5.7 million equates to less than one percent of North Shore-LIJ's total investment portfolio, so donors can rest assured that their philanthropic dollars are safe and secure. The donor who contributed the funds has graciously agreed to reimburse the health system for any financial loss.
All other funds in North Shore-LIJ's financial portfolio -- including contributions from donors -- are managed by the Board of Trustees' Investment Committee, which adheres to a diversified and transparent strategy to ensure the long-term viability of our holdings.
Executives at North Shore-LIJ have no personal relationship with Bernard Madoff or members of the Madoff family. He is not and has never been a member of North Shore-LIJ's Board of Trustees, or the Board of Directors of The Feinstein Institute for Medical Research or the Elmezzi Graduate School of Molecular Medicine. Contrary to some reports, Mr. Madoff was NOT a founder of LIJ Medical Center. Over the past 36 years, Bernard Madoff has contributed $216,000 to North Shore-LIJ -- an average of $6,000 a year.
To protect its interests, the health system will take all appropriate measures to recoup as much of the $5.7 million as possible.
About North Shore-LIJ Health System
The nation's third largest, non-profit, secular healthcare system, the North Shore-LIJ Health System cares for people of all ages throughout Long Island, Queens and Staten Island -- a service area encompassing more than five million people. The health system consists of 15 hospitals, 17 long-term care facilities, The Feinstein Institute for Medical Research, five trauma centers, five home health agencies, a hospice network and dozens of outpatient centers. In addition, North Shore-LIJ is partnering with Hofstra University to develop a new medical school. Excluding its affiliate organizations, North Shore-LIJ facilities house 4,844 beds, have more than 7,000 physicians, and employ about 9,150 nurses and a total workforce of about 33,250 -- the largest employer on Long Island and the ninth largest in New York City. For more information, go to www.northshorelij.com.
SOURCE North Shore-LIJ Health System