NEW YORK (Jul. 2)
Long-term funding was assured yesterday for a Jerusalem-based model research and demonstration institute designed to make gerontological history and ultimately benefit the elderly in urban societies throughout the world. In a closing at his midtown office, philanthropist Henry L, Schwartz, as head of the Brookdale Foundation-Ramapo Trust, provided the signature that finalized the agreement.
The signing completed arrangements for an unique $15 million collaboration among Brookdale-Ramapo, the American Jewish Joint Distribution Committees, and the government of Israel. The first part of the signing was completed in Israel on June 18.
The arrangements make funding available to the Brookdale Institute of Gerontology and Adult Human Development in Israel for research programs, the building in Jerusalem of a 100-bed geriatric facility adjacent to a new teaching hospital, Misgav Ladach, and a 60-unit apartment complex for the well aged, with construction to begin shortly. Also planned is a senior adult center to serve the elderly of the surrounding community.
Under the agreement, funding commitments have been made payable over a several-year period in the amount of $5 million by Brookdale Foundation-Ramapo Trust, $2,500,000 by JDC, and $7,5 million as matching funds by the government of Israel.
Of the $15 million total, $5 million will establish the Brookdale Endowment Fund to assure world-wide recruitment and retention of highly qualified staff for the Institute’s multi-discipline attack on the problems of the aged and aging. Another $5 million will provide minimal operating costs at the rate of $500,000 annually, exclusive of endowment incomes and the Institute’s funding of certain projects from independent sources. The remaining $5 million will finance construction of facilities to be provided by the government.