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N.Y. federation may tap reserve funds

North America’s largest Jewish federation may tap into reserve funds to deal with the economic crisis.

Officials at the UJA-Federation of New York said that they were prepared to dip into their reserves to help out agencies in dire need sustain their services, the CEO of the federation, John Ruskay, told the New York Jewish Week.

The UJA’s endowment, which holds most of the reserve money, doubled to about $850 million over the past five years, and the money could be used to help agencies in New York that have been hit hard by the economic crisis.

The federation already has given an emergency grant of $400,000 to the Metropolitan Council on Jewish Poverty to help sustain its food bank.

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