The Authority has overseen more than $2 billion in funding
DANVILLE, PA -- Current and past Geisinger Authority members celebrated the Authority’s 40th anniversary at a recent dinner with Geisinger leaders and community members.
On Nov. 20, 1975, Montour County, Pa., established the Geisinger Medical Center Authority, which was renamed Geisinger Authority in 1987. The Authority was established for the purpose of financing certain capital projects of Geisinger Health System and other non-profit organizations within the county.
The Authority has now helped Geisinger Health System issue 28 tax-exempt bond issues totaling $2,087,449,464 over the last 40 years. It also assists Maria Joseph Manor and the Danville Child Development Center with issuing tax-exempt debt to further their purposes.
Kevin Brennan, CPA, FHFMA, executive vice president of finance and chief financial officer, Geisinger Health System, estimates that in his 21 years at Geisinger, the Authority has conservatively saved Geisinger $5 million through its issuance of tax-exempt bonds.
“What we have done with that efficiency that you have helped to create has been retained here in the community,” Brennan said. “We’ve reinvested in programs that help patients every day.”
David Prior, a retired partner of Ballard Spahr LLP, a national law firm, drafted the papers that created the Authority and has been the bondsmen throughout its 40 years.
“Of all of the things that this Authority has done over the years, I think what is most remarkable to me is that they [the members] have always asked the right questions and they’ve always done the right things for the right reasons,” Prior said.
Geisinger currently maintains credit ratings of “Aa2” from Moody’s Investors Service and “AA” form Standard & Poor’s Ratings Service; both ratings recognize Geisinger as a high-quality borrower with very low risk.
The original members of the Authority were: Esther Cotner, Samuel M. Keefer, John H. Bausch, James P. Connolley, Robert L. Bergenstock, Arthur K. Purpur, Patricia Billmeyer and solicitor Richard Brittain, Esq. Current members include John J. Metzer, chairman; Susan M. Kauwell, vice chairman; Walter R. Shultz, secretary; William R. Betz, treasurer; Constance J. Kuziak, assistant secretary; H. James Shutt, assistant treasurer; Barbara J. Nied, parliamentarian; and solicitor Robert L. Marks, Esq.
Geisinger is committed to making better health easier for the more than 1.5 million consumers it serves. Founded more than 100 years ago by Abigail Geisinger, the system now includes 13 hospital campuses, a 600,000-member health plan, two research centers and the Geisinger Commonwealth School of Medicine. With 32,000 employees and 1,800 employed physicians, Geisinger boosts its hometown economies in Pennsylvania and New Jersey by billions of dollars annually. For more information, visit www.geisinger.org, or connect with us on Facebook, Instagram, LinkedIn and Twitter.