BOF Amalgamation

The short answer is no. The building on Chapel Street sold for a total of $12 million. $1.7 million in loans was then repaid and another $1.67 million was used to cover operating expenses before amalgamation. $500,000 was contributed to the Bank Street Cemetery Revitalization Project and $2 million was designated to create the Beth Shalom Legacy Endowment Fund. Therefore, the amalgamation netted Kehillat Beth Israel just over $6 million. While still a robust sum, it is much less than the $20 million that some have suggested were received.