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McGrath was a member of the Committee to Encourage Corporate Philanthropy, the Council on Foreign Relations, the Economic Club of New York, the Development Advisory Council for the Lower Manhattan Development Corporation, the National Academy of Engineering, and the New York City Public/Private Initiatives.
Cohen is a trustee of Deerfield Academy, New York Presbyterian Hospital, the Hackley School, Hampton University and The Economic Club of New York, and is a member of the advisory boards of Wall Street Rising, United Way of Westchester-Putnam and the University of Charleston.