A third of the money raised by the Red Cross for victims of Superstorm Sandy remains unspent seven months later.

FOX News Radio's Courtney Kealy reports from New York:

The Red Cross says keeping $110 million of the $303 million raised will help address victims' needs that were not immediately met after the storm. But critics say the money should be given to local organizations that are in a better position to identify need and disperse the funds properly since the Red Cross isn't a long term building agency.

Red Cross officials pledged all the money will eventually be spent and not diverted to other disasters or used for operational costs.

In New York, Courtney Kealy, FOX News Radio.

Editor's Note: The Red Cross expects to spend $27 million of the remaining funds providing "move-in assistance grants" of up to $10,000 to displaced families. About 2,000 families have been assisted so far and 4,000 are awaiting to be deemed eligible.