living well foundation living well foundation was established to receive, invest and administer...

LIVING WELL FOUNDATION

Living Well Foundation was established to receive, invest and administer tax-deductible contributions for the benevolent support of residents in need of financial assistance residing within any of the Senior Living Communities (Community).

The Foundation relies on the philanthropic generosity of residents, families, friends, and other Community partners so that residents may not have to leave the Community when financial hardships surprise them.

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MISSION & VISION

LIVING WELL FOUNDATIONFOUNDATION OVERVIEW

Senior Living Communities, LLC established the Living Well Foundation as a 501(c)(3), North Carolina based non-profit corporation.

Funds disbursed for residents demonstrating the need for financial assistance

with Community housing and /or healthcare costs.

Foundation grants paid directly to applicant’s Community.

Resident Advisory Council (RAC) may appoint residents to a Living Well Foundation Advisory Committee (Advisory Committee) to serve as liaison to the Foundation Board.

RAC may appoint the Advisory Committee or RAC may serve as the Advisory Committee.

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Foundation Board will look to the Advisory Committee to:

• Promote the Foundation and encourage contributions.• Provide feedback from the residents and families.• Be a source of suggestions and ideas.• Answer general questions of the residents and their family / friends.• Review periodic financial reports.

Foundation is governed by the Foundation Board consisting of five to seven independent members.

Foundation Board will meet quarterly; more often if needed.

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FOUNDATION OVERVIEW

LIVING WELL FOUNDATIONSTRUCTURE - CONTRIBUTIONS

Contributions may be made by residents, family members, friends, vendors, corporations, or other foundations.

Contributions are 100% tax-deductible from federal income taxes, as well as most state income taxes.

Contribution account balances will be maintained for each Community.

Additional account for unrestricted funds.

No minimum contribution amount.

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LIVING WELL FOUNDATIONSTRUCTURE - CONTRIBUTIONS

Contributions may be in the form of:

• cash• securities (stocks, bonds, etc.)• bequests / wills• gift annuities• charitable remainder Trusts• life insurance policies• planned giving options• a contribution from an IRA• assets efficiently and economically converted to cash

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LIVING WELL FOUNDATIONSTRUCTURE - DONORS

Donors may designate a specific Community and within that Community a specific Category:

• Independent Living Entrance Fee Residents• Independent Living Renter Residents• Healthcare Residents• Unrestricted for Residents of Selected Community• Unrestricted for Residents of any Community• Other

The Foundation Board will have final responsibility to determine if a

particular gift can be accepted.

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LIVING WELL FOUNDATIONSTRUCTURE - DONORS

A Donor Designation Form has been created to designate the contribution by:

• which Community or unrestricted for the benefit of all Communities.• which category from the list above (Independent Living, Healthcare,

etc.).

The Designation Form can be obtained from Living-Well-Foundation.com

or from the Community Business Office.

Gifts may be given in Honor of or in Memory of a resident, family member

or friend.

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mailto:[email protected]

LIVING WELL FOUNDATIONSTRUCTURE - APPLICANT

Eligibility of the Applicant:

Must be a current resident in good standing for at least:

Independent Living Entrance Fee Residents: two yearsHealthcare Residents: three yearsIndependent Living Renter Residents: four years

Must have a demonstrated financial need as determined by the Foundation Board.

Sources of income / assets have incurred substantial interruption prior to temporary Living Well Foundation assistance.

Financial Assistance Application Packet can be obtained from Living-Well-Foundation.com or from the Community Business Office.

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Apply at least three months prior to exhausting available assets.

Return completed application to the Community Business Office.

For confidentiality of residents’ information, Executive Director or Business Manager will receive applications.

Executive Director and Business manager, will make a preliminary review.

Executive Director and Business Manager will make initial recommendation and forward application to Foundation Board.

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Applications received and reviewed by Foundation Board quarterly.

Must be received 30 days prior to quarter end.

Applicant will be notified application was received via email or in writing. Foundation Board may request additional financial information from the

applicant or family members.

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Foundation Board will review application and notify applicant of decision in writing.

Approved applications are for a period of up to one year.

Principal and Interest may be utilized for distributions.

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STRUCTURE - APPLICANT


LIVING WELLFOUNDATION

704/[email protected]_____________________________

FOUNDATIONBOARD

RESIDENT

DONOR

COMMUNITY BUSINESS OFFICE

ED / BM

LIVING WELLFOUNDATION

WEB-SITE

RESIDENT

APPLICANT

NON-RESIDENT

DONOR

SENIOR LIVING COMMUNITIES

ACCOUNTING &REPORTING

INFORMATION FLOW

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LIVING WELL FOUNDATIONFREQUENTLY ASKED QUESTIONS

Who oversees day-to-day operations of the Foundation?

The Living Well Foundation is governed by the Foundation Board consisting of five to seven independent members. Who is eligible to make contributions to the Foundation? As a public charity, contributions may come from many sources, including the residents, families, general public, corporations, private foundations or other public charities.

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What types of program expenses can be paid by the Foundation?

Beyond administrative expenses, the two supported program expenses are for a resident’s housing and/or healthcare paid directly to Community.

Is this an endowment fund or a gift fund that distributes what is in the account? How are the funds invested? The Foundation is a gift fund that will seek to disburse most of the principal each year leaving a small principal balance for expenses.

The Foundation Board will annually review fund balances to determine if an adjustment to the percentage disbursed needs to be made.

The funds will be invested in a short-term money-market fund as determined by the Foundation Board.

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Is the contribution tax-deductible from federal and state income taxes?

As a 501(c)(3) public charity, each contribution is 100% tax-deductible from federal income taxes, as well as most state income taxes.

We encourage you to seek tax advice from your advisor.

Will the Foundation hold trusts? The Foundation will not hold trusts or other types of assets that require active or outside management.

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Can a contribution be given to the Foundation in Honor or Memory of someone?

Gifts may be given in Honor of or in Memory of a resident, family member or friend .

How often will the Foundation Board meet?

Initially the Foundation Board will quarterly.

If needed, the Foundation Board will meet more often.

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Does the IRS require a certain percentage of funds be given to community organizations rather than residents?

There is no requirement to pay funds to other organizations. Primary distributions would be for housing, healthcare and Foundation expenses.

Is there a minimum donation amount? There is no minimum donation amount.

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FREQUENTLY ASKED QUESTIONS

living well foundation living well foundation was established to receive, invest and administer...

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