When I make a gift to Living Well Foundation, what options do I have to direct my contribution?
Contributions to the Foundation can be designated for a specific Community and within that Community, to a category listed below:
- Independent Living Entrance Fee Residents
- Independent Living Renter Residents
- Healthcare Residents
- Unrestricted for residents of the Community
- Unrestricted for residents of all Communities
A donor may choose to give unrestricted funds to be used at any Community. If a question arises about the designation or category of a gift, the Foundation Board will have final determination if a particular gift can be accepted.
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, friends, vendors, corporations, private foundations or other public charities.
Is there a minimum donation amount?
There is no minimum donation amount.
What types of program expenses can be paid by the Foundation?
The two supported programs are financial support for a resident’s housing and/or healthcare.
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.
Can a contribution be given to the Living Well Foundation in Honor or Memory of someone?
Gifts may be given in Honor of or in Memory of a Resident, family member or friend.
Will the Foundation hold trusts?
The Foundation will not hold Trusts or other types of assets that require active or outside management.
Is the contribution tax-deductible from federal and state 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 preferred advisor to determine whether contributions may also be deducted for state income taxes that apply to you).
If my application is approved, what is the payment cycle and for how long?
Depending upon the specific needs the payment could be monthly, quarterly, bi-annual or a one-time payment. The approved application is for a period of up to one (1) year.
What are the various types of contributions?
- 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