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Why an Endowment Fund?
In late 1989, White Horse Village opened its doors to its first residents who joined a community dedicated to providing quality residential living and healthcare for adults 62 and older.. As a non-profit continuing care retirement community, White Horse Village relies primarily upon entrance and monthly fees for its operation.
Although the corporation was committed to the principle that no resident should be forced to leave because of financial distress, it soon became evident that other sources of funding were necessary to meet this commitment. Therefore, in 1991 the Board of Directors along with the Residents Council approved the establishment of the Residents Reserve Fund. This fund, supported primarily by resident contributions, is to be used for the purpose of assisting fellow residents who might experience difficulty in paying their monthly fees.
By 1993, residents and management had concluded that additional projects needed to be considered to further enhance the quality of residential living. Thus was born the White Horse Village Endowment Fund, Inc., which is a Pennsylvania non-profit corporation granted tax exempt status by the Internal Revenue Service.
Who Manages the Fund?
Responsibility for the management of the Fund rests with the Endowment Fund Committee made up of seven members serving three year terms. Four members come from the White Horse Village Board of Directors and three are residents nominated by the Residents' Council.
Who Contributes to the Fund?
The principal source of gifts to the Fund will be those residents who may wish to contribute as another form of philanthropic giving and as an expression of gratitude for the kind of retirement living and friendly atmosphere offered by White Horse Village.
Others outside the community such as relatives, friends, or associates may also wish to contribute. Another source could be certain foundations or organizations attracted to one or more of the Fund purposes. Finally, the Endowment Fund Committee may seek to obtain funding through sponsored projects designed to provide selected services to area senior citizens.
What Kinds of Gifts are Appropriate?
Interested donors may contribute to the Endowment Fund in a variety of ways: Cash Gifts, Gifts of Securities, Bequests, Insurance, and Deferred Gifts. All of them possess two things in common. They will enhance the quality of life at White Horse Village and at the same time provide a tax relief for the donor and / or the donor's estate to the extent permitted by federal and state laws.
What Will the Fund Achieve?
The basic purpose of the Fund is to serve as an umbrella for receiving and administering all gifts donated to White Horse Village, whether such gifts be in the form of cash, securities, property, furniture, equipment and machinery, or other items of value. The gifts are to be used for the three principal purposes described below:
- To provide for needy residents who qualify for such assistance.
- To provide funding for physical improvements to White Horse Village which directly benefit the residents.
- To provide other programs or funding for the health, education and welfare of residents.
Many residents, their families and friends appreciate the considerate care and lasting friendships experienced at White Horse Village. What better way to express that appreciation and assist in ensuring the future quality of Village life than by contributing to the White Horse Village Endowment Fund?
For more information about contributing, or if you would like to make a donation, please call us at (610) 558-5000. |
