This would mean funds may be transferred to and from you and the Supported Organizations. This may be accomplished through formal execution of contracts or other less formal arrangements, a combination of gratuitous transfers, sales, leases or charges for services, all as the individual facts and circumstances warrant, and to ensure that each entity is fully capable of fulfilling its respective exempt purpose. ![]() In addition to your initial start-up and on-going operational costs, in the future, there may be additional sharing of funds, assets, services and personnel throughout the system determined on a case by case basis and only as needed to support the exempt purposes of any Supported Organization or the Supporting Organization System as a whole. Each of the Supported Organizations regularly makes contributions to support your on-going operations. ![]() As a Supporting Organization of each of the Supported Organizations, you represent that you perform functions for the benefit of each Supported Organization - functions that each Supported Organization would otherwise be required to perform.Įach of the Supported Organizations has transferred a pro rata amount of funds to you to fund your start-up and initial working capital requirements. You carry out various executive, administrative, financial, policy setting, planning and other functions of the Supported Organizations, coordinate activities by or among them and supervise overall policy and planning. You develop policies for standards of care and operation for the Supported Organizations. You function as a parent of the system of retirement communities providing oversight, supervision, management and strategic planning for the Supported Organizations. At least one director of each Supported Organization will serve on your board. You are authorized to appoint three directors to the board of each Supported Organization, all of whom may also be directors on your board. You are a non-stock corporation whose Articles of Incorporation identify each of the Supported Organizations by name. You will be the sole member of each Supported Organization. ![]() Your specified Supported Organizations have received rulings recognizing their tax exempt status under § 501(c)(3) and their non-private foundation classification under § 509(a)(1).Įach of your Supported Organizations operates a retirement community that provides housing, health care and other services to serve the special needs of the aged within the meaning of § 501(c)(3) and Rev. You have been recognized as exempt under § 501(c)(3) and classified as a § 509(a)(3) supporting organization.
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