Those seeking a senior living community have an extensive list of options, but not every community will have the same principles, values, and level of service.
Nonprofit senior living communities are mission-based organizations that prioritize their residents by keeping funds in the community to positively impact the culture.
What Is Nonprofit Senior Living?
The defining aspects of nonprofit senior living communities are best illustrated by their treatment of funds and mission-based values.
Treatment of Funds
After all expenses are paid in a nonprofit senior living community, additional funds go back into the community. In other words, no profits are taken out by shareholders. In fact, nonprofit senior living communities don’t have shareholders! Instead, they are run by a board of trustees tasked with adopting sound, ethical, and legal governance.
This aspect is often very appealing to potential residents because it reflects the community’s focus on the health and well-being of its residents, not on profits.
Many nonprofit senior living organizations are mission-based, operating with a set of values and statements that are either faith-based or secular.
These communities offer religious and spiritual guidance, regardless of their affiliation with organized religion. This is important to many older adults who identify with a religion and engage in various religious practices. A community that aligns with their beliefs may contribute to an overall sense of well-being and happiness.
However, mission-based organizations serve everyone, regardless of their religious affiliations or spiritual practices.
How Nonprofit Senior Living Communities Differ From For-Profit Communities
For-profit senior living communities function similarly to other private businesses: They are beholden to stakeholders to earn profits. In the U.S., more than 80% of residential care communities have for-profit ownership. The largest senior living providers are privately owned or part of a chain with hundreds of properties and thousands of units.
On the other hand, nonprofit senior living communities:
- Do not have investors, nor do they fixate on maximizing profits through rent and fees.
- Do not function as national chains, but rather focus on a local region or state.
- Reinvest into their communities with extra funds after expenses are paid.
- Raise money from individuals, corporate donors, or government and private grants.
These features benefit residents of nonprofit senior living communities by:
- Providing more sources of funding for residents.
- Prioritizing values rather than profit.
- Focusing on building a flourishing community.
Nonprofit Values In Action at WelseyLife
Guided by Christian compassion, WesleyLife believes everyone should have the opportunity to live a life of continued growth, experience, engagement, and meaning, regardless of physical, social, or economic circumstances. Wherever they call home, our residents and At-Home services clients can experience peace of mind and financial ease.
We abide by The WesleyLife Promise, meaning if a resident depletes their financial resources through no fault of their own, they will never be asked to leave their home or experience a reduction in the degree of care they receive. The Promise is supported solely by donations and funded by each community's Good Samaritan or Good Shepherd fund. The Promise has benefited many residents.
Each WesleyLife community supports its residents in financial need through philanthropic giving and fundraising efforts, including chili suppers, golf outings, and rummage sales.
Neighbors Helping Neighbors
Being a good samaritan is about neighbors helping each other. This is why we created the WesleyLife Promise and established a care approach that focuses on supporting joyful living through mind, body, and spirit.
Find out more about our approach to community living by exploring our communities.
Post Topic(s): COMMUNITY | GIVING | VOLUNTEER | CULTURE