The Board has suggested that I extend the Loving Care Fund series to include a section on the importance of donations to the two funds – the Loving Care Endowment and the Loving Care Funds.
Since 2001, the total donations to the Endowment Fund have amounted to almost $1.3 million. Although a large portion of these donations were contributed by outside organizations in the 2003-2005 period, many residents have compassionately contributed about $140,000. Similarly, residents, Board members, staff, families and friends of the Homes have contributed about $160,000 to the Loving Care Fund during the same 14 year period.
The payments made to provide benevolent care to residents have totaled about $2.2 million during the same time period. Throughout the period 2001 -2011 benevolent assistance to residents averaged about $122,000 annually. Since 2011, the annual average has increased to about $280,000. The Board expects benevolent care requirements in 2015 will be in the $300,000 to $350,000 range.
Contributions to either fund can be made by check or direct bank transfer. Another way is through a Charitable Gift Annuity that can provide a guaranteed stream of income for life to the contributor with tax benefits that begin immediately. Please contact Jennifer Olivier for details.
Another item requiring clarification is the Board’s decision to increase the maintenance fees for 2014 and 2015 by 4% and 4-1/2% although the CPI was only 1.5% in 2013 and 1.6% in 2014.
In the latter part of 2013, the Board’s Finance Committee found that operating expenses were exceeding expected operating revenues. Throughout each operational year the Finance Committee scrutinizes the movements in the expected revenue and costs for operating the various activities that support the residents. Although the Finance Committee found that the necessary increase to offset the expected operating loss in 2014 was greater than 4%, when that figure was presented to the Board, the decision was to spread the needed increase over 2014 and 2015 in order to soften the financial impact for the residents.
The following graph demonstrates the narrow margin between revenues and expenses as found by the auditors, Moore Stephens Lovelace:
The continued narrow margin between revenues and expenses leave little leeway for needed improvements to FPH operations that can have positive effect on the quality of life for residents.
Again I want to mention that the kickoff for the Employees Christmas Fund is September 01. Please contribute!