Elder Care Alliance is a non-profit organization which means that our purpose is social impact and benefit for the public good. Our bottom line is not profit-based because we do not have shareholders or owners. Instead we strive to serve and enrich older adults’ lives, rooted in holistic wellness.
In your search to find your ideal living community, it is essential to know the differences between for-profit and non-profit communities for older adults. It is a distinction that can have a notable impact on the kind of care you will receive and your overall lifestyle as you age. Around 82% of residential care communities are private and for-profit, and about 40% belong to a national chain. Non-profit senior living organizations have more freedom to reinvest back into programming and team members.
Ownership of the Community
Non-profit senior living communities such as Elder Care Alliance are 501(c)(3) organizations called charitable organizations. We must follow a strict set of federally regulated requirements. None of the organization’s earnings can benefit any private shareholder or individual. So 501(c)(3) organizations are not beholden to any individual or group of stakeholders, enabling them to take a more localized approach to operate the community. These organizations are also eligible to receive tax-deductible contributions. Non-profit senior living communities are also mission-based, — meaning decision-making is in line with the community’s values.
In non-profit senior living, all profits are dedicated to operation costs, meeting the needs of residents, and upgrading the non-profit senior living facility. In addition, and due to a non-profit senior community’s 501(c)(3) status, communities are held accountable by state and federal agencies on how profits are allocated.