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Bay Village Endowment Fund

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Nonprofit Overview

Causes: Homeless & Housing, Senior Citizens Housing & Retirement Communities, Seniors

Mission: The endowment fund supports bay village of sarasota, inc, (the "corporation") by making distributions to the corporation to assist in the operation and maintenance of the continuing care retirement community operated by the corporation, and to assist needy residents of the corporation, a not-for-profit organization meeting the requirements of sections 501(c)(3) and 509 (a)(2) of the internal revenue code of 1986, as amended. In order to accomplish the foregoing purpose, the endowment fund distributes at least 85% of its net income to the corporation to assist in the operation and maintenance of the corporation's continuing care retirement community, and to assist needy residents of such retirement community in times of financial difficulty. This fund was started in 1980 to address bay village's commitment to the lifecare concept. Today, the endowment fund is made available to those residents, who, through no fault of their own, have financial problems prohibiting then from meeting thei

Programs: The endowment fund supports bay village of sarasota, inc. By transferring funds (primarily investment income) to support those residents who have become unable to pay the monthly maintenance and other charges through no fault of their own. Funds transferred to the corporation in 2017 totaled 238,000, which were used to provide financial support for independent living expenses, assisted living, and/or skilled nursing care for indigent residents, as well as establish a reserve for future endowment care. During the past eight years, approximately 400,000 has been disbursed as financial aid to bay village residents, with an average of three residents per year receiving assistance. Over the past fifteen years,over 1. 4 million was disbursed as financial assistance to over 57 residents. The endowment fund is comprised of contributions made from large and small donations, wills and estates, legacies, and proceeds from the "bay village gift shop- and the "down under (resale) shop. " the endowment fund's objective is to continue to build the fund to help provide long-term stability and financial support for bay village (the corporation) to fulfill its non-profit mission and assist financially needy residents.

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