Establishing a Safety Net for Elderly Residents: Waterford Residents Fund

Increasing numbers of older Americans must face the very real fear of outliving their financial resources. Every year, at least one resident at Touchmark on Spokane’s South Hill must uproot and move out simply because they have exhausted their funds. To ensure peace of mind for every resident who calls Touchmark home, the Touchmark Residents Council established the Waterford Residents Legacy Fund through Innovia. Seeded with $1,000 from an anonymous donor, the fund hopes to reach $500,000 in contributions. Once it meets this target, $20,000 per year will be available to support those in the Touchmark community experiencing financial distress. Drawing from his expertise as a retired attorney, Touchmark resident Bob Patrick proved integral in bringing the fund to life.

“We wanted to do something to help residents who, through no fault of their own, found themselves in financial difficulty,” Bob says.

Through an innovative fund model, applications for funding assistance will open each year, ensuring grants are distributed to the residents who most urgently need them. Existing residents are invited to take part in building the fund for the future benefit of their friends, neighbors or even themselves. The fund provides the Touchmark community with a unique opportunity to come together in establishing a safety net for all residents facing unforeseen circumstances, now and into the future.