Ensuring peace of mind for seniors in need
Often faced with the threat of outliving their means, a retirement community in Spokane and one in Coeur d’Alene have established funds for residents experiencing financial hardship.
In Spokane, the Touchmark Residents Council established the Waterford Residents Legacy Fund nearly two years ago, according to council vice president Mark Donovan.
Born from an anonymous $1,000 donation, the fund’s overseers have their sights set on building a $500,000 fund. Once that target amount is reached, the aim is to make up to $20,000 a year available to residents in need of financial assistance.
Donovan says the Waterford fund offers the Touchmark community a unique chance to provide each other with a safety net for unexpected circumstances now and into the future.
Existing residents are invited to take part in building the fund. Thus far, the fund has raised a little more than $21,000.
“We want to do something to help residents who, through no fault of their own, find themselves in financial difficulty,” says Bob Patrick, a retired attorney who played a key role in establishing the fund.
In Coeur d’Alene, an anonymous donation of $10,000 established the Orchard Ridge Senior Living Resident Fund to sustain the needs of residents at Orchard Ridge.
Sparked by acts of anonymous generosity, these funds ensure a lasting safety net and peace of mind for every resident who calls these senior living communities home.