Last Updated on April 2, 2025
BCF serves as a financial safety net for residents who, despite careful financial planning, outlive their resources due to unforeseen circumstances. This fund ensures that residents can continue to receive the care and services they need without the fear of displacement or reduced quality of life.
At the end of 2024, the BCF total was $5,051,532. The total raised for BC in 2024 was $979,732.93. This was an incredible amount raised! Your generosity and commitment to supporting those in need truly make a difference. Thank you to everyone who contributed—your kindness is changing lives! However, in 2024 the fund spent $1,673,000. That is a deficient of $693,267.07 which cannot be sustained. If this trend continues, the BCF will be depleted in about 7 years.
Currently there are 16 residents on BC, and 21 residents on spenddown. Residents on spenddown are currently using their entrance fee to be able to pay their monthly service fee and health care expenses. With 16 on benevolent care and 21 more possible headed for benevolent care, the fund will be needing a large infusion of money over the next couple of years.
So, you ask what happens when the BCF is unable to meet expenses. Charlestown will not throw out resident who need help. They will withdraw money from the operating budget to pay for the expenses of those needing financial help. It is the residents who fund the budget from their monthly services fee. As I stated in the beginning ESL’s slogging of “your home for life” is really the commitment made by residents through their gift giving and monthly service fee. I hope and pray we never need to use operational funds to finance benevolent care, but at least one ESL facility had to move a large amount of money from the operations budget to benevolent care this year.
So how can we ensure that the BCF stays solvent? Be an active volunteer and/or participant to the fund-raising efforts of the Philanthropy Office. Be a good steward by considering one or more of the following ways to contribute to the fund. Here are some options for you to consider:
1. Direct Donations:
a. One-Time Gifts: Make a one-time monetary contribution to the fund.
b. Recurring Donations: Set up monthly or annual contributions to provide ongoing support.
2. Planned To Give:
a. Bequests: Include the Benevolent Care Fund in your will or trust, specifying a portion of your estate to be donated.
b. Beneficiary Designations: Name the fund as a beneficiary of your retirement accounts, life insurance policies, or annuities.
c. Charitable Gift Annuities or Trusts: Establish instruments that provide you with income during your lifetime, with the remainder going to the fund. LeadingAge PA discusses various planned giving options in their resources.
d. Planned Gift: The most common and simplest way residents have planned gifts is through all or a portion of their entrance deposit.
3. Fundraising Events:
a. Participate in or Organize Events: Engage in BCF events such as raffles, auctions, or charity walks that raise money for the fund. Charlestown Retirement Community, for example, hosts events like the Fall Fun Festival 50/50 Raffle to support their Benevolent Care Fund.
4. Memorial or Honorary Gifts:
a. In Memory or Honor of Loved Ones: Make donations to honor or memorialize friends or family members. I did so when my wife died and at least 28 friends and relatives donated in her name to the BCF.
5. Volunteer Initiatives:
a. Organize or Participate in Fundraising Activities: Many residents volunteer for the quarterly Treasure Sale, but there is need for more volunteer to sort and organize reusable sale items; collecting items for resale; apartment close outs; volunteers to work PUTTERLAND.
b. Advocacy: Promote awareness about the importance of the Benevolent Care Fund within and beyond the community to encourage broader support.