$37.7M in expenses

Deerfield episcopal retirement community, INC. ("deerfield"), a north carolina nonprofit corporation, was organized for the purpose of operating a continuing care retirement community. Deerfield is governed by a board of directors, which is composed of independent civic leaders who serve without compensation. Rev. Rul. 72-124, 1972-1 c.b. 145, sets out requirements that "homes for the aged" must meet to qualify for section 501(c)(3) exemption. The internal revenue service provided the following requirements: (1) satisfaction of the need for housing through the provision of emotional, recreational, social, religious, and similar needs of aged persons; (2) satisfaction of the need for health care through provision of physical and mental health services directly or through continuing arrangements with outside organizations; and (3) satisfaction of the need for financial security through maintaining in residence any persons who become unable to pay their regular charge and through providing services at the lowest feasible cost. Deerfield satisfies all three requirements. In conjunction with its commitment to maintaining persons in residence who become unable to pay, deerfield has established a benevolent assistance fund, which is used for the exclusive purpose of providing assistance to residents in need. Such residents are identified based on financial information obtained from the resident and subsequent review and analysis. During the year ended september 30, 2024 the charges forgone related to deerfield's benevolent assistance program were approximately $155,000. Except for some pre-existing fee-for-service contracts, deerfield operates under the "life care" concept whereby residents enter into an agreement with the organization that specifies the services and facilities to be provided to the resident over his or her remaining life. The agreement requires payment of a one-time entrance fee and deerfield's monthly service fees. Under the agreement, deerfield has the ability to increase fees as deemed necessary. In furtherance of its charitable purpose, deerfield provides meeting and office space for three non-profit organizations on its grounds. The annual rental income foregone is valued at an estimated $333,000 during the year ended september 30, 2024 deerfield also provides numerous community benefits which include charitable donations and donated volunteer services in the amounts of $1,630,000 during the year ended september 30, 2024