Frequently Asked Questions
Who does my gift help?
Residents who have paid an entry fee and qualified for residency in a LifeSpire community are eligible for benevolence. All residents requesting benevolent assistance go through an application process that includes a financial review of current and recent years. All awards are made by the Lifespire Benevolence Committee.
A gift to support benevolence helps a resident who outlives their assets through no fault of their own and needs financial assistance to pay for their care at a LifeSpire Community. It can also support a minister and their spouse to be able to move into one of our communities.
During 2018, of residents who received subsidy:
- 85% are women
- 63% are widows
- 55% are over 90
- 68% lived in Assisted Living, Memory Care, or Skilled Nursing residence
A gift to the LifeSpire Employee Education Fund can provide scholarships and tuition assistance to LifeSpire community and home office staff, their children, or their grandchildren.
When does my gift help?
What is the Federal Tax ID Number of the VBH Foundation?
How much of my gift is tax deductible?
Most gifts are fully tax-deductible. If you receive any goods or services in return for your gift, such as a golf foursome at our annual tournament, the fair-market value of those items is not tax deductible.
Contributions to the VBH Foundation are subject to IRS Code sections 501(c)(3) and 501(a)(1).
Our Federal ID number is: 52-1373103
When I make a gift to the VBH Foundation, how is my contribution directed?
All gifts are used as specified by the donor. That is, all gifts designated to a certain community benefit that community. All gifts restricted to endowment or capital projects are tracked separately and used as the donor intends.
May I make a gift in installments?
Yes, donors often pledge gifts to be paid over time. For example, a donor who pledges $25,000 might complete the commitment over five years. Contact the Foundation to inquire about making a pledge commitment.
What kind of assets may I give?
The VBH Foundation accepts primarily cash and appreciated securities. Donors interested in making gifts of real property may contact the Foundation. All gifts are subject to review by the LifeSpire Board of Trustees in accordance with the Gift Acceptance Policy.
Does the VBH Foundation offer naming opportunities for donors who are interested in a major gift?
Yes, we have naming opportunities specific to our four communities. Contact the Foundation to learn more.
How does one establish a named endowment fund?
A minimum gift of $100,000 can establish an endowment fund in honor or memory of a loved one. Contact the Foundation to learn more about the funds that already exist and to inquire about starting a new fund.
How are Endowment Funds managed?
LifeSpire’s Endowment Funds (including those of the Foundation) are invested by a professional management firm in a diverse portfolio of investments including equity, fixed income, and defensive investments. Our investment mix is governed by our official investment policy, which is administered by the Investment Committee of the LifeSpire Board of Trustees
Who Oversees the VBH Foundation?
The VBH Foundation is governed by a Board of Trustees consisting of representatives from the market regions that we serve (Culpeper, Newport News, Richmond, and Roanoke). The foundation is audited annually by a nationally recognized accounting firm.
Who Manages Day-to-Day Operations of the Foundation?
The Foundation is led by the President & CEO of LifeSpire, with the support of a Vice President and two other development professionals.
What are my rights as a donor?
The VBH Foundation adheres to the Code of Ethical Conduct published by the Association of Fundraising Professionals. Included with that code is a Donor Bill of Rights.
The Donor Bill of Rights was created by the Association of Fundraising Professionals (AFP), the Association for Healthcare Philanthropy (AHP), the Council for Advancement and Support of Education (CASE), and the Giving Institute: Leading Consultants to Non-Profits. It has been endorsed by numerous organizations.