Here is some info:
- Not for-profit CCRCs fall under section 501(c)(3) of the Internal Revenue Code. According to the IRS, a 501(c)(3) organization “must be organized and operated exclusively for exempt purposes” and “none of its earnings may inure to any private shareholder or individual.” Such entities are usually referred to as “charitable organizations. Indeed, many prospective residents are attracted to the idea that earnings stay in the organization.
READ MORE:
For-Profit or Not-for-Profit CCRCs- What’s the Difference? - myLifeSite
My CCRC is registered in Pennsylvania as a "domestic nonprofit corporation" and is a private corporation.
Not-for-profit and nonprofit are not the same. Explanation: "Nonprofits can have a separate legal entity; not-for-profits cannot have a separate legal entity. Nonprofits run like a business and try to earn a profit, which does not support any single member; not-for-profits are considered “recreational organizations” that do not operate with the business goal of earning revenue.
READ MORE: Nonprofit, Not-for Profit & For-Profit Organizations Explained (uschamber.com)
Linda Kilcrease
Resident of a CCRC