Ridgely Senior Care Corp

RIDGELY SENIOR CARE CORPORATION (RSCC)IS A SUCCESSOR TO THE TEMPLE FOUNDATION INC (TEMPLE) A PUBLIC CHARITY EXEMPT FROM INCOME TAX UNDER SECTION 501(C)(3). TEMPLE FORMERLY OPERATED A SENIOR LIVING FACILITY AND CONTINUING CARE RETIREMENT COMMUNITY IN FAIRFAX COUNTY, VA. THE FACILITY WAS OPERATED PURSUANT TO A LEASE AGREEMENT THAT EXPIRED IN APRIL 2019, WHEN THE LESSOR SOLD THE PROPERTY. SINCE THE LEASES INCEPTION IN 1980, TEMPLE ACCRUED RESERVES THAT WERE INTENDED FOR THE RENOVATION OF THE FACILITY AND IN ANTICIPATION OF ACQUIRING THE PROPERTY AT THE END OF THE LEASE TERM. WHEN THE EFFORT TO ACQUIRE THE PROPERTY PROVED UNSUCCESSFUL, THE TEMPLE BOARD DETERMINED THAT THE RESERVES SHOULD BE DONATED TO OTHER CHARITABLE ORGANIZATIONS PROVIDING COMMUNITY SERVICES TO ENHANCE THE LIVES OF OLDER ADULTS. RSCC WAS ESTABLISHED TO DISTRIBUTE THESE ASSETS TO OTHER 501(C)(3) CHARITABLE ORGANIZATIONS THAT ARE ACTIVE IN PROVIDING COMMUNITY SERVICES THAT SUPPORT AND ENHANCE THE QUALITY OF LIFE FOR OLDER

THE ORGANIZATION WAS FUNDED ON DECEMBER 30, 2020 WHEN THE TRANSFER OF ASSETS OCCURRED. SINCE THAT TIME, THE ORGANIZATION HAS SPENT TIME IDENTIFYING AND REVIEWING PLANS FROM VARIOUS CONTINUING CARE RETIREMENT COMMUNITIES SEEKING FUNDING. IT HAS ALSO WAS ENGAGED IN LITIGATING CERTAIN CLAIMS BROUGHT AGAINST THE PURCHASER OF A PREDESSOR 501(C)(3) ORGANIZATION WHO WAS THE DONOR OF THE FUNDS USED TO FORM RIDGELY SENIOR CARE CORP. THOSE CLAIMS WERE RESOLVED IN 2022. THE ORGANIZATION HAS IDENTIFIED A QUALIFIED 501(C)3 RECIPIENT FOR FUNDING AND IS IN THE PROCESS OF COMPLETING THE TRANSACTION. FUNDING OF THE RECIPIENT IS EXPECTED TO OCCUR IN 2024.