OceanView Resident Assistance Fund does not meet the following 2 Standards for Charity Accountability:
Standard 1 (Oversight of Operations and Staff)
Organizations shall have a board of directors that provides adequate oversight of the charity's operations and its staff. Indication of adequate oversight includes, but is not limited to, regularly scheduled appraisals of the CEO's performance, evidence of disbursement controls such as board approval of the budget, fund raising practices, establishment of a conflict of interest policy, and establishment of accounting procedures sufficient to safeguard charity finances.
ORAF does not meet this Standard because its board of directors does not:
- Review the performance of the Chief Executive Officer at least once every two years.
Standard 8 (Program Service Expense Ratio)
Spend at least 65% of its total expenses on program activities.
ORAF does not meet this Standard because:
- According to its IRS Form 990 for the year ended December 31, 2020, the organization spent $12,000 or 55% of its total expenses on programs.
OceanView Resident Assistance Fund meets the remaining 18 Standards for Charity Accountability.
OceanView Resident Assistance Fund (ORAF) reports that it serves elderly residents facing financial hardships within the OceanView retirement community in Falmouth, Maine. Financial grants are provided to assist with housing, meals, healthcare, and related services. The organization states that it distributes interest free loans to facilitate moves from independent living to assisted living or memory care. ORAF also holds special events to raise awareness of the needs of the elderly within the local community.
For the year ended December 31, 2020, OceanView Resident Assistance Fund's program expenses were:
Program services |
$12,000 |
Total Program Expenses: |
$12,000 |
*2020 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Note: ORAF reports that the organization has no compensated employees.
Method(s) Used:
Direct mail appeals, Invitations to fund raising events, Planned giving arrangements, Print advertisements (newspapers, magazines, etc.)
Fundraising costs were less than 1% of related contributions. (Related contributions, which totaled $41,230 are donations received as a result of fundraising activities.)
This organization is tax-exempt under section 501(c) (3) of the Internal Revenue Code.It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
The following information is based on OceanView Resident Assistance Fund's IRS Form 990 for the year ended December 31, 2020.
Source of Funds |
Investment income |
$25,329 |
Annual appeal |
$24,110 |
Pandemic fund |
$15,700 |
Contributions |
$813 |
Soup challenge |
$420 |
Yard sale |
$130 |
Angel boxes |
$57 |
Sales of assets, net |
($8,812) |
Total Income |
$57,747 |
- Programs: 55%
- Administrative: 45%
- Fundraising: Less than 1%
Total Income |
$57,747 |
Program expenses |
$12,000 |
Fundraising expenses |
$153 |
Administrative expenses |
$9,817 |
Other expenses |
$0 |
Total expenses: |
$21,970 |
Income in Excess of Expenses |
$35,777 |
Beginning Net Assets |
$1,189,048 |
Other Changes In Net Assets |
$189,580 |
Ending Net Assets |
$1,414,405 |
Total Liabilities |
$0 |
Total Assets |
$1,414,405 |
Note: As noted in the above financial section, "other changes in net assets" refers to unrealized gains on investments.