About the OVRAF
The OceanView Resident Assistance Fund (OVRAF) provides financial assistance to OceanView at Falmouth residents who are in need so they can continue to live among their neighbors. The Fund can help a resident stay in place or move from independent living to Falmouth House or Legacy Memory Care.
In addition, the Fund can assist residents who are moving from one independent unit to another and need short term help in paying monthly fees for two residences.
Info and Attachments
Eligibility for a
Loan or Grant
To be eligible for an award, a resident must have lived at OceanView for a minimum of four years. Requests are vetted by OceanView Retirement Community L.P. and approved by the RAF Board. All requests remain anonymous throughout the process.
Assistance is granted on a first come, first served basis. Competing requests will be prioritized by number of years of residence at OceanView. Exceptions may be considered on a case-by-case basis.
How to Request Assistance
All requests for assistance start with a meeting with OceanView’s Director of Operations. Each case is evaluated based on need and assets available. There is no application form, but a financial statement will be requested.
Two Types of Assistance
Loans and grants, or a combination of each, are the two forms of financial assistance.
Loans are the preferred type of assistance awarded to applicants from independent living. Loans are repaid directly on an interest-free basis from the entrance fee when it becomes refundable to the resident or the resident’s estate. Loans have priority over grants because loans are repaid
to the Fund.
Grants are gifts with no expectation of repayment. Under unusual circumstances a grant may be made instead of, or in addition to, a loan.
Loans or Grants may be awarded as a one-time payment, as continuing payments for a set period of time with the possibility of renewal, or on a continuing basis with periodic review.
Meet the OVRAF Board
The Fund is directed by a nine-member Board composed of eight residents and one independent outside Director. Every year, three Directors are elected. Each new Director is elected to a three-year term. The RAF is a 501(c)(3) tax exempt corporation which is independent of the OceanView Retirement Community L.P.
The Fund’s assets are professionally managed by Bath Savings Trust Co. with the goal of sustainability so resources are there when needed.
OceanView Resident Assistance Fund, Inc.
A 501(c)(3) Charitable Organization
20 Blueberry Lane
Falmouth, Maine 04105
(207) 781-4460
How You Can Help the RAF
The financial goal of the Fund, which was established in 2000, is to preserve and grow its principal. The Fund needs yearly replenishment to be able to meet the needs of as many residents as possible for as long as possible. The Fund continues to grow through current donations and planned giving from OceanView residents, from RAF fundraisers, and from periodic and generous contributions from OceanView management.
Contributions to the RAF are accepted year-round, and an RAF Appeal is conducted every fall. This provides a direct opportunity for neighbors to share with their neighbors and helps to maintain the assets and the sustainability of the Fund.