Why does not-for-profit status matter? What’s the big deal? Aren’t all senior living providers the same? What’s the difference?
These are some of the questions I come across when speaking with individuals about the value of being a not-for-profit, faith-based retirement community. The senior living industry has turned into just that—an industry. People view senior living as a commodity and a service, regardless of who owns the organization. There is quite a bit of misinformation out there about whether being a not-for-profit, faith-based organization matters.
Prior to Medicare, older adults were left to their own devices. They relied on family and their community to care for them when they got older. That is why many faith-based organizations built retirement communities for older adults. Building and sustaining a retirement community was integral to the ministry of the church. As we see in many fields such as healthcare, the faith-based community built because no one else seemed to care.
This all changed in the mid-1990s. People began to view senior living, not as a ministry, but as a business. A big business that can make a lot of money. Developers and for-profit investors got into the game of building and managing retirement communities. This phenomenon grew even more in the late 2000s. Private equity became a major player in buying and selling retirement communities. Many for-profit providers began owning retirement communities as an “investment.”
Not-for-profit status matters to Saint Simeon’s because we have always seen retirement communities as a ministry and not a for-profit business designed to make investors wealthy. We see human beings not as a commodity, but as real people with real emotions and real needs. Saint Simeons Senior Community has been in the service of providing housing, healthcare, and hospitality to older adults for over 65 years.
Saint Simeons doesn’t rely on investors and the stock market to meet our obligations. We rely on our faith, donors, and people like you who share our values. When we do make a profit, that profit is invested right back into our ministry. For example, we use the profits we make to invest in our building, our staff, and our residents. We don’t make money simply because we want to make a profit from our investment.
We believe strongly that the role of retirement communities is one built upon faith and faith-based values. We see the “business” of managing a retirement community as a ministry. For over 65 years, Saint Simeons has built a legacy of providing dedicated, person-centered care to older adults.
Here are a few facts that should matter to you when choosing a retirement community.
Fact #1
We are not owned by a corporation or private equity investor group. We are led by a board of trustees who are volunteers and care deeply about the needs of older adults. These are influential people driven by ministry and not profit. They simply act differently.
Fact #2
We invest every dollar we make into the ministry of Saint Simeon’s. Whether that is better wages and benefits for our staff, enhanced life enrichment opportunities, clinical excellence, or capital budget projects that support our physical infrastructure.
Fact #3
We focus our efforts on the people and not the profit. People are the lifeblood of our ministry, and we focus all our efforts on ensuring a positive outcome for all residents and our staff.
Fact #4
Our faith drives our mission and values. We are affiliated with the Episcopal Diocese of Oklahoma; we are an extension of the church. We employ a full-time Chaplain who focuses their efforts on sustaining the spiritual wellness of our residents.
Fact #5
We lead with our values and not corporate objectives. We simply measure our success by how many lives we impact on an annual basis. We are in the human care ministry, and we truly want what is best for our residents.
If this resonates with you, come experience the not-for-profit difference in person. We’d love to show you around. Call 918-794-1900 or visit saintsimeons.org to schedule a tour.
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