Questions & Answers
The 2017 donation balance amount of $825K, after the refunds, was used towards the deposit amount of $1,025,000 for the current Assignment deal with Rykka Cares. Thanks to the unrefunded balance, we were able to make the deposit without having to do the community-wide campaign.
Charitable tax receipts will be issued in February 2022 for all donations made in 2017 and any new donations for amounts $20 and more. However, all donors made online donations made via Canada Helps would have received the tax receipt at time of donations.
The donations made to AAFCC are kept in one of three bank accounts – TD bank, KEB Hana and Shinhan depending on how the donations were made. All donation funds will be used in the closing cost of the Rose of Sharon acquisition that is made up of the purchase cost of Rose of Sharon LTC, land transfer taxes, legal and other professional fees, donation campaign costs and operating capital.
Cheque Payable to: Arirang Age-Friendly Community Centre (AAFCC)
Send to: 1133 Leslie St. #214, Toronto, ON M5A 3V8
E-transfer to Arirang Age-Friendly Community Centre, email@example.com
Online donation: Supportros.ca
Direct Deposit at Korean bank branches in GTA – KEB Hana and Shinhan banks fees, donation campaign costs and operating capital.
Yes, we will continue to accept donations until closing time of the Rose of Sharon acquisition agreement. We anticipate the closing of the deal with approval of the licence transfer from the Ontario government, to hopefully end of 2021.
We still have several steps until the closing but do not anticipate any challenges that will stop the transaction:
- Receiver – Deloitte consent of the Agreement (We have received consent on April 1, 2021)
- Court’s acknowledgment of the new Agreement
- LTC licence transfer approval by Ontario MLTC.
- Adequate Fundraising of $4.5M by the Korean Community and securing mortgage on the balance, $3.5M.
Yes, we can facilitate the donation of securities by contacting at Contact-Us@aafcc.ca or Dae Kang 416-817-5253; the donors can take advantage of a full-value donation of the securities without incurring capital gains tax for securities in non-registered accounts.
Yes, the online donation facilitates monthly donations possible.
We encourage organizations to reach out to its members and coordinate the donation drive within.
- We can provide campaign materials to the groups by contacting us at firstname.lastname@example.org.
- We encourage a lead person from a group/association to coordinate the collection of donations, individual cheques from its membership basis, and then donate them as a group for the Group donor recognition such as Alumni groups.
- If the donation is given in company or organization cheque then donations receipt will be in same name, can not be in personal name.
- Organizations can NOT do a community-wide fundraising event/program for our cause without prior approval from us. i.e. Benefit concert, Golf Tournament, Auction etc.
The Rose of Sharon LTC (60 beds) was built with 90 life-lease units in 2011. The receivership by the previous ownership organization who built the home, was a result of lack of funds to cover debt services. The cause of the fund shortage was not having adequate units of the life-lease apartment sold before the start of the construction.
This receivership sale of Rose of Sharon LTC is separate real estate property from the life-lease units. These life-lease units are being turned to residential condominium units and to be sold separately by the receiver. AAFCC is acquiring only the Rose of Sharon LTC mainly made up of 5 floors 2B, 1, 4, 5 and 6 of 12 storey building. Upon acquiring the Rose of Sharon LTC, AAFCC will have positive cash flow and will not have any financial challenges.
Since 2011, Assured Care Consulting, a LTC management company selected by Receiver – Deloitte, has been managing the operation of the Rose of Sharon LTC.
The Assured Care along the Korean staff has managed the home well for the past 10 years. The home experienced no Covid-19 cases among the staff and the residents through its outstanding operational management. AAFCC plans to continue to retain Assured Care as the LTC management company to oversee the operation. Meantime, AAFCC is training its board members in Long Term Care home ownership responsibilities and increasing its board capacity to oversee the LTC operation.