OAR 150-307-0450: Nonprofit Home for the Elderly

The corporation must be nonprofit in nature and organized to furnish facilities primarily for citizens over 62 years of age. (1) At least 95 percent of the corporation’s gross operating income must come from payments for living, medical, recreation, and social services for persons over 62 years of age using the facilities. (2) No part of the net earnings of the corporation can be used to benefit any stockholder or individual. (3) Upon dissolution, the assets remaining after satisfying all lawful debts and liabilities shall be distributed to one or more corporations exempt from taxation under ORS Chapter 307 or to the state of Oregon. These corporations receiving the assets upon dissolution shall be organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes in Chapter 307.