FRIENDS RETIREMENT CONCEPTS INC

THE CORPORATION IS INCORPORATED UNDER THE NONPROFIT CORPORATION LAW OF 1972 OF THE COMMONWEALTH OF PENNSYLVANIA, AS AMENDED, FOR THE PURPOSES OF CONDUCTING EXCLUSIVELY CHARITABLE, SCIENTIFIC, OR EDUCATIONAL ACTIVITIES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (OR THE CORRESPONDING PROVISION OF ANY SUCCESSOR UNITED STATES INTERNAL REVENUE LAW) (THE "INTERNAL REVENUE CODE"), INCLUDING BUT NOT LIMITED TO (1) PROVIDING ADMINISTRATIVE, PROPERTY MANAGEMENT, AND OTHER SUPPORT SERVICES FOR NONPROFIT ORGANIZATIONS; (2) OWNING OR OPERATING, INCLUDING DEVELOPING AND MANAGING, OR BOTH, EITHER DIRECTLY OR INDIRECTLY THROUGH ANY OTHER ENTITY OR ORGANIZATION, ANY LIFE CARE FACILITY IN THE NATURE OF CONTINUING CARE RETIREMENT COMMUNITY OR LIFE CARE AT HOME PROGRAM OR OTHERWISE DESIGNED TO BENEFIT ELDERLY PERSONS AND IN GENERAL TO IMPLEMENT PROGRAMS DESIGNED TO MEET THE NEEDS OF ELDERLY PERSONS; AND (3) MAKING DONATIONS AND OTHER TRANSFERS TO CHARITABLE ORGANIZATIONS AND OTHER ORGANIZATIONS AFFILIATED WITH THE CORPORATION AND DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, CONSISTENT WITH AND IN FURTHERANCE OF THESE PURPOSES.THROUGH JULY 12, 2018, FRIENDS RETIREMENT CONCEPTS, INC. D/B/A ARBOR GLEN ("ARBOR GLEN") WAS A NOT-FOR-PROFIT ORGANIZATION THAT OPERATED A CONTINUING-CARE RETIREMENT COMMUNITY. ARBOR GLEN'S COMMUNITY CONSISTS OF 183 INDEPENDENT LIVING APARTMENT UNITS, 19 INDEPENDENT LIVING VILLA UNITS, AND A HEALTH CENTER COMPRISED OF 33 ASSISTED LIVING UNITS/ LICENSED FOR 35 BEDS AND 64 MEDICARE CERTIFIED NURSING BEDS. ARBOR GLEN'S COMMUNITY IS LOCATED ON APPROXIMATELY 24 ACRES IN SOMERSET COUNTY, NEW JERSEY. A MAJORITY OF ARBOR GLEN'S BOARD OF DIRECTORS WERE REQUIRED TO BE MEMBERS OF THE RELIGIOUS SOCIETY OF FRIENDS. EFFECTIVE JULY 13, 2018, ARBOR GLEN SOLD SUBSTANTIALLY ALL ASSETS AND PROPERTIES USED IN OR INCIDENTAL TO THE CONDUCT OF THE BUSINESS TO BRIDGEWATER LIFE CARE PROPERTY, LLC., AND THIS REPORTING ENTITY WILL NO LONGER OPERATE AS A CONTINUING-CARE RETIREMENT COMMUNITY. THE OPERATIONS OF THE CONTINUING-CARE RETIREMENT COMMUNITY, HOWEVER, WILL CONTINUE UNDER THE CONTROL OF BRIDGEWATER LIFE CARE PROPERTY, LLC, WHICH IS UNRELATED TO ARBOR GLEN.