Strength and unity. Those words characterized AARP Foundation in 2022.
Claire Casey, President
Strength and unity. Those words characterized AARP Foundation in 2022. I have been genuinely moved by the sameness of heart that exists within this community of staff, volunteers, donors, and partners. A shared devotion to the work underpinned everything the Foundation accomplished last year.
Our staff wrapped up two years of remote work and connected in person once more. This was nothing new for the Senior Community Service Employment Program (SCSEP) team, who were back in the community mere weeks after things shut down, working with local partners, and providing in-person service to older jobseekers. For everyone else, however, stepping back into our offices felt like a homecoming.
Some programs continued to build on their established success, as they had done all along; others injected fresh ideas and energy into their offerings to increase their impact.
Our small but mighty legal advocacy team, who had spent two years pursuing their cases remotely, argued before judges in person instead of on Zoom, bringing the voice of older adults back into the nation’s courtrooms.
Our remarkable volunteers rejoined their classrooms, community centers, libraries and more, never missing a beat in the transition back from remote volunteering.
And our generous donors, who unfailingly stood by us all through the pandemic, came through as they always have for the older adults who need their support.
Because of all this, we were able to fight systemic injustice and help older adults seize opportunities to re-enter the workforce, bolster their budgets, give back to their communities, and recover from disasters. No matter when or how we came back, we were united in our purpose: to work even harder to achieve our vision of a country free of poverty where no older person feels vulnerable.
In 2022, we grew stronger. Together.
Claire Casey, President
*as compared to 2021
A robust U.S. labor market resulted in more job openings than available workers, and older jobseekers were keen to seize these opportunities. BACK TO WORK 50+ collaborated with more local partners and broadened its online services. Our Senior Community Service Employment Program’s sustained success led the U.S. Department of Labor, which funds the program, to award us two new grants.1 Not only were we able to continue administering SCSEP, but the new grants also allowed us to expand it.
Although both BACK TO WORK 50+ and SCSEP build jobseekers’ skills and confidence, we also saw a need for dedicated training to meet the demands of a labor market where digital skills are no longer optional. That’s why we launched the new Digital Skills Ready@50+™ initiative, which provides digital training classes for people over 50.
By extending the reach and impact of our workforce programs, we helped participants secure jobs and take tangible steps toward financial stability.
The BACK TO WORK 50+ program closed out its first decade with a new national online program, generating a 30% increase in overall participation by older adults with low income.
In addition to extending its geographic reach, the program delivered job search information and tools to 12,620 people, generating $16.2 million in new income.
0 million in new income
Of the unemployed jobseekers who participated in our coaching programs, 40% landed jobs — and they did it, on average, just 16 weeks after starting the program. That is a significant contrast to the average of 27 weeks that most people 55 and older spend unemployed.2 What’s more, they reported an average wage of $21 an hour, which is about twice the average national minimum wage of $10.67 an hour.3
0 landed jobs
Guided by trained career transition coaches who hosted workshops in person and online, BACK TO WORK 50+ participants built the skills and confidence they needed to compete for high-quality jobs and increase their income in a fast-changing job market.
earning twice the average national minimum wage
The Digital Skills Ready@50+™ initiative was created to meet a pressing need: digital skills training for people over 50 who are living with low income so that they have the tools needed to land good jobs that lead to long-term financial stability. The new initiative, launched in 2022, was made possible by a $10 million grant from Google.org.
By providing training in the digital essentials, the initiative equips participants with the fundamental skills needed to navigate today’s digital world, including the labor market. It’s delivered mostly through community-based organizations (in-person, virtual, or hybrid) in collaboration with Older Adults Technology Services (OATS) from AARP, which is renowned for its curriculum tailored to older people.
In less than eight months, we partnered with 0 community organizations across eight states, including Arizona, Georgia, Illinois, Louisiana, North Carolina, Pennsylvania, South Carolina, and Texas
During that time our community partners trained 0 participants to use smartphones, Zoom, Microsoft Office, and social media for job searches as well as social connection
For more than 50 years, AARP Foundation has administered the Senior Community Service Employment Program (SCSEP), funded primarily by the U.S. Department of Labor. SCSEP matches jobseekers over 55 with local nonprofit and public agencies so they can improve skills and build self-confidence while earning a modest training wage.
The decades of success we’ve had with SCSEP have brought the Foundation recognition as a national leader in tackling senior unemployment. And in 2022, our track record led the Department of Labor to award us two new grants that made it possible for us to expand our SCSEP service in Arkansas and North Carolina, resulting in 385 more training opportunities.
Thanks in part to this effort, the program served 10,855 older adults and generated $88.4 million in new income, representing a year-on-year growth of 10% and 14%, respectively.
It’s a win-win — both for the participants, who learn new skills, and for the communities, which benefit from more than 6 million hours’ worth of community service.
Today we run... 0 SCSEP offices in 19 states and Puerto Rico, harnessing the collective strength of 0 nonprofit and government host agencies
In 2022, record-high inflation sent prices soaring on necessities like food, fuel, and rent, disproportionately affecting older people with low income. The federal and state governments responded by extending policies and emergency programs to provide extra help, but older adults faced the same barriers that existed before the pandemic: stigma, misconceptions about eligibility, and cumbersome application processes, to name just a few. As a result, participation rates lagged.
AARP Foundation ramped up our efforts to help older adults gain access to public benefits, tax refunds, and credits that would help them bolster their budgets. We ran awareness campaigns to fight stigma and misinformation surrounding the Supplemental Nutrition Assistance Program (SNAP) and Medicare Savings Programs (MSP), and we enhanced our technology and service models to reach more people.
*as compared to 2021
*as compared to 2021
*as compared to 2021
Having enough money to afford nourishing food gives older adults a much better chance of avoiding serious health issues. And yet, according to recent data from the USDA, only 47% of eligible older adults are enrolled in the Supplemental Nutrition Assistance Program (SNAP) as compared to 78% of all people who are eligible.4 Research shows that the complicated application process discourages many older adults from applying for SNAP benefits.5
AARP Foundation circumvents that problem by funding community-based organizations that reach out to people over 50 who are eligible for the program and help them apply. On average, older adults in the communities we serve receive about $153 a month. That’s enough to cover a month’s worth of nutritious groceries, including eggs, dairy products, fruit, and vegetables.
In 2022, we helped 48,906 eligible older adults secure SNAP benefits — more than double the number we helped in 2021. All told, these applicants received $94.4 million in benefits. We also extended grants into 2023 for 14 organizations in states that have the Elderly Simplified Application Project (ESAP) in place, which streamlines the application process for older adults with low income and eases the burdens of reapplying.
0 a month for an older adult, enough to cover a month's worth of groceries
0 million in SNAP benefits secured for 48,906 eligible older adults
Finally, we joined AARP last year at the White House Conference on Hunger, Nutrition, and Health, the first since the inaugural conference was held in 1969. AARP and AARP Foundation together made a commitment to research older adults’ access to SNAP, which we will use to improve enrollment rates.
According to AARP’s Public Policy Institute, 1 in 10 traditional Medicare beneficiaries spent more than half of their income on health care in 2019.6 This type of cost burden can lead some to not seek the medical care they need.
In 2022, AARP Foundation funded community-based organizations that help older adults lower their costs by enrolling in Medicare Savings Programs (MSP) and the Part D Low-Income Subsidy (LIS) program (also known as Extra Help). MSP is a government subsidy program that aims to make Medicare more affordable for beneficiaries with low income by helping to pay premiums, deductibles, coinsurance, and copayments — and yet barely half of those eligible for MSP were enrolled in 2019.7 Similarly, just 60% of eligible older adults were enrolled that year in Extra Help, a federal subsidy program that pays for Medicare Part D prescription drug coverage.
We helped 3,528 eligible older adults
enroll in health care benefits, saving them 0 a year per beneficiary (about half the total annual health care costs
of the average U.S. adult over 508) for a total savings of 0 million
Our free tax preparation services reached 25% more older adults across the country, helping them secure substantial refunds, save significantly on tax preparation costs, and take advantage of 2022’s expanded eligibility for the Earned Income Tax Credit (EITC).
in tax refunds and credits for 693,160
older adults with low income
155,453 people got an additional 0 million from the Earned Income Tax Credit
Per person, that is an average savings of $271 in tax preparation and e-filing costs, an average of $540 in refunds, and an average of $647 from the EITC.
Altogether, that amount could cover a person’s annual expenses for gas and utilities.9
Tax-Aide provides free in-person and virtual tax preparation help to anyone, with a focus on taxpayers who are over 50 and have low to moderate income. In 2022, we renewed our focus on volunteer recruitment, tested a variety of service delivery models, and launched a successful Tax-Aide chatbot to help people make appointments online, identify Tax-Aide sites, and connect with tax specialists when needed.
Launched in 2019, Property Tax-Aide helps older homeowners and renters with low to moderate income take advantage of property tax refund and credit programs where available.
More than 20 million people over the age of 50 spend upward of 30% of their income on housing — and half of those spend at least 50%.10 Seniors living on low or fixed incomes are at risk of having to leave their homes because they can no longer afford rising property taxes or increased rent. With Property Tax-Aide's assistance, older adults can lower their housing costs and increase their ability to stay in their homes longer.
In 2022, Property Tax-Aide recruited new volunteers and started its first volunteer-led programming in Washington, D.C., and North Carolina.
At AARP Foundation, we’ve long understood that there is no one path to ending senior poverty. Although last year we prioritized the immediate needs of older adults who struggled with the fallout from the pandemic, we also had our eyes on the future. We made a strategic shift in our intergenerational tutoring program to position it for long-term growth. And our legal advocacy team continued to fight for the rights of older adults, especially those without the resources to meet their basic needs, by winning important legal victories that help to pave the way for systemic change.
Experience Corps, our intergenerational tutoring program, gives older adults the opportunity to connect with their communities and to guide young students toward a life of economic stability through education. Though the program maintained a virtual option in 2022, making it possible to reach many more children in underserved communities, we also returned to in-person tutoring.
This allowed us to engage more tutors and students than we could during the pandemic, when schools were closed and tutors worked remotely with one student at a time. In addition, we shifted to a model that will enable us to deliver the program at a lower cost through partner organizations that are already embedded in their communities.
*as compared to 2021
Participating students showed improved social-emotional learning skills across several categories, including overall engagement — the crucial “soft skills“ that set children up for academic success, fulfilling careers, healthy relationships, and responsible civic engagement throughout their lives.
Retired clinical social worker Sharon Justis honors her grandmother by helping children improve their reading skills as an Experience Corps volunteer.
AARP Foundation attorneys litigate at the intersection of aging and social justice. In 2022, they defended older adults from a range of abuses and rights violations, taking major steps toward our ongoing goal to bring about systemic change for the benefit of older adults.
Several Yale University employees represented by AARP Foundation and other attorneys reached a settlement with the university in a case charging that Yale had unlawfully penalized employees who chose not to sign up for its wellness program. Participating in the program would have forced them to submit to extensive medical testing and reveal private health information, but employees who opted out were automatically charged $25 a week.
The settlement included a
payment to cover employees’
attorney fees and other costs
The case was consequential because recent data indicates that some 48 million employees of large firms put their privacy at risk by participating in company wellness programs — whether voluntarily or by company mandate — because participation requires them to reveal personal medical information, often to a third-party vendor administering the program.11 The settlement included Yale’s agreement to no longer charge an opt-out fee for a specified number of years and a payment of $1.29 million to cover employees’ attorney fees and other costs.
It’s estimated that about 1 million people with pensions from religious organizations have no federal protection.12 About 5,000 African Methodist Episcopal (AME) Church employees and retirees were stunned to discover that they were among them.
AARP Foundation attorneys joined a class action lawsuit on behalf of the employees and retirees, alleging that AME leadership and its retirement services department mishandled and lost nearly $90 million in retirement funds and violated the Employee Retirement Income Security Act (ERISA), which offers federal insurance to protect against the loss of funds. The lawsuit further charged that AME breached its contractual and fiduciary duties by not honoring a promised pension plan for pastors, elders, bishops, and other employees of affiliated colleges and seminaries. Court action is expected later in 2023.
We joined the class action
lawsuit on behalf of employees
& retirees who lost nearly 0 million in retirement funds
More than 8 in 10 nursing facilities in the U.S. are experiencing staffing shortages13 — a longtime problem that grew worse during the pandemic. At one chain of nursing facilities, however, residents believed the understaffing was intentional.
We filed a class action suit against one of the largest nursing facility chains for older adults in Illinois
Represented by AARP Foundation attorneys and others, residents of six facilities in Illinois filed a class action suit against the Alden Group, one of the largest nursing facility chains for older adults in the state. The complaint alleges that Alden systematically understaffs its facilities, leading to dangerous and often grossly unsanitary living conditions for the residents. According to the complaint, Alden saves millions of dollars each year by refusing to hire sufficient staff to comply with legal staffing requirements and intentionally hiding it from regulators. The suit drew major press coverage, raising awareness of a widespread practice that jeopardizes the health and well-being of nursing facility residents.
In the fall of 2022, hurricanes delivered devastating blows to Florida and Puerto Rico. Hurricane Ian was one of the deadliest and costliest storms in U.S. history, leaving many older Floridians to grapple with devastating losses and harsh economic conditions. In Puerto Rico, Hurricane Fiona caused widespread and weeks-long power outages, destroyed bridges and roadways, and left entire communities under water.
AARP Foundation donors came through in a big way. Thanks to their generous support, and matching funds from AARP and AARP Foundation, we distributed $1.1 million in emergency grants to help older adults who lost their homes and their belongings. Through the work of our grantees (listed below), those who were affected are repairing their homes, getting legal assistance, and receiving financial support.
Thank you for believing in AARP Foundation's mission and our work to end senior poverty. Your generous support is helping to ensure that vulnerable older adults can secure the essentials.
Arizona Department of Economic Security
Bank of America Charitable Foundation
Barclays Bank Delaware
Family League of Baltimore
Florida Department of Elder Affairs
Government of the District of Columbia
Internal Revenue Service
Iowa Department of Administrative Services
John A. Hartford Foundation
Missouri State Government
National Association of Retired Sears Employees
National Caucus and Center on Black Aging, Inc.
North Carolina Division of Aging and Adult Services
Oklahoma State Government
Pennsylvania Department of Aging
Ralph C. Wilson, Jr. Foundation
Robert Wood Johnson Foundation
Software People Inc.
State of Washington
Steans Family Foundation
Texas Workforce Commission
United States Department of Justice
United States Department of Labor
The AARP Foundation Opportunity Builders are generous and committed leaders to our vision and mission. These donors power the work we do with their annual gifts of $1,000 or more.
These philanthropic gifts from our donors allow us to resource our ambition to serve as a force for change on the most serious issues faced by vulnerable seniors living in poverty.
We thank the following individuals for their generosity and support of AARP Foundation.
*Denotes Deceased Donor
Edward R. & Marilyn Kent
Annette Franqui & Seth Werner
Connie & John Rakoske
Ronald H. Ringer Foundation
Ralph & Pat Haines
Kristine Harris & David Rosner
Bob & Sian Harris
Lloyd E. & Juanita Johnson
Diane D. Miller
Lisa Marsh Ryerson
Todd & Stephanie Schnick
Jackie & Glenn Tilton
Susan Werth & Bernard Silver
Mr. Anthony John Burnell
Joseph & Emily Coughlin
Gregory & Avis Dyson
Bob Fox & Andrea Mintz
Jo Ann Jenkins
Henry & Paula Lederman
Donna M. Rand
Marilyn & Skip Rosskam
Donald G. Smith, Jr.
Dr. John & Eileen Stanturf
In Memory Of Beverly M. Talley & In Honor Of Sharman Greber
Beth & David Whitehead
Marcia Williams & Gene Lucero
Ted & Pam Woehrle
David T. Albee
The Honorable Patricia Banks
John T. Doyle
Rob & Betsey Drucker
Jeffrey D. Dunn
K. James Ehlen, M.D.
Franklin & Jenny Guerrero
Ralph E. Koldinger
Peggy A. Lentz
Marc McDonald & Katrina Foelsche
Karen & Brad Mercer
Mr. Ernest Robertson
Ms. Janice Rose
Heather & Tim Sherman
Charles & Lesley Small
Mr. & Mrs. Seymour Y. Sternberg
Sandra E. Ulsh
Susan Werth & Bernard Silver
Kenneth R. Wright
Gail & Robert Aldrich
Ancil Baird, Jr
Peter C. Bauerle
Ed & Jamie Benson
Donald & Jacqueline Bolen
Fr. Terence Brinkman
Janis A. Calton
Mr. Patrick Carty
Charles & Dolores Cheron
Nim Yan Choi Scholarship Foundation And Guang Dong Association Usa
Donald H. Chung
Byron & Joyce Cole
Yvonne C. Condell
Mr. Charles Cook
Margot James Copeland
Gretchen M. Dahlen & Greg Thelen
David H. Davis
John M. Davis
Lois De Domenico
Theresa De Geest
Lloyd R. & Caroline De Llamas
Cynthia & Phil Deland
Dr. Paul C. Deutsch
Lois W. Dyk
Mary Jo Eagen
Mr. Jose Espinoza
K. Kip Fenton
W. Douglas Fisher
Dr. Joshua Garvin, Jr.
Mr. Allen Griesert
Jaime P. & Linda M. Gutierrez
Changiz Alex Habibvand
Dennis & Sheila Hampton
Mr. Clayton Harper
Kristine & Jim Harre
Catherine M. Holmes
Ms. Patricia Jackson- Price
Michael J. Jeffrey
Paul W. Jones
Stanley F. Kasper
David K. Katz
Michael Keller & Pamela Sousa
Mrs. Judith Keltner
Bobby J. Key
David & Camiille Kundert
James B. & Rae A. Lam
Ms. Mary Ann Land
Ronald E. Leone
Mr. Stewart Macaulay
Gregory Mackenzie & Anna Mckenzie
Dr. Tyler Mahy
C. Randolph Marshall
Marilyn M. Ritchie
Gerald S. Medley
Unchalee Angie Novey
Rae & Joseph Ott
Donna P. Owen
Mr. Kendric Packer
Janak H. Patel
P.M. Paul Pellegrino, FDN.
Marilyn A. Quadros
John C. Quist
Theresa M. Rabel
A. W. Ridenour
Joseph A. Salgado
Robert B. Sanders
Mr. Kenneth Schob
Sher G. Singh
Jean S. Smith
Mr. Means Smith, Sr.
Mr. Paul Smith
Dr. Claudette Spalding
Patricia M. Sullivan
John Van Bogart
Kathleen Van Demark
William Warr, Jr.
David Anthony Watta
Mrs. Erna Weber-Daniel
Linda & Mark Wilford
Clair D. Williams
Dr. Daniel M. Winger, D.V.M.
Cathy Cromer Wood
Boe & Carol Workman
The AARP Foundation Legacy Society provides recognition to individuals who include AARP Foundation in their wills or living trusts; name the Foundation as a beneficiary of a retirement plan, commercial annuity, or life insurance plan; or make an irrevocable life income gift, such as a charitable gift annuity or charitable remainder trust.
These exceptional gifts perpetuate the legacy of caring established by AARP’s founder, Dr. Ethel Percy Andrus, and allow us to serve as a force for change on the most serious issues faced by vulnerable seniors living in poverty.
The names listed below are those AARP Foundation Legacy Society members who have confirmed both their gift commitments and their willingness to have their names published. On behalf of AARP Foundation, thank you to those listed below.
*Denotes Deceased Donor
David T. Albee
Lorinda Cheng Arashiro
Dale A. Arceneaux
*The Muriel F. Beasley Living Trust
Edgar E. Beck, III
Rosie M. Bethke
Jo. M. Gledhill & *Richard L. Bowman
Carmen C. Briggs
Albert & Diane Brockway
Barbara Gene Brown
Oscar Lee Brownstein
*The T.P. Buntrock Trust
*Leopoldo & Mary E. Buttinelli
Jane D. Caminis
Clara M. Chiu
Floyd F. Cline
Alan & Elayne Cohen
Dr. Charles W. Conaway
*The Marvin Copley Trust
*The Nechama Copley Trust
Richard T. Corvetti
Christine M. Cruz
Mrs. Brigitte Curtis
Anthony Testagrose & Margaret Dau
Ms. Carol Davis
Mr. James Delly
*Eugene V. Doty
Mrs. Janet Van Ermen
Fred J. Fahlen
Ruth Y. Finch
*The Estate of Dr. Robert S. Fitzgerald
*The Fong Family Revocable Trust
Stephen T. Franco
Mr. Alvin Fritz
Mario G. Garcia
Myona L. Glover
*The Harold Gray Trust
*The Helen W. Gray Trust
Sharman L. Greber
Betty Lou Gross
Mr. Charles Haas
*The Robert & Lawanda Hanson Trust
Carol A. Henry
Harriet M. Herb
Linda Jo C. Hoholik
Ida M. Holtsinger
Dulcy & Richard Hooper
Lily L'opez Horsley
M. Jane Hotchkiss
Kenneth & Sharon Ishida
*The Estate of Theodore Issacson
*The Alan C. Johnson Charitable Trust
Larry E. Johnson
Tong Yong (Andrew) Keum
Byung Ok Kim
Mr. Richard V. Olson & Mr. Larry J. Kramer
James B. & Rae A. Lam
Curtis & Violet Lee
*The Estate of Frank Raymond Leslie
Ellen M. Lockhoff
Thomas W. Lockhoff
Marcia Williams & Gene Lucero
P.K. Govind & Sally L. Luckenbach
Hugh & Marguerite MacDonald
*The Estate of Billie R. Mahoney
*Emily Ellen Markgraf
Mr. Myron Marshall
*The Estate of Dorothy Jeanette Martin
Manuel J. Sr. & Gloria E. Mathew
*The Estate of Robert Charles McQuigg
*James R. & Alice Di Meolo
*The Alice J. Merrick Trust
Allen & *Linda Minsky
Mary Belle Minton
James E. Moore
Boyd J. Mudra
William M. Myers, Jr.
Janet M. Ocasio
Leonard E. O'Hara
Anthony & Shirley Onesto
Leslie A. Palm
Margot Joy Patrick
Jeanne Phillips & Bill Pendergraft
Ms. Carmen E. Perry
Leon N. Phelps, Sr.
*The Estate of Robert V. Poley
*The Estate of Alfred W. Potter
Dr. Krishnan Raman
Rita La Reice
*The Estate of Robert F. Risola
*Frank & Maria Robinson
Wilfred La Rose
*The Estate of Nathan Roth
Mary Ann Rumplasch
Ms. Reneé M. Russell
*The Estate of Edward J. Sale
Robert H. & Muriel M. Schmitz
Joseph R. Selby
John A. Sena
Barbara J. Service
Heather & Tim Sherman
Sher G. Singh
*Ms. Alice E. Smith-Abaté
*The Estate of Margaret Mary Stahelek
In Memory of Mrs. Beatrice M. Stevens & Sadie R. Stevens
*The Estate of Peggy P. Stevenson
Thomas H. Stutzman
Drs. Frederick KJ. & Gloria A. Taylor
In Memory of Mr. & Mrs. Charlie Thomas, Jr.
Patricia L. Tolbert
*The Jessie Walker Revocable Trust
Ms. Gay Vanouwerkerk
Sharon R. Villano
*The Laura I. Walker Trust
Virginia E. Washington
*The Hilda R. White Living Trust
Beth & David Whitehead
Huora L. Williams
*The Estate of Hilda O. Wood
This summary of financial information has been extracted from the AARP Foundation audited financial statements for the years ending December 31, 2022, and December 2021, and on which an independent public accounting firm expressed an unmodified opinion.
STATEMENTS OF FINANCIAL POSITION
As of December 31, 2022, and December 31, 2021 (in thousands)
|Cash and cash equivalents||9,563||12,118|
|Contributions receivable, net||413||353|
|Prepaid expenses and other assets||1,258||1,017|
|Charitable gift annuity investments||4,805||5,928|
|Program-related investments, net||4,825||5,113|
|Property and equipment, net||10,452||12,009|
|Accounts payable and accrued expenses||25,987||25,467|
|Due to affiliates||6,062||1,879|
|Charitable gift annuities payable||3,185||3,319|
Net assets without donor restrictions:
|Board-designated operating reserves||62,407||64,256|
|Total net assets without donor restrictions:||147,112||151,046|
|Net assets with donor restrictions||455,307||497,020|
|Total Net Assets||602,419||648,066|
|Total Liabilities and Net Assets||662,653||703,731|
STATEMENTS OF ACTIVITIES
For the years ended December 31, 2022 and December 31, 2021 (in thousands)
|Investment income designated for operations||25,835||22,027|
|Total Operating Revenue||256,903||234,377|
|Tax and Credits Programs||20,103||16,430|
|Impact areas and other programs||31,798||32,029|
|Total Program Services||192,713||174,458|
|Management and general||23,868||22,366|
|Total Supporting Services||51,347||50,694|
|Changes in Net Assets From Operations||12,843||9,225|
|OTHER CHANGES IN NET ASSETS|
|Investments (loss) return in excess of amounts designated for operations||(58,264)||57,137|
|Changes in value of charitable gift annuities||(226)||(188)|
|Change in Net Assets||(45,647)||66,174|
|Net Assets, Beginning of Year||648,066||581,892|
|Net Assets, End of Year||602,419||648,066|
AARP Foundation receives funding from multiple sources, including public support, grants, and AARP. Seventy-nine cents of every dollar the Foundation spends goes to our important programs and services to improve the quality of life for vulnerable older adults in communities across the country.
Investment Income and Other
Management and General
Libby Sartain, Chair
Diane D. Miller, Vice Chair
Hon. Patricia Banks
Margot James Copeland
Ann G. Daw
Gregory J. Dyson
Betty J. Hudson
Claire Casey, President 2023
Emily Allen, Interim President 2022, Senior Vice President, Foundation Programs
William Alvarado Rivera, Senior Vice President, Foundation Litigation
Patricia D. Shannon, Chief Financial Officer and SVP, Strategy, Innovation, Evaluation, Finance, Grants, Operations, Technology and Research
David Whitehead, Senior Vice President & Chief Development Officer
1 AARP Foundation SCSEP is funded by a $46,889,529 grant from the U.S. Department of Labor. This funding provides 90% of the support for SCSEP, with AARP Foundation matching 10%.
2 Schramm, J. (2023). (rep.). Employment Data Digest (table 2). AARP Public Policy Institute. Retrieved July 19, 2023, from https://www.aarp.org/content/dam/aarp/ppi/topics/work-finances-retirement/employers-workforce/june-2023-employment-digest.pdf.coredownload.pdf.
3 Statista Research Department. (2023, January 10). Minimum wage by state U.S. 2023. Statista. https://www.statista.com/statistics/238997/minimum-wage-by-us-state/ [Internal analysis of dataset.]
4 Vigil, A. (2022). Trends in Supplemental Nutrition Assistance Program Participation Rates: Fiscal Year 2016 to Fiscal Year 2020. U.S. Department of Agriculture, Food and Nutrition Service, Office of Policy Support. Retrieved July 19, 2023, from https://www.fns.usda.gov/research-and-analysis.
5 Lampkin, C. (2022). (rep.). Food Security Focus: Experiences with the SNAP program — AARP Survey of Adults Ages 50 and Older regarding SNAP (pp. 3–4). Washington, DC: AARP Research. Retrieved July 19, 2023, from https://doi.org/10.26419/res.00569.002.
6 Noel-Miller, C. (2023). Beneficiaries in Traditional Medicare: Out-of-Pocket Spending for Health Care (p. 6). AARP Public Policy Institute. Retrieved July 19, 2023, from https://doi.org/10.26419/ppi.00184.001.
7 National Council on Aging. (2022, September 3). Take-Up Rates in Medicare Savings Programs and the Part D Low-Income Subsidy (issue brief). Retrieved July 19, 2023, from https://ncoa.org/article/take-up-rates-in-medicare-savings-programs-and-the-part-d-low-income-subsidy.
8 Bureau of Labor Statistics, U.S. Census Bureau (2022). Consumer Expenditure Survey (CES) Public Use Microdata Sample (PUMS), 2021 [Data set]. Bureau of Labor Statistics. Retrieved February 5, 2023, from https://www.bls.gov/cex/pumd.htm.
9 Bureau of Labor Statistics, U.S. Census Bureau (2022). Consumer Expenditure Survey (CES) Public Use Microdata Sample (PUMS), 2021 [Data set]. Bureau of Labor Statistics. Retrieved February 5, 2023, from https://www.bls.gov/cex/pumd.htm.
10 Joint Center for Housing Studies of Harvard University. (2019, October 9). Housing America’s Older Adults 2019. https://www.jchs.harvard.edu/sites/default/files/reports/files/Harvard_JCHS_Housing_Americas_Older_Adults_2019.pdf.
11 Pollitz, K., Rae, M. (2020, June 9). Trends in Workplace Wellness Programs and Evolving Federal Standards. KFF. https://www.kff.org/private-insurance/issue-brief/trends-in-workplace-wellness-programs-and-evolving-federal-standards/.
12 Arnold, C. (2019, October 3). “‘Why Is There Nothing Left?’ Pension Funds Failing at Catholic Hospitals.” Morning Edition broadcast. NPR. Retrieved July 19, 2023, from https://www.npr.org/2019/10/03/763512852/why-is-there-nothing-left-pension-funds-failing-at-catholic-hospitals.
13 American Health Care Association. (2023). State of the Nursing Home Industry: Survey of 524 nursing home providers highlights persistent staffing and economic crisis. Retrieved July 19, 2023, from https://www.ahcancal.org/News-and-Communications/Fact-Sheets/FactSheets/SNF-Survey-December-2022.pdf.