RHF Gift Annuities - Park Place

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The ision of RHF (Retirement Housing Foundation),
is a society in which all persons have quality,
affordable housing thus reducing the difficult choices
which would otherwise need to be made between the
basic necessities of life.

The M     ission of RHF, a national nonprofit organization,
is to provide various housing options and services for older
adults, low income families, and persons with disabilities,
in an environment which enhances their quality of life -
physically, mentally, and spiritually.

RHF is committed to serving its residents
and their local communities.
                     Table of Contents

President’s Message                  ......................                        Page 4
Chairperson’s Message                ......................                        Page 4
2008 in Review              ...........................                            Page 6
Growth in 2008              . . . . .. . . . . . . . . . . . . . . . . . . . . .   Page 8
Looking Forward             . . . . .. . . . . . . . . . . . . . . . . . . . . .   Page 14
Social Accountability . . . . . . . . . . . . . . . . . . . . . . . . . . .        Page 16
RHF’s Leadership Team                ......................                        Page 20
Financial Highlights                 ......................                        Page 22
Chronological Listing of Communities                       ...........             Page 24
Housing and Services Information               .................                   Page 28
Fund Development                     ......................                        Page 30
Our Donors                           ......................                        Page 32
                                                                          from our
                                           Each year the Annual Meeting Planning Committee selects a theme for the
                                           meeting and the entire year. Two years ago it was The RHF Mission: It’s
                                           All About People. Last year it was People: The Heart of RHF This year
                                           our theme is Lighting People’s Lives. Light is a necessity of life in many
                                           ways. In the Bible creation begins with, “Let there be light.” In the sermon
                                           on the mount, Jesus reminds his followers, “You are the light of the world,”
                                           and He tells them to let their light shine, that is to be a helpful, hopeful
                                           influence on everyone around you.
                                           In reporting her social accountability statistics, one of our managers wrote,
                                           “I offer help and support to those who may be down or looking for direction.
                                           I try to live as an example and spread God’s light to the best of my ability.
                                           One of our residents who takes her morning walk in the halls always tells
                                           me she feels she lives in her very own castle. I feel blessed to have a job
                                           where service is ‘built-in’ and I know all the good we do. Even the very
                                           small things count and mean a lot to those we help. I always try to treat
                                           each resident the way I would want someone to treat my mom.”

2008 was a very busy year for RHF; but due to our size (157 communities) it is always busy. The demand for
affordable housing, assisted living and skilled nursing services is always increasing, and it is RHF’s mission to
serve the people that need housing and medical services.
In 2008 RHF completed construction and opened Bexton Place in San Antonio, Texas and Harvest Pointe in
Loveland, Colorado. Under construction in Pagedale, Missouri is Mt. Beulah Terrace. In the development
pipeline are Village Gardens, Norfolk, Virginia; Broadwood Terrace, Paloma Terrace, The Whittier and Los
Alturas in Los Angeles; and Harshfield Terrace in Quartz Hill, California.
MacArthur Park Tower and Harbor Tower in Los Angeles have been rehabbed; and Angelus Plaza, the largest com-
munity in the nation, has started its rehab. Pioneer Tower in Sacramento is also in the rehab development stages.
In addition, we received HUD funding for one more affordable housing community, located in DeKalb County,
The Social Security Administration estimates 10,000 Baby Boomers a day applying for benefits for the next 20
years. Many of those Baby Boomers will soon start applying for affordable and market rate apartments across
the nation. Many will not find the housing they need and can afford due to HUD’s inability to fund what is
desperately needed.
RHF is constantly being contacted by municipal and state governments, churches and private individuals offer-
ing property and/or funding to assist RHF in building and operating more housing. Some of these offers do
come to fruition and others just won’t work out.
We are fulfilling our mission but the increased demand is never-ending.

RHF’s business is to make reasonable, responsible, and strategic stewardship and           RHF Fast Facts:
operational decisions. Our mission is to help light people’s lives – residents,       - Employs 2,708 people
families, team members – and to make the geographical communities and the             throughout the United
world a better place to live. It is not a one-way street, because all of the above    States, Puerto Rico and the
also light our lives and the lives of others by what they say and do.                 U.S. Virgin Islands.
In terms of the mission and business balance, here are some of the highlights of      - almost 17,000 people call
                                                                                      an RHF community “home”
the past 12 months, February 1, 2008 through January 31, 2009:
                                                                                      - opened Harvest Pointe
• We celebrated our 47th Anniversary with a national management conference            in Loveland, Colorado
for administrators of our market-rate/healthcare communities, directors of nursing,   and Bexton Place in San
and assisted living managers. The Southern California and Northwest affordable        Antonio, Texas
housing managers also held their regional management education conference             - dedicated Farrfield Manor
as part of the annual meeting. The other four regions held their management           in Columbus, Georgia
conferences at other locations during the year.
                                                                                      - 82 of our communities
The annual meeting is a time when we conduct corporate business and we                now have full or part time
welcomed delegates from RHF community boards and several United Church of             Social Service Coordinators
Christ (UCC) Conferences. The annual meeting worship service was hosted by
Community Congregational UCC, Los Alamitos. The Rev. Dr. Frederick Trost,             - RHF invested almost
                                                                                      $1,000,000 in education and
Retired Conference Minister of the Wisconsin Conference, was our guest preacher.
                                                                                      skill improvement for our
At the annual business meeting, Frank G. Jahrling was elected to his first term on    2,700 team members.
the RHF Board. He brings nearly 40 years of experience in the banking industry,
most with the First Hawaiian Bank in Honolulu where he lives. His wife Roberta        - Seven RHF communities
also joined the RHF Advisory Commission. Re-elected to three-year terms on the        were recognized as being
                                                                                      “The Best” in their local
national Board were Raymond E. East, Jean G. Dremstedt, and Darryl M. Sexton.
                                                                                      geographical areas.
The anniversary banquet was held at the Sheraton Cerritos Hotel and several
awards were presented. Union Bank of California Foundation and its President              - More than 60 RHF
and CEO Carl Ballton were honored with the 2008 Friend of the Elderly Award               residents are over the age
for outstanding commitment to the elderly and long-time support of RHF’s mission.         of 100, with Elsie Roberson
Grace Jerovitz, a resident at Valley View Apartments, Manitowoc, WI, was named            celebrating 106 years of
Resident of the Year for all she does for Valley View and the Manitowoc community.        age at Harbor Tower in San
                                                                                          Pedro, California.
She gives back in many ways such as going to the Manitowoc Senior Center
every day to prepare meals for the Meals On Wheels program. Beatrice Flucas
was recognized as Volunteer of the Year for her untiring work at North Capitol
at Plymouth, Washington, DC. She commutes from Baltimore to North Capitol
twice a week in order to teach sewing and arts and crafts. She provides the supplies for these activities and sometimes
also brings lunch for the residents. Robert Mauer, Administrator of Auburn Ravine Terrace, Auburn CA, was named
Administrator of the Year for his success in making this residential, assisted living, and skilled nursing community the
premiere three-level community in Auburn. Linda Forsberg, Manager of 300 Main, Estacada, OR, was named Manager
of the Year for her leadership not only at 300 Main, but also in the Estacada community. We also recognized our major
donors at our banquet (see page 33).
            2008 In Review
• During this period, two of our active managers passed away: Violetta Carter,
Manager of Bennett Place, Pittsburgh, PA since 2002, and Frank Casados,
Manager of Guadalupe Senior Apartments, Denver, CO since 1991. Bill
Shoop, who served as Manager in a variety of communities from 1987 until his
retirement in 2005 also died, as did Bob Wilson, the first Administrator of Sun
City Gardens. Advisory Commission Emeritus member Gertrude Chapman, who
was the widow of the late Board Chair Rex Chapman and Alan Furuta, a long-
time friend and supporter of RHF first with Sumitomo Bank and later California
Bank and Trust also passed away.

Perry Glenn joined the RHF management team as Southern California
Regional Manager, as did Chinyere Dike as Manager, Business Analysis. Frank
Rossello was promoted to Vice President/Controller, and Brian Magnone to
Vice President of Treasury, and Kevin Gilchrist was promoted to Director
of Development Finance. Bill Meert transferred from Administrator at Sun
City Gardens to Nurse Consultant for the West Coast Region. Dee Hammer,
North Central Regional Manager, achieved the Certified Property Manager
(CPM) designation from the Institute of Real Estate Management (IREM).
Christopher Mullen, Information Technologies Business Applications Manager,
earned a Master of Science in Health Care Management degree from California              Evelyn Espinoza, a resident of RHF’s
State University Los Angeles. Ken Kaser, Administrator at Colonial Heights               Rio Vista Village in Los Angeles,
and Gardens, earned a Masters degree in Business Administration (MBA)                    California won the Merrill Lynch/ NFTE
from Miami University in Oxford, Ohio.                                                   Greater Los Angeles Regional Youth
                                                                                         Business Plan competition in 2008.
We thank our 2,708 team members (1,677 part time and 1,031 full time)
and our 250 national and local board members, as well as our 52 advisory                 In the past, Evelyn has been the recipient
board members for helping to make the mission a reality in the lives of almost           of grants from RHF’s Children’s
17,000 persons 24 hours a day, 7 days a week. One hundred four of our                    Education Fund.
team members work in the headquarters office and seven in regional offices.

• Seven of our communities were recognized as the best in their area by
news media polls: Bishop’s Glen, Holly Hill, FL; Crescent Manor and Mesquite
Gardens, Mesquite, TX; DeSmet Retirement Community, Florissant, MO;
Gold Country, Placerville, CA; Monona Meadows, Monona, WI; Westminster
Village, Clarksville, IN; and Mayflower Gardens, Lancaster, CA. This is the
fourth consecutive year that Gold Country has won this award and the eighth
year in succession for Mayflower Gardens.
• RHF has its own personal experience that, thankfully, people are living longer today. We have more than 60 persons
residing in our communities who have celebrated 100 or more birthdays, with the oldest being Elsie Roberson at 106 at
Harbor Tower.

• RHF has several affordable family communities, and we were pleased that Evelyn Espinoza who lives with her family at
Rio Vista Village in Los Angeles, won the Merrill Lynch/NFTE Greater Los Angeles Regional Youth Business Plan competition. This
event is sponsored by Merrill Lynch Foundation and the National Foundation for Teaching Entrepreneurship. A senior at
the Soledad Enrichment Action Girls Academy, she has been in various business endeavors since she was eight years old.
Gold Country Retirement Community
is located in Placerville, California. It
offers Independent, Assisted Living,
Memory Care and Skilled Nursing on
its 14-acre campus.

For four years in a row it has been
voted “The Best Retirement Community
in Placerville County” by the readers
of California’s oldest newspaper - The
Mountain Democrat.

                                                         RHF lost a longtime member of its family this
                                                         year with the passing of Gertrude Chapman at
                                                         the age of 97.

                                                         Gertrude and her husband, Rex, were longtime
                                                         members of the Advisory Commission and
                                                         National Board (respectively) for more than
                                                         25 years and saw RHF through a period of
                                                         tremendous growth.

• In keeping with concerns for safety and air quality, we began implementing a no-smoking policy in all of our buildings.
For the past several years, the new communities we have opened have been smoke free.
• We completed the third round of resident satisfaction surveys whereby every community is surveyed on alternate years.
Fortunately, our scores improve with each survey.
• Our Corporate Compliance Officer and our Nurse Consultants conducted 17 extensive on-site compliance training
sessions in our market-rate communities for more than 1,400 team members. The Conflict of Interest Policy was also
revised. Everyone signs this policy annually.
RHF Continues To Grow
• We started and completed construction on Harvest Pointe, 80 apartments
in Loveland, CO, and Bexton Place, 55 apartments in San Antonio, TX. We
started construction on Mt. Beulah Terrace 40 units in Pagedale, MO. We
also began the conversion of several residential units at Mayflower Gardens,
CA to assisted living, so that Mayflower will have not only residential and
skilled nursing, but also this new service on its campus.

• We dedicated Farrfield Manor, a 75-unit community for older adults in
Columbus, GA.

• We completed $18,800,534 in rehab work on Harbor Tower and
MacArthur Park Tower, both in Los Angeles, the former with 180 apartments
and the latter with 183 apartments.

• In addition to new construction and major tax-credit rehab, in 2008 our
communities invested more than $8,650,000 to maintain, upgrade, and
improve our existing properties.

• We were selected by the Evangelical Lutheran Good Samaritan Society
to receive Desert Sage (Hermiston), their only affordable housing project in
Oregon. It is a 28-unit senior housing community. The HUD transfer of
physical assets is now in process.
                                                                                      Fifty National Board members,
• We signed the initial purchase papers to start the acquisition process for          Advisory Commission members,
Riverside Village, a 312-apartment family property in Leominster, MA.                 Regional Managers and staff
                                                                                      from the National Headquarters
• We refinanced our national headquarters building in Long Beach, acquired            met together to discuss RHF’s
some sites for future development in Los Angeles, refinanced a 26-acre                strategic plans.
parcel next to Courtenay Springs, and received notice that we had received
an award of $5,626,200 from HUD to build a 59-unit 202 and tax credit
project in Lithonia, GA, our fifth property in Georgia.

• Among many other responsibilities, our Occupancy Department worked
with HUD to renew subsidy contracts for 90 of our HUD affordable housing

• This is the age of information technology. During the past 12 months we
installed the Great Plains software update, completed Resource Tracker (MDS)
software, installed RiskWatch/CareWatch software and launched Move-N
marketing software in all of our healthcare communities, replaced computer hardware company-wide, replaced the security
system at the national headquarters, and expanded our centralized server from 50 to 100 servers.

• After considerable discussion, the RHF Board approved a revised Mission Statement which is printed in this annual report
and has been distributed to all of our communities. The mission has not changed, but it is expressed more concisely.

• RHF received $448,000 in financial gifts, and our communities received $156,000, as well as in-kind gifts for a total
of over $604,000. We continue to be registered in all states where we solicit funds.
 Harvest Pointe is our third affordable
 community for older adults to open in
 Colorado and our first community in

 This 80-unit community has a number
 of one-bedroom units specifically
 designed for mobility-impaired. A
 community room with kitchen, on-site
 laundry facilities and crafts room are a few
 of the amenities that this building offers,

      RHF’s national headquarters is located in Long Beach, California. More than 100 employees in
      the areas of Accounting, Business and Fund Development, Law, Data Processing, Information
      Technology, Finance, Corporate Compliance, Human Resources, Operations, Risk Management &
      Quality Assurance, Public Relations, Project Development, Occupancy, Internal Audit, Payroll and
      Administrative Services support its 157 communities throughout the country.

• Our strategic plan was updated under the leadership of RHF Board member Dr. Teri Kawata.

• During the 45th Anniversary celebrations in our buildings, residents repeatedly asked whether we would consider
producing a line of jewelry with the RHF logo. Maggie Engelberg, Administrative Secretary and Travel Coordinator at the
national headquarters office, took on this project and we now have pendants, cuff links, and key chains that are available
at a reasonable cost.
• The Asset Management, Corporate Compliance, and Risk Management Committees met regularly.

         Good Stewardship
• In these turbulent times with so many economic difficulties hanging over our
national and world economy, RHF has not been immune. In 1998 RHF
refinanced a number of our market-rate communities into an Obligated Group.
In December 2007, the bond insurer, ACA, had their rating reduced from an
A- to a CCC due to its involvement in the subprime mortgage market. This
resulted in tripling our interest rate so, in the interim between December 2007
and July 2008 when we completed the refinancing, RHF paid $4.6 million more
in interest charges than we had for the same seven months in the previous year,
as well as other costs. The good news is that the financial community was so
confident in RHF’s performance and future, that, with the leadership of Brian
Magnone and Frank Rossello, the replacement letters of credit were oversubscribed.
Had we begun this replacement process later, the journey would have been difficult.
It was also a humbling experience, which reminds us that companies and individuals
may face situations in which they may be doing everything right and then be
blindsided by circumstances beyond their control.
• Another major accomplishment was the refinancing of Angelus Plaza, the
largest subsidized affordable housing property in the nation for older adults.
Through a combination of tax credits and tax exempt bonds, we were able
to close this transaction in October and to begin a $43 million rehabilitation
of the buildings and create a sizeable trust fund to be released over the next
several years to acquire, preserve, and build more affordable housing in Los
Angeles and across the nation. It took a massive effort and incredible number
of meetings, communications, and paperwork with the financial communities,
the Los Angeles City Council and Community Redevelopment Agency, HUD
Central and HUD L.A., as well as the California Debt Allocation Committee              Deborah Stouff, Director of Corporate
(CDLAC) and the National Affordable Housing Trust (NAHT). But everyone                 Records and Corporate Secretary, and
was determined, and with the leadership of Richard Washington, Kevin Gilchrist,        Dr. Joseph are with Brian Magnone, Vice
and our Project Development, Financial and Legal Departments, we were able             President - Treasury as they review and
to get the job done.                                                                   sign papers involved in the Obligated
• We made the difficult decision to discontinue operations and sell Plymouth           Group re-financing.
Tower in Riverside, CA. This 38 year-old building had been losing significant
dollars in recent years. Because of its design it could not be reconfigured, so
good stewardship required us to make this difficult decision.
• We completed our seventh successful year with Caring Communities Insurance
Company, which has now been registered in the District of Columbia as a reciprocal
risk retention group, CCrRRG. This provider-owned company was founded by 20
nonprofits to provide liability insurance in a time when premiums were skyrocketing.
There are now 27 members. Robert Amberg serves on the board and claims
committee, and I serve on the board, executive committee, and underwriting
committee, as well as the board of Caring Communities Shared Services (CCSS). In 2005, we received an AM Best rating of
B+ well ahead of schedule, and in 2006 began paying dividends, also well ahead of schedule. RHF credits the dividends back
to the properties that paid the insurance premiums. With the 2008 dividend, which will be received shortly, the total received in
these three years approximates $2 million, which is the equivalent of a year’s worth of premium. In January 2009, both CC and
CCrRRG received an AM Best upgraded rating to B++. This success can be credited to careful screening of potential members,
good management, governance, risk management, and claims experience.
• We made significant gains in achieving property tax exemption for properties in Illinois and California that had previously
been excluded or not yet qualified following a change in the ownership structure.
                                                              - 10 -
 Angelus Plaza, the largest affordable
 community for older adults in the
 country, began a three year, $43
 million rehabilitation project on its
 1093 apartment units.

 Ultimately, the refinancing of this
 community will create more than
 $50 million to build or acquire
 affordable communities for seniors
 and low-income families in Los
 Angeles and throughout the country.

                                                                          It took a tremendous amount of work
                                                                          by a significant number of people and
                                                                          companies to insure that the $126 million
                                                                          refinancing of the Obligated Group was
                                                                          finalized. Here representatives from the
                                                                          various financial institutions processed
                                                                          paperwork at the San Francisco offices
                                                                          of Jones Day.

• Our claims experience with other forms of insurance coverage continues to improve and, fortunately, we have had
reductions in the premiums we pay. We had the best workers’ compensation claims experience in all my years at RHF
due to diligent risk management by the Risk Management Department, our Managers/Administrators, our broker, and
insurance company. We also implemented a “wrap up” insurance program for our development projects, which helps to
reduce cost and provides better coverage.
• We solidified the triple-check process in our healthcare communities, which assures accuracy of Medicare, Medicaid,
MediCal, as well as private insurance billing, and we conducted a number of internal audits to assure ourselves that
everything is being done correctly.
                                                             - 11 -
     On A National Scale
• Aging Services of California (ASC) presented RHF’s Project H.A.N.D.S.®
with the ASC 2008 Volunteer Services Award at their Annual Meeting in
San Diego. Service Coordinator Manager Judy Shaw received the award.
(See more about H.A.N.D.S. in the Social Accountability Report.)

• RHF continues to work with a number of provider organizations. I continued
my service on the Public Policy and Housing Committees of ASC and on the
Affordable Housing Cabinet and Future Membership Committee for AAHSA.
Stuart Hartman is also a member of the ASC Housing Committee. RHF is also
a member of the International Association of Homes and Services for the Ageing,
the Association of Housing Management Agents, the Low Income Housing
Coalition, and the American Seniors Housing Association.

• In September, the RHF Board and Advisory Commission visited the
headquarters of Caring Communities in Libertyville, IL, and went on to hold
meetings at the Wisconsin UCC Conference office, and then visited our four
affordable properties in Wisconsin. Once a year the Board and Advisory
Commission visit communities in various geographical areas so that they can
experience firsthand the delivery of the mission with our residents and local
team members.

• RHF and all of our communities have endorsed AAHSA’s Quality First
program. Our healthcare communities continue to receive better ratings than
the national average. Each building was challenged to develop and implement
a Quality Improvement Program and report on it at the meetings with other
communities so as to benefit from shared experiences.                             National Board member, Jean Dremstedt
                                                                                  looks over a craft project that Marcella
• I continue to chair the board of the National Affordable Housing Trust          Huffstutter, a resident at Monona Meadows
(NAHT). In 1986, RHF and National Church Residences formed this nonprofit
                                                                                  in Monona, WI is working on.
organizaiton whose sole purpose is to preserve and develop affordable
housing. NAHT was the first nonprofit syndicator in our nation. Since then,
Volunteers of America, Mercy Housing, and the Evangelical Lutheran Good
Samaritan Society have become members. Since its beginning, NAHT has
preserved or developed 15,180 units of affordable housing in 142 properties,
and raised tax credit equity in excess of one-half billion dollars.

• In 2004, retired attorney Bill Kelly and eight major nonprofit affordable
housing members came together to form Stewards of Affordable Housing for
the Future (SAHF) to promote and advocate for national housing policies which
preserve and expand the supply of affordable rental housing. In addition to RHF the members today are Evangelical
Lutheran Good Samaritan Society, Mercy Housing, National Church Residences, National Housing Trust, NHP Foundation,
NHT/Enterprise Preservation Corporation, Preservation of Affordable Housing, and Volunteers of America. Together these
members have more than 900 communities with approximately 85,000 apartments in 49 states, the District of Columbia,
Puerto Rico, and the Virgin Islands. SAHF is called upon by members of Congress and HUD to comment on our nation’s
housing policies. As a board member, on July 19, 2008, I had the privilege of testifying on behalf of SAHF and AAHSA
before the House Financial Services Committee chaired by Congressman Barney Frank on preservation legislation expected
to be introduced in early 2009.
                                                             - 12 -
     Judy Shaw, RHF’s Social Service Coordinator
     Manager, and Dr. Joseph accept Aging Services
     of California’s Volunteer Service Award for RHF’s
     Project H.A.N.D.S.® (Helping Angels National
     Donated Support).

                                                                  RHF’s National Board met with officials of the
                                                                  Caring Community’s Reciprocal Risk Retention
                                                                  Group at their offices in Libertyville, Illinois while
                                                                  visiting RHF communities that area in September.

• Deborah Stouff completed the Diakonal Ministry Program and will be commissioned at the CHHSM Annual Meeting in
St. Louis, MO. Vice President of Healthcare Operations Peter Peabody enrolled in this two-year program in late 2008.
• We continue to work with the conferences of the UCC, CHHSM, and ecumenically with other churches, as well as cities,
counties, states, service clubs, and national organizations. Robert Amberg completed his terms on the board of CHHSM,
and Brian Magnone has been nominated to serve on the board beginning in 2009. Bob also completed his term on the
AAHSA Legal Committee, and continues to serve on the American Corporate Counsel’s Nonprofit Organizations Committee
and the ASC Legal Committee. He was named Super Lawyer for 2008. Deborah Stouff serves on the Nonprofit Committee of
the Society of Corporate Secretaries and Governance Professionals.
                                                            - 13 -
       Looking Forward
Some of the projects we expect in the coming year:

• We anticipate groundbreaking ceremonies and construction starts for
  new communities in Norfolk, VA and Quartz Hill, CA.

• We will hold dedication ceremonies for our new buildings in Loveland,
  CO, San Antonio, TX, and Pagedale, MO.

• We hope to complete the TPA for Desert Sage, Hermiston, OR, and
  the purchase of Riverside Village in Leominster, MA.

• We will complete the rehab of Angelus Plaza North and begin working
  on Angelus Plaza 1 (totally, a $43 million project that was made possible
  through our recent refinancing of the community.)

• We will continue to expand the Project Development Department.

• We will continue our advocacy on behalf of our residents and affordable
  housing programs nationwide. This is especially critical at the time of a
  new administration and Congress. We must advocate for new programs
  and defend existing programs in a time of budget crisis.

• The fourth round of resident satisfaction surveys will be started. This is
  a two-year cycle.

• The skilled nursing and assisted living communities will be working on
  programs to change the culture in the communities so that the staff is
  all working to “light people’s lives” by making the things that we do for
  residents more about what the resident wants and less about our job.            U.S. Representative Baron Hill, visits
                                                                                  with residents at Madison Heritage
• Modifications in information technology will continue with new marketing        Apartments, in Madison, Indiana to
  and treasury software, as well as numerous other hardware and software          discuss changes to Medicare Part B and
  improvements.                                                                   other issues facing our country’s seniors.
• We will have displays at the UCC General Synod in Grand Rapids, MI, as
  well as at several UCC Conference annual meetings.

• We will complete the strategic planning and fund development studies
  funded by the MacArthur Foundation.

• We will be naming a new CFO and Vice President of Acquisitions and
  Project Development.

• We will be starting the refinancing and rehabilitation of several properties.

As always, other opportunities and challenges not now known will appear on the horizon and we will address them.

                                                          - 14 -
                                                                       Harshfield Terrace
                                                                       Quartz Hill, California

                Harshfield Terrace will be RHF’s 62nd community in California. It will have 74 senior
                affordable apartments; four designed specifically for the mobility impaired.

                                                               Bexton Place
                                                               San Antonio, Texas
                            Bexton Place opened in
                            December of 2008. It is
                            a HUD 202 community
                            with 54 units for those
                            over the age of 62.

We also know that this is a difficult time in our nation and the road may be rocky, but as people of the light we will do our
best to light people’s lives, and the prayer of St. Francis will be our guide. To paraphrase, “Make us instruments of your
peace. Where there is hatred may we bring love; where offense, pardon. May we bring union in place of discord; truth
replacing error; faith where once there was doubt; hope for despair and light where there was darkness; joy to replace
sadness. May we not so much crave to be loved as to love. Help us to learn that in giving we receive; in forgetting
ourselves we find life eternal.”
May we all live the challenge to be the light of the world.

                                                              - 15 -
            2008 Social Accountability Report
The RHF Difference
RHF is a faith-based, national, nonprofit provider of housing and services for
older adults, limited income families, and persons with disabilities; and most
of our communities are incorporated as 501(c)3 nonprofit corporations.
What is the difference between a for-profit and a nonprofit? The basic answer
is to follow the money. In a for-profit, a positive bottom line may be distributed
to owners or to stockholders. In a nonprofit, it is used to further the mission.
“Social Profits”
Nonprofits are sometimes called social profits as we are organizations
offering services that benefit the public. In almost every case, nonprofits are
exempt from federal and state income taxes and, in most cases, from real
estate taxes, as well. Consequently, we believe that we must go beyond the
                                                                                          Betty Luke, a resident of Benson Manor
core mission of providing housing and services for 17,000 persons 24 hours                (Smyrna, GA) was honored with the 2008
a day, 7 days a week. RHF does much more.                                                 Outstanding Volunteer award by Cobb
It has been emphasized that nonprofits need to tell their story, because if we            Senior Services for her continuous service
                                                                                          and support at the Windy Hill Senior
don’t tell it, no one will know. As part of our story, here is our annual social          Center. She also serves on Benson
accountability report listing some of the things that we do for the public                Manor’s Resident Association Council.
good both as an organization and individually.
This is the fifth year we have included a social accountability report with our
annual report.
Voluntary and Involuntary Charity
RHF does not evict anyone due to inability to pay. In fairness, it needs to be
pointed out that inability to pay and unwillingness to pay are two different matters.
Benevolent care and rental concessions are voluntary. Write-offs,
contractual adjustments, and uncollectible fees are not, and we must rely on
private pay residents and charitable contributions to make up the balance.
Obviously, no organization can remain in existence with a negative bottom line
year after year.                                                                        Calvin Hara (Left), Pioneer House’s (Sacramento,
                                                                                        CA) Administrator has volunteered with the Boy
• During 2008, rental concessions were made by our communities in the                   Scouts since 1998. “It is a joy to see these young
amount of $1,074,243. Through donors’ contributions to the Resident                     men develop a sense of community while serving
Benevolence Fund, residents received grants of $32,400. Support through                 the communities they live in. As future leaders,
benevolence and concessions enables our residents to continue to live in our            this prepares them for their role in society.”
communities even though their resources have diminished.
• In 2008, we had “involuntary” charity in the form of contractual adjustments from Medicare and Medicaid of
$8,310,333. Also, $751,183 in fees for rent and services were determined to be uncollectible. While rental concessions
were $61,000 less than they were in 2007, resident benevolence was $4,800 more than in 2007 and contractual
adjustments increased by almost $273,000.
Investing in Our Future
• Eleven of our nursing facilities provide practicum sites so that nursing assistants and LVN students from local schools
can get hands-on training as part of their education process.
                                                            - 16 -
                            Terry Ballentine, Ingleside Manor’s (Macon,
                            GA) Maintenance Technician (kneeling in
                            red pants), has been a volunteer coach for
                            various baseball and football teams in his
                            community for 9 years, dedicating 10 -15
                            hours a week to helping young people learn
                            the important lessons of competition.
                            “My goal as a coach is teaching and helping
                            my players to learn and understand the
                            responsibilities of the game.”

Residents and Staff of The Cloisters (Deland, FL) host
a Christmas party for Head Start children. This is one
of many volunteer efforts they participate in during the
Christmas season.                                                         Chinyere Dike, Business Analyst Manager at the
                                                                          National Headquarters, is a volunteer with PATH
                                                                          (People Assisting The Homeless) in Los Angeles.
                                                                          Senator Diane Fienstein selected her to be her
                                                                          guest at the Presidential Inauguration in Washington,
                                                                          D.C. as a result of her volunteer efforts for that

                                                           Mary Pressler, a resident at the La Fontaine
                                                           Center (Huntington, IN) volunteers at Love,
                                                           Inc. where she stocks shelves and helps
                                                           distribute food to the needy in the area.
                                                           “The reason I volunteer is because I like to
                                                           help others who are in need,” she says.

• RHF believes in investing in staff and board education and growth. We invested almost a million dollars in education
and improving skills for our 2,700 team members and our national, local, and advisory board members.
Resources were used for attending conferences, educational seminars, participating in webinars, and tuition reimbursement.
• Over the course of the year, our communities employed about 79 high-school-age students, primarily in dietary
departments, hopefully introducing them to what it means to be a responsible citizen in society, an education which may
help them in their future careers.

                                                              - 17 -
Within our RHF Communities
• 2,058 persons volunteered more than 98,000 hours to RHF
communities and the national headquarters, helping in a variety of ways.
This does not include the countless hours that our 352 national, local,
and advisory board members contribute each year.
• Through the donations of residents, staff, Mattel, Inc. and Hasbro, Inc.,
more than 650 toys and gifts were given to more than 650 RHF children.
We thank our 17 volunteers (we call them The Wrappers) from St. Mary
Tower who wrapped these toys along with Advisory Commission Members
Yuri Masuda and Alice Sexton and RHF team members Maggie Engelberg,
Maria Rodriguez, and Cindy Medina.
• Approximately 1,206 residents donated 99,392 hours while participating
in RHF’s Project H.A.N.D.S.® (Helping Angels National Donated Support)              John “Jack” Snow, a resident of Westover
program where residents make clothing and other items for children and              Manor (Cedar Rapids, IA) has been a
victims of abuse. The items are distributed in homeless shelters, shelters for      foster parent and volunteer at his church
the abused, and children’s hospitals.                                               for most of his adult life, even travelling to
                                                                                    Mexico as a missionary. For the last seven
In 2008, 12,442 items were created from donated yarn and sewing materials.          years he has devoted more than 30 hours
Seventy-five of our communities have an active H.A.N.D.S.® Program.                 a week to working with inmates at jails
Donations of materials have come from individuals, churches, residents,             and prisons in northeast Iowa.
families, and business partners.
Over 294 agencies and organizations have partnered with us, and we
appreciate their involvement and support.
• Twelve students living in RHF communities received educational support
from our Children’s Education Fund in the amount of $2,500. This fund
provides monies for school supplies or clothing for students in grades K
through 12 and partial tuition reimbursement for young adults who attend
college, junior college, or vocational training.
We Are a Good Neighbor
• More than 705 RHF staff and residents volunteered over 67,711 hours
to more than 723 community and nonprofit organizations.
• Our national office and 31 of our communities have served as polling
places for elections.
                                                                                       Residents from St. Mary Tower in Long
• Over 120 members of the RHF family donated more than $242,786 to                     Beach spend a day wrapping more than
more than 195 nonprofit organizations.                                                 650 donated toys for children living in
                                                                                       RHF communities across the country.
• RHF Team Givers (staff members) donated $13,000 to the RHF mission.
• More than 10,000 persons attended meetings held in RHF community
rooms, representing more than 818 different community organizations
logging in more than 14,000 hours of meetings.
We Contribute to the Economy
• RHF and our communities made a significant impact through our staffing base. In 2008, over $64,645,000 in salaries
and wages was contributed to local economies.
• In addition, we estimate that we have provided more than 1,175 new construction jobs on a temporary basis, which infused
more than $17,000,000 into local economies in wages and salaries, not including the cost of construction materials.
During the course of the year, we had five properties under new construction or major rehab.
                                                                - 18 -
                300 Main (Estacada, OR) residents have travelled
                every month since 1997 to Grace House, an
                assisted living community, to lead in sing-a-longs
                and visit with the residents there.

                                                                       Theresa McWilliams, a resident of Malone Manor
                                                                       (Lincoln, NE), has volunteered for more than two
                                                                       years as an aide at Calvert Elementary School where
                                                                       she helps out in the second grade classroom.

                                                                       John Malveaux, a resident of St. Mary Tower (Long
                                                                       Beach, CA), was honored as “Volunteer of the Year”
                                                                       by the Arts Council of Long Beach for his work with
                                                                       the Central Project Area Committee - a citizen’s
   Christopher Mullen, Business Applications Manager                   advisory committee for the Long Beach Redevelopment
   at the National Headquarters, volunteers as a coach                 Agency, Academic Uprise, and the NAACP    .
   for youth sports teams throughout the year and Boy
   Scout Troop Leader.

This is a snapshot of what RHF does beyond the basic mission of providing housing and healthcare services for persons
who live in our communities.
While this report continues to grow each year, if all of our team members were reporting the good works they do, the numbers
would increase dramatically.
Thanks to all of you who have shared what you are doing to make a difference in our communities.
We are all motivated to help light people’s lives.

                                                              - 19 -
                           The RHF Leadership Team
                                                                                   RHF Board of Directors
                                                                                (From Left to Right) Christina E. Potter, Vice
                                                                                Chairperson; Donald W. King, Chairperson;
                                                                                Raymond East, Frank Jahrling, Dr. Laverne R.
                                                                                Joseph, Dr. John E. Trnka, Stewart M. Simington,
                                                                                Dr. Teruo Kawata, Dr. Darryl M. Sexton, Vice
                                                                                Chairperson; Jean Dremstedt, and Tom S.
                                                                                Masuda, Treasurer.

       RHF Advisory Commission

                  Shirley Trnka

 Yuri Masuda
                                            Kiku Kawata                               RHF Key Staff
                                            Vice - Chair          (From Left to Right) Chris Ragon, Director of Public Relations;
                                                                  Paula Jameson, Director of Fund Development; Judy Shaw, Service
                                                                  Coordinator Manager; John Clow, Director of Risk Management;
                                                                  Conrad Dungca, Internal Audit Manager; Christopher Mullen,
                                                                  Business Application Manager; Maggie Guzman, Director of
                                                                  Information Technology Services & Information Security Officer;
                                                                  Andre Giles, Risk Manager; and Adrianne Eng, Network
                                                                  Services Supervisor.
                                                                                                                Roberta Jahrling
                                  Virginia Joseph

               Mary King

              Rev. Dr.
           Robert A. Potter                                                       William Warrick
                                                           Alice Sexton
                                                               - 20 -
           RHF Principal Staff
   (From Left to Right) Nada Battaglia, VP - Human
   Resources; Brian Magnone, VP - Treasury;
   Richard Washington, VP - Business Development;
   Robert Amberg, Sr. VP and General Counsel; Cheryl
   Howell, Executive Assistant to the President, Director
   of Administrative Services and Assistant Corporate
   Secretary; Peter Peabody, VP - Healthcare Operations;
   Stuart Hartman, VP - Affordable Housing Operations;
   Deborah Stouff, Director of Corporate Records and
   Corporate Secretary; and Frank Rossello, VP - Controller.

                                                                                         Regional Managers

                                                                                                      Perry Glenn
                                                                                                      California II

                                                                                                                              Bruce Burke
                        RHF Key Staff                                             Janice Delano
                                                                                Healthcare Western
From Left to Right) Florence Webb, Construction Project Manager;
Claudia Flores, Director of Accounting; Kevin Gilchrist, Director of
Development Finance; Phil Mosqueira, Accounts Payable
Manager; Kent Steckbeck, Director of Budgets, Reimbursements
and Analysis; Jennifer Staley, Payroll Manager; and Joanne Silva,
Occupancy Manager. (Absent) Rosemary Kwock, Housing Accounting
Manager; Dan Tocci, Construction Project Manager)
                                                                                                                              Jeffrey Ferguson
                                                                                                                                 East Coast
                                                                                     Denise Hammer
                                                                                      North Central
                        Teri Kennedy
                       Nurse Consultant
                         East Coast

                        William Meert
                        Nurse Consultant                           Thuy Hoang                             LaVonne Mickelson
                          West Coast                               Southwest                                  Midwest

                                                               - 21 -
                      RHF Financial Highlights
 Consolidated Statements of Financial Position
 	    	      (000’s	omitted)                                              September                September
                                                                             2008                    2007*

          Current Assets                                                  $   24,298              $    25,692
          Long Term Investments                                               12,430                   19,831
          Land, Buildings, Equipment                                           9,586                    9,261
          (Net of depreciation)
          Other Assets                                                       73,967                  62,552
          Total Assets**                                                  $ 120,281               $ 117,336
          Liabilities and Net Assets
          Current Liabilities                                             $   8,994               $   6,234
          Long Term Liabilities                                              31,485                  34,849
          Subtotal                                                           40,479                  41,083
          Net Assets**                                                       79,802                  76,253
          Total Liabilities and Net Assets                                $ 120,281               $ 117,336

 Consolidated Statements of Activities
             (000’s	omitted)                                              Year ending             Year ending
                                                                            9-30-08                 9-30-07
          Revenues - Unrestricted

          Management Fees                                                 $   12,523              $   12,163
          Interest Income                                                        779                   1,124
          Other                                                               10,263                   4,320
          Total Revenues - Unrestricted                                   $   23,565              $   17,607
          Expenses - Unrestricted
          General and Administrative                                      $   11,930              $    11,481
          Fundraising                                                             48                       56
          Depreciation and Amortization                                          922                      803
          Other                                                                3,633                    3,983

          Total Expenses - Unrestricted                                   $   16,533              $    16,323

          Change in Net Assets, Unrestricted                                   7,032                    1,284
          Change in Net Assets, Restricted                                    (3,483)                   4,595
          Change in Total Net Assets                            $              3,549              $     5,879

* Certain September 30, 2007 balances have been reclassified to         **Total Assets and Net Assets includes restricted balances of
conform to the September 30, 2008 financial statement presentation.     $19,797 and $23,280, in 2008 and 2007 respectively.
  RHF financial statements are presented for convenience and information purposes only, and while reasonable efforts have been
  made to ensure the integrity of such information they should not be relied upon. A copy of the audited financial statements will be
  provided upon request.
                                                                 - 22 -
    The financial information presented is for the parent organization only. As such, the entities
    included are the following:
    Retirement Housing Foundation                                                                       United Congregate Care, Inc.
    Foundation Property Management, Inc.                                                                Foundation Financial Services, Inc.
    RHF Foundation, Inc.                                                                                Retirement Enterprises, Inc., Delaware
                                                                                                        Retirement Enterprises, Inc., California
                                                                                                        RHF Management, Inc.

                              Working Capital                                                                     Cash / Short and Long-term Investments

             $25,000                                                                                  $60,000

             $22,000                                 $19,458                                          $50,000
                               $15,304                                                                $40,000
             $16,000                                                                                                        $28,254

               $7,000                                                                                 $10,000

               $4,000                                                                                     $0
       (000's omitted)      2008                  2007                                         (000's omitted)        2008                    2007

                               Total Net Assets                                                                         Change in Total Net Assets

           $90,000                $79,802                                                              $7,000
           $75,000                                                                                     $6,000

           $60,000                                                                                     $5,000
               $0                                                                                          $0
       (000's omitted)     2008                   2007                                        (000's omitted)        2008                    2007

    ** Total Assets and Net Assets includes temporarily restricted balances of $18,265 and $17,601 in 2008 and 2007, respectively.
    RHF financial statements are presented for convenience and information purposes only, and while reasonable efforts have been made to
    ensure the integrity of such information they should not be relied upon. A copy of the audited financial statements will be provided on request.
The following is a summary of affiliated entities, which are not consolidated in these financial statements:
              Entity	Classification	      	      	      	     	     	                                                                 	         Number	of	Entities
Not-for-profit single-purpose entities owned and receiving government                                                                               112
subsidy, currently in operation
Not-for-profit healthcare facilities owned, currently in operation                                                                                              20
Not-for-profit properties owned, managed by others                                                                                                              10
Not-for-profit partnerships in operation                                                                                                                        11
      (ownership interest ranging from .01 percent to 16.9 percent)
Properties managed for third party owners                                                                                                                         2
Not-for-profit properties owned, currently in development                                                                                                        11
              Total	Entities	Not	Consolidated	 	        	     	     	                                                                 	         	               166
                                                                                    - 23 -
                                                        1982                              1986
                                                        The Heartland                     300 Main
                                                        Peoria, IL                        Estacada, OR
                                                                                          +Housing Options of

                                                        Plymouth Place                     Clackamas County
                                                        Stockton, CA
                                                                                          Anciano Tower
                                                        Yellowwood Terrace                Montrose, CO

     Listing of
                                                        Clarksville, IN
                                                                                          Bishop’s Glen
                                                        1983                              Holly Hill, FL
                                                        Diakonia Housing I                Carbon Creek Shores

     Communities                                        Rancho Cordova, CA
                                                        Diakonia Housing I
                                                        Sacramento, CA
                                                                                          Anaheim, CA
                                                                                          + Dayle McIntosh
                                                                                           Center for Disabled
                                                                                          The Carolinian
1965                      1975                          Marple Manor                      Florence, SC
Mayflower Gardens         Sun City Gardens              Modesto, CA
Lancaster, CA             Sun City, CA                  +MACHCO                           Gold Country
                                                                                            Retirement Center
                                                        West Valley Tower                 Placerville, CA
1966                      1976                          Van Nuys, CA
Bixby Knolls Towers       Harbor Tower**                +St. Mark’s Episcopal Church
Long Beach, CA            San Pedro, CA                                                   Great Plains Housing
                          +Warren Chapel African                                          North Platte, NE
Pioneer House                                           1984                              +Great Plains Mental
Sacramento, CA             Methodist Episcopal Church   Gold Country                        Health Center
+Pioneer Congregational   MacArthur Park Tower**          Health Care Center
                                                                                          LaFontaine Center
 UCC                      Los Angeles, CA               Placerville, CA
                                                                                          Huntington, IN
+Trinity Cathedral                                      Longfellow Plaza
                          1978                                                            +Historic Landmarks
 Episcopal Church                                       Anderson, IN
                          Pioneer Towers                                                    Foundation of Indiana
1970                      Sacramento, CA                Monona Meadows                    Lomita Kiwanis Gardens
Plymouth Square           +Pioneer Congregational       Monona, WI                        Lomita, CA
Stockton, CA               UCC                          Westminster Health                + Lomita Kiwanis Club
+First Congregational     +Trinity Cathedral              Care Center                     Malone Manor
Church of Stockton         Episcopal Church             Westminster Village Kentuckiana   Lincoln, NE
Plymouth Tower                                          Clarksville, IN                   +Malone Community Center
Riverside, CA                                                                             Pauahi Kupuna Hale
                          Auburn Ravine Terrace         1985
                          Auburn, CA                                                      Honolulu, HI
1971                                                    Charles Major Manor
                          +First Congregational         Shelbyville, IN                   Pinehurst Apts
Bixby Knolls                                                                              Palestine, TX
                           Church of Auburn
  Health Care and                                       Culver City Rotary Plaza
  Rehabilitation Center   Pilgrim Tower East**                                            Pinewood Manor
                                                        Culver City, CA
Long Beach, CA            Pasadena, CA                                                    Bremerton, WA
                                                        +Culver City Rotary Club
                                                                                          +Mt. Zion Baptist Church
Mayflower Gardens                                       Donald Jordan, Sr. Manor
Convalescent Hospital     1980                                                            San Jacinto Manor
                          Mayflower Gardens II          Garden Grove, CA                  San Jacinto, CA
Lancaster, CA                                           +Acacia Adult Day Services
                          Lancaster, CA                                                   St. Mary Tower*
1974                                                    Lake Ella Manor                   Long Beach, CA
                          Southpointe Villa             Tallahassee, FL
Pilgrim Tower North**     Rialto, CA                                                      Catholic Healthcare
Pasadena, CA                                            Pioneer Manor                       West Southern
Ralston Tower             1981                          Geneva, NE                          California
Modesto, CA               Angelus Plaza**               +First Congregational UCC         University Center
+First Christian Church   Angelus Plaza North**         Redding RHF Housing               Indianapolis, IN
+Trinity United           Los Angeles, CA                 - Butte Home                    +University Methodist
 Presbyterian Church                                      - Cottonwood Home                 Church
                          Crooked Creek Tower
+St. Paul’s Episcopal     Indianapolis, IN              Redding, CA                       Villa at Sacred Heart*
 Church                                                                                   Indianapolis, IN
                                                        Round House Manor
 (MACHCO)                 Southdale Tower                                                 Hispanic Housing
                                                        Kaukauna, WI
                          Anderson, IN                                                      Services, Inc.
                                                        - 24 -
1986 (cont.)
Vistas                                                                            The Carolinian
Van Nuys, CA
+Valley Presbyterian
                                                                                  Florence, South Carolina
Centennial Manor
Boise, ID
+University Christian
Courtenay Springs Village                Villa at Sacred Heart
Merritt Island, FL
                                         Indianapolis, Indiana
Escalon Heritage House
Escalon, CA
+Saron Lutheran Church
+Escalon Christian
 Reformed Church
+Escalon Presbyterian
Fajardo Elderly Apts
Fajardo, Puerto Rico
Madison Heritage Apts
Madison, IN                      Southpointe Villa
+Madison Presbyterian            Rialto, California
Mission Palms
Mission, TX
Pilgrim Place
Mason City, IA
+First Congregational
Prairie Grove Apts
East Prairie, MO                                                 Guadalupe Senior Apts
+East Prairie Chamber
                                                                 Denver, Colorado
 of Commerce
Redding Pilgrim House
Redding, CA
River City
  Residence Club
Sacramento, CA
+Transitional Living
 and Community
 Support, Inc.                                                                           Pioneer House
1988                                                                                     Sacramento, California
Dogwood Apartments
Milledgeville, GA
The Gateway
Poway, CA
Guadalupe Senior
 Apartments                 +Cosponsor
Denver, CO                  *Third Party Management
+Del Norte Neighborhood     **Syndicated Project
 Development Corp.
                                                      - 25 -
1988 (cont.)               1990 (cont.)                      1992 (cont.)                  2001
Maple City Square          Grace Place                       Valley View Apts              Colonia Jess Lopez
La Porte, IN               Norfolk, VA                       Manitowoc, WI                 Los Angeles, CA
+St. Paul UCC                                                Wilshire House
                           La Mirada Vistas                                                Colonial Gardens
Marymount Manor            La Mirada, CA                     Santa Monica, CA              Florence, KY
Tacoma, WA
+Sisters of St. Dominic    Lindsay Place                     1993                          Cornerstone Gardens
                           Lindsay, OK                       Virginia Park Apts            Houston, TX
Olson Rotary Village                                         Des Moines, IA
Delano, CA                 Mill Pond Manor                                                 Esperanza Apartments
+Delano Rotary Club        Saline, MI                        1994                          Seattle, WA
                           +Evangelical Homes of             Cocalico Place
Richardson Manor             Michigan                        Ephrata, PA                   Park Place
Milwaukee, WI                                                +Bethany UCC                  Seattle, WA
+WAICO Handicapped         Pecan Place
                           Bonham, TX                                                      Symphony Plaza East
 Housing, Phase II, Inc.                                     Harry and Jeanette            Boston, MA
Vacaville Autumn Leaves    Sangnok Villa                     Weinberg Philip Street Apts
                           Los Angeles, CA                   Honolulu, HI                  Symphony Plaza West
Vacaville, CA                                                                              Boston, MA
+California Grange         +Korean American Christian
                            Evergreen Assn.                  1996                          The Stearns
1989                                                         The Carlin                    Boston, MA
                           Villa Nueva                       Arlington, VA
Anaheim Memorial Manor     Los Angeles, CA
Anaheim, CA                                                                                2002
                           Winslow Manor                     1997                          Amistad Plaza
Camelot Village            Winslow, AZ                       Cardosa Village               Los Angeles, CA
Council Bluffs, IA                                           Sacramento, CA
                           Yorkshire Place                   +Transitional Living and      Benson Manor
Casa de Pinos
                           Cape May, NJ                       Community Support, Inc.      Smyrna, GA
Prescott, AZ
                                                             Granada Gardens               Seabury Heights
Cimarron Court             1991
                                                             Granada Hills, CA             Worchester, MA
Kearney, NE                Crescent Manor
Colonial Heights           Mesquite, TX                      Haven 501 Apartments          2003
Florence, KY               Kemet House                       (Madison Avenue)              Binnall House
The Concord                Chesapeake, VA                    Los Angeles, CA               Gardner, MA
Pasadena, CA                                                 Haven 501 Apartments          Gateway Gardens
                           Laurel Park Manor
Gaslight Apts              Los Alamitos, CA                  (Burlington Street)           Poway, CA
Converse, IN                                                 Los Angeles, CA               Hollyview
+Kokomo OIC, Inc.          Mesquite Gardens
                           Mesquite, TX                      Haven 502 Apartments          Los Angeles, CA
Lakeview Manor                                               Los Angeles, CA               Independence Square
Storm Lake, IA             Towne Creek Apts
                           McKinney, TX                      Rio Vista Village             Evansville, IN
Loess Hills Estates                                          Los Angeles, CA               King James Court
Glenwood, IA               Verde View
                                                                                           Orange, MA
                           Camp Verde, AZ
Miracle Manor                                                1998                          Pine Crest
Edna, TX                   1992                              Creekbend Gardens             Orange, MA
Westover Manor             Adam and Bruce Apts               Houston, TX
                                                                                           Village Pointe
Cedar Rapids, IA           Fort Wayne, IN                                                  Norfolk, VA
                           +True Love Missionary             2000
                                                             Abbey Apartments              +First Baptist Church of
1990                        Baptist Church                                                  Lambert’s Point
Bennett Place                                                Indianapolis, IN
                           New Hampshire Apts                                              2004
Pittsburgh, PA
                           Los Angeles, CA                   DeSmet Retirement Community   Los Arcos
+Action Housing
+ Operation Better Block   Stone Creek Village               Florissant, MO                Poway, CA
                           Phoenix, AZ                       St. Catherine                 Mason Place
Capital Court
Corydon, IN                Sunny Isle Housing                  Retirement Community        Boston, MA
+Hoosier Valley              for the Elderly                 Florissant, MO                Lowell Place
 Economic Opportunity      Christiansted, St. Croix,         The Cloisters                 Bakersfield, CA
 Corporation               The Virgin Islands                DeLand, FL                    +Bakersfield Senior Center
                                                        - 26 -
2004 (cont.)
North Capitol at Plymouth    Bennett Place
Washington, D.C.             Pittsburgh, Pennsylvania
 Congregational UCC

Douglas House
Brockton, MA
Hamilton Wade
Brockton, MA
Ingleside Manor
Macon, GA
Northvale Village
Houston, TX
Oak Knoll Villa
San Antonio, TX

Providence Place
Salem, OR
Farrfield Manor                                  Round House Manor
Columbus, GA
                                                 Kaukauna, Wisconsin                        Farrfield Manor
2008                                                                                        Columbus, Georgia
Bexton Place
San Antonio, TX
Harvest Pointe
Loveland, CO

Under Construction
Mount Beulah Terrace
Pagedale, MO

Pre-Construction                                                       Mt. Beulah Terrace
Broadwood Terrace                                                      Pagedale, Missouri
Paloma Terrace
The Whittier
Whittier Blvd. - Senior
Los Angeles, CA
Harshfield Terrace
Quartz Hill, CA
Village Gardens
Norfolk, VA

   Paloma Terrace
   Los Angeles, California

                                                         - 27 -
       Housing and Services Information
State # Units/ Beds
AZ          163
CA        7,028
CO          166
DC           69
FL          959                                  WA
GA          279                                    4

HI           82
IA          194                                                                    ID
ID           40                                                                      1
                                                                                                                                                        WI                                                                                           10
IL          150                                                                                                                                          4
                                                                                                                                                                                     1                                            PA
IN        1,538                                                                                                           NE
                                                                                                                                                                                                                                   2        NJ
KY          246                                                                                                           4                                  IL          IN                                                                     1
MA        1,582                        CA
                                                                                                                                                             1           17                                                           VA   DC
MI           48                        61                                                                                                           3
                                                                                                                                                                                                                                      4     1             PR
MO          214                                                                                                                                                                                                                                           1               U.S. VI
NE          116                                                                            AZ
                                                                                                                                                                                                              SC                                                                1
NJ           55                                                                            4
OK           30
OR           93                                                                                                           TX
                                                                                                                                                                                                                                           Greater than    1,500 Units
PA          113                                                                                                           11
                                                                                                                                                                                                                                           750         to 1,500 Units
PR           60                                                                                                                                                                                                             FL
                                                                                                                                                                                                                                           100         to    750 Units
SC          144                                                                                    HI
                                                                                                                                                                                                                                             0         to    100 Units
TX          634                                                                                     2
                                                                                                                                                                                                                                           # of Communities
VA          300
VI           55
WA          284
WI          196                                                                   Total RHF Housing Units/Beds Equals 14,838


                                                                                                                                                                                                   TAX EX BONDS/LIHTC/9 (1,456)
                                                 Harbor Tower Trust (241)


                                                                                                                                                                  Mortgage/8 (242)
                                                                            HUD 202 (67)

                                Senior Housing                                                                                                                                                Special Needs Housing
                                                                                           Assisted Living
                                                                                                        Skilled Nursing                                                                                                                                        Family (606)

                                                                                                                                                                                                                                                                              - 21 -

     Residential (12,427)
                                                                                                                                                         Mobility Impaired
                                                                                                                                                               (208)                                Chronically                             Developmentally
                                                                                                                                                                                                   Mentally Ill (56)                         Disabled (12)

      Total Senior Units/Beds:13,956                                                               (# Units/Beds)                                  Total Special Needs Units/Beds: 882                                                                         (# Units/Beds)

                                                                                                                                                                                                                                                                              - 19 -
                                                                                                                          - 28 -
           Honoring a
        Lifetime of Work
  “We are pleased to inform you that the American Association of
  Homes and Services for the Aging has selected you for the 2008
  Award of Honor. This award, AAHSA’s highest honor, is given
  in recognition of your exemplary national leadership and commitment
  to creating the future of aging services and reinforcing AAHSA’s
  fundamental values.
  As a volunteer leader, you have always been at the forefront in working
  with AAHSA, Aging Services of California, IAHSA and other
  organizations to achieve workable answers to the tough questions
  facing our field and innovative solutions to the housing and service
  needs of seniors.
  Under your leadership, RHF has been a standard-setter, and you have
  been most generous in sharing your vision of affordable housing and
  services with our entire field. You are passionate about providing for
  low-income seniors, and that passion shines through when you are
  called upon to testify before Congress or address civic, religious and
           service groups on our nation’s housing and supportive services
           needs. Yours is one of the truly creative minds in our profession,
           and you are widely known and respected for your drive to
           create solutions to meet the growing need for affordable housing.
           Congratulations on this well-deserved honor.”
           Thomas Slemmer                          Larry Minnix
           AAHSA Board Chair                       AAHSA President

           On October 12, Dr. Joseph was nationally recognized for
           his years of work in the area of affordable housing. The
           national Board of Directors, along with the staff of RHF,
is proud of Dr. Joseph and his lifelong work in the area of affordable
It is with pride that the RHF Board of Directors has established a
fund - The Laverne R. Joseph Affordable Housing Fund - in honor
of him and his work.
Monies contributed to this fund will help finance RHF’s work in
   building affordable communities for seniors, low income
   families and persons with disabilities throughout the country.
    Pictured to the left (top to bottom); Dr. Joseph’s announcement
    at the Philadelphia conference of AAHSA; Dr. Joseph and
    Thomas Slemmer, AAHSA Board Chair at the presentation;
    Dr. Joseph speaking to more than 6,000 people at the
    conference; and Dr. Joseph with Larry Minnix (President
    of AAHSA) and Don King (RHF Board Chair) at an RHF
    reception in his honor. AAHSA, Aging Services of California,
    and the Council for Health and Human Services also held
    receptions in his honor during the week-long conference.

        - 29 -
                            Fund Development
                                        People Helping People:
                                            Bill Warrick
                                    “My appreciation of Retirement Housing Foundation’s mission
                                    and mode of operation began in the early 1990’s and matured
                                    rather quickly to the high level where it continues today. The
                                    process was hastened by the opportunity to attend occasional
                                    RHF meetings and to visit their communities in California and
                                    several other states,” says William (Bill) Warrick.

                                       When asked what he thinks makes RHF so special, Bill replies,
                                       “From my earliest observations it was easy to sense the quiet
dedication and spirit of the national Board of Directors and local
Boards. These talented and experienced people from various walks            “I am proud to be a
of life are carefully evaluated before being invited to join as non-paid      Circle of Friends
volunteers. Management and other key employees at the Long Beach             donor and provide
headquarters and in the field display strong talent and enthusiasm for      help for generations
the mission of the organization.”
                                                                                      to come.”
Bill Warrick was born in Scranton, Pennsylvania. His father (also Bill)
was a Civil Engineer with the Pennsylvania Department of Highways. “Dad Bill” was transferred to
various cities in the state while “young Bill” was proceeding through his early school years.

After graduating from high school in Hollidaysburg, Pennsylvania and a military tour in Europe during
WWII, “young Bill” returned to earn college degrees from Penn State and the University of Pittsburgh.
After graduation he began work for Atlantic Refining Company, a major oil company which later
became ARCO. Over a period of 35 years at ARCO, during which the company acquired two
other major oil companies, Richfield Oil Corporation and Sinclair Oil Company. Bill held
several management positions in Sales & Operations, Corporate Planning, and finally as Manager,
Distribution Engineering.

In the summer of 1985, business associates at ARCO
Chemical Company advised Bill that a company in Spain,
with which they had two major projects, was interested
in his background and would like to contact Bill regarding
a consulting position which could help their entry into
what was then called the European Common Market. Bill
met with the President and Board Chair of what is today’s
Repsol, accepted the position, and 10 weeks later moved to
Madrid for 2 years, followed by 12 more years of consulting
work in the United States and visits to Spain.                  Bill with his wife, the late Jean Moore Warrick
                                 (Continued on next page)
                                                - 30 -
                          RHF Circle of Friends
    The RHF Circle of Friends is our legacy society. There are many ways to qualify for
    membership, such as RHF gift annuities that provide lifetime income to the donor, life
    insurance, real estate gifts, charitable remainder trusts, and gifts from pension fund assets
    and/or simply including RHF in your Will or Trust. For more information in confidence
    and without obligation, contact Paula Jameson, CFRE, at (562) 257-5141.
    We are grateful for our RHF Circle of Friends members:
           Karolla Brice                                        Lydia Cerveny
           Jean G. Dremstedt                                    Mr. & Mrs. Raymond E. East
           Bernice E. Elkin, MD                                 Robert S. Fliehmann*
           Dolores P. Foga                                      Burton L. French
           Toshiko Okazaki Fukuda*                              Alice R. Good*
           Wanda Haudek*                                        Rev. Dr. Teruo & Kiku Kawata
           Paula E. Jameson                                     Laverne R. Joseph
           Eveleth “Evie” Miller*                               Jean Moore Warrick*
           Major Fitzhugh L. O’Neill*                           Jean H. P. Oppenheimer
           Eric H. Pierson*                                     Rev. Dr. Robert A. & Christina E. Potter
           Barbara J. Ricker - In Memory of Emma (Sam) Ricker   Elsie Valek
           Miriam P. Vandenbush*                                Anna Mae Wakefield*
           Richard Walinch*                                     William L. Warrick
           Eleanor J. West                                      Norman A. Whaley*
           Vera Wolpert*
           (*indicates members who have passed away)

People Helping People: Bill Warrick (cont.)
Bill and Jean Moore were acquainted at ARCO, but he knew nothing about RHF until 1991 when
they were preparing to be married. He learned quickly, however, about Jean’s long-time dedication
to RHF’s work as the first woman member of the Board of Directors. She served on the Board
until her death in 2004, and was Board Chair from 1994 to 1999.

We are saddened by Jean’s untimely death, but pleased that Bill remains dedicated, not only by
his monetary support to the RHF Mission, but also by his continuing service on the RHF Advisory
Commission and as Vice President of the RHF Foundation Board of Directors. His management
experience is valuable to RHF.

During their 13-year marriage, Bill and Jean traveled together to many places in the world. One
of their highlights was in 1994 when they attended the emotional and historic 50th Anniversary of
D-Day on the beaches of Normandy. In 1994 Bill and Jean visited the WWI battlefields where his
father saw heavy combat as an artillery forward observer.

Bill has many interests including travel, reading, golf, growing roses and of course RHF. He lives
in San Diego with a large orange Tabby cat, “Mr. Miles.”

He is proud to have included RHF in his estate plans. He states, “RHF is a people-friendly organization
which merits broad support from those able to help! I am proud to be a Circle of Friends donor and
provide help for generations to come. It’s all about people – those helping and those helped.”
                                                          - 31 -
                                         Our Donors
                                                         First Congregational UCC,   Karen King
                                                           Corona, CA                Urwin & Doris Kraut

                                                         First Congregational UCC,   Anita Kristiansson
                                                           Santa Ana, CA             Souren Kurkjian
                                                         Raisa Flaum                 Chin Kwon
                                                         Betty Ford                  Ki Kyong

            National                                     David & Bonnie Frechette
                                                         Paul & June Frohe
                                                         Rafael Fuentes
                                                                                     La Fontaine Center Resident Assoc.
                                                                                     Kwang Lee
                                                                                     Tae Bum Lee

            Office                                       Toshiko Fukuda Estate
                                                         Sadie Giangrande
                                                         Ella Gilliam
                                                                                     Byung Lee
                                                                                     Bryant Bank Lee
                                                                                     Mary Jane Lemire

                                                         Glen Haddock                Leverage Productions, Inc.
                                                         Sun Ham                     Pat Logston
                                                         Helen Heidenreich           Los Altos UCC, Long Beach, CA
                                                         Ahmad Hendessi              Victor & Sally Lucas
                                                         Elizabeth Henneberger       Angel Macias
                                                         Elmer Hernandez             Maria Marimba
Nancy & Curtis Ackley       Dora Chao                    Wilfred Ho                  Peggy Matthews
Sara George Adeh            Cenaida Charra               Louise Hogan                Janice McNeilly
M. Aguilar                  Kitty Chen                   Kimberly Howell             Flora Mejicanos
Sang An                     In Cho                       Terry & Debra Hutchings     Emilia Menacho
Rosa Andrade                Veronica Cho                 Lydia Ilano                 Florence Milliot
Anonymous                   Angelo & Gemma Chon          Anne Introcasa              Roman Moncayo
Constance Armistead         Jin Up Chung                 Isho Hasso Isho             Norman & Frances Moore
Esther Arzola               (The) Cloisters Residents    Thomas Jacobson             Irene Morales
Juletta Atoyan                 Association               Frank & Roberta Jahrling    Dennis Morales
Isabel Ayala                Community Congregational     Lester Jarvix               Delia Moreno
Christine Baca                 UCC, Los Alamitos, CA     Juan & Maria Jimenez        Patricia Morris
Bank of America             Paul Coomer                  Christine Jirovetz          Robert Mumm
  Charitable Distribution   Cross Roads Community        Douglas & Mary Jirovetz     Barbara & Richard Neer
Maria Barajas                  UCC, Lakewood, CA         Steve Johnson               Mansoureh Nilkhani
Alma Bautista               Joe DaSilva                  Virginia Jones              Gloria Norman
Bay Shore Congregational    Gladys Davis                 Young Jung                  Vioulet Nosrati
  UCC, Long Beach, CA       Neo Davis                    Ricardo Justiniano          Linda O’Neal
Sally Behan                 Maria De la Maza             Mark Kadzielski             Bo Pak Ock
Leana Bentley               Leonor Deatherage            Bong Kang                   Marlene Olsen
Angelina Bondoc             Ignacia DeDios               Esther Kasbeer              Palmer Kazanjian Wohl Perkins, LLP
Georgia Boolootian          Virginia Deeds               Katten Muchin Roseman LLP   Carmen Parenzuela
Kathleen Breen              Francisca DeFunes            Parkash Kaur                Young Park
Karolla Brice               Teresita DeGuevara           Ellen Kawata                Kathleen Parker
Kevin Bruso                 Phillip DeLao                Teruo & Kiku Kawata         Carmen Parrilla
Akemi Burton                Bonita Villalobos            William & Young Kim         Helen Peiker
Guillermina Calloway           Dempster & Family         Young Kim                   Flavia Perine
Carmen Casillas             John & Jackie DiCecco        Yong & Jung Kim             Norma Plaza
Alba Castelli               Elsie Dixon                  Kwan & Hak Kim              Lisa Pourpasand
Roque Cauich                Bernice Elkin                Jee & Kum Kim               Ok Pyon
Adelaida Centeno            Carolina Enriquez            Chul Kim                    Alberto Ramirez
Carlos Cervantes            Charles & Gail Fain          Chong & Pyong Kim           Adelaida Ramos Vazquez
Chong Cha                   Therese Farrar               Jong & Tae Kim              Benjamin Recca
Venkat & Sharada Chalan     J. K. Fernan                 Chun Chong Kim              Ray Reese
                                                        - 32 -
Patricia Reinhardt                Frances Stephenson
Roger Resinger                    Sun City Gardens Residents       In Honor of
Reuben Raucher & Blum             Mattie Mae Taylor
Robert & Donna Rheiner            Gertie Taylor                     Collen Adams                   Richard Keller
Philip Riggio                     Theodora Oringher Miller               Mark Kadzielski             Edna Keller
Meryln Robinson                     & Richman                       Rex Cole                       Grace Jirovetz
Mamie Robinson                    Thompson Coburn LLP                    Edna Keller               John & Jackie DiCecco
                                  Yousef Torkamani                  Tony Gillette                  David & Bonnie Frechette
Ramona Rodriquez
                                                                        Judy Brunetti              Christine Jirovetz
Cristina Romero                   John & Shirley Trnka
                                                                    Laverne R. Joseph              Douglas & Mary Jirovetz
Alejandro Romero                  Union Bank of                                                    Victor & Sally Lucas
Pedro Romualdo                      California Foundation               Carmelita Bell
                                                                        James & Sarah Caldwell     Jeffrey & Lori Van Dalen
Maria Rosario                     Jeffrey & Lori Van Dalen                                         Linda Listoe
                                                                        Ray & Caroline East
Realo Rosenvante                  Benjamin Vega-Alfaro                                             Brigitte Dewez
                                                                        Don & Mary King
Gaetano Russo                     Paz Villaflor                         Nancy & Dailey McPeak      Paul A. Mac Phee
Georgina Salcedo                  Violet Vincent                        Larry & Kathleen Minnix    Margery Mac Phee
Maria Sargis                      Mozella Walker                        Helia Prsha
                                  Anita & Paul Waller                                              Rev. Raymond A. Maier
Joyce Sears                                                             RHF                        Linda Forsberg
Moe Shah                          Francis Welch                         John & Shirley Trnka
                                  Phillip Weldon                                                   Patrick Sheetz
Lona Shaw                                                           George Keller                  Judy Brunetti
                                  Mr. & Mrs. Roger Weston
Stewart Simington                 Douglas & Nancy Wickstrom              Edna Keller               Cheryl Stich
Roger Simpson                     Dawn Winson                       Joseph Keller                  Renee Gerry
Iluminada Sison                   Robert Winston                         Edna Keller               Michael Stich
Ruth Skelton                      Chung Yoon                        Stephen Keller                 Renee Gerry
Alys Fram Solar                   Jon & Myung Yoon                       Edna Keller               Marguerite Warner
St. Peter’s UCC, Evansville, IN   In Yoon                                                           Edna Keller

                                         THANK YOU 2008 MAJOR DONORS
             We are grateful to the following donors and businesses who contributed to the mission of RHF
          and we recognized them at our 47th Annual Meeting in February 2008. Thank you to the following:
                                                                    PLATINUM $7,500
                                                    California Bank & Trust Comerica Bank-California
                                                  Latham & Watkins NAHT Schochet Associates, Inc.
                                         Sullivan Curtis Monroe Theodora Oringher Miller Richman US Bank

                                                                      GOLD $3,500
                                                 Dauby O’Connor & Zaleski   Designer Sound Security Systems
                                                            Reuben, Raucher & Blum     WAMU

    Thank you                                    Christensen’s Designs
                                                                       SILVER $1,500
                                                                          DaVinci Communications HPSI
      Major                               Land America Novogradac & Co., LLP MMA Financial Web Service Co

                                                                   SILVER BRONZE $1,000
                                                        Bocarsly Emden Cowan Esmail Parker & Arndt LLP

                                                                              BRONZE $750
                                                             Diversified Risk Management      HD Supply
                                                Hill Ward Henderson      Ice Miller LLP  Katten Muchin Rosenman LLP
                                                                    Palmer Kazanjian Wohl Perkins

                                                                        FRIENDS ($749 and under)
                                                   The Abo Group Inc.     AFLAC       Alpha Construction Co., Inc.
                                                          Compo Construction      Freedom Works Staffing
                                                                  Jirovetz Family    David Stern
                                                                        John & Shirley Trnka
                                                               - 33 -
                                           Our Donors
                                                             Angelus Plaza                  Angelus Plaza
                                                             Los Angeles, CA                Los Angeles, CA
                                                             ISOTECH Pest Management        Martha Spinks
                                                             Dr. Laverne Joseph             SRO Housing Corporation
                                                             Charles D. Kaufman             Helen D. Steward
                                                             Kawada Hotel                   TCA Architects
                                                             J. Jeffrey King                Union Bank of California, N.A.
                                                             Robert E. Klenck, M.C., Inc.   Unique Medical Equipment
                                                             Erin S. Knight                   & Supplies
                                                             Korean Friendliness Club       United Health Care Services, Inc.
                                                             KTGY Group, Inc.               U.S. Bank Commercial
                                                             LA Mart-Merchandise              Real Estate Group
                                                                Mart Properties, Inc.       USC
    Dr. Laverne Joseph and Paula Jameson accept a            Yuhuan Lan, M.D.               Valley Commercial Contractors
    $25,000 grant from Union Bank of California’s            Los Angeles Council of         Margaret Wan
    Rossina Gallegos (V.P - Community Development
                         .                                      Filipino Americans, Inc.    Dr. Xin Wang
    Office) and Johanna Gullick (V.P - Community
                                    .                        Dr. Edmund Lee                 Web Laundry Service
    Development Finance).                                    The Legion of Mary Los         Wells Fargo Bank
                                                                Angeles Regional Senatus    Elizabeth O.C. Wong
DONATIONS TO RHF COMMUNITIES                                 M. Leisenbach                  Dr. King Yue Wong
                                                             Lennar Communities             YI-Ping Acupuncture
The following donors contributed a monetary gift to the      Phoebe Liebig                  Annette Young
corresponding community from 1/1/08 to 12/31/08:             Richard Lieboff                Mimi D. Yu, Ph.D.
                                                             Little Tokyo Service Center
Adam & Bruce Apts            Angelus Plaza                   J.T. Liu                       Bishop’s Glen
Fort Wayne, IN               Los Angeles, CA                 L&R Auto Parks, Inc.           Holly Hill, FL
Council on Senior Services   City National Bank              LTSC Community
                                                                Development Corporation     Miriam “Mimi” Peterson
                             Colburn School of Music
                                                             Guy Seiji Mayeda, M.D.          Vandenbush
Angelus Plaza                Congress of California          Terrence M. McGrath
Los Angeles, CA                Seniors                       Andrew Montealegre             Charles Major Manor
                             Command Guard Services          Olga Maser Morgan
ABC Studios                                                                                 Shelbyville, IN
Ampco System Parking         Community Redevelopment         Morley Builders
                               Agency of the City of L.A.    Ervin R. Munro                 Anonymous
                             John Coyle                      National Housing Trust         Artrageous Pottery
Joan Anderson                                                NBC Universal
                             Culver Dairy, Inc.                                             Chaparral Café
Margarite Baghdanian                                         Thomas J. Neary                Colour Palette
Bank of America              Delores M. Dennard
                             Arline Denny                    Networx Corporation            Comfort Inn
Veronica Perez Becker                                        Fabian Nunez,                  Culligan
William E. Bloomfield        Peter A. Di Carlo
                                                                Speaker Emeritus,           First Methodist Church
Dr. David Boyer              L. Eugene Dudley                   CA Assembly
                             Dr. Andrew Fishman                                             Freeman Family Funeral Homes
Peter M. &                                                   Lilia s. Pagsisihan
                             Judaea Fishman-Radcliffe        Li Chun Pan                    Grover Museum
  Roberta Goldberg Braun                                                                    JB’s Radiator
California Lung Associates   Forum Medical Group             Pearce Consulting, Inc.
                             Catherine Fredinburg            Ping On Pharmacy               Long John Silvers
Catholic Healthcare West/                                                                   Sander’s Jewerly
                             Margaret Glick                  Richard M. Powell
  California Hospital                                        Chris Ragon                    WSVX Radio
  Medical Center             Golden Age Entertainment
                               Companion Radio               Harold E. Reaves, M.D., Inc.
Central City Association                                     The Resource Collection
                             Good Samaritan Hospital                                        Cocalico Place
Dr. Lawrence Char                                            Timothy D. Reuben
                             Grand Central Square, L.P  .                                   Ephrata, PA
David Chellman                                               Terry D. Rothgeb
Johnson B. Chew              Rosanne Hawkins                 Ronald B. Samuels              The Sharp Shopper
Chinese Resident Club        Kirby N. Higashi                Richard M. Seigel              Wal-Mart
                                                            - 34 -
                                          Our Donors
Colonial Heights & Gardens LaFontaine Center
Florence, KY               Huntington, IN
Family of Mil Fedders               ,
                              AARP Huntington Chapter
Joseph & Diane Geiger         Lois Brown
Genevieve Harris              Lynn Gamble
Jack & Sarah Harvie           Laura Haley
Mrs. Robert Horn
                              Robert Neely
John & Clare Reiss
Steve & Barbara Renaker       Lake Ella Manor
Bill & Julie Rice             Tallahassee, FL
Mr. W.C. Whitson
                              Dr. & Mrs. John Agens
DeSmet                        Ramona Leon
Florrisant, MO                Garce Martin              Residents of Bishop’s Glen
                                                        will enjoy this new gazebo that
Family of Helen Theisman      WellCare Health Plans
                                                        was built with a legacy gift
Farrfield Manor               Lindsay Place             from Circle of Friends member,
                              Lindsay, OK               Major Fitzhugh L. O’Neill.
Columbus, GA
Amanda Hughes                 Floyd & Mary Midkiff
McIver & Associates
Publix                        Longfellow Plaza               Park Place                   Richardson Manor
Tower Construction            Anderson, IN                   Seattle, WA                  Milwaukee, WI
Gateway & Gateway Gardens     Northstar Aerospace            Seattle South End            Wisconsin Conference - UCC
Poway, CA                                                      Coalition Group
                              Monona Meadows                                              Round House Manor
Dick Barber                   Monona, WI                     Pilgrim Place                Kaukauna, WI
Beth Fleming                  Angelus Retirement             Mason City, IA
Col. J.K. & M.L. Johnson                                                                  Anonymous
                                 Community                                                Sisters of St. Francis
Augusta Knuth                 J.K. Fernan                    Bonanza Steakhouse
Ollie & Sharon Padzensky                                                                  Wisconsin Conference - UCC
                              Madison Area Master            Pioneer House
Katy Polson                      Gardener’s Association
Rancho Bernardo                                              Sacramento, CA               St. Mary Tower
                              Wisconsin Conference - UCC
  Toastmasters-Club                                                                       Long Beach, CA
  #112/District 5                                            Milo Chun
                              North Capitol at Plymouth
John & Edith Roberts                                         Sacramento Walking Sticks    Farmers & Merchants Bank
                              Washington, DC
Harold & Rosalie Rubenstein                                  In Honor of
                              De Angela C. Ali
                                                                                          Sunny Isle Housing
Bill & Nancy Schneider                                         Gloria von Lippmann
TEC Group 37                  Robert Bondzie                                              St. Croix, VI
                                                               By Randele Kanouse
                              Pastor Bush                                                 Milton Henry
Independence Square           Mary Cooper                    Pioneer Towers
Evansville, IN                Simpson – Hamline              Sacramento, CA               Hovensa L.L.C.
                              Sherrie Patterson                                           Oliver Exterminating
American Sanitary             Venita Phillips                Robbie McMullen
Independence Square           The Jazzy Ladies               Pioneer Towers Resident      Valley View Apartments
  Resident Council              Sewing Club                    Council                    Manitowoc, WI
Mark Rolley Consulting        Catherine Veney                                             Wisconsin Conference - UCC
                                                             Plymouth Tower
Ingleside Manor               Olson Rotary Village           Riverside, CA                Westover Manor
Macon, GA                     Delano, CA                                                  Cedar Rapids, IA
                                                             Kanon R. Artiche
Vicky Ellis                   Cinco de Mayo Festival         Estate of Harold Funk
                              Delano Rotary Club                                          Eden UCC
Ingleside Manor Social Club                                  Estate of Robert Stucker
                                                                                          Karmen A. Shedenhelm
                                                           - 35 -
                                             Our Donors
      Special                                     Union Bank of California
                                                                                   For Their

      Thank                                            Generous 2008
       You                                        Grant Support of $25,000
                                            In Memory Of . . .
. . . Raymond Amberg            . . . Gertrude Chapman             . . . Alan Furuta                   . . . Lizanne Moncrief
Collen Adams                    Robert & Mary Lynn Jacobson        Laverne R. Joseph                   William Moncrief
Caroline & Ray East             Laverne & Ginger Joseph
Cheryl Howell
                                                                   . . . Sena “Mickey” Gibson          . . . Hemul Patel
                                Don & Mary King
Paula & Russ Jameson            Milton & Jennie Lee                 Linda & Jordean Listoe             Ratilal & Sharaben Patel
Laverne & Ginger Joseph           Kingsland
Harvey & Beth Oringher                                             . . . Clark Harshfield              . . . Buni Rader
                                Harvey Laib
John Monroe                                                        Ernest Fowler                       Tom & Yuri Masuda
Reuben Raucher & Blum           Jean & Robert LaPerriere                                               Nancy & Dailey McPeak
                                Mary Ann & Richard Lemon           Rev & Mrs. Charles Schepel
   Stephanie Blum                                                  Roger & Jane Simpson
   Stephen Raucher              Tom & Yuri Masuda                                                      . . . Claudia Thomas Sargeant
   Timothy Reuben               Dianne McKenzie                    . . . Paul A. MacPhee               Caroline & Ray East
Schochet Associates, Inc.       Alexander Rice
                                                                   Margery MacPhee                     . . . Dale Smith
Larry Webb                      Stewart Simington
. . . Frank Casadas             Arthur Smith                       . . .Norman E. Marks                Joyce Soumokil
                                Shirley & John Trnka               Beverly Marks & Family
Laverne R, Joseph                                                                                      . . . Cheryl Stich
                                Thomas & Patricia Vandewalle
. . . Gertrude Chapman          Charles Vartanian                  . . . Lt. Col. Donald Moore         Renee Gerry
                                William L. Warrick                 Judith Moore                        . . . Michael Stich
Collen Adams                    Lucile Whittier
Robert Amberg                                                      . . . Jean Moore Warrick            Renee Gerry
Virginia Cobb                   . . . Vi Carter                                                        . . . Bill Wallace
Jacqueline Coffroth                                                Ron & Phyllis Anatole
                                Laverne R. Joseph                  Lois Bahm                           Karen Zapata
Catherine Collinson
James & Madeleine               . . . Mary Denny                   Margery & Wendell Edgerton
                                                                   Paula & Russ Jameson                . . . Merrill Whittier
Disher Family                   Linda & Jordean Listoe             Ginger Joseph                       Tom & Yuri Masuda
                                                                   Nancy & Dailey McPeak               Lucile Whittier
Ray & Caroline East             . . . John Dunnigan
Grace & Ron Hitomi &                                               Norman & Frances Moore              . . . Houston Whitlock
  Family                        Jean Gill                          Tom & Yuri Masuda
                                                                   William L. Warrick                  Georgia Whitlock

            RHF Foundation Approved As a Combined Federal Campaign (CFC) Member
            In the summer of 2008, RHF Foundation was notified that our CFC application was approved. This makes it easier for federal
            employees to make a donation to us via payroll deduction and/or check. We received assistance from Aging and Disabilities
            Charities of America (ADCA), a non-profit organization and a federation that reviews applications and distributes donated funds.
            There are currently more than thirty federations within the CFC, most of them, like ADCA, organized around a specific theme.
            Approximately 1,900 national organizations and 40,000 local organizations qualify for the CFC annually.
                                                                - 36 -
Our staff members perform important daily duties to make shelter and service
a reality for the people we serve. Staff members who additionally choose to
voluntarily support RHF through monetary donations are contributing to                             2008 RHF
the fiscal health of our mission. We are extremely grateful for their optional
financial commitment as well as the investment they already have made with
their hearts, lives and careers.
                                                                                                  Team Givers
The following staff members personally contributed to our mission in 2008:
Collen Adams                   Lynn Gamble                     David Lloyd                                        Edwardo Salud
Kathy Almers                   Perry Glenn                     Cynthia Lyons                                      Michael Sands
Robert Amberg                  Fostine Gotierrez               Brian Magnone                                      Wendy Scott
Shana Anders-Hastings          Anna Graddy                     Mark Malloy                                        Judy Shaw
Anonymous (2)                  Dee Hammer                      Mary Midkiff                                       Scott Siehr
Geroge Asato                   Calvin Hara                     Erin Montegut                                      Joanne Silva
Ken Ayala                      Stuart Hartman                  Diane Moulton                                      Susan Siverling
Mitch Bachtel                  Emily Hidalgo                   Robert Nathan                                      Jennifer Staley
Nada Battaglia                 Cheryl Howell                   Linda Newsome                                      Teresa Stanley
Duncan Bradbury                Paula Jameson                   Steve Nicoloro                                     Deborah Stouff
Toni Canencia                  Pam Jennings                    Barbara Olivas                                     Edwin Sundareson
Jacqui Chew                    Laverne Joseph                  Peter Peabody                                      Fran Tarjany
Heather Cline                  Ken Kaser                       Gloria “Berta” Pedregon                            Karleen Thorpe
Dave Cooley                    Lorri Kavich                    Delores Peters                                     Olga Torres
Billie Culverson               Teresa Kennedy                  Alejandra Phillipsen                               Florence Webb
Lloyd Davis                    Donna Kerby                     Chris Ragon                                        Joella Willey
Philamena Decker               Arnold Kim                      Margie Rauen                                       Gloria Williams
Pamela Derke                   Jay Krause                      Barbara Ricker                                     Judy Williams
Conrad Dungca                  Dina-Marie Kulzer               Tina Robinson                                      Theresa Williams
Vicky Ellis                    Cathy Lavario                   Frank Rossello                                     Diane Wink
Maggie Engelberg               Julie Lemke                     Cynthia Rudon                                      Daniel Wolf
Linda Forsberg                 Lynn Lichtenstern               Gloria Ruiz
                                      In burgundy = Sterling Club members-donation via payroll deductions

                       · Affordable Housing Fund - assists RHF in preserving and creating new affordable housing.
                       · The Laverne R. Joseph Housing Fund - a fund established by our Board of Directors in honor
        RHF              of our President/CEO and his accomplishments to further the affordable housing mission.
                       · Clark Harshfield Affordable Housing Building Fund - in honor of one of our founders
       FUNDS           · Resident Benevolence Fund - provides funds to RHF residents who cannot afford to live
                         in their RHF home anymore.
                       · Jean Moore Warrick Endowment Fund for Resident Benevolence - an endowment fund
   Donors wishing to     in memory of Jean Moore Warrick, RHF’s board member who dedicated twenty-five years of
 help our mission may volunteer service to making a difference in the lives of our residents.
                       · Children’s Education Fund - provides grants for RHF children and young adults to financially
    designate their      help with clothing, books, supplies, tuition and tutoring services. It is the intention of the
  contribution for any fund to help break the cycle of poverty through education.
 of the following RHF · Annual Holiday Toy Drive Fund - provides holiday toys for RHF children-in-need. We distributed
   established funds:    over 650 toys to RHF kids in 2008!
                       · Project H.A.N.D.S.®- RHF residents give their handmade items which are knitted, crocheted or
                         sewn to organizations who serve those living in shelters.
The purpose of RHF Foundation, Inc. is to provide through gifts and managed funds, financial resources which assist RHF (Retirement Housing
Foundation). RHF Foundation, Inc supports RHF’s dedication to providing quality housing, health and support services. RHF’s services are
primarily for older adults, persons with disabilities and low-income families of all faiths, and enhance the physical, social and spiritual aspects
of their lives. RHF Foundation, Inc. strives to assist RHF in its commitment to acting as a resource for the communities in which it operates.

                                                                      - 37 -
        How to Word Different Types of Bequests
                        Donors wishing to leave a bequest to RHF
             or to help residents at any of our communities may choose from
                these suggested bequests when planning their estate plans.

Undesignated Bequest: “I give, devise and bequeath to RHF Foundation, Inc. (RHFFI), currently with offices at 911 N.
Studebaker Road, Long Beach, CA 90815, the sum of $______ (or describe gift) to be used by the Foundation as it
Specific Percentage Bequest: “I give, devise and bequeath an amount equal to ____percent (____%) of the total value of
my estate at the date of my death to RHFFI, currently with offices at 911 N. Studebaker Road, Long Beach, CA 90815,
to be used by the Foundation as it chooses.”
Residual Bequest: “I give, devise and bequeath all (or a percentage) of my estate after other specific legacies have been
fulfilled to RHFFI, currently with offices at 911 N. Studebaker Road, Long Beach, CA 90815, to be used by the Foun-
dation as it chooses.”

Contingent Bequest: “If the above named beneficiaries should predecease me, then I hereby give, devise and bequeath
all (or a percentage) of my property and estate to RHFFI, currently with offices at 911 N. Studebaker Road, Long Beach, CA
90815, to be used by the Foundation as it chooses.”
NOTE: A donor may also leave a bequest to an RHF community of their choice. Please call 562-257-5141 for the exact
wording and the legal name of the community.
You should consult with your attorney about the specific provisions or language you need to include in your estate planning
documents. The information shown here is for illustrative purposes only.
For more information in confidence, without obligation, contact Paula Jameson, CFRE, Director of Fund Development, at
(562) 257-5141.

                                    Retirement Housing Foundation’s logo is a registered trademark that represents
                                    the integration of our mission with our Christian heritage. What appears to be a
                                    snowflake is actually a grouping of four houses and four apartment buildings. The
                                    buildings are joined together by a cross, representing our Christian tradition and the
                                    motivating force of RHF’s mission. The diamond shape of the logo emphasizes our
                                    sense of community, and the houses have open doors, symbolizing availability to those
                                    who need housing. The logo points in all directions - East, West, North and South -
                                    signifying our geographical diversity and inclusiveness.

                                                 Our Photographs
RHF would like to thank Ray East and Anastacio Cubos III and our communities for the majority of the pictures that appear
in this publication. The photographs shown in this report were taken of our residents, staff, volunteers and visitors,
Board of Directors, and Advisory Commission members during various events at our communities throughout the country.

                                                           - 38 -
   Why Consider a
   Gift Annuity?
Our Gift Annuity Provides . . .
                   Fixed Payments                                      Appealing Payments
                            Every check is the same.                            The rates are very attractive*
                   Lifetime Payments                                   Tax-Free Payments (partial)
                            They last as long as you do.                        They continue for your life expectancy.
                   Dependable Payments
                            Guaranteed by the United Church of Christ
                                                             * Sample Gift Annuity Rates of Return
                                                      Note:	Call	us	for		all	other		age	groups.	Rates	are	subject	to	change.

         Call us for your                                Single Person                     Two Persons
         complimentary                                  Age        Rate             Younger Age Older Age              Rate
                                                        65          5.3                 65         71+                 5.1
            brochure:                                   70          5.7                 70        72-75                5.3
          Your Guide to                                 75          6.3                 75        77-79                5.7
         Charitable Gift                                80          7.1                 80        82-84                6.3
                                                        85          8.1                 85          87                 7.2
           Annuities.                                   90          9.5                 90          91                 8.4
          Call us about                                       * Sample	Deferred	Gift	Annuity	Rates
        RHF Gift Annuities.                          (Deferred gift annuities are available for individuals under 60 years old.)
                                                                           Rates	are	subject	to	change.
                                                                      Present        Age When            Annual
            Toll Free:                                                 Age         Payment Starts     Payment Rate
          877-937-4743                                                  50               60                6.8%
        Email:                                             50               62                7.8%
                                                                        50               70                9.1%
A copy of RHF’s registration statement & financial
 information may be obtained at no cost from                            55               60                6.1%
  the Department of Consumer Affairs, or by                             55               65                7.2%
   contacting RHF directly at (562) 257-5141                            55               70                8.4%
        or TOLL FREE at 877-937-4743.
                                                                        60               65                6.5%
                                                                        60               70                7.7%

Our Director of Fund Development, Paula Jameson, CFRE, is ready to provide additional information to you
about planned giving and/or to meet with you and your advisors if you so desire. You can reach Paula directly
at 562-257-5141 (or call toll-free at 877-937-4743, leave her a message for a return call), or you can contact her
through our web site at or her email
                                                             - 39 -
     Retirement Housing Foundation Corporate Information
Officers:                                                     National Headquarters
        Donald W. King, Chairperson                                   911 N. Studebaker Road
        Christina E. Potter, Vice Chairperson                         Long Beach, California 90815-4900
        Dr. Darryl M. Sexton, Vice Chairperson                        Tel: 562-257-5100
        Laverne R. Joseph, D.D., President & CEO                      Fax: 562-257-5200
        Tom S. Masuda, Treasurer                                      Website:
        Deborah Stouff, Corporate Secretary                           E-mail:
        Cheryl J. Howell, Assistant Corporate Secretary

                              Regional Management Offices
        East Coast                                                    East Coast Healthcare
        4300 N. Carlin Springs Road                                   911 N. Studebaker Road
        Arlington, Virginia 22203-2006                                Long Beach, California 90815-4900
        Tel: 703-243-0318                                             Tel: 562-257-5100
        Fax: 703-243-0718                                             Fax: 562-257-5200
        E-mail:                              E-mail:

        Midwest                                                       North Central
        7519 Beechwood Centre, Suite 600                              2200 Hillside Avenue
        Avon, Indiana 46123                                           West Des Moines, Iowa 50265
        Tel: 317-272-0929                                             Tel: 515-440-2266
        Fax: 317-272-0999                                             Fax: 515-440-2269
        E-mail:                             E-mail:

        Northwest/West Coast                                          Southern California I & II
        83 Scripps Drive, #320                                        911 N. Studebaker Road
        Sacramento, California 95825                                  Long Beach, California 90815-4900
        Tel: 916-649-2783                                             Tel: 562-257-5100
        Fax: 916-649-2847                                             Fax: 562-257-5200
        E-mail:                                   E-mail:

        Southwest                                                     West Coast Healthcare
        8309 Minnesota Lane                                           80-166 Catalina Drive
        Austin, Texas 78745                                           Indio, California 92203
        Tel: 512-292-3921                                             Tel: 760-449-4529
        Fax: 512-292-3996                                             Fax: 760-469-3706
        E-mail:                                    E-mail:

              Independent Auditors – Novogradac & Company LLP – Certified Public Accountants
                                 246 First Street, 5th Floor, San Francisco, CA 94105
                                      Tel: 415-356-8000 Fax: 415-356-8001

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