WELL-SPRING RETIREMENT COMMUNITY INC WELL-SPRING A NORTH CAROLINA NONPROFIT CORPORATION WAS ORGANIZED FOR THE PURPOSE OF OPERATING A CONTINUING CARE RETIREMENT COMMUNITY. WELL-SPRING IS GOVERNED BY A BOARD OF TRUSTEES COMPOSED OF CIVIC LEADERS CURRENTLY CONSISTING OF 25 INDIVIDUALS WHO SERVE WITHOUT COMPENSATION FOR STAGGERED THREE-YEAR TERMS. A MULTI-DENOMINATIONAL GROUP OF CHURCHES IN GREENSBORO NORTH CAROLINA INITIALLY SPONSORED AND PROVIDED LEADERSHIP TO WELL-SPRING. REV. RUL. 72-124 1972-1 C.B. 145 SETS OUT REQUIREMENTS THAT HOME FOR THE AGED MUST MEET TO QUALIFY FOR SECTION 501C 3 EXEMPTION. THE INTERNAL REVENUE SERVICE PROVIDED THE FOLLOWING REQUIREMENTS: 1 SATISFACTION OF THE NEED FOR HOUSING THROUGH THE PROVISION OF EMOTIONAL RECREATIONAL SOCIAL RELIGIOUS AND SIMILAR NEEDS OF AGED.