THE FOUNDATION HAS AN "APPLICATION FOR GRANT" FORM TO BE COMPLETED BY ALL 501(C)(3) APPLICANTS. IN ADDITION, THE FOUNDATION, THROUGH ITS BOARD OF DIRECTORS, HAS ESTABLISHED CERTAIN PROCEDURES TO BE FOLLOWED IN EVALUATING POTENTIAL BENEFICIARIES OF ITS REMAINDER INTEREST PROGRAM. THE BOARD OF DIRECTORS OF THE COLEN FOUNDATION, INC. EVALUATES POTENTIAL BENEFICIARIES PRIOR TO APPROVAL OF THEIR PARTICIPATION IN ITS RENTAL OR REMAINDER INTEREST PROGRAM. THE PROCEDURES SET FORTH BELOW ARE TO BE FOLLOWED IN EVALUATING EACH BENEFICIARY:1. ADVISE THE SENIOR CITIZEN TO SEEK INDEPENDENT LEGAL COUNSEL AND INDEPENDENT FINANCIAL ADVICE.2. DETERMINE THAT THE SENIOR CITIZEN HAS NO MORE THAN A MODERATE INCOME OR LOW INCOME THAT PROVIDES INSUFFICIENT CASH FOR DAILY LIVING EXPENSES. 3. DETERMINE THAT THE MARKET VALUE OF THE SENIOR CITIZEN'S HOME IS IN A MODERATE PRICE RANGE (IN THE CASE OF THE REMAINDER INTEREST PROGRAM).4. CONSULT WITH THE SENIOR CITIZEN'S RELATIVES REGARDING THE POSSIBILITY OF PROVIDIN

THE FOUNDATION MAKES GRANTS TO QUALIFIED CHARITIES AND PROVIDES ASSISTANCE TO THE CHARITABLE CLASS OF THE AGED TO ENABLE MEMBERS OF THE CLASS TO MAINTAIN A MODEST STANDARD OF LIVING IN THEIR COMMUNITIES DURING THEIR DECLINING YEARS.