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Donations
It took 21 years to raise the funds needed to open The Pierce House in 1926, but it is through that kind of fund raising effort and generous donations that The Pierce House continues to operate today.
The Board of Trustees draws about 5% of the endowment to subsidize the monthly costs to residents. The remainder is invested and overseen by the Finance Committee of The Farmington Home for Aged People, Inc., a private and non-profit foundation. 
Despite changes in health care regulations, increased costs of health insurance for the full time employees, and soaring fuel costs, the Finance Committee has managed to keep the monthly rates below market costs.
In the early days, residents used liquid assets to pay for their residency, by forming a contract with the Board of Trustees that turned over assets in return for lifetime care. Ruth Rand who passed away in 2000 was the last life contract resident.
Today, income comes through endowments, charitable donations and rental fees. One of the most recent bequests in the amount of $90,000 came from the trust of Charles Green of Wilton. Another gift came from the will of Evelyn Ennis in 1977 with a bequest of $367,284.03. A recent gift of $250,000 came from a resident, Verna Swift.
The residents’ handbook states that through the consideration of donations or a charitable trust by the residents or citizens of Farmington and the surrounding area, the vision of the original founders will continue into the future.
The Finance Committee of the private, non-profit foundation manages all gifts and monies received.
Excerpts from the Special Supplement, Morning Sentinel, June 28, 2005, Diane Johnson, Correspondent.