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NaCCRA Forum: Governance of CCRC/LifePlan Communit

Financial reports available to residents?
Nancy Eddy

I I am a resident of Applewood in Massachusetts, one of three campuses of Loomis Communities, a non-profit CCRC. The annual financial report is published in an Annual Report and available, but residents would like to have more detailed financial reports available on a monthly, or at least quarterly, basis. We have a resident Finance Advisory Panel which meets on a quarterly basis with the CFO, but are warned in writing that the reports are confidential. I know some non-profit communities make these reports available, but Loomis has been unwilling to do that. What is the experience of other non-profit communities?

Nancy Eddy

Charles Nadler

I am a resident in Independent living at Wind Crest, an Erickson Senior Living community in Colorado. We are not permitted to see the monthly financials. As you can imagine that thwarts our ability to make coherent proposals for improvements. We have a Resident Advisory Council and committees of it. The problem is that we own nothing except the right to live here until we die. Wind Crest is a nonprofit run by a board of which we are not and cannot be members. Erickson Senior Living is a for profit management company. There is Redfield Properties, which is still building out the property. It is a standard model for CCRCs and with some modifications for many types of real estate entities.

Catherine Noonan

Check your state law. Florida mandates quarterly financial reports to residents. Monthly financials may be asking too much. You may have to use quarterlies and divide by three for best estimates. It doesn’t sound like your corp. is actually listening to your planning suggestions.

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