Do you know how to tell whether a Continuing Care Community will be able to keep its financial promises?
The Wall Street Journal recommends that you ask the following questions when considering a retirement community:
- Is a recent audit or annual financial report available? Are the statements of financial position, operation and cash flow included? Is there a positive net worth?
- Are residents involved in strategic and financial planning and decision making for the community?
- Do financial ratios indicate that the community has the necessary resources to ensure a continuum of services now and in the future?
- Does the community have an endowment? If so, what is its size and how is it used and managed?
- Does the community have a “resident assistance” fund?
To ALL of these questions, Still Hopes is proud to answer: YES!
- Our Annual Report is accessible to all and shows our stability for the future.
- Residents of Still Hopes are involved as Board Members, Resident Council Members and participants in the formal budget planning process for the community.
- Still Hopes has a $1.5 million endowment. It is used for the Resident Assistance fund and is managed by a professional broker.
- The Still Hopes Resident Assistance Fund provides financial care for qualified residents whose resources no longer support their needs.
For more information regarding these and other important questions when considering a retirement community, contact us at 803-739-5040 or visit www.stillhopes.org
