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Disclosure Statement May 29, 2020

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Disclosure Statement May 29, 2020 The Chapel Hill Residential Retirement Center, Inc. Carol Woods Retirement Community 750 Weaver Dairy Road Chapel Hill, NC 27514 Disclosure Statement May 29, 2020 In accordance with Chapter 58, Article 64 of the General Statues of the State of North Carolina: *This Disclosure Statement may be delivered until revised, but not after October 31, 2021; *Delivery of the Disclosure Statement to a contracting party is required before execution of a contract for continuing care; *This Disclosure Statement has not been reviewed nor approved by any government agency or representative to ensure accuracy or completeness of the information set out. (North Carolina statutes do not provide for such governmental approval.) TABLE OF CONTENTS I. The Organization Introduction & Information The Organization and Its Operation ................................................................................1 Not-For-Profit Status .......................................................................................................1 Affiliations ......................................................................................................................1 Accreditation ...................................................................................................................3 Licensure ......................................................................................................................3 Credit Rating ...................................................................................................................3 II. Facility Introduction & Information Physical Location and Capacity ......................................................................................4 Board of Directors ...........................................................................................................5 Residents Association ...................................................................................................15 Executive Staff ..............................................................................................................16 Consulting Professionals ...............................................................................................17 Full Disclosure Practice ................................................................................................17 III. Ongoing or Proposed Expansions or Developments ..............................................19 IV. Admission and Residency Requirements ................................................................20 Admission Requirements....................... .......................................................................21 Health Criteria.......................................... .....................................................................23 Financial and Insurance Criteria............................................. ......................................23 Age Requirements ........................................................................................................24 Signing of Agreements and Timing of Entry Fee Payments ........................................24 Contract Cancellations/Terminations and Applicable Refunds ....................................26 Cancellations During the Admission Process........................................................ 28 Contract Rescission................................................................................... .............29 Trial Period for Residency at Carol Woods ...........................................................29 Voluntary Termination After Rescission / Trial Periods................. ......................30 Termination Upon Death of a Single Resident................................................... ...31 Termination By One of Two Residents Co-Signing ……. ....................................31 Termination By Carol Woods ................................................................................31 Moves ....................................................................................................................33 Marriages/New Second Occupant .................................................................................38 Inability to Pay ..............................................................................................................38 V. Services Standard Services General Services ....................................................................................................39 Residential Living Services ...................................................................................40 Health Care / Health Promotion Services ..............................................................41 Services Available at Extra Charge Residential Living Services ...................................................................................42 Health Care Services ..............................................................................................43 Personal Services ..................................................................................................44 VI. Fees Priority List Deposit / Administration Fee ....................................................................45 Entry Fees ....................................................................................................................45 Monthly Service Fees ....................................................................................................47 Health Center Fees ........................................................................................................49 Fee Change Policies ......................................................................................................50 Historical Changes in Major Fees .................................................................................51 VII. Financial Information Financial Overview .......................................................................................................52 Amortization of Entry Fees ....................................................................................52 Reserves, Escrows and Trusts Reserves ............................................................................................................53 Escrows and Trusts ................................................................................................54 Investment of Reserves, Escrows & Trust ....................................................................54 Financial Projections .....................................................................................................55 Projected Fees ........................................................................................................55 Actual Performance Compared to Historic Projections .........................................58 Appendices Appendix A: 2019 Audited Financial Statements ..................................................... A1 Appendix B: 5-Year Financial Projections, 2020-2024 ............................................ B1 Appendix C: Contracts and Agreements ................................................................... C1 Appendix D: Interim Financial Statements, March 31, 2020 .................................... D1 Appendix E: Accreditation & Licenses ..................................................................... E1 Appendix F: Philosophy, Mission & Value Statement ............................................. F1 Appendix G: Board Disclosure of Potential Conflicts Statement .............................. G1 I. ORGANIZATION INTRODUCTION AND INFORMATION A. The Organization and Its Operation Organized by a group of local citizens who recognized the need for a quality retirement center in Chapel Hill, The Chapel Hill Residential Retirement Center, Inc. was incorporated in July 1972 as a nonprofit corporation. The community includes a single campus located at 750 Weaver Dairy Road in Chapel Hill, North Carolina. The corporation generally uses the name Carol Woods when doing business. The mission of the corporation is to provide a broad array of services to persons 65 years of age or older including housing, health care, security, and to develop a satisfying lifestyle and environment. The community supports and enhances the highest degree of independence appropriate to each individual resident. A copy of Carol Woods’ Philosophy Statement and Statement of Mission, Vision and Values is presented in Appendix F. B. Not-for-Profit Status Carol Woods is classified by the Internal Revenue Service as a 501(c)(3) corporation. This not-for-profit classification exempts the organization from corporate income taxes and allows Carol Woods to receive charitable contributions that may be tax deductible by the donor. Under IRS regulations no earnings of the Corporation may be used for the benefit of nor distributed to corporate directors, officers, or other individuals. All excess funds remain with Carol Woods for use in its programs and services; and for on-going financial stability. C. Affiliations In 2006 Carol Woods created an affiliated corporate entity, naming it The Carol Woods Charitable Fund, Inc. (the Charitable Fund). The Charitable Fund has been established as a separate 501(c)(3) charitable organization and has been organized as a “supporting” corporation to Carol Woods. Under IRS guidelines, a supporting organization is one that is treated as a charitable, tax-exempt entity because its primary purpose is to support another charitable, tax-exempt entity; i.e., Carol Woods. Under its Articles of Incorporation and Bylaws, the purpose of the
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