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CCRC Best Practices on Disclosure and Transparency

by Published On: May 04, 2011

Suggested Best Practices for CCRC Disclosure and Transparency -- developed by a task force of CCRC executives of both not-for-profit and for-profit communties, consultants, financial advisers and attorneys in cooperation with the LeadingAge, American Seniors Housing Association, and National Investment Center -- offers tools to provide confidence and peace of mind to current and prospective residents and to assure accreditation and state regulatory agencies of fiscal stability and soundness.  

A prospective resident should keep 3 general goals in mind when choosing a CCRC: 

  • That the CCRC will provide the resident with quality, professional care.

  • That the community will be governed and operated in a manner that allows it to remain financially sound and meet its long-term commitments to residents.

  • That the terms of the agreement for housing, care, other services, and, if applicable according to the type of contract, a refund or repayment of the entry fee will be honored and met, including, but not limited to, how the agreement addresses the situation in which a resident’s financial resources are depleted through no fault of his/her own.

The suggested best practices for disclosure of financial information that are identified in this paper can help prospective residents assess whether the CCRC meets these 3 goals, support and encourage sound decision-making between the CCRC and its prospective residents, and enhance communication and understanding between the CCRC and its existing residents.

 



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