CCRC Best Practices on Disclosure and Transparency

Members | May 03, 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 communities, 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.

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.