Residents enjoy vibrant lifestyle at one of the nation's most financially secure retirement communities
Springfield, Va. – With one of the highest occupancy rates in the nation, an industry-leading 90 percent refundable entrance deposit, and a comprehensive monthly service package, Greenspring, a continuing care retirement community developed and managed by Erickson Living, provides residents with the financial strength and security that are the cornerstones of the organization's financial model.
For more than twenty years, Greenspring residents have been balancing their budgets with confidence, knowing with certainty that no matter what the financial future holds, their investment is safe and their future is secure. In fact, many residents find that they enjoy an unbeatable lifestyle while spending either the same or less than they did in their previous house.
"Greenspring offers my wife Barbara and I a great location that is close to our grandchildren, proximity to the Metro, and amenities we value at a reasonable cost," says resident Ken Kauke, who currently serves on the Resident Council as finance committee chair. "Prior to our move, we lived in a house, located in a high tax area, that was too large for our needs, increasingly expensive to maintain and challenging in the winter. We are appreciative of the economies of scale offered by Greenspring and Erickson's size and structure."
Sound financial structure
At the heart of Greenspring's financial structure is the industry-leading, 90 percent refundable entrance deposit. The entrance deposit is the cost of a resident's apartment home and is based on the home's individual features.
Conducting their due diligence, Herman and Anita Anschuetz looked at six different communities before moving to Greenspring almost five years ago.
"We discovered that Greenspring provides the best value for the money spent," says Herman, who like Ken serves his fellow community members on the finance committee. "We have not been disappointed. Since day one we have been impressed at how well the community is managed and maintained. We consider ourselves very fortunate to live here."
Predictable monthly expenses
In addition to the benefits of the 90 percent refundable entrance deposit, Greenspring's monthly service package helps community members by enabling them to plan for their daily expenses with confidence.
The monthly service package covers the costs of most utilities, home and seasonal maintenance such as snow removal and furnace heat pump inspections and air conditioning. All major repairs, 24-hour security, one meal a day in the community's five restaurants, and cable television are also included.
"The monthly service deposits are evaluated each year and change only in direct correlation to the costs for labor, repairs, maintenance, and operations," says Greenspring's Director of Finance, Cody Burns. "Greenspring's size and scale allow us to offer a multitude of programs and services at a price that is affordable for our residents."
Leading the industry
Greenspring residents are not alone in recognizing the community's financial strength.
Fitch Ratings, a bond-rating agency that provides information to current and potential purchasers of publically traded bonds, agrees. For the fourth consecutive year, the agency awarded Greenspring with an "A+" rating in its annual review.
According to Fitch, "Greenspring's solid financial and qualitative factors make it one of only two continuing care retirement communities (CCRCs) to hold an A+ rating." In addition, Fitch graded Greenspring's rating outlook as positive, the only CCRC in the country to receive such a rating.
"The awarding of the A+ rating says that financially, Greenspring is very strong and viable within the marketplace," says Burns. "Our financial strength ensures that we will be able to sustain our operations for our current residents, as well as future residents to provide a safe and engaging place to live."
With a bright financial future, residents at Greenspring enjoy the peace of mind that comes with living at one of the most financially secure CCRCs in the nation.
"The healthy, above average Greenspring occupancy rate results in a strong balance sheet which leads to an exceptionally good credit rating," says Ken. "That translates into favorable terms and lower costs in the market."
Greenspring is a not-for-profit organization developed and managed by Erickson Living®. The community is governed by its own board of directors affiliated with National Senior Campuses, who provide independent financial and operational oversight of the community.
About Greenspring: Greenspring, one of 20 continuing care retirement communities developed and managed by Erickson Living®, is situated on a scenic 58-acre campus in Springfield, Virginia. The not-for-profit community of more than 2,000 residents and 1,000 employees is governed by its own board of directors, affiliated with National Senior Campuses, who provide independent financial and operational oversight of the community. Additional information can be found at www.GreenspringCommunity.com.
Photo Caption: At Greenspring, Barbara and Ken Kauke enjoy an unbeatable retirement lifestyle and unmatched financial security.
Photo Credit: Mary Sue Garner