Carolina Village
600 Carolina Village Road, Hendersonville, North Carolina 28792 · Community website
- Operator:
- Carolina Village, Inc.
- Ownership:
- Nonprofit
- Affiliation:
- Not disclosed in the 2026 filing
- Opened:
- 1974
- Type A (life care)
Figures from the 2026 disclosure statement (fiscal 2026 finances), filed with the North Carolina Department of Insurance.PDF
At a glance
Refund plans offered
- Declining Balance (0% Refundable)Can decline to nothing
Days cash on hand
Read the note on this figure
The 241 days counts the $8.4M of investments restricted for the statutory operating reserve (Section 29 gives unrestricted cash and investments of $21.7M). Cash and marketable securities alone ($13.3M) cover about 148 days of 2026 cash operating expenses.
Independent living occupancy
Nursing care, CMS overall rating
What care costs later
How each contract prices assisted living and nursing if you need them. The contract type decides most of what a long stay costs.
- Type A (life care): Moving to assisted living or nursing leaves your monthly fee essentially unchanged.
How the contract types compare
Type A (life care)
Residents can use assisted living and skilled nursing without an increase in the monthly service fee, paying extra for meals, drugs, supplies and Medicare cost-sharing. A resident who needs a permanent move to care within the first 12 months of occupancy pays the private daily rate until 12 consecutive months of occupancy are reached. For comparison, direct-admit private rates from April 1, 2026 are $285 a day for assisted living and $480 a day for skilled nursing.p. 121
- Assisted living
- Same monthly service fee as in independent living, plus additional meals, drugs, supplies and insurance cost-sharing; a resident who moves permanently to care within the first 12 months pays the private daily rate until 12 months of occupancy.
- Nursing care
- Same monthly service fee as in independent living, plus additional meals, drugs, supplies and insurance cost-sharing; a resident who moves permanently to care within the first 12 months pays the private daily rate until 12 months of occupancy.
| Independent living | 370 |
|---|---|
| Assisted living | 60 |
| Memory care | Not disclosed in the 2026 filing |
| Nursing care | 58 |
Entrance fees
One-person prices as the filing lists them, by contract. A second person usually pays the extra amount shown.
Occupancy Agreement (Declining Balance) · Type A (life care) (29 prices, $241,900 to $677,400)
| Unit | Refund plan | Price, one person | Second person |
|---|---|---|---|
| Pisgah Apartments 1-Bedroom Standard | Declining Balance (0% Refundable) | $241,900p. 23 | $91,800 |
| Pisgah Apartments 1-Bedroom Deluxe | Declining Balance (0% Refundable) | $278,500p. 23 | $91,800 |
| Summit Apartments 1-Bedroom | Declining Balance (0% Refundable) | $319,100p. 23 | $91,800 |
| Summit Apartments 1-Bedroom + Den | Declining Balance (0% Refundable) | $404,700p. 23 | $91,800 |
| Blue Ridge Apartments 2-Bedroom Standard | Declining Balance (0% Refundable) | $278,500p. 23 | $91,800 |
| Blue Ridge Apartments 2-Bedroom Expanded | Declining Balance (0% Refundable) | $321,500p. 23 | $91,800 |
| Blue Ridge Apartments 2-Bedroom Custom | Declining Balance (0% Refundable) | $371,800p. 23 | $91,800 |
| Blue Ridge Apartments 2-Bedroom Deluxe | Declining Balance (0% Refundable) | $428,400p. 23 | $91,800 |
| Pinnacle Apartments 2-Bedroom | Declining Balance (0% Refundable) | $438,700p. 24 | $91,800 |
| Pinnacle Apartments 2-Bedroom Corner | Declining Balance (0% Refundable) | $516,800p. 24 | $91,800 |
| Pinnacle Apartments 2-Bedroom + Den | Declining Balance (0% Refundable) | $519,800p. 24 | $91,800 |
| Pinnacle Apartments 2-Bedroom Corner + Den | Declining Balance (0% Refundable) | $582,400p. 24 | $91,800 |
| Smoky Mountain Apartments 1-Bedroom + Den | Declining Balance (0% Refundable) | $440,200p. 24 | $91,800 |
| Smoky Mountain Apartments 2-Bedroom | Declining Balance (0% Refundable) | $518,700p. 24 | $91,800 |
| Smoky Mountain Apartments 2-Bedroom + Den | Declining Balance (0% Refundable) | $625,100p. 24 | $91,800 |
| Woods Cottages 2-Bedroom Expanded | Declining Balance (0% Refundable) | $379,600p. 24 | $91,800 |
| Woods Cottages 2-Bedroom Custom | Declining Balance (0% Refundable) | $437,200p. 24 | $91,800 |
| Woods Cottages 2-Bedroom Deluxe | Declining Balance (0% Refundable) | $504,900p. 24 | $91,800 |
| Garden Cottages 2-Bedroom Standard | Declining Balance (0% Refundable) | $576,200p. 24 | $91,800 |
| Garden Cottages 2-Bedroom Expanded | Declining Balance (0% Refundable) | $626,800p. 24 | $91,800 |
| Garden Cottages 2-Bedroom Custom | Declining Balance (0% Refundable) | $677,400p. 24 | $91,800 |
| Meadows Cottages 2-Bedroom Standard | Declining Balance (0% Refundable) | $513,900p. 24 | $91,800 |
| Meadows Cottages 2-Bedroom Expanded | Declining Balance (0% Refundable) | $553,000p. 24 | $91,800 |
| Meadows Cottages 2-Bedroom Custom + Den | Declining Balance (0% Refundable) | $584,600p. 24 | $91,800 |
| Meadows Cottages 2-Bedroom Deluxe + Den | Declining Balance (0% Refundable) | $622,900p. 24 | $91,800 |
| Clear Creek Cottages 1-Bedroom + Den | Declining Balance (0% Refundable) | $480,900p. 24 | $91,800 |
| Clear Creek Cottages 2-Bedroom Terrace | Declining Balance (0% Refundable) | $518,300p. 24 | $91,800 |
| Clear Creek Cottages 2-Bedroom Duplex | Declining Balance (0% Refundable) | $576,800p. 24 | $91,800 |
| Clear Creek Cottages 2-Bedroom + Den | Declining Balance (0% Refundable) | $639,700p. 24 | $91,800 |
Monthly fees
What residents pay each month, by contract and level of care. A second person adds the amount shown.
Occupancy Agreement (Declining Balance) · Type A (life care) (29 prices, $2,783 to $6,273)
| Unit | Level of care | Per month, one person | Second person |
|---|---|---|---|
| Pisgah Apartments 1-Bedroom Standard | Independent living | $2,783p. 21 | $1,654 |
| Pisgah Apartments 1-Bedroom Deluxe | Independent living | $3,057p. 21 | $1,654 |
| Summit Apartments 1-Bedroom | Independent living | $3,760p. 21 | $1,654 |
| Summit Apartments 1-Bedroom + Den | Independent living | $4,678p. 21 | $1,654 |
| Blue Ridge Apartments 2-Bedroom Standard | Independent living | $3,057p. 21 | $1,654 |
| Blue Ridge Apartments 2-Bedroom Expanded | Independent living | $3,452p. 21 | $1,654 |
| Blue Ridge Apartments 2-Bedroom Custom | Independent living | $3,738p. 22 | $1,654 |
| Blue Ridge Apartments 2-Bedroom Deluxe | Independent living | $4,074p. 22 | $1,654 |
| Pinnacle Apartments 2-Bedroom | Independent living | $4,799p. 22 | $1,654 |
| Pinnacle Apartments 2-Bedroom Corner | Independent living | $5,460p. 22 | $1,654 |
| Pinnacle Apartments 2-Bedroom + Den | Independent living | $5,432p. 22 | $1,654 |
| Pinnacle Apartments 2-Bedroom Corner + Den | Independent living | $5,835p. 22 | $1,654 |
| Smoky Mountain Apartments 1-Bedroom + Den | Independent living | $4,465p. 22 | $1,654 |
| Smoky Mountain Apartments 2-Bedroom | Independent living | $5,192p. 22 | $1,654 |
| Smoky Mountain Apartments 2-Bedroom + Den | Independent living | $6,273p. 22 | $1,654 |
| Woods Cottages 2-Bedroom Expanded | Independent living | $3,534p. 22 | $1,654 |
| Woods Cottages 2-Bedroom Custom | Independent living | $3,805p. 22 | $1,654 |
| Woods Cottages 2-Bedroom Deluxe | Independent living | $4,113p. 22 | $1,654 |
| Garden Cottages 2-Bedroom Standard | Independent living | $4,681p. 22 | $1,654 |
| Garden Cottages 2-Bedroom Expanded | Independent living | $4,921p. 22 | $1,654 |
| Garden Cottages 2-Bedroom Custom | Independent living | $5,180p. 22 | $1,654 |
| Meadows Cottages 2-Bedroom Standard | Independent living | $4,375p. 22 | $1,654 |
| Meadows Cottages 2-Bedroom Expanded | Independent living | $4,667p. 22 | $1,654 |
| Meadows Cottages 2-Bedroom Custom + Den | Independent living | $4,789p. 22 | $1,654 |
| Meadows Cottages 2-Bedroom Deluxe + Den | Independent living | $5,083p. 22 | $1,654 |
| Clear Creek Cottages 1-Bedroom + Den | Independent living | $4,393p. 22 | $1,654 |
| Clear Creek Cottages 2-Bedroom Terrace | Independent living | $4,680p. 22 | $1,654 |
| Clear Creek Cottages 2-Bedroom Duplex | Independent living | $5,159p. 22 | $1,654 |
| Clear Creek Cottages 2-Bedroom + Den | Independent living | $5,671p. 23 | $1,654 |
Fee increases, year by year
| Year | Level of care | Unit | Increase | Monthly fee, before and after |
|---|---|---|---|---|
| 2026 | Independent living | All units | 5% | Percent onlyp. 23 |
| 2025 | Independent living | All units | 4.25% | Percent onlyp. 23 |
| 2024 | Independent living | All units | 4.5% | Percent onlyp. 23 |
| 2023 | Independent living | All units | 9.5% | Percent onlyp. 23 |
| 2022 | Independent living | All units | 3.9% | Percent onlyp. 23 |
Refunds
What comes back from the entrance fee when you leave or die, and when it is paid.
Declining Balance (0% Refundable)p. 123
10% of the entrance fee is kept from the start as an administrative fee, and a further 2% of the fee becomes nonrefundable each month, so nothing is refunded after 45 months. A refund on move-out is paid within 30 business days after the 90-day notice period ends, not tied to resale of the unit; there is no refund at death after move-in.
- Kept on move-in
- 10% of the fee
- Declines by
- 2% a month for 45 months
- Never less than
- Nothing: it can decline to zero
- Longest wait
- No limit stated
- Paid
- Within a fixed number of days
Refund calculator
Estimated refund: $0 (0% of the fee)
When it is paid: within a fixed number of days. This applies the plan terms as recorded from the filing, counting a part month as a whole one. The signed contract governs, and charges you owe or care paid for from the fee can be deducted first.
How entrance-fee refunds work, and why the payment date matters
Finances
Whether the organisation behind the community has the cash and income to keep its promises for decades.
- Balance sheet: Carolina Village, Inc.
- Ratios: Carolina Village, Inc. (sole member of the obligated group).
Days cash on hand
241 days FY2026p. 2
- Its lenders’ minimum: Not disclosed in the 2026 filing
- Industry median: 321 days Ziegler median for fiscal 2022, 132 bond-financed not-for-profit entrance-fee CCRCs
Debt service coverage
2.68x FY2026p. 2
- Its lenders’ minimum: Not disclosed in the 2026 filing
- Industry median: 1.80x Ziegler median for fiscal 2022, 132 bond-financed not-for-profit entrance-fee CCRCs
Read with these figuresThe 241 days counts the $8.4M of investments restricted for the statutory operating reserve (Section 29 gives unrestricted cash and investments of $21.7M). Cash and marketable securities alone ($13.3M) cover about 148 days of 2026 cash operating expenses.
How to read these figures: what each one measures and why a lender’s minimum is a floor, not a target.
Balance sheet and trend
| Fiscal year | FY2026p. 48 | FY2025p. 2 | FY2024p. 2 |
|---|---|---|---|
| Days cash on hand | 241 days | 236 days | 276 days |
| Debt service coverage | 2.68x | 2.11x | 3.10x |
| Operating margin | -5.7% | -5.9% | -12.4% |
| Total assets | $145.4 million | $140.9 million | Not disclosed |
| Total liabilities | $132.7 million | $131.5 million | Not disclosed |
| Long-term debt | $51.9 million | $53.0 million | Not disclosed |
| Entrance fees not yet earned (deferred revenue) | $71.9 million | $69.9 million | Not disclosed |
| Refunds owed to residents (refundable fee liability) | $506,416 | $423,053 | Not disclosed |
| Net position (assets minus liabilities) | $12.7 million | $9.4 million | Not disclosed |
Auditor: Forvis Mazars, LLP. Opinion: Unmodified (clean) opinionp. 48
Occupancy
Nursing care on campus
From CMS Care Compare, data as of 2026-09-01. These are the federal government’s ratings of the nursing center, not ours.
- Overall
- 5 of 5
- Health inspections
- 5 of 5
- Staffing
- 5 of 5
- Quality measures
- 5 of 5
Fines recorded by CMS: 0. Health citations since 2023-10-16: 2. Carolina Village Inc on Care Compare
In brief
Carolina Village in Hendersonville, NC is a standalone nonprofit continuing care retirement community opened in 1974, with 370 independent living units, 60 assisted living units and 58 skilled nursing beds. It offers one life-care contract with entrance fees from $241,900 to $677,400 for one person; the fee declines to no refund after 45 months, and assisted living and nursing come without an increase in the monthly fee after the first 12 months.PDF
Nearest communities in North Carolina
- Legacy at Mills River
Mills River · 7 miles away
Entrance fee: $588,430 to $1,940,885
- Ardenwoods
Arden · 11 miles away
Entrance fee: $271,000 to $484,000
- Givens Estates
Asheville · 13 miles away
Entrance fee: $151,809 to $1,508,902
Sources
- Carolina Village — 2026 Disclosure StatementNorth Carolina Department of Insurance · filed 2026, fiscal 2026 finances · 128 pages · retrieved 2026-10-15
Each page tab above opens this PDF at the page the figure came from. Spotted a figure that does not match its page? Tell us and it is checked against the filing.