Covenant Village
1351 Robinwood Road, Gastonia, North Carolina 28054 · Community website
- Operator:
- Covenant Village, Inc.
- Ownership:
- Nonprofit
- Affiliation:
- Founded by nine Gastonia-area churches (ARP, Baptist, Presbyterian, United Methodist, Lutheran, Episcopal); the churches are not responsible for its obligations
- Opened:
- 1982
- Type B (modified)
Figures from the 2026 disclosure statement (fiscal 2025 finances), filed with the North Carolina Department of Insurance.PDF
At a glance
Entrance fee, one person, every plan
Refund plans offered
- Traditional Amortizing (0% after 25 months)Can decline to nothing
Days cash on hand
Read the note on this figure
The audited balance sheet (Sept. 30, 2025) shows cash $0.55M, investments $6.30M and $3.91M of investments restricted for the statutory operating reserve, $10.75M in all; the 233 days appears to count that reserve. Cash and other investments alone ($6.84M) cover about 159 days of FY2025 cash operating expenses. The disclosure narrative gives two other 'unrestricted cash and investments' figures: $10,497,180 (Section 29.1) and $17,270,000 (Tables 29.1-29.2, which repeats the net projected operating costs line).
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 B (modified): A set number of care days is included, or care is charged at a stated discount.
How the contract types compare
Type B (modified)The filing calls it Life Care Agreement; we class contracts by how care is priced (our definitions).
Life Care residents pay half the published direct-admission daily rate for assisted living or nursing in the ARISE Health Center, for temporary or permanent stays, plus ancillary charges: $186 a day against the $372 direct-admit rate. Residents get priority access to Health Center beds, though access is not guaranteed.p. 212
- Assisted living
- Private Health Center room $186 a day for Life Care residents (50% of the published direct-admission daily rate); temporary semi-private room $165 a day.
- Nursing care
- Private Health Center room $186 a day for Life Care residents (50% of the published direct-admission daily rate); temporary semi-private room $165 a day.
- Discount on care
- 50%
- Priority for a bed
- Yes, residents come before outside admissions
| Independent living | 177 |
|---|---|
| Assisted living | 34 |
| Memory care | Not disclosed in the 2026 filing |
| Nursing care | 38 |
Entrance fees
One-person prices as the filing lists them, by contract. A second person usually pays the extra amount shown.
Life Care Agreement · Type B (modified) (11 prices, $65,625 to $602,000)
| Unit | Refund plan | Price, one person | Second person |
|---|---|---|---|
| IL – Birch Studio Apartment | Traditional Amortizing (0% after 25 months) | $65,625 to $71,250p. 19 | Not listed |
| IL – Cedar 1-Bedroom Apartment | Traditional Amortizing (0% after 25 months) | $178,500 to $187,500p. 19 | $60,000 |
| IL – Maple 2-Bedroom Apartment | Traditional Amortizing (0% after 25 months) | $287,250 to $301,750p. 19 | $60,000 |
| IL Enhanced Living – The Lawson Studio Apartment | Traditional Amortizing (0% after 25 months) | $65,625p. 19 | Not listed |
| IL Enhanced Living – The Kimbrell 1-Bedroom Apartment | Traditional Amortizing (0% after 25 months) | $178,500p. 19 | $60,000 |
| IL – Cottage | Traditional Amortizing (0% after 25 months) | $359,000 to $520,500p. 19 | $60,000 |
| Stonecrest Villa – Laurel 1BR, 1½ BA, Den | Traditional Amortizing (0% after 25 months) | $325,000 to $350,000p. 19 | $60,000 |
| Stonecrest Villa – Dogwood 2BR, 2 BA | Traditional Amortizing (0% after 25 months) | $377,000 to $405,000p. 19 | $60,000 |
| Stonecrest Villa – Azalea 2BR, 2BA, Den | Traditional Amortizing (0% after 25 months) | $425,000 to $457,500p. 19 | $60,000 |
| Stonecrest Villa – Rhododendron 2BR, 2½ BA, Den | Traditional Amortizing (0% after 25 months) | $486,000 to $522,500p. 19 | $60,000 |
| Stonecrest Villa – Trillium 2BR, 2½ BA, Den (4th Floor) | Traditional Amortizing (0% after 25 months) | $560,000 to $602,000p. 19 | $60,000 |
Monthly fees
What residents pay each month, by contract and level of care. A second person adds the amount shown.
Life Care Agreement · Type B (modified) (11 prices, $3,865 to $5,823)
| Unit | Level of care | Per month, one person | Second person |
|---|---|---|---|
| IL – Birch Studio Apartment | Independent living | $3,865p. 17 | $2,954 |
| IL – Cedar 1-Bedroom Apartment | Independent living | $4,443p. 17 | $3,311 |
| IL – Maple 2-Bedroom Apartment | Independent living | $5,081p. 17 | $3,570 |
| IL Enhanced Living – The Lawson Studio Apartment | Independent living | $4,501p. 17 | $3,590 |
| IL Enhanced Living – The Kimbrell 1-Bedroom Apartment | Independent living | $5,079p. 17 | Not listed |
| IL – Cottage | Independent living | $4,691p. 18 | $1,693 |
| Stonecrest Villa – Laurel 1BR, 1½ BA, Den | Independent living | $3,927p. 18 | $1,603 |
| Stonecrest Villa – Dogwood 2BR, 2 BA | Independent living | $4,274p. 18 | $1,603 |
| Stonecrest Villa – Azalea 2BR, 2BA, Den | Independent living | $4,680p. 18 | $1,603 |
| Stonecrest Villa – Rhododendron 2BR, 2½ BA, Den | Independent living | $5,316p. 18 | $1,603 |
| Stonecrest Villa – Trillium 2BR, 2½ BA, Den (4th Floor) | Independent living | $5,823p. 18 | $1,603 |
Fee increases, year by year
| Year | Level of care | Unit | Increase | Monthly fee, before and after |
|---|---|---|---|---|
| 2025 | Independent living | All units | 4.85% | Percent onlyp. 18 |
| 2024 | Independent living | All units | 5% | Percent onlyp. 18 |
| 2023 | Independent living | All units | 8% | Percent onlyp. 18 |
| 2022 | Independent living | All units | 5% | Percent onlyp. 18 |
| 2021 | Independent living | All units | 5% | Percent onlyp. 19 |
Refunds
What comes back from the entrance fee when you leave or die, and when it is paid.
Traditional Amortizing (0% after 25 months)p. 218
If residency ends within the first 25 months, the entrance fee is refunded less 4% for each month (or part month) of residency and a $1,000 administrative fee; after 25 months nothing is refunded, and there is never a refund on transfer to the Health Center. Any refund waits until a new resident has paid the full entrance fee for the unit.
- Kept on move-in
- Not disclosed in the 2026 filing
- Declines by
- 4% a month for 25 months
- Never less than
- Nothing: it can decline to zero
- Longest wait
- No limit stated
- Paid
- When your unit is re-occupied and the new resident has paid
Refund calculator
Estimated refund: $0 (0% of the fee)
When it is paid: when your unit is re-occupied and the new resident has paid. 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: Covenant Village, Inc.
- Ratios: Covenant Village, Inc. (provider only).
Days cash on hand
233 days FY2025p. 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
3.92x FY2025p. 2
- Its lenders’ minimum: 1.20xp. 36
- Industry median: 1.80x Ziegler median for fiscal 2022, 132 bond-financed not-for-profit entrance-fee CCRCs
Read with these figuresThe audited balance sheet (Sept. 30, 2025) shows cash $0.55M, investments $6.30M and $3.91M of investments restricted for the statutory operating reserve, $10.75M in all; the 233 days appears to count that reserve. Cash and other investments alone ($6.84M) cover about 159 days of FY2025 cash operating expenses. The disclosure narrative gives two other 'unrestricted cash and investments' figures: $10,497,180 (Section 29.1) and $17,270,000 (Tables 29.1-29.2, which repeats the net projected operating costs line).
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 | FY2025p. 44 | FY2024p. 2 | FY2023p. 2 |
|---|---|---|---|
| Days cash on hand | 233 days | 229 days | 173 days |
| Debt service coverage | 3.92x | 2.45x | 7.06x |
| Operating margin | -32.4% | -49.4% | -19.8% |
| Total assets | $55.3 million | $32.4 million | Not disclosed |
| Total liabilities | $47.0 million | $24.3 million | Not disclosed |
| Long-term debt | $20.9 million | $3.2 million | Not disclosed |
| Entrance fees not yet earned (deferred revenue) | $19.7 million | $17.8 million | Not disclosed |
| Refunds owed to residents (refundable fee liability) | Not disclosed | Not disclosed | Not disclosed |
| Net position (assets minus liabilities) | $8.3 million | $8.1 million | Not disclosed |
Auditor: CliftonLarsonAllen LLP. Opinion: Unmodified (clean) opinionp. 44
Occupancy
Nursing care on campus
We have not linked this community’s nursing center to a CMS record. Nursing centers certified by Medicare can be looked up on CMS Care Compare.
In brief
Covenant Village in Gastonia, NC is a nonprofit continuing care retirement community founded in 1977 by a group of local churches, with 177 independent living units, 34 assisted living beds and 38 skilled nursing beds. Its Life Care Agreement has entrance fees from $65,625 to $602,000 for one person that become nonrefundable after 25 months, and Health Center care at half the direct-admission daily rate. Long-term debt rose from $3.2 million to $20.9 million in FY2025 to fund the Stonecrest Villa expansion.PDF
Nearest communities in North Carolina
- Stanley Total Living Center
Stanley · 8 miles away
Entrance fee: $36,000 to $42,000
- The Cypress of Charlotte
Charlotte · 18 miles away
Entrance fee: Purchase + membership fee
- The Barclay at SouthPark
Charlotte · 19 miles away
Entrance fee: Not disclosed in the 2026 filing
Sources
- Covenant Village — 2026 Disclosure StatementNorth Carolina Department of Insurance · filed 2026, fiscal 2025 finances · 225 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.