Covenant Woods
7090 Covenant Woods Drive, Mechanicsville, Virginia 23111
- Operator:
- Covenant Woods
- Ownership:
- Nonprofit
- Affiliation:
- Not disclosed in the 2025 filing
- Opened:
- Not disclosed in the 2025 filing
- Type A (life care)
- Type C (fee for service)
- Rental
Figures from the 2025 disclosure statement (fiscal 2025 finances), filed with the Virginia State Corporation Commission, Bureau of Insurance.PDF
At a glance
Entrance fee, one person, every plan
Monthly fee, independent living
Refund plans offered
- Declining Balance (Full Life Care)Can decline to nothing
- 50% Guaranteed Refund (Full Life Care)Never less than 42% of the fee
- 90% Guaranteed Refund (Full Life Care)Never less than 82% of the fee
- Fee for Service (declining refund)Can decline to nothing
Days cash on hand
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.
- Type C (fee for service): Care is charged at market rates when you need it.
- Rental: No entrance fee and no promise of future care.
How the contract types compare
Type A (life care)
Lifecare residents keep paying their independent-living monthly fee (plus a meal charge) when they move to assisted living, memory support or nursing.p. 56
- Assisted living
- Monthly Service Fee does not change on transfer, plus a $450/month Health & Wellness meal charge.
- Nursing care
- Same Monthly Service Fee plus the $450/month meal charge.
Type C (fee for service)
Fee for Service residents stop paying the independent-living monthly fee and pay the daily rate for the level of care they need.p. 14
- Assisted living
- Daily fee: $253 assisted living, $294 memory support (from 4/1/2025).
- Nursing care
- Daily fee: $412 private nursing (from 4/1/2025).
| Independent living | 231 |
|---|---|
| Assisted living | 39 |
| Memory care | 21 |
| Nursing care | 62 |
Entrance fees
One-person prices as the filing lists them, by contract. A second person usually pays the extra amount shown.
Lifecare · Type A (life care) (78 prices, $291,500 to $1,381,311)
| Unit | Refund plan | Price, one person | Second person |
|---|---|---|---|
| Rowan/Primrose/Bayberry — Apartments (The Manor) | Declining Balance (Full Life Care) | $291,500p. 12 | $99,600 |
| Rowan/Primrose/Bayberry — Apartments (The Manor) | 50% Guaranteed Refund (Full Life Care) | $408,100p. 12 | $136,800 |
| Rowan/Primrose/Bayberry — Apartments (The Manor) | 90% Guaranteed Refund (Full Life Care) | $539,275p. 12 | $189,600 |
| Hawthorn — Apartments (The Manor) | Declining Balance (Full Life Care) | $372,712p. 12 | $99,600 |
| Hawthorn — Apartments (The Manor) | 50% Guaranteed Refund (Full Life Care) | $521,797p. 12 | $136,800 |
| Hawthorn — Apartments (The Manor) | 90% Guaranteed Refund (Full Life Care) | $689,517p. 12 | $189,600 |
| Laurel — Apartments (The Manor) | Declining Balance (Full Life Care) | $416,566p. 12 | $99,600 |
| Laurel — Apartments (The Manor) | 50% Guaranteed Refund (Full Life Care) | $583,193p. 12 | $136,800 |
| Laurel — Apartments (The Manor) | 90% Guaranteed Refund (Full Life Care) | $770,647p. 12 | $189,600 |
| Laurel Deluxe — Apartments (The Manor) | Declining Balance (Full Life Care) | $459,737p. 12 | $99,600 |
| Laurel Deluxe — Apartments (The Manor) | 50% Guaranteed Refund (Full Life Care) | $643,632p. 12 | $136,800 |
| Laurel Deluxe — Apartments (The Manor) | 90% Guaranteed Refund (Full Life Care) | $850,515p. 12 | $189,600 |
| Aster — Apartments (The Manor) | Declining Balance (Full Life Care) | $428,306p. 12 | $99,600 |
| Aster — Apartments (The Manor) | 50% Guaranteed Refund (Full Life Care) | $599,628p. 12 | $136,800 |
| Aster — Apartments (The Manor) | 90% Guaranteed Refund (Full Life Care) | $792,365p. 12 | $189,600 |
| Camellia — Apartments (The Manor) | Declining Balance (Full Life Care) | $491,927p. 12 | $99,600 |
| Camellia — Apartments (The Manor) | 50% Guaranteed Refund (Full Life Care) | $688,697p. 12 | $136,800 |
| Camellia — Apartments (The Manor) | 90% Guaranteed Refund (Full Life Care) | $910,064p. 12 | $189,600 |
| Cypress — Apartments (The Manor) | Declining Balance (Full Life Care) | $499,500p. 12 | $99,600 |
| Cypress — Apartments (The Manor) | 50% Guaranteed Refund (Full Life Care) | $699,301p. 12 | $136,800 |
| Cypress — Apartments (The Manor) | 90% Guaranteed Refund (Full Life Care) | $924,076p. 12 | $189,600 |
| Holly — Apartments (The Manor) | Declining Balance (Full Life Care) | $498,743p. 12 | $99,600 |
| Holly — Apartments (The Manor) | 50% Guaranteed Refund (Full Life Care) | $698,240p. 12 | $136,800 |
| Holly — Apartments (The Manor) | 90% Guaranteed Refund (Full Life Care) | $922,675p. 12 | $189,600 |
| Holly II — Apartments (The Manor) | Declining Balance (Full Life Care) | $498,743p. 12 | $99,600 |
| Holly II — Apartments (The Manor) | 50% Guaranteed Refund (Full Life Care) | $698,240p. 12 | $136,800 |
| Holly II — Apartments (The Manor) | 90% Guaranteed Refund (Full Life Care) | $922,675p. 12 | $189,600 |
| Willow — Apartments (The Manor) | Declining Balance (Full Life Care) | $504,424p. 12 | $99,600 |
| Willow — Apartments (The Manor) | 50% Guaranteed Refund (Full Life Care) | $706,193p. 12 | $136,800 |
| Willow — Apartments (The Manor) | 90% Guaranteed Refund (Full Life Care) | $933,184p. 12 | $189,600 |
| Iris — Apartments (The Lodge) | Declining Balance (Full Life Care) | $385,627p. 12 | $99,600 |
| Iris — Apartments (The Lodge) | 50% Guaranteed Refund (Full Life Care) | $539,878p. 12 | $136,800 |
| Iris — Apartments (The Lodge) | 90% Guaranteed Refund (Full Life Care) | $713,411p. 12 | $189,600 |
| Azalea — Apartments (The Lodge) | Declining Balance (Full Life Care) | $465,796p. 12 | $99,600 |
| Azalea — Apartments (The Lodge) | 50% Guaranteed Refund (Full Life Care) | $652,115p. 12 | $136,800 |
| Azalea — Apartments (The Lodge) | 90% Guaranteed Refund (Full Life Care) | $861,724p. 12 | $189,600 |
| Violet — Apartments (The Lodge) | Declining Balance (Full Life Care) | $505,938p. 12 | $99,600 |
| Violet — Apartments (The Lodge) | 50% Guaranteed Refund (Full Life Care) | $708,314p. 12 | $136,800 |
| Violet — Apartments (The Lodge) | 90% Guaranteed Refund (Full Life Care) | $935,986p. 12 | $189,600 |
| Sage — Apartments (The Lodge) | Declining Balance (Full Life Care) | $564,101p. 12 | $99,600 |
| Sage — Apartments (The Lodge) | 50% Guaranteed Refund (Full Life Care) | $789,741p. 12 | $136,800 |
| Sage — Apartments (The Lodge) | 90% Guaranteed Refund (Full Life Care) | $1,043,585p. 12 | $189,600 |
| Wisteria — Apartments (The Lodge) | Declining Balance (Full Life Care) | $610,401p. 12 | $99,600 |
| Wisteria — Apartments (The Lodge) | 50% Guaranteed Refund (Full Life Care) | $854,563p. 12 | $136,800 |
| Wisteria — Apartments (The Lodge) | 90% Guaranteed Refund (Full Life Care) | $1,129,242p. 12 | $189,600 |
| Heather — Apartments (The Lodge) | Declining Balance (Full Life Care) | $615,382p. 12 | $99,600 |
| Heather — Apartments (The Lodge) | 50% Guaranteed Refund (Full Life Care) | $861,534p. 12 | $136,800 |
| Heather — Apartments (The Lodge) | 90% Guaranteed Refund (Full Life Care) | $1,139,556p. 12 | $189,600 |
| Hyacinth — Apartments (The Lodge) | Declining Balance (Full Life Care) | $621,842p. 12 | $99,600 |
| Hyacinth — Apartments (The Lodge) | 50% Guaranteed Refund (Full Life Care) | $870,579p. 12 | $136,800 |
| Hyacinth — Apartments (The Lodge) | 90% Guaranteed Refund (Full Life Care) | $1,150,408p. 12 | $189,600 |
| Garden Hyacinth — Apartments (The Lodge) | Declining Balance (Full Life Care) | $569,938p. 12 | $99,600 |
| Garden Hyacinth — Apartments (The Lodge) | 50% Guaranteed Refund (Full Life Care) | $797,914p. 12 | $136,800 |
| Garden Hyacinth — Apartments (The Lodge) | 90% Guaranteed Refund (Full Life Care) | $1,054,385p. 12 | $189,600 |
| Bartlett — Cottages | Declining Balance (Full Life Care) | $584,434p. 12 | $99,600 |
| Bartlett — Cottages | 50% Guaranteed Refund (Full Life Care) | $818,209p. 12 | $136,800 |
| Bartlett — Cottages | 90% Guaranteed Refund (Full Life Care) | $1,081,204p. 12 | $189,600 |
| Cortland — Cottages | Declining Balance (Full Life Care) | $630,105p. 12 | $99,600 |
| Cortland — Cottages | 50% Guaranteed Refund (Full Life Care) | $882,148p. 12 | $136,800 |
| Cortland — Cottages | 90% Guaranteed Refund (Full Life Care) | $1,165,695p. 12 | $189,600 |
| York — Cottages | Declining Balance (Full Life Care) | $681,969p. 12 | $99,600 |
| York — Cottages | 50% Guaranteed Refund (Full Life Care) | $954,757p. 12 | $136,800 |
| York — Cottages | 90% Guaranteed Refund (Full Life Care) | $1,260,543p. 12 | $189,600 |
| Magnolia — Cottages | Declining Balance (Full Life Care) | $746,655p. 12 | $99,600 |
| Magnolia — Cottages | 50% Guaranteed Refund (Full Life Care) | $1,045,316p. 12 | $136,800 |
| Magnolia — Cottages | 90% Guaranteed Refund (Full Life Care) | $1,381,311p. 12 | $189,600 |
| Mulberry — Cottages | Declining Balance (Full Life Care) | $588,305p. 12 | $99,600 |
| Mulberry — Cottages | 50% Guaranteed Refund (Full Life Care) | $823,627p. 12 | $136,800 |
| Mulberry — Cottages | 90% Guaranteed Refund (Full Life Care) | $1,088,364p. 12 | $189,600 |
| Spruce — Cottages | Declining Balance (Full Life Care) | $661,844p. 12 | $99,600 |
| Spruce — Cottages | 50% Guaranteed Refund (Full Life Care) | $926,581p. 12 | $136,800 |
| Spruce — Cottages | 90% Guaranteed Refund (Full Life Care) | $1,224,410p. 12 | $189,600 |
| Poplar — Cottages | Declining Balance (Full Life Care) | $690,872p. 12 | $99,600 |
| Poplar — Cottages | 50% Guaranteed Refund (Full Life Care) | $967,220p. 12 | $136,800 |
| Poplar — Cottages | 90% Guaranteed Refund (Full Life Care) | $1,278,112p. 12 | $189,600 |
| Hickory — Cottages | Declining Balance (Full Life Care) | $717,965p. 12 | $99,600 |
| Hickory — Cottages | 50% Guaranteed Refund (Full Life Care) | $1,005,150p. 12 | $136,800 |
| Hickory — Cottages | 90% Guaranteed Refund (Full Life Care) | $1,328,234p. 12 | $189,600 |
Fee for Service · Type C (fee for service) (26 prices, $233,200 to $656,723)
| Unit | Refund plan | Price, one person | Second person |
|---|---|---|---|
| Rowan/Primrose/Bayberry — Apartments (The Manor) | Fee for Service (declining refund) | $233,200p. 12 | $64,800 |
| Hawthorn — Apartments (The Manor) | Fee for Service (declining refund) | $298,169p. 12 | $64,800 |
| Laurel — Apartments (The Manor) | Fee for Service (declining refund) | $333,253p. 12 | $64,800 |
| Laurel Deluxe — Apartments (The Manor) | Fee for Service (declining refund) | $367,789p. 12 | $64,800 |
| Aster — Apartments (The Manor) | Fee for Service (declining refund) | $342,645p. 12 | $64,800 |
| Camellia — Apartments (The Manor) | Fee for Service (declining refund) | $393,542p. 12 | $64,800 |
| Cypress — Apartments (The Manor) | Fee for Service (declining refund) | $399,600p. 12 | $64,800 |
| Holly — Apartments (The Manor) | Fee for Service (declining refund) | $398,994p. 12 | $64,800 |
| Holly II — Apartments (The Manor) | Fee for Service (declining refund) | $398,994p. 12 | $64,800 |
| Willow — Apartments (The Manor) | Fee for Service (declining refund) | $403,539p. 12 | $64,800 |
| Iris — Apartments (The Lodge) | Fee for Service (declining refund) | $308,502p. 12 | $64,800 |
| Azalea — Apartments (The Lodge) | Fee for Service (declining refund) | $372,637p. 12 | $64,800 |
| Violet — Apartments (The Lodge) | Fee for Service (declining refund) | $404,751p. 12 | $64,800 |
| Sage — Apartments (The Lodge) | Fee for Service (declining refund) | $451,281p. 12 | $64,800 |
| Wisteria — Apartments (The Lodge) | Fee for Service (declining refund) | $488,321p. 12 | $64,800 |
| Heather — Apartments (The Lodge) | Fee for Service (declining refund) | $492,305p. 12 | $64,800 |
| Hyacinth — Apartments (The Lodge) | Fee for Service (declining refund) | $497,474p. 12 | $64,800 |
| Garden Hyacinth — Apartments (The Lodge) | Fee for Service (declining refund) | $455,950p. 12 | $64,800 |
| Bartlett — Cottages | Fee for Service (declining refund) | $467,547p. 12 | $64,800 |
| Cortland — Cottages | Fee for Service (declining refund) | $504,085p. 12 | $64,800 |
| York — Cottages | Fee for Service (declining refund) | $545,576p. 12 | $64,800 |
| Magnolia — Cottages | Fee for Service (declining refund) | $656,723p. 12 | $64,800 |
| Mulberry — Cottages | Fee for Service (declining refund) | $470,644p. 12 | $64,800 |
| Spruce — Cottages | Fee for Service (declining refund) | $529,474p. 12 | $64,800 |
| Poplar — Cottages | Fee for Service (declining refund) | $612,097p. 12 | $64,800 |
| Hickory — Cottages | Fee for Service (declining refund) | $633,772p. 12 | $64,800 |
Monthly fees
What residents pay each month, by contract and level of care. A second person adds the amount shown.
Lifecare · Type A (life care) (30 prices, $4,525 to $7,975)
| Unit | Level of care | Per month, one person | Second person |
|---|---|---|---|
| Bayberry | Independent living | $4,525p. 13 | $2,057 |
| Primrose/Rowan | Independent living | $4,525p. 13 | $2,057 |
| Hawthorn | Independent living | $5,021p. 13 | $2,057 |
| Laurel | Independent living | $5,664p. 13 | $2,057 |
| Laurel Deluxe | Independent living | $6,012p. 13 | $2,057 |
| Aster | Independent living | $5,599p. 13 | $2,057 |
| Camellia | Independent living | $6,174p. 13 | $2,057 |
| Cypress | Independent living | $6,269p. 13 | $2,057 |
| Holly | Independent living | $6,260p. 13 | $2,057 |
| Holly II | Independent living | $6,260p. 13 | $2,057 |
| Willow | Independent living | $6,331p. 13 | $2,057 |
| Iris | Independent living | $5,293p. 13 | $2,057 |
| Azaelea | Independent living | $6,091p. 13 | $2,057 |
| Violet | Independent living | $6,615p. 13 | $2,057 |
| Sage | Independent living | $7,239p. 13 | $2,057 |
| Wisteria | Independent living | $7,519p. 13 | $2,057 |
| Heather | Independent living | $7,724p. 13 | $2,057 |
| Hyacinth | Independent living | $7,890p. 13 | $2,057 |
| Garden Hyacinth | Independent living | $6,459p. 13 | $2,057 |
| *Bradford | Independent living | $7,010p. 13 | $2,057 |
| *Bradford Expanded | Independent living | $7,212p. 13 | $2,057 |
| *Bradford Deluxe | Independent living | $7,328p. 13 | $2,057 |
| Bartlett | Independent living | $6,060p. 13 | $2,057 |
| Cortland | Independent living | $6,535p. 13 | $2,057 |
| York | Independent living | $7,072p. 13 | $2,057 |
| Magnolia | Independent living | $7,975p. 13 | $2,057 |
| Mulberry | Independent living | $6,101p. 13 | $2,057 |
| Spruce | Independent living | $6,863p. 13 | $2,057 |
| Poplar | Independent living | $7,163p. 13 | $2,057 |
| Hickory | Independent living | $7,445p. 13 | $2,057 |
Fee for Service · Type C (fee for service) (27 prices, $3,202 to $5,981)
| Unit | Level of care | Per month, one person | Second person |
|---|---|---|---|
| Bayberry | Independent living | $3,202p. 13 | $2,057 |
| Primrose/Rowan | Independent living | $3,202p. 13 | $2,057 |
| Hawthorn | Independent living | $3,765p. 13 | $2,057 |
| Laurel | Independent living | $4,248p. 13 | $2,057 |
| Laurel Deluxe | Independent living | $4,509p. 13 | $2,057 |
| Aster | Independent living | $4,200p. 13 | $2,057 |
| Camellia | Independent living | $4,630p. 13 | $2,057 |
| Cypress | Independent living | $4,702p. 13 | $2,057 |
| Holly | Independent living | $4,695p. 13 | $2,057 |
| Holly II | Independent living | $4,695p. 13 | $2,057 |
| Willow | Independent living | $4,749p. 13 | $2,057 |
| Iris | Independent living | $3,970p. 13 | $2,057 |
| Azaelea | Independent living | $4,568p. 13 | $2,057 |
| Violet | Independent living | $4,962p. 13 | $2,057 |
| Sage | Independent living | $5,430p. 13 | $2,057 |
| Wisteria | Independent living | $5,639p. 13 | $2,057 |
| Heather | Independent living | $5,793p. 13 | $2,057 |
| Hyacinth | Independent living | $5,917p. 13 | $2,057 |
| Garden Hyacinth | Independent living | $4,845p. 13 | $2,057 |
| Bartlett | Independent living | $4,545p. 13 | $2,057 |
| Cortland | Independent living | $4,902p. 13 | $2,057 |
| York | Independent living | $5,303p. 13 | $2,057 |
| Magnolia | Independent living | $5,981p. 13 | $2,057 |
| Mulberry | Independent living | $4,576p. 13 | $2,057 |
| Spruce | Independent living | $5,147p. 13 | $2,057 |
| Poplar | Independent living | $5,373p. 13 | $2,057 |
| Hickory | Independent living | $5,584p. 13 | $2,057 |
Fee increases, year by year
| Year | Level of care | Unit | Increase | Monthly fee, before and after |
|---|---|---|---|---|
| 2025 | Independent living | Hawthorn (Lifecare) | 5.5%calculated from the dollar amounts | $4,759 to $5,021p. 13 |
| 2025 | Independent living | Iris (Lifecare) | 5.5%calculated from the dollar amounts | $5,017 to $5,293p. 13 |
| 2025 | Independent living | Bartlett (Lifecare) | 5.5%calculated from the dollar amounts | $5,744 to $6,060p. 13 |
| 2024 | Independent living | Hawthorn (Lifecare) | 6%calculated from the dollar amounts | $4,490 to $4,759p. 13 |
| 2024 | Independent living | Iris (Lifecare) | 6%calculated from the dollar amounts | $4,733 to $5,017p. 13 |
| 2024 | Independent living | Bartlett (Lifecare) | 6%calculated from the dollar amounts | $5,419 to $5,744p. 13 |
| 2023 | Independent living | Hawthorn (Lifecare) | 6.8%calculated from the dollar amounts | $4,206 to $4,490p. 13 |
| 2023 | Independent living | Iris (Lifecare) | 6.7%calculated from the dollar amounts | $4,434 to $4,733p. 13 |
| 2023 | Independent living | Bartlett (Lifecare) | 6.7%calculated from the dollar amounts | $5,077 to $5,419p. 13 |
| 2022 | Independent living | Hawthorn (Lifecare) | 4%calculated from the dollar amounts | $4,044 to $4,206p. 13 |
| 2022 | Independent living | Iris (Lifecare) | 4%calculated from the dollar amounts | $4,263 to $4,434p. 13 |
| 2022 | Independent living | Bartlett (Lifecare) | 4%calculated from the dollar amounts | $4,881 to $5,077p. 13 |
Refunds
What comes back from the entrance fee when you leave or die, and when it is paid.
Declining Balance (Full Life Care)p. 59
Refund = entrance fee less the 8% administrative fee and less 2% of the fee for each full or partial month of residency, until it reaches zero. Paid when another resident signs a Residency Agreement for the unit or 12 months after termination, whichever is first; unpaid charges and any financial assistance (with interest) are deducted.
- Kept on move-in
- 8% of the fee
- Declines by
- 2% a month
- Never less than
- Nothing: it can decline to zero
- Longest wait
- 12 months
- Paid
- When your unit is re-occupied or after 12 months, whichever is first
50% Guaranteed Refund (Full Life Care)p. 60
Refund declines by 2% of the entrance fee per month of residency after the 8% administrative fee, then stays at 50% of the entrance fee less the 8% administrative fee for life. Paid when another resident signs a Residency Agreement for the unit or 12 months after termination, whichever is first; unpaid charges and any financial assistance (with interest) are deducted.
- Kept on move-in
- 8% of the fee
- Declines by
- 2% a month
- Never less than
- 42% of the fee
- Longest wait
- 12 months
- Paid
- When your unit is re-occupied or after 12 months, whichever is first
90% Guaranteed Refund (Full Life Care)p. 60
Refund declines by 2% of the entrance fee per month of residency after the 8% administrative fee, then stays at 90% of the entrance fee less the 8% administrative fee for life. Paid when another resident signs a Residency Agreement for the unit or 12 months after termination, whichever is first; unpaid charges and any financial assistance (with interest) are deducted.
- Kept on move-in
- 8% of the fee
- Declines by
- 2% a month
- Never less than
- 82% of the fee
- Longest wait
- 12 months
- Paid
- When your unit is re-occupied or after 12 months, whichever is first
Fee for Service (declining refund)p. 84
Same as the Declining Balance plan: 8% administrative fee, then 2% per month of residency to zero. Paid when another resident signs a Residency Agreement for the unit or 12 months after termination, whichever is first; unpaid charges and any financial assistance (with interest) are deducted.
- Kept on move-in
- 8% of the fee
- Declines by
- 2% a month
- Never less than
- Nothing: it can decline to zero
- Longest wait
- 12 months
- Paid
- When your unit is re-occupied or after 12 months, whichever is first
Refund calculator
Estimated refund: $0 (0% of the fee)
When it is paid: when your unit is re-occupied or after 12 months, whichever is first. 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 Woods and Subsidiaries (consolidated).
- Ratios: Covenant Woods.
Days cash on hand
397 days FY2025p. 23
- Its lenders’ minimum: 150 daysp. 49
- Industry median: 321 days Ziegler median for fiscal 2022, 132 bond-financed not-for-profit entrance-fee CCRCs
Debt service coverage
2.34x FY2025p. 23
- Its lenders’ minimum: 1.00xp. 49
- Industry median: 1.80x Ziegler median for fiscal 2022, 132 bond-financed not-for-profit entrance-fee CCRCs
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. 23 | FY2024p. 23 |
|---|---|---|
| Days cash on hand | 397 days | Not disclosed |
| Debt service coverage | 2.34x | Not disclosed |
| Operating margin | -0.3% | Not disclosed |
| Total assets | $151.7 million | $149.1 million |
| Total liabilities | $149.1 million | $146.7 million |
| Long-term debt | $82.4 million | $84.3 million |
| Entrance fees not yet earned (deferred revenue) | $58.1 million | $53.9 million |
| Refunds owed to residents (refundable fee liability) | $2.6 million | $2.7 million |
| Net position (assets minus liabilities) | $2.6 million | $2.4 million |
Auditor: Baker Tilly US, LLP. Opinion: Unmodified (clean) opinionp. 23
Occupancy
| Level of care | 2025p. 49 |
|---|---|
| Independent living | 91.3% |
| Assisted living | 83.4% |
| Memory care | 81.4% |
| Nursing care | 89% |
Events the filing reports
Dated facts the disclosure statement states, such as bond issues, missed covenants or changes of ownership.
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
- 4 of 5
- Health inspections
- 4 of 5
- Staffing
- 3 of 5
- Quality measures
- 2 of 5
Fines recorded by CMS: 0. Health citations since 2023-10-16: 5. COVENANT WOODS NURSING HOME on Care Compare
CARF-accredited since 2004. Check on CARF’s site
In brief
Covenant Woods is a nonprofit continuing care community on about 90 acres in Mechanicsville, Hanover County, with 231 independent living apartments and cottages, 39 assisted living rooms, 21 memory support rooms and 62 nursing beds. It offers a Lifecare contract with three refund plans and a lower-priced Fee for Service contract; entrance fees effective April 2025 range from $233,200 to $1,381,311. For the year ended March 31, 2025 it reported 397 days cash on hand, debt service coverage of 2.34 and an operating loss of $99,374.PDF
Nearest communities in Virginia
- Masonic Home of Virginia
Richmond · 6 miles away
Entrance fee: $36,000 to $279,900
- Westminster Canterbury Richmond
Richmond · 7 miles away
Entrance fee: $135,485 to $1,074,558
- Cedarfield
Richmond · 13 miles away
Entrance fee: $183,600 to $908,300
Sources
- Covenant Woods — 2025 Disclosure StatementVirginia State Corporation Commission, Bureau of Insurance · filed 2025, fiscal 2025 finances · 95 pages · retrieved 2026-10-15
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