Givens Aldersgate
3800 Shamrock Drive, Charlotte, North Carolina 28215 · Community website
- Operator:
- Givens Communities, LLC (management agreement effective 9/1/2025)
- Ownership:
- Nonprofit
- Affiliation:
- United Methodist (Western North Carolina heritage)
- Opened:
- 1948
Legal provider is Aldersgate United Methodist Retirement Communities, Inc., a wholly owned subsidiary of Givens Estates, Inc. since the affiliation effective September 1, 2025.
- Type C (fee for service)
Figures from the 2026 disclosure statement (fiscal 2025 finances), filed with the North Carolina Department of Insurance.PDF
In this filing
- 2024-03-19: NCDOI issued a limited-scope examination report on Aldersgate's credit card purchases from January 1, 2020 to October 31, 2023. Key findings included a lack of consistent support documentation, inadequate policies and procedures, no approval-to-purchase requirements, excessive gift card purchases with lack of oversight, and a lack of credit card purchase oversight.p. 180
- 2024: Did not meet its debt service coverage covenant requirement in 2024 (FY2024 coverage 0.96x); the statement says it met the requirement in 2025, avoiding default.p. 47
- 2023-08-09: The NC Commissioner of Insurance placed Aldersgate under administrative supervision, citing failure to repay entrance fee refunds when contractually due, insolvency or imminent danger of insolvency, and financially hazardous business conduct. The order was amended August 15, 2023; as it was set to expire January 12, 2024, Aldersgate consented to continued supervision for an additional 150 days.p. 177
- 2023-01-19: NCDOI notified Aldersgate that it had been deemed to be in imminent danger of becoming insolvent and in a hazardous financial condition, and directed it to prepare a corrective action plan (approved by NCDOI June 12, 2023).p. 177
At a glance
Entrance fee, one person, every plan
Refund plans offered
- 0% Refundable (Declining Balance)Can decline to nothing
- 50% RefundableNever less than 50% of the fee
Days cash on hand
Read the note on this figure
FY2025 ratios are for Sept 1-Dec 31, 2025 operations under Givens (p45). Section 29.3 (p43) counts $28.8M of 'unrestricted cash & investments'; Aldersgate's balance sheet column (p84) shows cash $10.8M and investments $6.1M ($16.9M), plus $10.6M of investments restricted for the statutory operating reserve. On the plain $16.9M and Sept-Dec 2025 cash operating expenses (p87), days cash is about 120. Section 35 says 2025 liquidity improved 'due the affiliation with Givens Communities and equity contribution provided'. FY2024 coverage was 0.96x, below its covenant.
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 C (fee for service): Care is charged at market rates when you need it.
How the contract types compare
Type C (fee for service)
Health care is fee-for-service at the community's current rates; residents have priority access to health care residences before non-residents, on a space-available basis.p. 28
- Assisted living
- Market monthly rates: assisted living $7,485-$9,278 a month by room and tier; memory care $9,156-$10,575.
- Nursing care
- Per diem: skilled nursing $455 (Tier 1) or $513 (Tier 2) a day; Home for the Aged $347 or $392 a day. On a permanent move the resident surrenders the independent living residence and stops paying its monthly fee.
- Priority for a bed
- Yes, residents come before outside admissions
| Independent living | 274 |
|---|---|
| Assisted living | 47 |
| Memory care | 61 |
| Nursing care | 120 |
Entrance fees
One-person prices as the filing lists them, by contract. A second person usually pays the extra amount shown.
Residence and Services Agreement · Type C (fee for service) (12 prices, $238,794 to $928,258)
| Unit | Refund plan | Price, one person | Second person |
|---|---|---|---|
| Independent Living – Epworth | 0% Refundable (Declining Balance) | $238,794 to $352,527p. 29 | $40,000 |
| Independent Living – Francis | 0% Refundable (Declining Balance) | $355,234 to $524,382p. 29 | $40,000 |
| Independent Living – Gateway | 0% Refundable (Declining Balance) | $470,015 to $693,795p. 29 | $40,000 |
| Independent Living – Azalea View Cottages | 0% Refundable (Declining Balance) | $417,320 to $616,011p. 29 | $40,000 |
| Independent Living – Lake Ridge Cottages | 0% Refundable (Declining Balance) | $577,336 to $852,200p. 29 | $40,000 |
| Independent Living – Wesley Glen Cottages | 0% Refundable (Declining Balance) | $628,858 to $928,258p. 29 | $40,000 |
| Independent Living – Epworth | 50% Refundable | $238,794 to $352,527p. 29 | $40,000 |
| Independent Living – Francis | 50% Refundable | $355,234 to $524,382p. 29 | $40,000 |
| Independent Living – Gateway | 50% Refundable | $470,015 to $693,795p. 29 | $40,000 |
| Independent Living – Azalea View Cottages | 50% Refundable | $417,320 to $616,011p. 29 | $40,000 |
| Independent Living – Lake Ridge Cottages | 50% Refundable | $577,336 to $852,200p. 29 | $40,000 |
| Independent Living – Wesley Glen Cottages | 50% Refundable | $628,858 to $928,258p. 29 | $40,000 |
Monthly fees
What residents pay each month, by contract and level of care. A second person adds the amount shown.
Residence and Services Agreement · Type C (fee for service) (12 prices, $3,572 to $10,575)
| Unit | Level of care | Per month, one person | Second person |
|---|---|---|---|
| Independent Living – Epworth | Independent living | $3,572p. 27 | $1,757 |
| Independent Living – Francis | Independent living | $4,527p. 27 | $1,750 |
| Independent Living – Gateway | Independent living | $5,005p. 27 | $1,750 |
| Independent Living – Azalea View Cottages | Independent living | $4,671p. 28 | $1,561 |
| Independent Living – Lake Ridge Cottages | Independent living | $6,266p. 28 | $1,750 |
| Independent Living – Wesley Glen Cottages | Independent living | $5,890p. 28 | $1,744 |
| Assisted Living – Studio Apartment – Tier 1 | Assisted living | $7,485p. 28 | Not listed |
| Assisted Living – Studio Apartment – Tier 2 | Assisted living | $8,984p. 28 | Not listed |
| Assisted Living – One Bedroom Apartment – Tier 1 | Assisted living | $7,776p. 28 | Not listed |
| Assisted Living – One Bedroom Apartment – Tier 2 | Assisted living | $9,278p. 28 | Not listed |
| Memory Care – Tier 1 | Memory care | $9,156p. 28 | Not listed |
| Memory Care – Tier 2 | Memory care | $10,575p. 28 | Not listed |
Fee increases, year by year
| Year | Level of care | Unit | Increase | Monthly fee, before and after |
|---|---|---|---|---|
| 2025 | Independent living | All units | 4.5% | Percent onlyp. 29 |
| 2024 | Independent living | All units | 5.5% | Percent onlyp. 29 |
| 2023 | Independent living | All units | 8% | Percent onlyp. 29 |
| 2022 | Independent living | All units | 10% | Percent onlyp. 29 |
| 2021 | Independent living | All units | 6% | Percent onlyp. 29 |
Refunds
What comes back from the entrance fee when you leave or die, and when it is paid.
0% Refundable (Declining Balance)p. 32
The refundable amount drops 6% on the day you move in and 2% on the first of each month after, reaching nothing after about four years. Any refund is paid when your residence gets a replacement entrance fee or 24 months after you terminate, whichever comes first, less any per diem health center charges incurred.
- Kept on move-in
- 6% of the fee
- Declines by
- 2% a month for 47 months
- Never less than
- Nothing: it can decline to zero
- Longest wait
- 24 months
- Paid
- When your unit is re-occupied or after 24 months, whichever is first
50% Refundablep. 32
The refundable amount drops 6% at move-in and 2% a month after that until it reaches 50% of the entrance fee, where it stays. The refund is paid when your residence gets a replacement entrance fee or 24 months after you terminate, whichever comes first, less any per diem health center charges incurred.
- Kept on move-in
- 6% of the fee
- Declines by
- 2% a month for 22 months
- Never less than
- 50% of the fee
- Longest wait
- 24 months
- Paid
- When your unit is re-occupied or after 24 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 24 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.
- Givens Aldersgate is part of Givens Estates, Inc. (parent since 9/1/2025 affiliation; consolidated audit).
- Balance sheet: Givens Aldersgate (Aldersgate column of the Givens Estates consolidating balance sheet).
- Ratios: Givens Aldersgate Obligated Group (Givens Aldersgate only).
Days cash on hand
225 days FY2025p. 46
- 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
3.46x FY2025p. 46
- 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 figuresFY2025 ratios are for Sept 1-Dec 31, 2025 operations under Givens (p45). Section 29.3 (p43) counts $28.8M of 'unrestricted cash & investments'; Aldersgate's balance sheet column (p84) shows cash $10.8M and investments $6.1M ($16.9M), plus $10.6M of investments restricted for the statutory operating reserve. On the plain $16.9M and Sept-Dec 2025 cash operating expenses (p87), days cash is about 120. Section 35 says 2025 liquidity improved 'due the affiliation with Givens Communities and equity contribution provided'. FY2024 coverage was 0.96x, below its covenant.
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. 46 | FY2024p. 47 | FY2023p. 47 |
|---|---|---|---|
| Days cash on hand | 225 days | 137 days | 170 days |
| Debt service coverage | 3.46x | 0.96x | 1.56x |
| Operating margin | 10.42% | 6.61% | 11.7% |
| Total assets | $214.4 million | Not disclosed | Not disclosed |
| Total liabilities | $175.4 million | Not disclosed | Not disclosed |
| Long-term debt | $93.5 million | Not disclosed | Not disclosed |
| Entrance fees not yet earned (deferred revenue) | $29.3 million | Not disclosed | Not disclosed |
| Refunds owed to residents (refundable fee liability) | $43.8 million | Not disclosed | Not disclosed |
| Net position (assets minus liabilities) | $39.1 million | Not disclosed | Not disclosed |
Auditor: Forvis Mazars, LLP. Opinion: Unmodified (clean) opinionp. 46
Occupancy
Events the filing reports
Dated facts the disclosure statement states, such as bond issues, missed covenants or changes of ownership.
- 2025-09-01Ownership change Givens Estates, Inc. acquired Aldersgate United Methodist Retirement Community, Inc. effective September 1, 2025, making it a wholly owned subsidiary; Givens Communities, LLC manages it under an agreement effective the same date.p. 62
- 2024-03-19 NCDOI issued a limited-scope examination report on Aldersgate's credit card purchases from January 1, 2020 to October 31, 2023. Key findings included a lack of consistent support documentation, inadequate policies and procedures, no approval-to-purchase requirements, excessive gift card purchases with lack of oversight, and a lack of credit card purchase oversight.p. 180
- 2024Covenant Did not meet its debt service coverage covenant requirement in 2024 (FY2024 coverage 0.96x); the statement says it met the requirement in 2025, avoiding default.p. 47
- 2023-08-09 The NC Commissioner of Insurance placed Aldersgate under administrative supervision, citing failure to repay entrance fee refunds when contractually due, insolvency or imminent danger of insolvency, and financially hazardous business conduct. The order was amended August 15, 2023; as it was set to expire January 12, 2024, Aldersgate consented to continued supervision for an additional 150 days.p. 177
- 2023-01-19 NCDOI notified Aldersgate that it had been deemed to be in imminent danger of becoming insolvent and in a hazardous financial condition, and directed it to prepare a corrective action plan (approved by NCDOI June 12, 2023).p. 177
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
- 2 of 5
- Health inspections
- 2 of 5
- Staffing
- 3 of 5
- Quality measures
- 4 of 5
Fines recorded by CMS: 2 totalling $47,996. Health citations since 2023-10-16: 12. Asbury Health and Rehabilitation Center on Care Compare
CARF-accredited since 2016. Check on CARF’s site
In brief
Givens Aldersgate in Charlotte, NC is a nonprofit continuing care retirement community with 274 independent living units, 47 assisted living units, 61 memory care units and 120 nursing beds, offering fee-for-service contracts with entrance fees from $238,794 to $928,258. The NC Department of Insurance deemed it in a hazardous financial condition in January 2023 and placed it under administrative supervision in August 2023; it missed its debt service coverage covenant in 2024 and was acquired by Givens Estates effective September 1, 2025.PDF
Nearest communities in North Carolina
- Sharon Village Apartments
Charlotte · 4 miles away
Entrance fee: $17,000 to $30,000
- Brookdale Carriage Club Providence
Charlotte · 7 miles away
Entrance fee: None: rental
- The Barclay at SouthPark
Charlotte · 7 miles away
Entrance fee: Not disclosed in the 2026 filing
Sources
- Givens Aldersgate — 2026 Disclosure Statement (Revision 1)North Carolina Department of Insurance · filed 2026, fiscal 2025 finances · 184 pages · retrieved 2026-10-15
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