Penick Village
500 E. Rhode Island Ave., Southern Pines, North Carolina 28387 · Community website
- Operator:
- Penick Village, Inc.
- Ownership:
- Nonprofit
- Affiliation:
- Episcopal (Diocese of North Carolina; no financial support or voting board seat)
- Opened:
- 1964
- 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
Monthly fee, independent living
Refund plans offered
- 24-Month Declining Refundable Entrance FeeCan decline to nothing
- 50% Refundable Entrance FeeNever less than 50% of the fee
- 90% Refundable Entrance FeeNever less than 90% of the fee
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 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 fee-for-service contract; we class contracts by how care is priced (our definitions).
Benefit: 14 cumulative days per calendar year per resident of basic assisted living or nursing care at no additional charge during a temporary transfer from the resident's independent living residence (beyond what insurance or Medicare covers), while the residence's Monthly Service Fee continues. After 14 days, and on any permanent transfer, the resident pays the daily rate; internal residents pay $6-$36 a day less than direct admissions in assisted living and the same $419 in nursing. If no bed is free, Penick arranges home care at the resident's cost or care at another community.p. 116
- Assisted living
- Temporary transfer: 14 cumulative days per calendar year per resident at no additional charge (the residence's monthly fee continues). After that, and after a permanent transfer, the internal-resident daily rate: $219-$356 a day in assisted living and $299 in the Garden Cottage memory unit, against $225-$392 and $312 for direct admissions (2026).
- Nursing care
- Same 14 cumulative days per calendar year for temporary transfers. Otherwise the $419 daily rate (2026) for a private room, the same rate direct admissions pay.
- Care days included
- 14
| Independent living | 150 |
|---|---|
| Assisted living | 32 |
| Memory care | 10 |
| Nursing care | 32 |
Entrance fees
One-person prices as the filing lists them, by contract. A second person usually pays the extra amount shown.
Independent Living Residency Agreement · Type B (modified) (4 prices, $135,987 to $859,200)
| Unit | Refund plan | Price, one person | Second person |
|---|---|---|---|
| Independent Living – Apartment | 24-Month Declining Refundable Entrance Fee | $135,987 to $422,182p. 20 | No extra charge |
| Independent Living – Hybrid | 24-Month Declining Refundable Entrance Fee | $140,687 to $470,271p. 20 | No extra charge |
| Independent Living – Cottage | 24-Month Declining Refundable Entrance Fee | $328,219 to $540,085p. 20 | No extra charge |
| Independent Living – Home | 24-Month Declining Refundable Entrance Fee | $680,200 to $859,200p. 20 | No extra charge |
Monthly fees
What residents pay each month, by contract and level of care. A second person adds the amount shown.
Independent Living Residency Agreement · Type B (modified) (4 prices, $2,546 to $6,411)
| Unit | Level of care | Per month, one person | Second person |
|---|---|---|---|
| Independent Living – Apartment | Independent living | $2,689 to $5,566p. 21 | $1,416 |
| Independent Living – Hybrid | Independent living | $2,546 to $5,093p. 21 | $1,416 |
| Independent Living – Cottage | Independent living | $4,601 to $4,912p. 21 | $1,416 |
| Independent Living – Home | Independent living | $6,101 to $6,411p. 21 | $1,416 |
Fee increases, year by year
| Year | Level of care | Unit | Increase | Monthly fee, before and after |
|---|---|---|---|---|
| 2025 | Independent living | All units | 3.89% | Percent onlyp. 21 |
| 2024 | Independent living | All units | 5% | Percent onlyp. 21 |
| 2023 | Independent living | All units | 7.5% | Percent onlyp. 21 |
| 2022 | Independent living | All units | 5% | Percent onlyp. 21 |
| 2021 | Independent living | All units | 3% | Percent onlyp. 21 |
Refunds
What comes back from the entrance fee when you leave or die, and when it is paid.
24-Month Declining Refundable Entrance Feep. 127
8% of the fee is earned on the first day of occupancy and 4% a month after that, so nothing is refundable after 24 months. Any refund is paid within 30 days after Penick receives enough from the next entrance fee(s) of a newly occupied residence similar to yours, with refunds queued first-in, first-out.
- Kept on move-in
- 8% of the fee
- Declines by
- 4% a month for 24 months
- Never less than
- Nothing: it can decline to zero
- Longest wait
- No limit stated
- Paid
- In turn, from a fund of new residents' entrance fees
50% Refundable Entrance Feep. 127
5% is earned on the first day, 4% a month for the next 11 months and 1% at the start of month 13, leaving 50% of the fee refundable for life. Priced higher than the declining fee by an age-based multiplier; not offered at 85 or older. Paid from the next entrance fee(s) of a similar residence, first-in, first-out.
- Kept on move-in
- 5% of the fee
- Declines by
- 4% a month for 13 months
- Never less than
- 50% of the fee
- Longest wait
- No limit stated
- Paid
- In turn, from a fund of new residents' entrance fees
90% Refundable Entrance Feep. 15
5% is earned on the first day and 1% a month for the next five months, leaving 90% refundable for life. Priced higher than the declining fee by an age-based multiplier; not offered at 85 or older. Paid from the next entrance fee(s) of a similar residence, first-in, first-out.
- Kept on move-in
- 5% of the fee
- Declines by
- 1% a month for 6 months
- Never less than
- 90% of the fee
- Longest wait
- No limit stated
- Paid
- In turn, from a fund of new residents' entrance fees
Refund calculator
Estimated refund: $0 (0% of the fee)
When it is paid: in turn, from a fund of new residents' entrance fees. 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: Penick Village, Inc. and Affiliates (consolidated with The Penick Village Foundation, Inc. and The JA Greer Group, LLC).
- Ratios: Penick Village, Inc.
- Ratios are interim figures, unaudited.
Days cash on hand
347 days FY2025p. 24
- 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
2.61x FY2025p. 24
- 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
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. 32 | FY2024p. 24 | FY2023p. 24 |
|---|---|---|---|
| Days cash on hand | 347 days | 266 days | 316 days |
| Debt service coverage | 2.61x | 2.58x | 2.86x |
| Operating margin | -0.4% | -6% | -6.1% |
| Total assets | $155.1 million | $75.5 million | Not disclosed |
| Total liabilities | $140.1 million | $62.3 million | Not disclosed |
| Long-term debt | $106.5 million | $34.2 million | Not disclosed |
| Entrance fees not yet earned (deferred revenue) | $20.5 million | $20.7 million | Not disclosed |
| Refunds owed to residents (refundable fee liability) | $2.2 million | Not disclosed | Not disclosed |
| Net position (assets minus liabilities) | $15.0 million | $13.2 million | Not disclosed |
Auditor: CliftonLarsonAllen LLP. Opinion: Unmodified (clean) opinionp. 32
Occupancy
Events the filing reports
Dated facts the disclosure statement states, such as bond issues, missed covenants or changes of ownership.
- 2025 Sold 18 skilled nursing bed licenses during fiscal 2025, reducing licensed nursing beds from 50 to 32.p. 75
- 2024-10 Entered a bond purchase and loan agreement with the North Carolina Medical Care Commission for $73,295,000 of Series 2024 bonds to build 44 independent living units and a wellness center and renovate the health care center; the bonds mature September 1, 2054.p. 47
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
- 4 of 5
- Staffing
- 5 of 5
- Quality measures
- 4 of 5
Fines recorded by CMS: 0. Health citations since 2023-10-16: 8. Penick Village on Care Compare
In brief
Penick Village in Southern Pines, NC is a nonprofit Episcopal-associated life plan community with 150 independent living residences, 32 assisted living units, a 10-bed memory-support cottage and 32 skilled nursing beds, with 44 more independent living units under construction. Its residency agreement includes 14 cumulative days per calendar year of basic assisted living or nursing care at no additional charge during temporary transfers, after which (and on a permanent move) residents pay daily rates; 2026 entrance fees on the 24-month declining plan run from $135,987 to $859,200, with 50% and 90% refundable options priced by age.PDF
Nearest communities in North Carolina
- Pine Knoll
Southern Pines · 1 miles away
Entrance fee: Not disclosed in the 2026 filing
- Belle Meade
Southern Pines · 3 miles away
Entrance fee: Not disclosed in the 2026 filing
- Quail Haven Village
Pinehurst · 4 miles away
Entrance fee: Not disclosed in the 2026 filing
Sources
- Penick Village — 2026 Disclosure StatementNorth Carolina Department of Insurance · filed 2026, fiscal 2025 finances · 203 pages · retrieved 2026-10-15
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