Springmoor Life Care Retirement Community
1500 Sawmill Road, Raleigh, North Carolina 27615 · Community website
- Operator:
- Springmoor, Inc. (managed by Ammons Springmoor Associates, Inc.)
- Ownership:
- Nonprofit
- Affiliation:
- Not disclosed in the 2026 filing
- Opened:
- 1984
Nonprofit provider that leases its land and buildings from Ammons family companies (Ammons, Inc. and Ammons-Springmoor Assoc., LLC). All staff are employed by the for-profit manager Ammons Springmoor Associates, Inc., 90% owned by the CEO, David Ammons.
- Type B (modified)
Figures from the 2026 disclosure statement (fiscal 2025 finances), filed with the North Carolina Department of Insurance.PDF
In this filing
- 2026-05-19: First Citizens Bank granted Springmoor a $13,000,000 letter of credit, approved by the Insurance Commissioner, to fund its statutory operating reserve requirement.p. 62
- 2025-12: Springmoor did not meet the North Carolina statutory operating reserve requirement on December 31, 2025 ($12,382,000 per audit Note B; the disclosure's Table 29.1 shows $13,018,000 required and a $5.5 million deficit). The Department of Insurance had notified it on November 21, 2025 that, from December 1, 2025, notes receivable no longer counted as qualifying reserve assets.p. 62
At a glance
Refund plans offered
- Life OccupancyCan decline to nothing
- 50% Refund Entry FeeNever less than 50% of the fee
- 100% Refund Entry FeeNever less than 100% of the fee
Days cash on hand
Read the note on this figure
The 80 days counts $2.28M of certificates of deposit held toward the statutory operating reserve; cash alone ($7.81M) is about 62 days. Springmoor leases its campus from Ammons family entities, and its largest assets ($35.3M) are notes receivable from those landlords, which are not counted in days cash.
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 Type B; we class contracts by how care is priced (our definitions).
30 days of Health Center care included each year (bankable to 90). Short-term stays after that are at 30% of the daily rate; permanent stays are at the full daily rate under the contract, though the disclosure narrative says 60% (see notes).p. 104
- Assisted living
- Assisted living and skilled nursing are both in Stewart Health Center and use the same eligible-day rules; the document publishes no Health Center daily rate.
- Nursing care
- 30 eligible days a year with no per diem (up to 90 can be banked; not usable on a direct admission until 90 days of residence). After they run out, a short-term stay costs the monthly fee plus 30% of the Health Center daily rate; a permanent ('continuing care') stay costs the full daily rate per the contract, plus the old residence's monthly fee until it is vacated.
- Care days included
- 30
| Independent living | 388 |
|---|---|
| Assisted living | 18 |
| Memory care | Not disclosed in the 2026 filing |
| Nursing care | 173 |
Entrance fees
One-person prices as the filing lists them, by contract. A second person usually pays the extra amount shown.
Residence and Care Agreement · Type B (modified) (48 prices, $144,500 to $622,800)
| Unit | Refund plan | Price, one person | Second person |
|---|---|---|---|
| Independent Living Homes/Villas/Apartments – Alcove | Life Occupancy | from $144,500p. 18 | $18,000 |
| Independent Living Homes/Villas/Apartments – Alcove | 50% Refund Entry Fee | from $191,800p. 18 | $20,000 |
| Independent Living Homes/Villas/Apartments – Alcove | 100% Refund Entry Fee | from $259,300p. 18 | $22,000 |
| Independent Living Homes/Villas/Apartments – One Bedroom | Life Occupancy | from $206,200p. 18 | $18,000 |
| Independent Living Homes/Villas/Apartments – One Bedroom | 50% Refund Entry Fee | from $274,200p. 18 | $20,000 |
| Independent Living Homes/Villas/Apartments – One Bedroom | 100% Refund Entry Fee | from $370,200p. 18 | $22,000 |
| Independent Living Homes/Villas/Apartments – One Bedroom Deluxe | Life Occupancy | from $221,400p. 18 | $18,000 |
| Independent Living Homes/Villas/Apartments – One Bedroom Deluxe | 50% Refund Entry Fee | from $294,400p. 18 | $20,000 |
| Independent Living Homes/Villas/Apartments – One Bedroom Deluxe | 100% Refund Entry Fee | from $397,200p. 18 | $22,000 |
| Independent Living Homes/Villas/Apartments – One Bedroom Deluxe Plus | Life Occupancy | from $247,500p. 18 | $18,000 |
| Independent Living Homes/Villas/Apartments – One Bedroom Deluxe Plus | 50% Refund Entry Fee | from $328,900p. 18 | $20,000 |
| Independent Living Homes/Villas/Apartments – One Bedroom Deluxe Plus | 100% Refund Entry Fee | from $443,800p. 18 | $22,000 |
| Independent Living Homes/Villas/Apartments – Two Bedroom | Life Occupancy | from $267,500p. 18 | $18,000 |
| Independent Living Homes/Villas/Apartments – Two Bedroom | 50% Refund Entry Fee | from $355,900p. 18 | $20,000 |
| Independent Living Homes/Villas/Apartments – Two Bedroom | 100% Refund Entry Fee | from $480,200p. 18 | $22,000 |
| Independent Living Homes/Villas/Apartments – Two Bedroom Deluxe | Life Occupancy | from $298,000p. 18 | $18,000 |
| Independent Living Homes/Villas/Apartments – Two Bedroom Deluxe | 50% Refund Entry Fee | from $396,700p. 18 | $20,000 |
| Independent Living Homes/Villas/Apartments – Two Bedroom Deluxe | 100% Refund Entry Fee | from $535,200p. 18 | $22,000 |
| Independent Living Homes/Villas/Apartments – One Bedroom with Den | Life Occupancy | from $245,100p. 18 | $18,000 |
| Independent Living Homes/Villas/Apartments – One Bedroom with Den | 50% Refund Entry Fee | from $326,200p. 18 | $20,000 |
| Independent Living Homes/Villas/Apartments – One Bedroom with Den | 100% Refund Entry Fee | from $440,400p. 18 | $22,000 |
| Independent Living Homes/Villas/Apartments – Two Bedroom with Den | Life Occupancy | from $317,000p. 18 | $18,000 |
| Independent Living Homes/Villas/Apartments – Two Bedroom with Den | 50% Refund Entry Fee | from $417,800p. 18 | $20,000 |
| Independent Living Homes/Villas/Apartments – Two Bedroom with Den | 100% Refund Entry Fee | from $564,000p. 18 | $22,000 |
| Independent Living Homes/Villas/Apartments – Two Bedroom with Den (second of two rows so named) | Life Occupancy | from $332,700p. 18 | $18,000 |
| Independent Living Homes/Villas/Apartments – Two Bedroom with Den (second of two rows so named) | 50% Refund Entry Fee | from $442,300p. 18 | $20,000 |
| Independent Living Homes/Villas/Apartments – Two Bedroom with Den (second of two rows so named) | 100% Refund Entry Fee | from $597,200p. 18 | $22,000 |
| Independent Living Homes/Villas/Apartments – Two Bedroom Deluxe with Den | Life Occupancy | from $346,800p. 19 | $18,000 |
| Independent Living Homes/Villas/Apartments – Two Bedroom Deluxe with Den | 50% Refund Entry Fee | from $461,000p. 19 | $20,200 |
| Independent Living Homes/Villas/Apartments – Two Bedroom Deluxe with Den | 100% Refund Entry Fee | from $622,800p. 19 | $22,000 |
| Independent Supportive Living Center/The Pointe – Efficiency | Life Occupancy | from $157,500p. 19 | $18,000 |
| Independent Supportive Living Center/The Pointe – Efficiency | 50% Refund Entry Fee | from $209,400p. 19 | $20,000 |
| Independent Supportive Living Center/The Pointe – Efficiency | 100% Refund Entry Fee | from $282,900p. 19 | $22,000 |
| Independent Supportive Living Center/The Pointe – Alcove | Life Occupancy | from $170,300p. 19 | $18,000 |
| Independent Supportive Living Center/The Pointe – Alcove | 50% Refund Entry Fee | from $226,800p. 19 | $20,000 |
| Independent Supportive Living Center/The Pointe – Alcove | 100% Refund Entry Fee | from $306,000p. 19 | $22,000 |
| Independent Supportive Living Center/The Pointe – Efficiency Deluxe | Life Occupancy | from $176,800p. 19 | $18,000 |
| Independent Supportive Living Center/The Pointe – Efficiency Deluxe | 50% Refund Entry Fee | from $234,800p. 19 | $20,000 |
| Independent Supportive Living Center/The Pointe – Efficiency Deluxe | 100% Refund Entry Fee | from $317,000p. 19 | $22,000 |
| Independent Supportive Living Center/The Pointe – One Bedroom | Life Occupancy | from $242,400p. 19 | $18,000 |
| Independent Supportive Living Center/The Pointe – One Bedroom | 50% Refund Entry Fee | from $332,400p. 19 | $20,000 |
| Independent Supportive Living Center/The Pointe – One Bedroom | 100% Refund Entry Fee | from $435,300p. 19 | $22,000 |
| Independent Supportive Living Center/The Pointe – One Bedroom Plus | Life Occupancy | from $247,500p. 19 | $18,000 |
| Independent Supportive Living Center/The Pointe – One Bedroom Plus | 50% Refund Entry Fee | from $328,900p. 19 | $20,000 |
| Independent Supportive Living Center/The Pointe – One Bedroom Plus | 100% Refund Entry Fee | from $443,800p. 19 | $22,000 |
| Independent Supportive Living Center/The Pointe – Two Bedroom | Life Occupancy | from $305,900p. 19 | $18,000 |
| Independent Supportive Living Center/The Pointe – Two Bedroom | 50% Refund Entry Fee | from $406,800p. 19 | $20,000 |
| Independent Supportive Living Center/The Pointe – Two Bedroom | 100% Refund Entry Fee | from $549,200p. 19 | $22,000 |
Monthly fees
What residents pay each month, by contract and level of care. A second person adds the amount shown.
Residence and Care Agreement · Type B (modified) (16 prices, $3,811 to $6,703)
| Unit | Level of care | Per month, one person | Second person |
|---|---|---|---|
| Independent Living Homes/Villas/Apartments – Alcove | Independent living | $3,811p. 17 | $1,175 |
| Independent Living Homes/Villas/Apartments – One Bedroom | Independent living | $4,370p. 17 | $1,175 |
| Independent Living Homes/Villas/Apartments – One Bedroom Deluxe | Independent living | $4,865p. 17 | $1,175 |
| Independent Living Homes/Villas/Apartments – One Bedroom Deluxe Plus | Independent living | $5,386p. 17 | $1,175 |
| Independent Living Homes/Villas/Apartments – Two Bedroom | Independent living | $5,760p. 17 | $1,175 |
| Independent Living Homes/Villas/Apartments – Two Bedroom Deluxe | Independent living | $6,065p. 17 | $1,175 |
| Independent Living Homes/Villas/Apartments – One Bedroom with Den | Independent living | $4,851p. 17 | $1,175 |
| Independent Living Homes/Villas/Apartments – Two Bedroom with Den | Independent living | $6,021p. 17 | $1,175 |
| Independent Living Homes/Villas/Apartments – Two Bedroom with Den (second of two rows so named) | Independent living | $6,161p. 17 | $1,175 |
| Independent Living Homes/Villas/Apartments – Two Bedroom Deluxe with Den | Independent living | $6,634p. 18 | $1,175 |
| Independent Living Supportive Living Center – Efficiency | Independent living | $4,907p. 18 | $2,022 |
| Independent Living Supportive Living Center – Alcove | Independent living | $5,394p. 18 | $2,022 |
| Independent Living Supportive Living Center – Efficiency Deluxe | Independent living | $5,394p. 18 | $2,022 |
| Independent Living Supportive Living Center – One Bedroom | Independent living | $6,001p. 18 | $2,022 |
| Independent Living Supportive Living Center – One Bedroom Plus | Independent living | $6,221p. 18 | $2,022 |
| Independent Living Supportive Living Center – Two Bedroom | Independent living | $6,703p. 18 | $2,022 |
Fee increases, year by year
| Year | Level of care | Unit | Increase | Monthly fee, before and after |
|---|---|---|---|---|
| 2026 | Independent living | All units | 4.5% | Percent onlyp. 18 |
| 2025 | Independent living | All units | 5.85% | Percent onlyp. 18 |
| 2024 | Independent living | All units | 5.25% | Percent onlyp. 18 |
| 2023 | Independent living | All units | 6.8% | Percent onlyp. 18 |
| 2022 | Independent living | All units | 5.2% | Percent onlyp. 18 |
| 2021 | Independent living | All units | 5.25% | Percent onlyp. 18 |
Refunds
What comes back from the entrance fee when you leave or die, and when it is paid.
Life Occupancyp. 100
Fully refundable if either side cancels in the first 90 days. After that the refund drops 4% for each month from the move-in date and reaches nothing after 25 months. Any refund is paid within 30 days after your residence is reoccupied.
- Kept on move-in
- 0% of the fee
- 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
50% Refund Entry Feep. 100
The contract calls it the 50% Life Equity Fee. Fully refundable in the 90-day probationary period, then the refund drops 2% a month from move-in until it reaches 50% after 25 months. Paid within 30 days after your residence is reoccupied.
- Kept on move-in
- 0% of the fee
- Declines by
- 2% a month for 25 months
- Never less than
- 50% of the fee
- Longest wait
- No limit stated
- Paid
- When your unit is re-occupied and the new resident has paid
100% Refund Entry Feep. 102
The contract calls it the 100% Life Equity Fee. The whole fee comes back, but not before the later of six years after move-in or 30 days after your residence is reoccupied, so even a quick resale is not paid out before year six.
- Kept on move-in
- 0% of the fee
- Declines by
- Does not decline
- Never less than
- 100% of the fee
- 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: Springmoor, Inc.
- Ratios: Springmoor, Inc. (provider only; not part of an obligated group).
Days cash on hand
80 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
3.09x FY2025p. 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 80 days counts $2.28M of certificates of deposit held toward the statutory operating reserve; cash alone ($7.81M) is about 62 days. Springmoor leases its campus from Ammons family entities, and its largest assets ($35.3M) are notes receivable from those landlords, which are not counted in days cash.
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. 2 | FY2023p. 2 |
|---|---|---|---|
| Days cash on hand | 80 days | 70 days | 63 days |
| Debt service coverage | 3.09x | 6.77x | 0.85x |
| Operating margin | -22.4% | -24.08% | -33.89% |
| Total assets | $109.9 million | Not disclosed | Not disclosed |
| Total liabilities | $135.1 million | Not disclosed | Not disclosed |
| Long-term debt | $6.3 million | Not disclosed | Not disclosed |
| Entrance fees not yet earned (deferred revenue) | $30.5 million | Not disclosed | Not disclosed |
| Refunds owed to residents (refundable fee liability) | $37.2 million | Not disclosed | Not disclosed |
| Net position (assets minus liabilities) | −$25.2 million | Not disclosed | Not disclosed |
Auditor: James A. Lucas and Company, L.L.P.. 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.
- 2026-07 Springmoor and its landlords (Ammons, Inc. and Ammons-Springmoor Assoc., LLC) agreed to amended leases from July 1, 2026, at a fixed rate with increases capped at 4% a year, running through June 30, 2041, replacing discretionary rent deferrals and forgiveness.p. 12
- 2026-05-19 First Citizens Bank granted Springmoor a $13,000,000 letter of credit, approved by the Insurance Commissioner, to fund its statutory operating reserve requirement.p. 62
- 2025-12 Springmoor did not meet the North Carolina statutory operating reserve requirement on December 31, 2025 ($12,382,000 per audit Note B; the disclosure's Table 29.1 shows $13,018,000 required and a $5.5 million deficit). The Department of Insurance had notified it on November 21, 2025 that, from December 1, 2025, notes receivable no longer counted as qualifying reserve assets.p. 62
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
Springmoor is a nonprofit continuing care retirement community in Raleigh, opened in 1984, with 388 independent living units, 18 assisted living beds and 173 skilled nursing beds on land leased from Ammons family companies. Entrance fees run from $144,500 to $622,800 for one person under Life Occupancy, 50% and 100% refund plans, with 30 Health Center days included each year; after those days the contract charges permanent residents the full Health Center daily rate, while the disclosure narrative says 60% of it. Its audited FY2025 statements show liabilities exceeding assets by $25.2 million; it did not meet the state operating reserve requirement at December 31, 2025, and a $13 million bank letter of credit approved by the Insurance Commissioner was granted on May 19, 2026.PDF
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Sources
- Springmoor Life Care Retirement Community — 2026 Disclosure Statement (Revision 2)North Carolina Department of Insurance · filed 2026, fiscal 2025 finances · 125 pages · retrieved 2026-10-15
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