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Ardenwoods and Carolina Village compared
Two North Carolina communities about 11 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Ardenwoods | Carolina Village |
|---|---|---|
| Location | Arden, NC | Hendersonville, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2026 financesPDF |
| Contract types | Type B (modified) | Type A (life care) |
| Entrance fee, one person | $271,000 to $484,000p. 22 | $241,900 to $677,400p. 23p. 24 |
| Monthly fee, independent living | $3,310 to $4,180p. 22 | $2,783 to $6,273p. 21p. 22 |
| Refund plans | Standard (Traditional) 24-month; Ninety Percent Refundp. 53p. 41 | Declining Balance (0% Refundable)p. 123 |
| Highest guaranteed refund | 90% of the feep. 53p. 41 | 0% of the feep. 123 |
| When a refund is paid | When your unit is re-occupied or after 24 months, whichever is first; When your unit is re-occupied or after 36 months, whichever is firstp. 53p. 41 | Within a fixed number of daysp. 123 |
| Days cash on hand | 475.24 days (FY2025)p. 5Figures for ThriveMore (consolidated). Ratios are for all of ThriveMore, not Ardenwoods alone. The operating ratio was 116.3% and the net operating margin -15.4% in FY2025 (p5). The operating reserve shown is ThriveMore's; the statement gives Ardenwoods' operating reserve at 9/30/2025 as $1,751,435 (p27). | 241 days (FY2026)p. 2The 241 days counts the $8.4M of investments restricted for the statutory operating reserve (Section 29 gives unrestricted cash and investments of $21.7M). Cash and marketable securities alone ($13.3M) cover about 148 days of 2026 cash operating expenses. |
| Its lenders' minimum | Not disclosed in the 2026 filing | Not disclosed in the 2026 filing |
| Debt service coverage | 1.36x (FY2025)p. 5Figures for ThriveMore (consolidated). Ratios are for all of ThriveMore, not Ardenwoods alone. The operating ratio was 116.3% and the net operating margin -15.4% in FY2025 (p5). The operating reserve shown is ThriveMore's; the statement gives Ardenwoods' operating reserve at 9/30/2025 as $1,751,435 (p27). | 2.68x (FY2026)p. 2The 241 days counts the $8.4M of investments restricted for the statutory operating reserve (Section 29 gives unrestricted cash and investments of $21.7M). Cash and marketable securities alone ($13.3M) cover about 148 days of 2026 cash operating expenses. |
| Independent living occupancy | Not disclosed in the 2026 filing | 95.3% (2026)p. 18 |
| Net position | $75.2 million (FY2025)p. 5 | $12.7 million (FY2026)p. 48 |
| Whose finances | Baptist Retirement Homes of North Carolina, Inc. dba ThriveMore and Affiliate (consolidated); ratios for ThriveMore (consolidated)p. 5 | Carolina Village, Inc.; ratios for Carolina Village, Inc. (sole member of the obligated group)p. 48 |
| Audit opinion | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 5 | Unmodified (clean) opinion, Forvis Mazars, LLPp. 48 |
| Nursing care, CMS rating | No CMS record linked | 5 of 5 (CMS overall) |
What care costs later, in each contract
Ardenwoods
Type B (modified): Residents get priority admission to Heather Glen assisted living with no extra entrance payment and 14 free days of care over the life of the contract; after that they pay the full per diem rate.p. 48
Carolina Village
Type A (life care): Residents can use assisted living and skilled nursing without an increase in the monthly service fee, paying extra for meals, drugs, supplies and Medicare cost-sharing. A resident who needs a permanent move to care within the first 12 months of occupancy pays the private daily rate until 12 consecutive months of occupancy are reached. For comparison, direct-admit private rates from April 1, 2026 are $285 a day for assisted living and $480 a day for skilled nursing.p. 121