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Ardenwoods and Givens Estates compared
Two North Carolina communities about 5 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 | Givens Estates |
|---|---|---|
| Location | Arden, NC | Asheville, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type B (modified) | Type C (fee for service) |
| Entrance fee, one person | $271,000 to $484,000p. 22 | $151,809 to $1,508,902p. 30p. 31 |
| Monthly fee, independent living | $3,310 to $4,180p. 22 | $2,859 to $5,765p. 29 |
| Refund plans | Standard (Traditional) 24-month; Ninety Percent Refundp. 53p. 41 | Declining Balance (0% Refundable); 50% Refundable; 90% Refundable; Range across refund plans (plan not specified)p. 173p. 30 |
| Highest guaranteed refund | 90% of the feep. 53p. 41 | 90% of the feep. 173p. 30 |
| 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 | When your unit is re-occupied or after 24 months, whichever is firstp. 173p. 30 |
| 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). | 985 days (FY2025)p. 2Debt service coverage fell to 0.53x in 2025, which the statement attributes to cash transfers made to acquire Givens Aldersgate (it was 4.4x in 2024). The 985 days does not match Section 29, which gives $63.0M of unrestricted cash and investments (about 555 days). On the Estates balance sheet it reconciles only by counting $9.6M of Special Use Funds investments (the column holding donor-restricted net assets) and $4.1M of assets limited as to use alongside cash and operating-fund investments ($111.9M, about 985 days). Cash ($10.0M) and operating-fund investments ($88.2M) alone, $98.2M, cover about 865 days of 2025 cash operating expenses ($47.76M less $6.29M depreciation). |
| 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). | 0.53x (FY2025)p. 2Debt service coverage fell to 0.53x in 2025, which the statement attributes to cash transfers made to acquire Givens Aldersgate (it was 4.4x in 2024). The 985 days does not match Section 29, which gives $63.0M of unrestricted cash and investments (about 555 days). On the Estates balance sheet it reconciles only by counting $9.6M of Special Use Funds investments (the column holding donor-restricted net assets) and $4.1M of assets limited as to use alongside cash and operating-fund investments ($111.9M, about 985 days). Cash ($10.0M) and operating-fund investments ($88.2M) alone, $98.2M, cover about 865 days of 2025 cash operating expenses ($47.76M less $6.29M depreciation). |
| Independent living occupancy | Not disclosed in the 2026 filing | 97.64% (2025)p. 23 |
| Net position | $75.2 million (FY2025)p. 5 | $133.3 million (FY2025)p. 89 |
| Whose finances | Baptist Retirement Homes of North Carolina, Inc. dba ThriveMore and Affiliate (consolidated); ratios for ThriveMore (consolidated)p. 5 | Givens Estates, Inc. (Estates columns of the audited consolidating balance sheet); ratios for Givens Estates, Inc. (provider only)p. 89 |
| Audit opinion | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 5 | Unmodified (clean) opinion, Forvis Mazars, LLPp. 89 |
| 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
Givens Estates
Type C (fee for service): Assisted living and nursing are fee-for-service: a resident who moves permanently gives up the residence and pays the published per diem rate instead of the monthly fee, plus ancillaries and any Level of Care Fee; a temporary stay adds the per diem to the monthly fee. Per diem health center fees are also deducted from any entrance fee refund.p. 165