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Bridgewater Retirement Community and Summit Square compared
Two Virginia communities about 22 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Bridgewater Retirement Community | Summit Square |
|---|---|---|
| Location | Bridgewater, VA | Waynesboro, VA |
| Filing used | 2024 statement, fiscal 2023 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type C (fee for service) | Type B (modified), Type C (fee for service), Rental |
| Entrance fee, one person | $75,606 to $1,906,566p. 55p. 57 | $71,000 to $373,900p. 100 |
| Monthly fee, independent living | $1,124 to $3,591p. 55 | $2,100 to $5,559p. 100 |
| Refund plans | Option One: 7-Year Declining Refund; Option Two: No-Less-Than 50% Refund; Option Three: 100% Refundp. 47p. 48p. 15 | Type I declining refund; Type II declining refund; Type III 50% refundp. 49p. 50 |
| Highest guaranteed refund | 100% of the feep. 47p. 48p. 15 | 50% of the feep. 49p. 50 |
| When a refund is paid | When your unit is re-occupied or after 6 months, whichever is firstp. 47p. 48p. 15 | When your unit is re-occupied or after 6 months, whichever is firstp. 49p. 50 |
| Days cash on hand | 316 days (FY2023, calculated)p. 66Figures for Bridgewater HealthCare, Inc. and Affiliates (consolidated). | 419 days (FY2025)p. 142Figures for Sunnyside Presbyterian Home (consolidated: Sunnyside, King's Grant, Summit Square). Days cash and coverage are for Sunnyside Presbyterian Home's three campuses together (Sunnyside, King's Grant, Summit Square), not Summit Square alone; Summit Square's own column holds $242,738 cash and $3,938,591 investments (p141). Days cash 419 is the audit note figure (p124); the covenant schedule (Exhibit F, p159) shows 418. Coverage 4.87x is from that management covenant schedule (p157), not the audit. |
| Its lenders' minimum | Not disclosed in the 2024 filing | At least 150 daysp. 129 |
| Debt service coverage | Not disclosed in the 2024 filingFigures for Bridgewater HealthCare, Inc. and Affiliates (consolidated). | 4.87x (FY2025)p. 142Figures for Sunnyside Presbyterian Home (consolidated: Sunnyside, King's Grant, Summit Square). Days cash and coverage are for Sunnyside Presbyterian Home's three campuses together (Sunnyside, King's Grant, Summit Square), not Summit Square alone; Summit Square's own column holds $242,738 cash and $3,938,591 investments (p141). Days cash 419 is the audit note figure (p124); the covenant schedule (Exhibit F, p159) shows 418. Coverage 4.87x is from that management covenant schedule (p157), not the audit. |
| Independent living occupancy | 98.95% (2023)p. 114 | Not disclosed in the 2026 filing |
| Net position | $53.5 million (FY2023)p. 66 | $8.5 million (FY2025)p. 142 |
| Whose finances | Bridgewater HealthCare, Inc. and Affiliates (consolidated)p. 66 | Summit Square division of Sunnyside Presbyterian Home (audited supplementary schedule); ratios for Sunnyside Presbyterian Home (consolidated: Sunnyside, King's Grant, Summit Square)p. 142 |
| Audit opinion | Unmodified (clean) opinion, Gross Mendelsohnp. 66 | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 142 |
| Nursing care, CMS rating | 4 of 5 (CMS overall) | 4 of 5 (CMS overall) |
What care costs later, in each contract
Bridgewater Retirement Community
Type C (fee for service): Independent living residents are not entitled to assisted living or nursing care under the agreement, but their applications get priority over non-residents and they pay the prevailing rates. The Village Monthly Service Fee continues during a temporary transfer.p. 13
Summit Square
Type C (fee for service): Residents have priority admission to assisted living and the health care center but pay the daily rate; the apartment's monthly fee stops while they are there (except Medicare short-term skilled stays). Type III's 50% refund may be used toward care.p. 4
Type B (modified): Ninety days of assisted living and/or health care, cumulative over the resident's lifetime and non-transferable, during which the resident keeps paying the regular monthly fee; after that the full per diem applies.p. 4
Rental: Rental residents pay the applicable daily fee for assisted living or health care.p. 5