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Carol Woods and Oak Creek Apartments compared
Two North Carolina communities about 23 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Carol Woods | Oak Creek Apartments |
|---|---|---|
| Location | Chapel Hill, NC | Burlington, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2025 statement, fiscal 2024 financesPDF |
| Contract types | Type B (modified) | Type C (fee for service), Rental |
| Entrance fee, one person | $116,600 to $671,700p. 196 | $25,000 to $30,000p. 18 |
| Monthly fee, independent living | $2,905 to $6,858p. 189p. 188 | $1,300 to $2,070p. 18 |
| Refund plans | Declining Balance (0% after 50 months)p. 152 | Retention Schedule (0% after 4 years)p. 194 |
| Highest guaranteed refund | 0% of the feep. 152 | 0% of the feep. 194 |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 152 | Within a fixed number of daysp. 194 |
| Days cash on hand | 690 days (FY2025)p. 2The reported 690 days counts the $8.76M statutory operating reserve: Carol Woods' own cash ($0.58M) + investments ($53.62M) + the reserve ($8.76M) = the $62.95M of 'unrestricted cash and investments' the statement cites (p42, p91). Cash and investments alone ($54.2M) on 2025 expenses less depreciation are about 593 days for Carol Woods alone (p91-93) and about 586 days consolidated (p61-62). | Not disclosed in the 2025 filingFigures for White Oak Manor - Burlington/Oak Creek Apartments (NHC HealthCare/Burlington, LLC), unaudited internal balance sheet. No ratios are reported. The facility balance sheet shows cash of -$940,867 and -$18.2M of intercompany balances, so a days-cash figure cannot be computed meaningfully. The only audited statements are those of the parent, National HealthCare Corporation (Ernst & Young, Form 10-K FY2024, p71-76). |
| Its lenders' minimum | Not disclosed in the 2026 filing | Not disclosed in the 2025 filing |
| Debt service coverage | 1.47x (FY2025)p. 2The reported 690 days counts the $8.76M statutory operating reserve: Carol Woods' own cash ($0.58M) + investments ($53.62M) + the reserve ($8.76M) = the $62.95M of 'unrestricted cash and investments' the statement cites (p42, p91). Cash and investments alone ($54.2M) on 2025 expenses less depreciation are about 593 days for Carol Woods alone (p91-93) and about 586 days consolidated (p61-62). | Not disclosed in the 2025 filingFigures for White Oak Manor - Burlington/Oak Creek Apartments (NHC HealthCare/Burlington, LLC), unaudited internal balance sheet. No ratios are reported. The facility balance sheet shows cash of -$940,867 and -$18.2M of intercompany balances, so a days-cash figure cannot be computed meaningfully. The only audited statements are those of the parent, National HealthCare Corporation (Ernst & Young, Form 10-K FY2024, p71-76). |
| Independent living occupancy | 95.6% (2025)p. 23 | 98.1% (2024)p. 4 |
| Net position | $42.0 million (FY2025)p. 61 | $551,265 (FY2024)p. 166 |
| Whose finances | The Chapel Hill Residential Retirement Center, Inc. (Carol Woods) and The Carol Woods Charitable Fund, Inc. (consolidated); ratios for Carol Woods (provider only, sole member of the obligated group)p. 61 | White Oak Manor - Burlington/Oak Creek Apartments (NHC HealthCare/Burlington, LLC), unaudited internal balance sheetp. 166 |
| Audit opinion | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 61 | Not disclosed in the 2025 filing |
| Nursing care, CMS rating | 5 of 5 (CMS overall) | 2 of 5 (CMS overall) |
What care costs later, in each contract
Carol Woods
Type B (modified): Each resident accrues 15 Free Days a year, which accumulate without limit and cover the discounted daily charge. Beyond them, residents pay a daily rate that the projections describe as discounted roughly 60-70% from the non-resident rate, plus the monthly fee.p. 145
Oak Creek Apartments
Type C (fee for service): Residents get priority for a bed in the adjoining 160-bed nursing center but no included days or stated discount, so nursing care is paid at the center's charges or through Medicare/Medicaid. A resident moved to the nursing center has 30 days to return before the apartment agreement can end.p. 16
Rental: Same terms as the Retention Deposit plan: priority access to the adjoining nursing center, with no included days or stated discount.p. 221