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Carol Woods and The Cedars of Chapel Hill compared
Two North Carolina communities about 4 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 | The Cedars of Chapel Hill |
|---|---|---|
| Location | Chapel Hill, NC | Chapel Hill, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type B (modified) | Equity |
| Entrance fee, one person | $116,600 to $671,700p. 196 | Purchase + membership fee |
| Monthly fee, independent living | $2,905 to $6,858p. 189p. 188 | $5,255 to $6,940p. 20 |
| Refund plans | Declining Balance (0% after 50 months)p. 152 | Not disclosed in the 2026 filing |
| Highest guaranteed refund | 0% of the feep. 152 | Not disclosed in the 2026 filing |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 152 | Not disclosed in the 2026 filing |
| 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). | 88.1 days (FY2025)p. 2Days cash counts restricted cash held as the NC statutory operating reserve (FS-1 note 1, p2). Unrestricted cash alone was $445,499 at 12/31/2025, about 9 days of 2025 expenses. Section 29.1 (p26) states 81 days at year-end, which FS-1 shows for FY2024. |
| Its lenders' minimum | Not disclosed in the 2026 filing | Not disclosed in the 2026 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 2026 filingDays cash counts restricted cash held as the NC statutory operating reserve (FS-1 note 1, p2). Unrestricted cash alone was $445,499 at 12/31/2025, about 9 days of 2025 expenses. Section 29.1 (p26) states 81 days at year-end, which FS-1 shows for FY2024. |
| Independent living occupancy | 95.6% (2025)p. 23 | 100% (2025)p. 16 |
| Net position | $42.0 million (FY2025)p. 61 | $6.7 million (FY2025)p. 38 |
| 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 | The Cedars of Chapel Hill Club, Inc.p. 38 |
| Audit opinion | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 61 | Unmodified (clean) opinion, Hawley, C.P.A., P.A.p. 38 |
| Nursing care, CMS rating | 5 of 5 (CMS overall) | 4 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
The Cedars of Chapel Hill
Equity: Each Member gets 90 cumulative lifetime days of assisted living or nursing in DuBose Health Center without extra charge beyond the Monthly Payment, meals and supplies. After that the Member pays the Member rate in addition to the Monthly Payment, and keeps Member rates even if the home is sold; if DuBose has no bed, the Club pays any increased charge at another facility.p. 120