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Carol Woods and The Forest at Duke 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 | Carol Woods | The Forest at Duke |
|---|---|---|
| Location | Chapel Hill, NC | Durham, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type B (modified) | Type B (modified) |
| Entrance fee, one person | $116,600 to $671,700p. 196 | $50,000 to $680,585p. 39p. 24 |
| Monthly fee, independent living | $2,905 to $6,858p. 189p. 188 | $950 to $7,893p. 39p. 26 |
| Refund plans | Declining Balance (0% after 50 months)p. 152 | Declining Balance (0% after 50 months); Early Acceptance Declining Balance (0% after 25 months)p. 17p. 37 |
| Highest guaranteed refund | 0% of the feep. 152 | 0% of the feep. 17p. 37 |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 152 | When your unit is re-occupied and the new resident has paid; Within a fixed number of daysp. 17p. 37 |
| 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). | 678 days (FY2025)p. 31Counts the $6.83M statutory operating reserve and $4.99M of board-designated funds; cash and investments alone ($38.7M) ≈ 521 days, or ≈ 588 days with the board-designated funds but without the statutory reserve. |
| Its lenders' minimum | Not disclosed in the 2026 filing | At least 120 daysp. 31 |
| 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). | 2.00x (FY2025)p. 31Counts the $6.83M statutory operating reserve and $4.99M of board-designated funds; cash and investments alone ($38.7M) ≈ 521 days, or ≈ 588 days with the board-designated funds but without the statutory reserve. |
| Independent living occupancy | 95.6% (2025)p. 23 | 95% (2025)p. 35 |
| Net position | $42.0 million (FY2025)p. 61 | $12.3 million (FY2025)p. 47 |
| 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 Forest at Duke, Inc.p. 47 |
| Audit opinion | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 61 | Unmodified (clean) opinion, Forvis Mazars, LLPp. 47 |
| 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 Forest at Duke
Type B (modified): 15 pre-paid days, then 60% or 40% of the per diem: the 15 pre-paid Health Center days re-accrue one a month up to 15; after that a temporary stay costs the monthly fee plus 60% of the $579 per diem (effective 10/1/2025), and a permanent move costs 40% of the per diem in place of the monthly fee. A resident who moves permanently out of a two-person apartment keeps paying the second-person monthly fee plus 15% of the per diem. People admitted directly before moving in pay $14,720/month for skilled nursing or $11,636/month for adult care.p. 27