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Carolina Village and White Oak Village Apartments compared
Two North Carolina communities about 15 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Carolina Village | White Oak Village Apartments |
|---|---|---|
| Location | Hendersonville, NC | Tryon, NC |
| Filing used | 2026 statement, fiscal 2026 financesPDF | 2025 statement, fiscal 2024 financesPDF |
| Contract types | Type A (life care) | Type C (fee for service), Rental |
| Entrance fee, one person | $241,900 to $677,400p. 23p. 24 | $25,000 to $30,000p. 18 |
| Monthly fee, independent living | $2,783 to $6,273p. 21p. 22 | $1,110 to $1,895p. 18 |
| Refund plans | Declining Balance (0% Refundable)p. 123 | Retention Schedule (0% after 4 years)p. 210 |
| Highest guaranteed refund | 0% of the feep. 123 | 0% of the feep. 210 |
| When a refund is paid | Within a fixed number of daysp. 123 | Within a fixed number of daysp. 210 |
| Days cash on hand | 241 days (FY2026)p. 2The 241 days counts the $8.4M of investments restricted for the statutory operating reserve (Section 29 gives unrestricted cash and investments of $21.7M). Cash and marketable securities alone ($13.3M) cover about 148 days of 2026 cash operating expenses. | Not disclosed in the 2025 filingFigures for White Oak Manor-Tryon/White Oak Village Apartments (NHC HealthCare/Tryon, LLC), unaudited internal balance sheet. No ratios are reported, and the filing has no audited financial statements for White Oak Village or its operating LLC. The figures shown come from an unaudited internal ledger printout (p166-168) that combines the apartments with the White Oak Manor - Tryon nursing center and does not balance ($621,590 of assets vs $621,745 of liabilities and equity); it shows cash of -$990,360 and -$11.97M of 'other assets', so days cash cannot be computed meaningfully. The only audited statements in the filing are the FY2024 Form 10-K of the parent, National HealthCare Corporation, covering the whole company; parent figures are not shown as this community's. |
| Its lenders' minimum | Not disclosed in the 2026 filing | Not disclosed in the 2025 filing |
| Debt service coverage | 2.68x (FY2026)p. 2The 241 days counts the $8.4M of investments restricted for the statutory operating reserve (Section 29 gives unrestricted cash and investments of $21.7M). Cash and marketable securities alone ($13.3M) cover about 148 days of 2026 cash operating expenses. | Not disclosed in the 2025 filingFigures for White Oak Manor-Tryon/White Oak Village Apartments (NHC HealthCare/Tryon, LLC), unaudited internal balance sheet. No ratios are reported, and the filing has no audited financial statements for White Oak Village or its operating LLC. The figures shown come from an unaudited internal ledger printout (p166-168) that combines the apartments with the White Oak Manor - Tryon nursing center and does not balance ($621,590 of assets vs $621,745 of liabilities and equity); it shows cash of -$990,360 and -$11.97M of 'other assets', so days cash cannot be computed meaningfully. The only audited statements in the filing are the FY2024 Form 10-K of the parent, National HealthCare Corporation, covering the whole company; parent figures are not shown as this community's. |
| Independent living occupancy | 95.3% (2026)p. 18 | 95% (2024)p. 4 |
| Net position | $12.7 million (FY2026)p. 48 | $82,280 (FY2024)p. 166 |
| Whose finances | Carolina Village, Inc.; ratios for Carolina Village, Inc. (sole member of the obligated group)p. 48 | White Oak Manor-Tryon/White Oak Village Apartments (NHC HealthCare/Tryon, LLC), unaudited internal balance sheetp. 166 |
| Audit opinion | Unmodified (clean) opinion, Forvis Mazars, LLPp. 48 | 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
Carolina Village
Type A (life care): Residents can use assisted living and skilled nursing without an increase in the monthly service fee, paying extra for meals, drugs, supplies and Medicare cost-sharing. A resident who needs a permanent move to care within the first 12 months of occupancy pays the private daily rate until 12 consecutive months of occupancy are reached. For comparison, direct-admit private rates from April 1, 2026 are $285 a day for assisted living and $480 a day for skilled nursing.p. 121
White Oak Village Apartments
Type C (fee for service): Residents get priority for a bed in the adjoining 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 (60 days after a hospital stay).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. 16