Home › Compare
Covenant Village and The Cypress of Charlotte compared
Two North Carolina communities about 18 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Covenant Village | The Cypress of Charlotte |
|---|---|---|
| Location | Gastonia, NC | Charlotte, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type B (modified) | Equity |
| Entrance fee, one person | $65,625 to $602,000p. 19 | Purchase + membership fee |
| Monthly fee, independent living | $3,865 to $5,823p. 17p. 18 | $3,826 to $6,873p. 30 |
| Refund plans | Traditional Amortizing (0% after 25 months)p. 218 | Not disclosed in the 2026 filing |
| Highest guaranteed refund | 0% of the feep. 218 | Not disclosed in the 2026 filing |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 218 | Not disclosed in the 2026 filing |
| Days cash on hand | 233 days (FY2025)p. 2The audited balance sheet (Sept. 30, 2025) shows cash $0.55M, investments $6.30M and $3.91M of investments restricted for the statutory operating reserve, $10.75M in all; the 233 days appears to count that reserve. Cash and other investments alone ($6.84M) cover about 159 days of FY2025 cash operating expenses. The disclosure narrative gives two other 'unrestricted cash and investments' figures: $10,497,180 (Section 29.1) and $17,270,000 (Tables 29.1-29.2, which repeats the net projected operating costs line). | 104 days (FY2025)p. 2Days cash counts $5.25M the Homeowners Association holds as a reserve for replacements and $2.71M internally designated for the NC operating reserve; cash and cash equivalents alone were $1,532,660 at 12/31/2025, about 17 days. |
| Its lenders' minimum | Not disclosed in the 2026 filing | Not disclosed in the 2026 filing |
| Debt service coverage | 3.92x (FY2025)p. 2The audited balance sheet (Sept. 30, 2025) shows cash $0.55M, investments $6.30M and $3.91M of investments restricted for the statutory operating reserve, $10.75M in all; the 233 days appears to count that reserve. Cash and other investments alone ($6.84M) cover about 159 days of FY2025 cash operating expenses. The disclosure narrative gives two other 'unrestricted cash and investments' figures: $10,497,180 (Section 29.1) and $17,270,000 (Tables 29.1-29.2, which repeats the net projected operating costs line). | 4.49x (FY2025)p. 2Days cash counts $5.25M the Homeowners Association holds as a reserve for replacements and $2.71M internally designated for the NC operating reserve; cash and cash equivalents alone were $1,532,660 at 12/31/2025, about 17 days. |
| Independent living occupancy | 97.4% (2025)p. 14 | 100% (2025)p. 26 |
| Net position | $8.3 million (FY2025)p. 44 | $29.8 million (FY2025)p. 106 |
| Whose finances | Covenant Village, Inc.; ratios for Covenant Village, Inc. (provider only)p. 44 | The Cypress of Charlotte Club, Inc. and The Cypress of Charlotte Homeowners Association, Inc. (combined)p. 106 |
| Audit opinion | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 44 | Unmodified (clean) opinion, Forvis Mazars, LLPp. 106 |
| Nursing care, CMS rating | No CMS record linked | No CMS record linked |
What care costs later, in each contract
Covenant Village
Type B (modified): Life Care residents pay half the published direct-admission daily rate for assisted living or nursing in the ARISE Health Center, for temporary or permanent stays, plus ancillary charges: $186 a day against the $372 direct-admit rate. Residents get priority access to Health Center beds, though access is not guaranteed.p. 212
The Cypress of Charlotte
Equity: Each Member gets 90 lifetime cumulative days of care in a semi-private room in the Health Care Facility at the current Monthly Payment plus meals and supplies. After that the Member pays the daily Member rate on top of the Monthly Payment until the home is resold, and the Member rate alone afterward; the disclosure calls it the 'member discounted rate' but states no discount size.p. 167