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Covenant Woods and Masonic Home of Virginia compared
Two Virginia communities about 6 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 Woods | Masonic Home of Virginia |
|---|---|---|
| Location | Mechanicsville, VA | Richmond, VA |
| Filing used | 2025 statement, fiscal 2025 financesPDF | 2023 statement, fiscal 2022 financesPDF |
| Contract types | Type A (life care), Type C (fee for service), Rental | Type B (modified), Type C (fee for service) |
| Entrance fee, one person | $233,200 to $1,381,311p. 12 | $36,000 to $279,900p. 79 |
| Monthly fee, independent living | $3,202 to $7,975p. 13 | $2,355 to $5,623p. 79 |
| Refund plans | Declining Balance (Full Life Care); 50% Guaranteed Refund (Full Life Care); 90% Guaranteed Refund (Full Life Care); Fee for Service (declining refund)p. 59p. 60p. 84 | Village / B-Wing Apartment pro-rata refund; Adult Home entrance fee (6-month proration); C/D-Wing Suite fee prorationp. 68p. 10 |
| Highest guaranteed refund | 82% of the feep. 59p. 60p. 84 | 0% of the feep. 68p. 10 |
| When a refund is paid | When your unit is re-occupied or after 12 months, whichever is firstp. 59p. 60p. 84 | When your unit is re-occupied and the new resident has paidp. 68p. 10 |
| Days cash on hand | 397 days (FY2025)p. 23 | 1295 days (FY2022, calculated)p. 140 |
| Its lenders' minimum | At least 150 daysp. 49 | Not disclosed in the 2023 filing |
| Debt service coverage | 2.34x (FY2025)p. 23 | Not disclosed in the 2023 filing |
| Independent living occupancy | 91.3% (2025)p. 49 | 69% (2022)p. 191 |
| Net position | $2.6 million (FY2025)p. 23 | $67.3 million (FY2022)p. 140 |
| Whose finances | Covenant Woods and Subsidiaries (consolidated); ratios for Covenant Woodsp. 23 | Masonic Home of Virginiap. 140 |
| Audit opinion | Unmodified (clean) opinion, Baker Tilly US, LLPp. 23 | Unmodified (clean) opinion, Keiterp. 140 |
| Nursing care, CMS rating | 4 of 5 (CMS overall) | No CMS record linked |
What care costs later, in each contract
Covenant Woods
Type A (life care): Lifecare residents keep paying their independent-living monthly fee (plus a meal charge) when they move to assisted living, memory support or nursing.p. 56
Type C (fee for service): Fee for Service residents stop paying the independent-living monthly fee and pay the daily rate for the level of care they need.p. 14
Masonic Home of Virginia
Type B (modified): Independent living residents may apply to the Adult Home or Care Center; admission requires Board approval and a new contract. 30 days of care a year are included, then standard rates.p. 12
Type C (fee for service): Adult Home paying residents pay a monthly fee that rises with their level of care and pay the established Care Center rate for nursing; they pay their own medical, physician and medication costs.p. 8