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Covenant Woods and Westminster Canterbury Richmond compared
Two Virginia communities about 7 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 | Westminster Canterbury Richmond |
|---|---|---|
| Location | Mechanicsville, VA | Richmond, VA |
| Filing used | 2025 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type A (life care), Type C (fee for service), Rental | Type A (life care), Type B (modified) |
| Entrance fee, one person | $233,200 to $1,381,311p. 12 | $135,485 to $1,074,558p. 98p. 89 |
| Monthly fee, independent living | $3,202 to $7,975p. 13 | $2,406 to $12,317p. 98p. 89 |
| 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 | Standard declining refund (Type A/B); 50% guaranteed refund option; 70% guaranteed refund option; 90% guaranteed refund option; Assisted Living declining refundp. 13 |
| Highest guaranteed refund | 82% of the feep. 59p. 60p. 84 | 90% of the feep. 13 |
| 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. 13 |
| Days cash on hand | 397 days (FY2025)p. 23 | 1310 days (FY2025, interim)p. 23FY2025 ratios are management-reported for the Obligated Group, which excludes the Foundation and the Development Corporation. FY2025 investment income included $36.8 million of realized gains from a change of investment advisors. The days-cash figure is consistent with Westminster-Canterbury Corporation's own balance sheet: cash $57.4 million plus investments $206.3 million at September 30, 2025 (p151); it does not rely on the Foundation's $94.4 million. |
| Its lenders' minimum | At least 150 daysp. 49 | Not disclosed in the 2026 filing |
| Debt service coverage | 2.34x (FY2025)p. 23 | 7.48x (FY2025, interim)p. 23FY2025 ratios are management-reported for the Obligated Group, which excludes the Foundation and the Development Corporation. FY2025 investment income included $36.8 million of realized gains from a change of investment advisors. The days-cash figure is consistent with Westminster-Canterbury Corporation's own balance sheet: cash $57.4 million plus investments $206.3 million at September 30, 2025 (p151); it does not rely on the Foundation's $94.4 million. |
| Independent living occupancy | 91.3% (2025)p. 49 | 87.9% (2025)p. 20 |
| Net position | $2.6 million (FY2025)p. 23 | $202.5 million (FY2025)p. 151 |
| Whose finances | Covenant Woods and Subsidiaries (consolidated); ratios for Covenant Woodsp. 23 | Westminster-Canterbury Corporation (column of the Westminster-Canterbury Management Corporation consolidating balance sheet); ratios for Obligated Groupp. 151 |
| Audit opinion | Unmodified (clean) opinion, Baker Tilly US, LLPp. 23 | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 151 |
| Nursing care, CMS rating | 4 of 5 (CMS overall) | 5 of 5 (CMS overall) |
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
Westminster Canterbury Richmond
Type A (life care): Moving to assisted living or the Health Center does not add to the monthly fee. A resident who chooses a deluxe nursing room pays the additional daily rate.p. 12
Type B (modified): Lower entrance and monthly fees than Type A, but assisted living and nursing are billed per day at a 10% discount from the current daily rate, plus ancillaries.p. 51