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Friends Homes West and Well-Spring, A Life Plan Community compared
Two North Carolina communities about 3 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Friends Homes West | Well-Spring, A Life Plan Community |
|---|---|---|
| Location | Greensboro, NC | Greensboro, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type C (fee for service) | Type A (life care), Type B (modified) |
| Entrance fee, one person | $139,000 to $510,000p. 27 | $138,000 to $648,000p. 26 |
| Monthly fee, independent living | $3,343 to $5,305p. 25 | $3,817 to $7,579p. 24 |
| Refund plans | Standardp. 94 | One (1) Year, Four Percent (4%) Per Month Declining Refund; Ninety Percent (90%) Refundp. 172p. 108 |
| Highest guaranteed refund | 0% of the feep. 94 | 90% of the feep. 172p. 108 |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 94 | When your unit is re-occupied or after 24 months, whichever is firstp. 172p. 108 |
| Days cash on hand | 741 days (FY2025)p. 2Figures for Friends Homes, Inc., provider only (sole member of its own obligated group) — Friends Homes Guilford and Friends Homes West combined. Ratios cover Friends Homes Guilford and Friends Homes West together. The 741 days counts the $12.9M held as the statutory operating reserve (Table 29.2 gives unrestricted cash and investments of $83.7M). Cash and investments alone ($70.7M) cover about 627 days of FY2025 cash operating expenses. | 565 days (FY2025)p. 40Figures for Well-Spring Retirement Community (community only). The 565 days counts the community's $9.4M statutory operating reserve ($56.4M of 'unrestricted cash and investments', p36). Cash ($1.7M) and investments ($45.3M) alone are about 484 days of cash operating expenses (p87, p89). The Well-Spring Services obligated group (with The Village at Brookwood) reports 433 days and 3.97x (p40, p42). |
| Its lenders' minimum | At least 120 daysp. 20 | At least 120 daysp. 19 |
| Debt service coverage | 2.50x (FY2025)p. 2Figures for Friends Homes, Inc., provider only (sole member of its own obligated group) — Friends Homes Guilford and Friends Homes West combined. Ratios cover Friends Homes Guilford and Friends Homes West together. The 741 days counts the $12.9M held as the statutory operating reserve (Table 29.2 gives unrestricted cash and investments of $83.7M). Cash and investments alone ($70.7M) cover about 627 days of FY2025 cash operating expenses. | 4.59x (FY2025)p. 40Figures for Well-Spring Retirement Community (community only). The 565 days counts the community's $9.4M statutory operating reserve ($56.4M of 'unrestricted cash and investments', p36). Cash ($1.7M) and investments ($45.3M) alone are about 484 days of cash operating expenses (p87, p89). The Well-Spring Services obligated group (with The Village at Brookwood) reports 433 days and 3.97x (p40, p42). |
| Independent living occupancy | 99% (2025)p. 22 | 96.92% (2025)p. 21 |
| Net position | $63.6 million (FY2025)p. 51 | $53.5 million (FY2025)p. 88 |
| Whose finances | Friends Homes, Inc. — Friends Homes Guilford and Friends Homes West campuses combined (one audited balance sheet); ratios for Friends Homes, Inc., provider only (sole member of its own obligated group) — Friends Homes Guilford and Friends Homes West combinedp. 51 | Well-Spring Retirement Community, Inc. (column of the Well-Spring Services consolidating balance sheet); ratios for Well-Spring Retirement Community (community only)p. 88 |
| Audit opinion | Unmodified (clean) opinion, Turlington and Company, L.L.P.p. 51 | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 88 |
| Nursing care, CMS rating | No CMS record linked | No CMS record linked |
What care costs later, in each contract
Friends Homes West
Type C (fee for service): A resident moving to assisted living or nursing pays the community's published per diem rate plus ancillary charges, and keeps paying the independent living monthly charge unless and until the unit is surrendered (it must be surrendered on request after 90 days). No days of care are included and no discount is stated.p. 89
Well-Spring, A Life Plan Community
Type A (life care): LifeCare residents who need assisted living, memory care or skilled nursing get priority admission to the Health Center and keep paying their independent living monthly fee, plus the cost of two extra daily meals and items such as pharmaceuticals and supplies.p. 108
Type B (modified): Modified LifeCare residents keep paying their monthly fee for the first 14 Health Center days, then stop the monthly fee and pay the Health Center per diem less a 15% discount (assisted living $344/day; skilled nursing, enhanced assisted living and memory support $557/day before the discount). They also get priority admission.p. 25