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Givens Aldersgate and The Pines at Davidson 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 | Givens Aldersgate | The Pines at Davidson |
|---|---|---|
| Location | Charlotte, NC | Davidson, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type C (fee for service) | Type B (modified) |
| Entrance fee, one person | $238,794 to $928,258p. 29 | $40,000 to $1,150,000p. 25p. 24 |
| Monthly fee, independent living | $3,572 to $6,266p. 27p. 28 | $700 to $8,183p. 25p. 22 |
| Refund plans | 0% Refundable (Declining Balance); 50% Refundablep. 32 | Range across refund plans (plan not specified); Standard Entrance Fee Option (declining balance); 50% Refund Entrance Fee Option; 90% Refund Entrance Fee Option; Early Advantage declining balance (0% after 12 months)p. 24p. 30p. 31p. 27 |
| Highest guaranteed refund | 50% of the feep. 32 | 85% of the feep. 24p. 30p. 31p. 27 |
| When a refund is paid | When your unit is re-occupied or after 24 months, whichever is firstp. 32 | When your unit is re-occupied and the new resident has paidp. 24p. 30p. 31p. 27 |
| Days cash on hand | 225 days (FY2025)p. 46Figures for Givens Aldersgate Obligated Group (Givens Aldersgate only). FY2025 ratios are for Sept 1-Dec 31, 2025 operations under Givens (p45). Section 29.3 (p43) counts $28.8M of 'unrestricted cash & investments'; Aldersgate's balance sheet column (p84) shows cash $10.8M and investments $6.1M ($16.9M), plus $10.6M of investments restricted for the statutory operating reserve. On the plain $16.9M and Sept-Dec 2025 cash operating expenses (p87), days cash is about 120. Section 35 says 2025 liquidity improved 'due the affiliation with Givens Communities and equity contribution provided'. FY2024 coverage was 0.96x, below its covenant. | 630 days (FY2025)p. 2Counts the $8,025,000 statutory operating reserve, which cannot be used without regulatory approval; cash ($5.3M) and investments ($39.8M) alone ≈ 534 days. Section 29 also gives unrestricted cash and investments as both $53.2M and $47.8M. |
| Its lenders' minimum | Not disclosed in the 2026 filing | Not disclosed in the 2026 filing |
| Debt service coverage | 3.46x (FY2025)p. 46Figures for Givens Aldersgate Obligated Group (Givens Aldersgate only). FY2025 ratios are for Sept 1-Dec 31, 2025 operations under Givens (p45). Section 29.3 (p43) counts $28.8M of 'unrestricted cash & investments'; Aldersgate's balance sheet column (p84) shows cash $10.8M and investments $6.1M ($16.9M), plus $10.6M of investments restricted for the statutory operating reserve. On the plain $16.9M and Sept-Dec 2025 cash operating expenses (p87), days cash is about 120. Section 35 says 2025 liquidity improved 'due the affiliation with Givens Communities and equity contribution provided'. FY2024 coverage was 0.96x, below its covenant. | 4.10x (FY2025)p. 2Counts the $8,025,000 statutory operating reserve, which cannot be used without regulatory approval; cash ($5.3M) and investments ($39.8M) alone ≈ 534 days. Section 29 also gives unrestricted cash and investments as both $53.2M and $47.8M. |
| Independent living occupancy | 91.3% (2025)p. 22 | 94.7% (2025)p. 18 |
| Net position | $39.1 million (FY2025)p. 46 | $61.5 million (FY2025)p. 54 |
| Whose finances | Givens Aldersgate (Aldersgate column of the Givens Estates consolidating balance sheet); ratios for Givens Aldersgate Obligated Group (Givens Aldersgate only)p. 46 | The Pines at Davidson, Inc. (consolidated); ratios for The Pines at Davidson, Inc. (sole member of its obligated group)p. 54 |
| Audit opinion | Unmodified (clean) opinion, Forvis Mazars, LLPp. 46 | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 54 |
| Nursing care, CMS rating | 2 of 5 (CMS overall) | No CMS record linked |
What care costs later, in each contract
Givens Aldersgate
Type C (fee for service): Health care is fee-for-service at the community's current rates; residents have priority access to health care residences before non-residents, on a space-available basis.p. 28
The Pines at Davidson
Type B (modified): 14 days each calendar year in assisted living, memory care or nursing with no per diem charge (meals excepted). After that, residents who signed on or after July 1, 2018 pay the published per diem: $246 a day for private assisted living, $367 or $381 for private long-term nursing. A permanent transfer means giving up the independent living unit; after more than 30 nursing days in a 90-day period a temporary resident may surrender the unit or keep paying its monthly fee on top of the per diem. Residents who signed before July 1, 2018 pay a discounted daily rate. Priority access on a space-available basis.p. 19