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Pine Knoll and Quail Haven Village compared
Two North Carolina communities about 5 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Pine Knoll | Quail Haven Village |
|---|---|---|
| Location | Southern Pines, NC | Pinehurst, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type B (modified) | Type B (modified) |
| Entrance fee, one person | Not disclosed in the 2026 filing | Not disclosed in the 2026 filing |
| Monthly fee, independent living | $1,886 to $4,684p. 19 | $4,093 to $5,305p. 68 |
| Refund plans | Standard Refund Option; Fifty Percent (50%) Refund Option; Ninety Percent (90%) Refund Option; Membership Fee (non-refundable)p. 68p. 69p. 76 | Non-refundable Community Fee and Apartment Selection Feep. 94 |
| Highest guaranteed refund | 90% of the feep. 68p. 69p. 76 | Not disclosed in the 2026 filing |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 68p. 69p. 76 | Not disclosed in the 2026 filing |
| Days cash on hand | 103 days (FY2025, calculated)p. 29Figures for St. Joseph of the Pines, Inc. Computed by us: cash $41,574 + investments $8,655,577 + board-designated $249,830 over FY2025 expenses less depreciation and amortization ($31,727,285/365). Excludes the $3.6M statutory operating reserve, donor-designated funds and $8.8M of other receivables (largely funds held at parent Trinity Health); counting the receivables would give about 205 days. | 20 days (FY2025)p. 2The 20 days rest on $572,275 of unrestricted cash (p27, p41). The statutory operating reserve requirement is $5,790,908 (p28), and the community meets it with an irrevocable letter of credit rather than cash; the disclosure narrative says the letter of credit is for $5,790,908 (Section 29.3, p28), while the audited notes say it was $2,869,000 at December 31, 2025 (p47; also p71) — the document does not reconcile the two amounts. $9.57M of the $21.35M total assets is a receivable from related parties (p41). A $7.4M balloon payment on the main note is due August 2027 (p50). |
| Its lenders' minimum | Not disclosed in the 2026 filing | Not disclosed in the 2026 filing |
| Debt service coverage | Not disclosed in the 2026 filingFigures for St. Joseph of the Pines, Inc. Computed by us: cash $41,574 + investments $8,655,577 + board-designated $249,830 over FY2025 expenses less depreciation and amortization ($31,727,285/365). Excludes the $3.6M statutory operating reserve, donor-designated funds and $8.8M of other receivables (largely funds held at parent Trinity Health); counting the receivables would give about 205 days. | 5.31x (FY2025)p. 2The 20 days rest on $572,275 of unrestricted cash (p27, p41). The statutory operating reserve requirement is $5,790,908 (p28), and the community meets it with an irrevocable letter of credit rather than cash; the disclosure narrative says the letter of credit is for $5,790,908 (Section 29.3, p28), while the audited notes say it was $2,869,000 at December 31, 2025 (p47; also p71) — the document does not reconcile the two amounts. $9.57M of the $21.35M total assets is a receivable from related parties (p41). A $7.4M balloon payment on the main note is due August 2027 (p50). |
| Independent living occupancy | 95.3% (2025)p. 4 | 79.6% (2025)p. 15 |
| Net position | $3.0 million (FY2025)p. 29 | $3.2 million (FY2025)p. 41 |
| Whose finances | St. Joseph of the Pines, Inc. (Belle Meade, Pine Knoll, Health Center, Coventry and HUD property management); ratios for St. Joseph of the Pines, Inc.p. 29 | Quail Haven Village (combined co-providers)p. 41 |
| Audit opinion | Unmodified (clean) opinion, brc (Greensboro, NC; firm shown by logo and brc.cpa only)p. 29 | Unmodified (clean) opinion, Cherry Bekaert LLPp. 41 |
| Nursing care, CMS rating | No CMS record linked | 4 of 5 (CMS overall) |
What care costs later, in each contract
Pine Knoll
Type B (modified): Up to 14 days a calendar year of temporary assisted living or nursing care at no extra charge while you keep paying your monthly fee; on a permanent move you pay 50% of the published per diem rate. Requires a health evaluation, management approval and a separate non-refundable Extensive Benefit Fee whose amount is not disclosed.p. 66
Type B (modified): Fee-for-service care, but with up to 14 days a calendar year of temporary assisted living or nursing care at no extra charge while you keep paying your monthly fee (which makes it Type B by our definition); on a permanent move you pay the full published per diem rate.p. 67
Quail Haven Village
Type B (modified): No care days are included: residents pay the published per diem rates with a 10% discount on their first 30 days of Healthcare Center care each calendar year (unused days do not carry over), and keep paying the apartment fee while it is kept. 25 nursing beds are reserved for independent living residents, with priority for the open beds when those are full.p. 94