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Quail Haven Village and Penick Village compared
Two North Carolina communities about 4 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Quail Haven Village | Penick Village |
|---|---|---|
| Location | Pinehurst, NC | Southern Pines, 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 | $135,987 to $859,200p. 20 |
| Monthly fee, independent living | $4,093 to $5,305p. 68 | $2,546 to $6,411p. 21 |
| Refund plans | Non-refundable Community Fee and Apartment Selection Feep. 94 | 24-Month Declining Refundable Entrance Fee; 50% Refundable Entrance Fee; 90% Refundable Entrance Feep. 127p. 15 |
| Highest guaranteed refund | Not disclosed in the 2026 filing | 90% of the feep. 127p. 15 |
| When a refund is paid | Not disclosed in the 2026 filing | In turn, from a fund of new residents' entrance feesp. 127p. 15 |
| Days cash on hand | 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). | 347 days (FY2025, interim)p. 24 |
| Its lenders' minimum | Not disclosed in the 2026 filing | Not disclosed in the 2026 filing |
| Debt service coverage | 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). | 2.61x (FY2025, interim)p. 24 |
| Independent living occupancy | 79.6% (2025)p. 15 | 99.58% (2025)p. 11 |
| Net position | $3.2 million (FY2025)p. 41 | $15.0 million (FY2025)p. 32 |
| Whose finances | Quail Haven Village (combined co-providers)p. 41 | Penick Village, Inc. and Affiliates (consolidated with The Penick Village Foundation, Inc. and The JA Greer Group, LLC); ratios for Penick Village, Inc.p. 32 |
| Audit opinion | Unmodified (clean) opinion, Cherry Bekaert LLPp. 41 | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 32 |
| Nursing care, CMS rating | 4 of 5 (CMS overall) | 5 of 5 (CMS overall) |
What care costs later, in each contract
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
Penick Village
Type B (modified): Benefit: 14 cumulative days per calendar year per resident of basic assisted living or nursing care at no additional charge during a temporary transfer from the resident's independent living residence (beyond what insurance or Medicare covers), while the residence's Monthly Service Fee continues. After 14 days, and on any permanent transfer, the resident pays the daily rate; internal residents pay $6-$36 a day less than direct admissions in assisted living and the same $419 in nursing. If no bed is free, Penick arranges home care at the resident's cost or care at another community.p. 116