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Scotia Village and Quail Haven Village compared
Two North Carolina communities about 30 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Scotia Village | Quail Haven Village |
|---|---|---|
| Location | Laurinburg, 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 | $54,000 to $444,000p. 25 | Not disclosed in the 2026 filing |
| Monthly fee, independent living | $3,131 to $4,815p. 23p. 24 | $4,093 to $5,305p. 68 |
| Refund plans | Standard; 50% Refundable; 90% Refundable; Range across refund plans (plan not specified)p. 27p. 25 | Non-refundable Community Fee and Apartment Selection Feep. 94 |
| Highest guaranteed refund | 90% of the feep. 27p. 25 | Not disclosed in the 2026 filing |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 27p. 25 | Not disclosed in the 2026 filing |
| Days cash on hand | 248 days (FY2025)p. 38Figures for Scotia Village (community only). FY2025 is a 15-month period (Oct 2024-Dec 2025) after a fiscal-year-end change. The 248 days appears to count Scotia Village's $4.4M statutory operating reserve: its cash ($0.16M) and investments ($6.26M) alone are about 147 days of cash operating expenses (p78, p81). The Brightspire obligated group reports 738 days and 2.08x (p38, p40). | 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 | At least 120 daysp. 19 | Not disclosed in the 2026 filing |
| Debt service coverage | 6.47x (FY2025)p. 38Figures for Scotia Village (community only). FY2025 is a 15-month period (Oct 2024-Dec 2025) after a fiscal-year-end change. The 248 days appears to count Scotia Village's $4.4M statutory operating reserve: its cash ($0.16M) and investments ($6.26M) alone are about 147 days of cash operating expenses (p78, p81). The Brightspire obligated group reports 738 days and 2.08x (p38, p40). | 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 | 98.41% (2025)p. 21 | 79.6% (2025)p. 15 |
| Net position | $24.3 million (FY2025)p. 79 | $3.2 million (FY2025)p. 41 |
| Whose finances | Scotia Village (Scotia Village column of the Presbyterian Homes combining statement); ratios for Scotia Village (community only)p. 79 | Quail Haven Village (combined co-providers)p. 41 |
| Audit opinion | Unmodified (clean) opinion, Bernard Robinson & Company, L.L.P.p. 79 | Unmodified (clean) opinion, Cherry Bekaert LLPp. 41 |
| Nursing care, CMS rating | 5 of 5 (CMS overall) | 4 of 5 (CMS overall) |
What care costs later, in each contract
Scotia Village
Type B (modified): 14 grace days a year with no per diem (unused days do not carry over), then nursing care at 80% of the published daily rate. The apartment must be surrendered on request 90 days after the grace days run out.p. 126
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