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The Cedars of Chapel Hill and The Forest at Duke compared
Two North Carolina communities about 6 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | The Cedars of Chapel Hill | The Forest at Duke |
|---|---|---|
| Location | Chapel Hill, NC | Durham, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Equity | Type B (modified) |
| Entrance fee, one person | Purchase + membership fee | $50,000 to $680,585p. 39p. 24 |
| Monthly fee, independent living | $5,255 to $6,940p. 20 | $950 to $7,893p. 39p. 26 |
| Refund plans | Not disclosed in the 2026 filing | Declining Balance (0% after 50 months); Early Acceptance Declining Balance (0% after 25 months)p. 17p. 37 |
| Highest guaranteed refund | Not disclosed in the 2026 filing | 0% of the feep. 17p. 37 |
| When a refund is paid | Not disclosed in the 2026 filing | When your unit is re-occupied and the new resident has paid; Within a fixed number of daysp. 17p. 37 |
| Days cash on hand | 88.1 days (FY2025)p. 2Days cash counts restricted cash held as the NC statutory operating reserve (FS-1 note 1, p2). Unrestricted cash alone was $445,499 at 12/31/2025, about 9 days of 2025 expenses. Section 29.1 (p26) states 81 days at year-end, which FS-1 shows for FY2024. | 678 days (FY2025)p. 31Counts the $6.83M statutory operating reserve and $4.99M of board-designated funds; cash and investments alone ($38.7M) ≈ 521 days, or ≈ 588 days with the board-designated funds but without the statutory reserve. |
| Its lenders' minimum | Not disclosed in the 2026 filing | At least 120 daysp. 31 |
| Debt service coverage | Not disclosed in the 2026 filingDays cash counts restricted cash held as the NC statutory operating reserve (FS-1 note 1, p2). Unrestricted cash alone was $445,499 at 12/31/2025, about 9 days of 2025 expenses. Section 29.1 (p26) states 81 days at year-end, which FS-1 shows for FY2024. | 2.00x (FY2025)p. 31Counts the $6.83M statutory operating reserve and $4.99M of board-designated funds; cash and investments alone ($38.7M) ≈ 521 days, or ≈ 588 days with the board-designated funds but without the statutory reserve. |
| Independent living occupancy | 100% (2025)p. 16 | 95% (2025)p. 35 |
| Net position | $6.7 million (FY2025)p. 38 | $12.3 million (FY2025)p. 47 |
| Whose finances | The Cedars of Chapel Hill Club, Inc.p. 38 | The Forest at Duke, Inc.p. 47 |
| Audit opinion | Unmodified (clean) opinion, Hawley, C.P.A., P.A.p. 38 | Unmodified (clean) opinion, Forvis Mazars, LLPp. 47 |
| Nursing care, CMS rating | 4 of 5 (CMS overall) | 4 of 5 (CMS overall) |
What care costs later, in each contract
The Cedars of Chapel Hill
Equity: Each Member gets 90 cumulative lifetime days of assisted living or nursing in DuBose Health Center without extra charge beyond the Monthly Payment, meals and supplies. After that the Member pays the Member rate in addition to the Monthly Payment, and keeps Member rates even if the home is sold; if DuBose has no bed, the Club pays any increased charge at another facility.p. 120
The Forest at Duke
Type B (modified): 15 pre-paid days, then 60% or 40% of the per diem: the 15 pre-paid Health Center days re-accrue one a month up to 15; after that a temporary stay costs the monthly fee plus 60% of the $579 per diem (effective 10/1/2025), and a permanent move costs 40% of the per diem in place of the monthly fee. A resident who moves permanently out of a two-person apartment keeps paying the second-person monthly fee plus 15% of the per diem. People admitted directly before moving in pay $14,720/month for skilled nursing or $11,636/month for adult care.p. 27