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The Chesapeake and Westminster-Canterbury on Chesapeake Bay compared
Two Virginia communities about 24 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 Chesapeake | Westminster-Canterbury on Chesapeake Bay |
|---|---|---|
| Location | Newport News, VA | Virginia Beach, VA |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type A (life care), Type B (modified) | Type A (life care), Type B (modified), Type C (fee for service) |
| Entrance fee, one person | $149,000 to $855,000p. 15p. 17 | $113,700 to $2,781,200p. 180p. 182 |
| Monthly fee, independent living | $3,520 to $6,751p. 15p. 17 | $2,254 to $13,139p. 185p. 176 |
| Refund plans | Standard Refundable; 90% Refundablep. 89p. 65 | Refund Option 1 (Standard Contract); Refund Option 2 (50 Month Declining Balance); Refund Option 3 (80% Refundable)p. 161p. 163p. 165 |
| Highest guaranteed refund | 90% of the feep. 89p. 65 | 80% of the feep. 161p. 163p. 165 |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 89p. 65 | When your unit is re-occupied and the new resident has paidp. 161p. 163p. 165 |
| Days cash on hand | 266 days (FY2025, interim)p. 100Figures for LifeSpire of Virginia Obligated Group. | 769 days (FY2025, interim)p. 199Figures for Obligated Group (Westminster-Canterbury on Chesapeake Bay and Westminster-Canterbury Foundation). Coverage counts $30.6M of net entrance-fee proceeds as income and excludes Bay Tower start-up costs; maximum annual debt service includes a $12M guaranty for Opus Select but is before Bay Tower principal begins (2029). |
| Its lenders' minimum | At least 120 daysp. 25 | At least 120 daysp. 196 |
| Debt service coverage | 2.31x (FY2025, interim)p. 100Figures for LifeSpire of Virginia Obligated Group. | 6.40x (FY2025, interim)p. 199Figures for Obligated Group (Westminster-Canterbury on Chesapeake Bay and Westminster-Canterbury Foundation). Coverage counts $30.6M of net entrance-fee proceeds as income and excludes Bay Tower start-up costs; maximum annual debt service includes a $12M guaranty for Opus Select but is before Bay Tower principal begins (2029). |
| Independent living occupancy | 96.8% (2025)p. 24 | 95% (2025)p. 201 |
| Net position | −$7.9 million (FY2025)p. 100 | $49.1 million (FY2025)p. 43 |
| Whose finances | Virginia Baptist Homes, Inc. dba LifeSpire of Virginia and Subsidiaries (consolidated); ratios for LifeSpire of Virginia Obligated Groupp. 100 | Westminster-Canterbury on Chesapeake Bay and Subsidiaries (consolidated); ratios for Obligated Group (Westminster-Canterbury on Chesapeake Bay and Westminster-Canterbury Foundation)p. 43 |
| Audit opinion | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 100 | Unmodified (clean) opinion, Plante & Moran, PLLCp. 43 |
| Nursing care, CMS rating | 3 of 5 (CMS overall) | 5 of 5 (CMS overall) |
What care costs later, in each contract
The Chesapeake
Type A (life care): Life-Care residents keep paying their independent-living monthly fee in assisted living, memory care or the Health Care Center, plus two extra meals a day and ancillary charges. If the Health Care Center is full, residents get priority admittance when a bed opens.p. 82
Type B (modified): Fee for Service residents pay the published daily rate for assisted living, memory support and the Health Care Center, less 10%. If the Health Care Center is full, residents get priority admittance when a bed opens.p. 15
Westminster-Canterbury on Chesapeake Bay
Type A (life care): Under the standard (and 50-month, 80% refundable, Low/High EF) agreements, a member who moves to assisted living or the Health Care Center keeps paying the Monthly Fee for the apartment occupied at transfer, plus extra meals and ancillary charges (the 'True LifeCare' benefit). Westminster Advantage contracts at Opus Select carry the same care access at WCCB. For comparison, a direct admission to assisted living (Angler) costs a $188,500 entrance fee plus $10,423 a month (FY26, p184).p. 95
Type B (modified): 365 (Option 1) or 180 (Option 2) lifetime cumulative days of assisted living or nursing care are covered by the Monthly Fee; after that care is billed per day at the community rate (FY26: nursing $468-$472 a day private, skilled $558, enhanced-services studio $308; p35). Entrance fee is 4% (365-day) or 8% (180-day) below the standard fee.p. 168
Type C (fee for service): No care days are included: assisted living and nursing are charged per day at the community rate (FY26: nursing $468-$472 a day private, skilled $558, enhanced-services studio $308; p35), with the Monthly Fee continuing until the apartment is released.p. 172