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The Pines at Davidson and Trinity Oaks compared
Two North Carolina communities about 23 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 Pines at Davidson | Trinity Oaks |
|---|---|---|
| Location | Davidson, NC | Salisbury, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type B (modified) | Type C (fee for service) |
| Entrance fee, one person | $40,000 to $1,150,000p. 25p. 24 | $69,627 to $499,888p. 27p. 28 |
| Monthly fee, independent living | $700 to $8,183p. 25p. 22 | $2,408 to $4,293p. 25 |
| Refund plans | Range across refund plans (plan not specified); Standard Entrance Fee Option (declining balance); 50% Refund Entrance Fee Option; 90% Refund Entrance Fee Option; Early Advantage declining balance (0% after 12 months)p. 24p. 30p. 31p. 27 | 90% Refund; 50% Refund; Limited Refundp. 47 |
| Highest guaranteed refund | 85% of the feep. 24p. 30p. 31p. 27 | 90% of the feep. 47 |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 24p. 30p. 31p. 27 | When your unit is re-occupied and the new resident has paidp. 47 |
| Days cash on hand | 630 days (FY2025)p. 2Counts the $8,025,000 statutory operating reserve, which cannot be used without regulatory approval; cash ($5.3M) and investments ($39.8M) alone ≈ 534 days. Section 29 also gives unrestricted cash and investments as both $53.2M and $47.8M. | 659 days (FY2025, interim)p. 2Figures for Lutheran Retirement Center - Salisbury, Inc. (provider only per FS-1; the 659 days reproduce from the Trinity Oaks campus consolidated schedule). No audit was attached: Appendix A, titled 'Audited Financial Statements', holds a management actual-vs-forecast schedule, so these figures and ratios are unaudited. The 659 days count $45.0M of campus cash and investments including the $2.3M statutory operating reserve (about 625 days without it), while Section 29.1 reports only $9.7M of unrestricted cash and investments. Coverage is high because the provider carries little debt (p46). The LSA obligated group, jointly liable for the system's bonds, reported 408 days cash and 4.48x coverage (Table FS-2). |
| Its lenders' minimum | Not disclosed in the 2026 filing | Not disclosed in the 2026 filing |
| Debt service coverage | 4.10x (FY2025)p. 2Counts the $8,025,000 statutory operating reserve, which cannot be used without regulatory approval; cash ($5.3M) and investments ($39.8M) alone ≈ 534 days. Section 29 also gives unrestricted cash and investments as both $53.2M and $47.8M. | 23.80x (FY2025, interim)p. 2Figures for Lutheran Retirement Center - Salisbury, Inc. (provider only per FS-1; the 659 days reproduce from the Trinity Oaks campus consolidated schedule). No audit was attached: Appendix A, titled 'Audited Financial Statements', holds a management actual-vs-forecast schedule, so these figures and ratios are unaudited. The 659 days count $45.0M of campus cash and investments including the $2.3M statutory operating reserve (about 625 days without it), while Section 29.1 reports only $9.7M of unrestricted cash and investments. Coverage is high because the provider carries little debt (p46). The LSA obligated group, jointly liable for the system's bonds, reported 408 days cash and 4.48x coverage (Table FS-2). |
| Independent living occupancy | 94.7% (2025)p. 18 | 93.9% (2025)p. 22 |
| Net position | $61.5 million (FY2025)p. 54 | $47.9 million (FY2025)p. 52 |
| Whose finances | The Pines at Davidson, Inc. (consolidated); ratios for The Pines at Davidson, Inc. (sole member of its obligated group)p. 54 | Trinity Oaks campus combined (Lutheran Retirement Center - Salisbury, Lutheran Home at Trinity Oaks, and the property company), management actual-vs-forecast schedule; ratios for Lutheran Retirement Center - Salisbury, Inc. (provider only per FS-1; the 659 days reproduce from the Trinity Oaks campus consolidated schedule)p. 52 |
| Audit opinion | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 54 | Not disclosed in the 2026 filing |
| Nursing care, CMS rating | No CMS record linked | 5 of 5 (CMS overall) |
What care costs later, in each contract
The Pines at Davidson
Type B (modified): 14 days each calendar year in assisted living, memory care or nursing with no per diem charge (meals excepted). After that, residents who signed on or after July 1, 2018 pay the published per diem: $246 a day for private assisted living, $367 or $381 for private long-term nursing. A permanent transfer means giving up the independent living unit; after more than 30 nursing days in a 90-day period a temporary resident may surrender the unit or keep paying its monthly fee on top of the per diem. Residents who signed before July 1, 2018 pay a discounted daily rate. Priority access on a space-available basis.p. 19
Trinity Oaks
Type C (fee for service): Fee-for-service: assisted living and the 115-bed nursing center on campus are charged at their published rates, with no included days or discount. Residents get priority access when a bed is available; on a permanent move they keep paying a reduced monthly fee until their residence is vacated.p. 145