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The Village at Brookwood and WhiteStone: A Masonic and Eastern Star Community compared
Two North Carolina communities about 21 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 Village at Brookwood | WhiteStone: A Masonic and Eastern Star Community |
|---|---|---|
| Location | Burlington, NC | Greensboro, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type A (life care), Type C (fee for service) | Type B (modified) |
| Entrance fee, one person | $162,000 to $567,000p. 27p. 26 | $30,900 to $510,803p. 22 |
| Monthly fee, independent living | $3,081 to $6,104p. 25 | $3,788 to $5,843p. 21 |
| Refund plans | Standard (6% nonrefundable, 2% per month, 0% after 47 months)p. 153 | Range across refund plans (plan not specified); Traditional (0% after 50 months); 50% Return-of-Capital; 90% Return-of-Capitalp. 22p. 154p. 104p. 129 |
| Highest guaranteed refund | 0% of the feep. 153 | 90% of the feep. 22p. 154p. 104p. 129 |
| When a refund is paid | When your unit is re-occupied or after 12 months, whichever is firstp. 153 | When your unit is re-occupied or after 24 months, whichever is firstp. 22p. 154p. 104p. 129 |
| Days cash on hand | 100 days (FY2025)p. 2Figures for The Village at Brookwood (community only); the bond covenants apply to the Well-Spring Services obligated group. The 100 days counts the $4.0M statutory operating reserve: Brookwood's cash ($0.84M) + investments ($0.13M) + the reserve ($4.01M) = the $4.98M of 'unrestricted cash and investments' the statement cites (p35, p86). Cash and investments alone are about $0.97M, roughly 20 days at the same daily expense rate the statement used for its 100. The Well-Spring Services obligated group, which owes the bonds, reports 433 days and 3.97x coverage for FY2025 (p40, p42). | 302 days (FY2025)p. 2The reported 302 days only holds by counting reserves: cash ($4.3M) and investments ($11.8M) on the audited balance sheet are about 208 days of 2025 cash operating expenses (p44, p45); adding the $6.1M NC DOI operating reserve and $0.9M board-designated for entrance fee refunds (p55) gives about 297 days. The statement's own unrestricted cash figure is given as both $18,964,908 (p31) and $18,375,352 (p32). The 18.1% statutory net operating margin sits beside an audited 2025 operating loss of $2,564,421 under GAAP (p45). |
| Its lenders' minimum | At least 120 daysp. 19 | Not disclosed in the 2026 filing |
| Debt service coverage | 2.72x (FY2025)p. 2Figures for The Village at Brookwood (community only); the bond covenants apply to the Well-Spring Services obligated group. The 100 days counts the $4.0M statutory operating reserve: Brookwood's cash ($0.84M) + investments ($0.13M) + the reserve ($4.01M) = the $4.98M of 'unrestricted cash and investments' the statement cites (p35, p86). Cash and investments alone are about $0.97M, roughly 20 days at the same daily expense rate the statement used for its 100. The Well-Spring Services obligated group, which owes the bonds, reports 433 days and 3.97x coverage for FY2025 (p40, p42). | 1.40x (FY2025)p. 2The reported 302 days only holds by counting reserves: cash ($4.3M) and investments ($11.8M) on the audited balance sheet are about 208 days of 2025 cash operating expenses (p44, p45); adding the $6.1M NC DOI operating reserve and $0.9M board-designated for entrance fee refunds (p55) gives about 297 days. The statement's own unrestricted cash figure is given as both $18,964,908 (p31) and $18,375,352 (p32). The 18.1% statutory net operating margin sits beside an audited 2025 operating loss of $2,564,421 under GAAP (p45). |
| Independent living occupancy | 95.51% (2025)p. 21 | 96.2% (2025)p. 17 |
| Net position | −$946,758 (FY2025)p. 87 | $10.9 million (FY2025)p. 44 |
| Whose finances | Alamance Extended Care, Inc. d/b/a The Village at Brookwood (column of the Well-Spring Services, Inc. consolidating balance sheet); ratios for The Village at Brookwood (community only); the bond covenants apply to the Well-Spring Services obligated groupp. 87 | The Masonic and Eastern Star Home of North Carolina, Incorporated (WhiteStone); ratios for The Masonic and Eastern Star Home of North Carolina, Incorporated (provider only; no obligated group)p. 44 |
| Audit opinion | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 87 | Unmodified (clean) opinion, Baker Tilly US, LLPp. 44 |
| Nursing care, CMS rating | 5 of 5 (CMS overall) | 4 of 5 (CMS overall) |
What care costs later, in each contract
The Village at Brookwood
Type A (life care): Life Care residents get 14 free Health Care Center days a calendar year (the contract limits its 14-day respite benefit to skilled nursing), then pay one Lifecare rate, set at the weighted-average single Lifecare monthly fee ($5,594 in 2026), whatever the level of care. Fee-for-service residents pay $7,635-$13,740 a month for the same care.p. 154
Type C (fee for service): Fee-for-service residents pay the published per diem rate for assisted living, memory care and skilled nursing, with priority access to the Health Care Center. No free days or discount are stated in the contract or projections.p. 169
WhiteStone: A Masonic and Eastern Star Community
Type B (modified): Each resident gets 30 days a year of care in the Community Health Center without the per diem charge, while still living in the residence; days are per person, do not carry over and cannot be combined. Beyond those days, and after a permanent move (when the residence is surrendered and the monthly fee stops), the resident pays the Health Center's published rates. Residents get priority over non-residents for admission.p. 97