State puts more retirement community data online following Ledger coverage
After the Ledger's extensive coverage of financial troubles at the Aldersgate retirement community, state regulators added historical data to the state's databases to give consumers more information
The following article appeared in the March 20, 2024 edition of the Charlotte Ledger, an e-newsletter with smart and original local news for Charlotte. We offer free and paid subscription plans. More info here.
State regulator puts more data online to help consumers evaluate N.C. retirement communities; change follows Ledger’s coverage of Aldersgate’s finances
Consumers researching continuing care retirement communities in North Carolina can now access the communities’ disclosure statements filed with the state going back five years, after the N.C. Department of Insurance last week added historical data to its website.
N.C. DOI deputy commissioner Jeff Trendel ordered that the additional data be made available to consumers without requiring them to request the information from NCDOI, after The Ledger pointed out that consumers previously could see only the disclosures from the previous year on the NCDOI’s website. The change will help consumers more fully research retirement communities they are considering.
The Ledger has been covering financial troubles at the Aldersgate retirement community in Charlotte for the past eight months.
The NCDOI regulates the financial aspects of continuing care retirement communities, or CCRCs, and requires that they submit disclosures about their operations and finances each year. The disclosures give a snapshot of the communities’ financial health, and having access to five years of financial disclosures gives consumers a better look at how communities have been doing financially over time.
CCRC disclosures contain a wealth of information about the communities, including the names of the members of their boards of directors, admissions policies, occupancy rates, audited financial statements, service fees paid by residents and more. —CB
➡️ You can research continuing care retirement communities at the NCDOI site here.
Related Ledger articles:
“Resident lawsuit says Aldersgate mishandled money” (🔒, March 8, 2024)
“Inside Aldersgate’s financial woes” (🔒, Feb. 2)
“Affordable housing development planned for Aldersgate” (🔒 Jan. 12)
“Inside Aldersgate, some residents aren’t sweating its finances” (🔒, Sept. 1, 2023)
“Aldersgate CEO says she’s proud of steps to improve financial position” (Aug. 23, 2023)
“Aldersgate update: The good news is that auditors are satisfied with the finances of 10 out of 11 Mecklenburg retirement communities” (Aug. 21, 2023)
“State says Aldersgate is potentially ‘insolvent’” (🔒, Aug. 18, 2023)
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