Continuing Care Retirement Communities

Not-for-Profit CCRCs/LPCs and Novare

What’s the difference between a not-for-profit and a for-profit Continuing Care Retirement Community (CCRC) or Life Plan Community (LPC)?  Do prospective residents know the difference?  Is it important?  Does it matter?

Many not-for-profit CCRCs/LPCs are single-site organizations like The Osborn, although some are part of a small system. As with other not-for-profit organizations, the money earned from resident fees goes toward operating expenses and advancing the organization’s objectives, not to owners or stockholders. Not-for-profit CCRCs/LPCs are usually 501(c)(3) organizations, which requires that they operate for charitable purposes. Providing lifetime housing and health care services, even if a resident’s personal finances are depleted, is often paramount to a not-for-profit CCRC’s/LPC’s mission – it certainly is that way here at The Osborn. Many not-for-profit CCRCs/LPCs maintain a foundation or some type of endowment fund that can provide financial assistance to residents who outlive their resources. This is not usually the case at for-profit CCRCs/LPCs.

According to LeadingAge, a nationwide organization of nonprofit and government aging-services providers, there are 10 key questions that prospective residents should ask when considering a CCRC/LPC:

1. Are you for-profit or not-for-profit, and what’s the financial strength of the community?
2. What’s included in the monthly fee?
3. How do you help me to maintain my freedom and independence?
4. What kind of emergency response systems do you have?
5. How do you measure your residents' satisfaction? Can I see your last two surveys?
6. How can residents offer input and feedback?
7. What is the difference between independent and assisted living, and when would I have to move to assisted living?
8. Can I remain in independent living when my needs change, and how is aging in place supported?
9. What are the five most popular programs in your community and who decides what programs and events are scheduled?
10. Can I review your residency agreement?

Many for-profit CCRCs/LPCs are part of large corporations that offer many benefits. Small, not-for-profit CCRCs/LPCs don’t have this option, but they do have the option of joining other similar organizations through Novare membership. Novare is a growing consortium of forward-thinking, single-site and small-system CCRCs/LPCs that have come together to collaborate, innovate, and enhance the world of senior living through shared best practices. You can learn more about it here: https://novare.org/ 

Novare members, like The Osborn, are not-for-profit CCRCs/LPCs. Members are innovative and successful as indicated by industry awards, have financial strength and strong debt rating, and are open to collaboration. Some of the benefits of Novare membership including creating service benchmarks, best practices, educational opportunities, and information sharing that benefits members as well as the entire senior living community.

Novare members are:

• A link to each Novare Member website: 
• https://www.bishopgadsden.org/
• https://blakeford.com/
• https://carolinameadows.org/
• https://www.clarklindsey.com/
• https://duncaster.org/
• https://www.frasiermeadows.org/
• https://www.ilcorp.org/
• https://www.kahalanui.com/
• https://www.lambethhouse.com/
• https://thelegacyseniorcommunities.org/
• https://lenbrook-atlanta.org/
• https://www.masonichomesky.com/
• https://www.montereau.net/
• https://www.mooringspark.org/
• https://www.theosborn.org/
• https://www.saintjohnsmilw.org/
• https://www.mather.com/residences
• https://vicarslanding.com/
• https://www.waverlyheightsltd.org/

If you are looking for a CCRC/LPC, know the difference between those that are for-profit corporations that have owners and shareholders to answer to and not-for-profit communities that are mission driven. The choice is yours. Research and education about this and other senior living options will help you find the community that is right for you.

Learn more about independent and assisted living options at The Osborn.