Financial Security and Costs
Making the move to a retirement community is a big decision, both personally and financially. It’s only natural to want to know more about what the lifestyle entails and how much Friendship Village costs. We are committed to ensuring every resident understands what their money goes towards, and why it is a good financial decision.
A Safe Choice to Manage Your Assets
As a not-for-profit organization, our top priority is always putting our residents, and their financial interest, above all else. For 35 years, we’ve helped nearly 20,000 older adults create a viable, reliable plan for the future. At Friendship Village, your entrance fee provides you access to the continuum of care as well as a discount on the cost of any future care you receive.
It’s the safe way to protect your assets and ensure you’ll be provided for, without ever having to financially depend on your family or loved ones.
Maintaining Stability in Uncertain Times
While the Friendship Village lifestyle offers great value, most find it is a significant financial decision. To enter into a Life Care Contract, our community requires you to show that you have enough financial assets to live at Friendship Village for the rest of your expected lifespan. This is essential to the financial stability of the community. Using actuarial financial qualification models that are tested annually, Friendship Village will work with you to determine if a move to the community is financially viable.
Openness to Oversight
For more than three decades, our not-for-profit organization has demonstrated a commitment to providing residents with lifetime access to a continuum of living options and services. As responsible stewards of our residents' resources, we have built a reputation for financial stability and openness to oversight. We are overseen by a volunteer Board of Directors that includes resident representation as well as local community and business leaders.
Friendship Village is among just 16 percent of CCRCs nationally that submit to an independent review by the Continuing Care Accreditation Commission (CCAC). A survey team visits our community every five years to evaluate our performance against more than 800 quality standards. We also are measured annually against standards for financial integrity by an actuarial firm, an independent auditor and the CCAC as well. Information about Friendship Village finances is shared with residents at regular intervals.
At monthly Town Hall Meetings, the President & CEO shares updates on operations in an open forum. Our Chief Financial Officer holds quarterly meetings to explain the community's financial performance and answer questions. The result is a community that operates transparently and exemplifies both honesty and integrity.