Financial Strength & Transparency
Goodwin House Incorporated (GHI) is among a relatively small group of not for-profit Life Plan Communities that proactively pursues and achieves investment grade ratings annually to measure and confirm its financial strength. After a decade of solid BBB ratings with a stable outlook, Fitch upgraded its rating of GHI to BBB+ in August of 2018. The current Fitch Rating Report on GHI can be viewed here.
The funding that investors have made in our innovations across our portfolio of senior living and care services reflects GHI’s financial strength including:
Successfully secured over $210 million in funding since 2007 for multiple projects and innovations at our flagship senior living communities, Goodwin House Alexandria and Goodwin House Bailey’s Crossroads.
Innovative Models of Care
Successfully designed, constructed and opened the first Small House Living and Health Care Center in the National Capital Region and the largest of its kind in the Mid-Atlantic region of the U.S., reflecting a $50 million investment.
At annual resident meetings and throughout the year, GHI fully discloses information related to its financial condition and strength, confirming our commitment to best practices in disclosure and transparency. This disclosure and transparency is demonstrated by providing disclosure statements for our Life Plan Communities and Goodwin House at Home (GHAH) members and the clear explanation of the financial plans available to prospective members of our residential communities and GHAH. We seek to ensure that all prospective residents and members fully understand the financial plans available to them and fully understand GHI’s finances. GHI also provides its investors with regular disclosure calls which Fitch Ratings has called “excellent” in its annual GHI ratings.
GHI subscribes to the six best practices for disclosure and transparency to prospective residents of Life Plan Communities (previously called Continuing Care Retirement Community). These practices are:
- Provide financial information and explanation to understand the overall financial conditions
- State fees and how they might increase over time
- Provide a contract written in clear, understandable language
- Explain how a resident transfers to different levels of care, if needed
- Outline the procedure if a resident’s financial resources are depleted
- Fully disclose the ownership, management and governance of the community
To see the independent auditor’s report for the Goodwin House Incorporated fiscal year 2017,
please click here.