Considering a move to a retirement community is a significant financial decision, in addition to a choice about lifestyle and well-being. Whether you ultimately choose to move to Goodwin House or to another retirement community, we urge prospective residents to carefully evaluate the financial health of communities under consideration.
Investment Grade Rating
Prudent financial management and stewardship enable Goodwin House to meet and extend its mission. We have invested wisely and controlled expenses, while still ensuring exceptional services and care, for more than 45 years.
Fitch Ratings affirmed the organization’s financial strength and stability when they gave Goodwin House a “BBB” investment grade rating with a stable outlook in 2007. Fitch reaffirmed the rating and outlook in 2010 and every year since, most recently in June 2013.
Adherence to Best Practices
Goodwin House fully discloses information related to its financial situation and is committed to best practices in disclosure and transparency. All fees are clearly shown and explained, so residents and their families fully understand financial commitments.
A 2011 report published by experts in the field suggests six best practices for disclosure and transparency to prospective residents of a Continuing Care Retirement Community (CCRC):
|Suggested CCRC Best Practice||What Goodwin House Does|
|Provide financial information and explanation to understand the overall financial conditions||
|State fees and how they might increase over time||These are included in the Financial Disclosure Statement.|
|Provide a contract written in clear, understandable language||Resident agreements are written in plain English as opposed to legal jargon, and we include in our disclosure statement an explanation of the key areas of the contracts, in addition to the formal contract language.|
|Explain how a resident transfers to different levels of care, if needed||The Level of Living policy is included in the financial disclosure statement and is reviewed with prospective residents|
|Outline the procedure if a resident’s financial resources are depleted||The Goodwin House Fellowship Program, funded 100% by Goodwin House Foundation, is a tremendous financial safety net to assure residents’ peace of mind. Residents may talk with social workers at any time if they have a financial concern. If there is financial need, the Fellowship Program can step in to cover the gap.|
|Fully disclose the ownership, management and governance of the community||This information is clearly outlined in our financial disclosure statement and we review these matters in informational lunch meetings for prospects, and in the CEO’s semi-annual meetings with residents.|