Not-for-profit/community-minded CCRCs like Buena Vida, hold themselves accountable to the people they serve.
We are:
Not-for-profit
Community-minded
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Others are:
For-profit
Corporate-owned |
Assets stay in the community. |
Assets belong to investors/owners. Assets can be sold without notice. |
Local board of community leaders serve without pay to balance financial decisions with community goals. |
Major decisions are often made by individuals outside the community to emphasize creating profits for the investors/owners. |
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All profits stay in the community and are used to provide additional services to the residents and improve the physical plant. |
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Profits are typically removed from the community to the benefit of the owner. |
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As a 501 c (3) not- for-profit, substantial savings exist with taxes and employee benefits. These savings allow the community to operate more efficiently and provide a wide spectrum of services to the residents at a lower cost. |
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Additional services are typically “extra” and impact the community’s bottom line. |
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As a CCRC in the State of Florida, a CCRC like Buena Vida is required to maintain reserves in excess of 4 million dollars for the protection of the residents who live in the community. |
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A for-profit, non-CCRC is not mandated to keep any cash reserves. |
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