Mission: To establish, own, and maintain charitable continuing care retirement communities which provide housing, health care services, food services, security, and other ancillary services to elderly persons.
Programs: Riverwoods has one primary program service, to establish, own and maintain a continuing care retirement community which provides housing, health care services, food services, security and other ancillary services to elderly persons. On june 30, 2017 the community housed approximately 487 residents in independent apartments and 128 residents in the health care centers. Over the course of the year the health care centers served approximately 213 residents on a permanent, temporary, or per diem basis at a substantially discounted rate. The "contractual allowance" (i. E. Write off) related to care provided for lifecare residents was in excess of $13,717,000. 00 for the fiscal year ended june 30, 2017. This is an average discount of 75% versus the standard monthly private pay rate in area nursing homes and assisted living facilities. Riverwoods also provided benevolence assistance for its residents who, through no fault of their own, have exhausted their financial resources. For the fiscal year ended june 30, 2017, riverwoods provided financial assistance to a total of five residents in the amount of $157,110.
We signed a lifecare contract with Riverwoods after checking 20 accredited CCRCs on both coasts. It has an excellent track record since opening in 1994, maintains a strong financial position, is very well managed, and provides consistently good services. The Senate Committee on Aging recently commissioned a GAO study on the effects of the recession and housing crisis on CCRCs, and urges applicants to investigate an organization's financial condition before committing their life savings to it. Riverwoods passes with flying colors, and we're delighted to be here.
