Members have been writing to the AICPA about the proposed changes to revenue recogniton. Check out the sample letters that are excellent explaining the issue for Type A communities.
WHO WE ARE - The members of NaCCRA—the National Continuing Care Residents’ Association— older adults that live in Continuing Care Retirement Communities (CCRCs) throughout the United States.
OUR MISSION - We collaborate nationwide with residents and prospective residents of Continuing Care Retirement Communities (CCRC’s) and allied organizations for the purpose of promoting, protecting and improving the CCRC lifestyle.
WHAT WE DO - NaCCRA is committed to vigorous advocacy on behalf of the residents of CCRCs. We believe that the senior housing industry can benefit from understanding and adopting the best practices that residents expect. Enacting laws to ensure that such practices are standard across the states will build trust in the industry and assure residents that their expectations will be met
Ann MacKay is the new President, Jim Haynes remains as President-Elect and Basil Pflumn remains on the Executive Committee as Secretary/Treasurer. John Johl and Bill Root join the Board as Directors.
States contributed comments for the State Forum meeting held in the afternoon. A compilation of the papers can be downloaded here.
The report to the members is available here.
The New York Times featured NaCCRA Board member and Rearch Director, Jack Cumming and his wife, Valerie Cumming on the top of the article, 7 Ways to Judge a Retirement Community’s Financial Health by Peter Finch. It is in the Business Section.
The NaCCRA Board of Directors reviewed and approved comments that were submitted to the American Institute of Certified Public Accountants on the Working Draft for Application of standards specific to CCRCs. The detailed comments can be downloaded here.
A sample letter to submit by April 2 is availble for download here or see resident sample letters.
Join or renew your membership online. Check out the Forum to leave questions and comments for members only. The latest Notes and News will be on the member site. (Use the contact form to communicate or call the toll-free number if you have problems.)
Join or renew at http://naccramember.com
We have listened to your feedback and have streamlined the member registration and renewal proces.
You can now pay directly with a credit or debit card as well as PayPay. Check out the new registration page.
NaCCRA’s goal is to make sure our CCRC communities are as good as they can be… not only for us but also for those who will follow us in the future. Our members and leaders work together to ensure that the CCRCs we live in are well managed and properly regulated. Here are the five issues that we are most closely engaged in. Click the green sub-head links to learn more about them.
Some states have enacted bills of rights for CCRC residents. Unfortunately, most have not. Since many residents in states where this has not yet happened are interested in this issue, NaCCRA is taking an active role in this effort. You can read our proposed Bill of Rights for Residents of CCRCs on this website.
Residents expect that entry fee investments in CCRC contracts are used to provide promised benefits to them. But industry experts, executives, and managers don’t always view stewardship of these investments in the same way. In some cases, the investments are not handled with care or prudence. NaCCRA is working to improve this situation.
NaCCRA members are working on a set of Model Laws designed for two purposes. First, to improve the business and financial practices of CCRC management. Second, to elevate the financial soundness of the entire continuing-care industry, to make sure that prospective residents can rely on the representations made to them during the marketing process.
Although residents in Entry Fee financed CCRCs provide all or most of the at risk, ownership equity capital to allow the enterprise to qualify for secured debt financing, the residents are often excluded from the Board. This has led to laws mandating residents on CCRC Boards but such laws have met with reluctant provider organizations accustomed to have sole ownership authority.
Matching and consistency principles are fundamental to sound accounting. However, CCRC accounting—as established by the guidelines of the American Institute of Certified Public Accountants and codified by the Financial Accounting Standards Board—departs from these fundamentals. This departure is material since it distorts the recurring fee adjustment calculations. NaCCRA advocates a return to more principled accounting and auditing standards.