Around the country, many senior living communities have struggled and continued to struggle in the aftermath of the pandemic. We’d like to assure you that Plymouth Place remains on solid ground.
The first thing you should remember is that Plymouth Place is different than other communities. Different in many ways—culturally, historically, and financially. Here are some facts that should set your mind at ease.
We are financially sound, with $23 million in reserve for emergencies and related unusual events that may occur—like pandemics and historic inflation. We are significantly above the required days of cash on hand and debt service coverage. To be specific: the “days cash on hand” requirement per bond holders is 180 days; Plymouth Place is at 350 days. Debt service coverage required by bond holders is 1.3; Plymouth Place is at 2.40.
Further evidence of our fiscal stability is The Arboretum Villas at Plymouth Place. Our ability to expand our campus with this historic development was possible because we’ve exceeded financial expectations year after year with key industry measurements. As of this writing, only five of the 59 luxury villas remain to be sold.
Our business model is sound. Plymouth Place represents high-end customer service, multiple culinary options, expanded wellness experiences, award-winning resident programs, and clinical excellence. Our entrance-fee model is an important driver to the type of culture we’ve created and to our ability to deliver the services rendered at a very high level.
As a premier senior living community, we maintain a strong waiting list for future openings. We typically refund our entrance fees 30 days after the resale of an apartment, and have an outstanding track record on this.
We are a 501(c)(3) nonprofit. All monies earned go back into the community for capital improvements, debt reduction, reserves, and benevolence. Among other accolades, we have been recognized by Leading Age National, a membership of nonprofit senior living communities, for our leadership and innovation in senior living; and by Ziegler, a nationwide leader in financial management and funding for nonprofit organizations.
Our residents love it here! Our resident satisfaction is in the 98th percentile and we have significant synergy with philanthropic support by residents, business partners, and others. Current giving exceeds $800,000 annually and capital giving will exceed $1.5 million this year.
Plymouth Place has a long, near-80-year history of serving seniors in the area. We are well respected by the local communities, government officials, churches, and related partners in the area. We are consistently recognized for excellent operational performance, our census levels exceed the local and regional benchmarks, and our future is bright.