Financial Strength

Financial Strength and Stewardship.

As an Asbury community, Bethany Village enjoys the financial security and benefits of being part of the one of the largest not-for-profit retirement systems in the U.S. With Financial Strength and Stewardship as one of its Core Values, the Asbury system makes it a top priority to maintain and enhance its financial strength to serve increasing numbers of people 60 years and older.

As a not-for-profit, Asbury is driven by a mission of service and overseen by a volunteer Board of Directors that is charged with positioning the system for perpetual success. Asbury has volunteer financial experts on the Audit Committee and Finance Committee that assist in overseeing the Asbury system’s fiscal strength. Asbury monitors and strengthens its fiscal health by:

• Requiring an annual audit by an industry leading audit firm to review the system’s consolidated annual statements. The most recent audit, completed in March 2011, resulted in an unqualified opinion on all financial statements with no material weaknesses, adjustments or reclassifications cited and full compliance with all debt covenants.
• Participating in a national accreditation process, operated by the Continuing Care Accreditation Commission (CARF-CCAC). Each year, Asbury evaluates its financial performance against various benchmarks – including profitability, liquidity and capital structure – to identify trends and evaluate strengths relative to other accredited communities and systems throughout the United States.
• Building financial reserves to support its mission and provide capital for future investment, including renovation or expansion of its five communities. These financial reserves, and additional income they generate, establish a solid financial base that allows Asbury to weather times of economic challenge. Asbury’s bonds require the maintenance of adequate reserves.
• Ensuring high levels of occupancy, supporting the system’s overall financial health. Asbury’s occupancy is well above national averages reported by an industry monitor, the National Investment Center.

Asbury regularly communicates its financial health with stakeholders. The most important of these are the more than 3,500 residents and 2,200 associates who live and carry out Asbury’s not-for-profit mission of creating services that enhance the entire span of life.

To view Asbury Communities' 2010 Annual Report, click on this link:  http://digital.graphcompubs.com/publication/?i=79370.  In addition to each community's Quarterly Financial Statements, the following key financial documents are shared at regular intervals:

File Download

Asbury Communities 2010 Audited Consolidated Financial Statements
Click here to download Asbury Communities' Consolidated Financial Statements for 2010.

Asbury IRS Tax Return Form 990
Click here to view the IRS Form 990 Tax Return for Bethany Village (part of Asbury Atlantic) for 2010 (updated 11/29/11).

Asbury Communities 2010 Financial Update letter
Read a letter from Asbury leadership communicating Asbury's financial strength and achievements in 2010.