ORANJ
2007
FINANCE GUIDEBOOK
Guidebook
for Residents who are serving on Finance Committees
In the summer of 2007 ORANJ published a Guidebook for residents of CCRCs who are serving on their Finance Committee. The Guide was written by members of the Finance Committee of ORANJ under the leadership of Harry Mann of Crestwood Manor. Its purpose is to provide residents with a basic understanding of their CCRC’s financial position and performance as reflected in its financial statements and other key documents.
It
provides information to answer fundamental questions such as:
· What
is needed for a CCRC in order to have long-term financial stability?
· How do you dig useful financial information out of a CCRC’s
financial statements?
· What are a resident’s
financial rights and protections under the law?
For
a complete copy, download the
GUIDEBOOK In .PDF Format
............(Requires Adobe Reader- (To
download Reader, Click Here)
Table Of Contents / page
Part I – General Information 1
..... A. Introduction 1
......B. Purpose 1Part II – Five Key Financial Topics 2
...... A. Financial Statements 2
........... A1. Budgets 2
............A2. Operating Statement 3
............A3. Balance Sheet 4
............A4. Auditor’s Report 5
......B. Long-Term Financial Stability 8
............B1. Long Term Financial Plans 9
............B2. Future Services Obligation Calculation 9
............B3. Detailed Actuarial Analyses 10
......C. CCRC Contracts 12
............C1. Type A – All Inclusive Plans 12
............C2. Type B – Modified Plans 12
............C3. Type C – Fee-For-Service Plans 12
............C4. Other Plans 13
......D. NJ Statutes & Regulations Related to CCRC Finances 14
............D1. “The Act” – New Jersey Public Law 52:27D-330 14
............D2. “Chapter 19” – CCRC Regulations 15
............D3. Annual Disclosure Statements 15
......E. Federal Regulations Related To CCRC Finances 17
............E1. 501 (c) (3) CCRCs 17
............E2. Form 990 IRS Tax Reports 18Part III – Attachments
......A. Obtaining Copies of Reference Documents
......B. Overview of Entrance Fee Accounting
......C. Future Services Obligation Calculation Details and Typical Values
......D. Detailed Actuarial Analyses and Typical Values
......E. Summary Description of The Act –
....................... New Jersey Public Law 52:27D–330
......F. Summary Description of Chapter 19 –
........................ Paragraphs Of Financial Interest
