Your calls, emails, and letters can make a difference. Continue to urge Senate to keep the medical deduction in the tax reform proposal. The press is finally writing stories about the impact on older adults with high medical costs. Many CCRC residents in Life Care communities would lose their deduction for part of their monthly fee. The House passed the Tax Bill on November 16. Please turn your attention to the Senate and write your Senator.
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
Join or renew your membership online. Members only content will be added. Check out the Forum to leave questions and comments for members only.
Join at http://naccramember.com
NaCCRA has a new mailing address and telephone number. It is:
1101 Connecticut Av NW
Suite 450 PMB#61
Washington DC 20036
Toll-free 1 (877) 488-4004
The first NaCCRA Congress offered spirited discussion on six papers submitted by members. Katherine Pearson, elder law expert, spend the afternoon with us and participated in the discussion. The papers are available as pdfs under the NaCCRA Congress. A report on the action items was received by the board.
Ron Whalin, NJ, Chair of the Nominating and Elections Committee reported to the membership. Elections will be in the Spring. Use the Contact Form if you are interested or contact Ron directly. Do you know a resident who has an accounting or marketing background. Let Ron know.
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.