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Financial Security

Choosing to move to a retirement community is a big decision, both personally and financially. Many people ask themselves, what do I get for my money? Will I be able to afford it? Is my money safe and protected? At Friendship Village, we are committed to helping you understand the financial aspects of choosing to live at Friendship Village of Schaumburg.

The value of Friendship Village

As the premier Continuing Care Retirement Community (CCRC) in Illinois and one of the largest in the U.S., Friendship Village has provided tens of thousands of older adults with a convenience-filled lifestyle and the security of knowing they can have access to a range of services, when needed, for the rest of their lives. And with a selection of refundable entrance fee plans offering discounts on the future cost of care, residents also have choices of ways to protect their assets.

Maintaining financial stability

While the Friendship Village lifestyle offers great value, most find it is a significant financial decision. To enter into a Life Care Contract, our community requires you to show that you have enough income and financial assets to live at Friendship Village for the rest of your expected lifespan. This is essential to the financial stability of the community. Using actuarial financial qualification models that are tested annually, Friendship Village will work with you to determine if a move to the community is financially viable.

Openness to oversight

For more than 30 years, our not-for-profit organization has demonstrated a commitment to providing residents with lifetime access to a continuum of living arrangements and services. As responsible stewards of our residents' resources, we have built a reputation for financial stability and openness to oversight. We are overseen by a volunteer Board of Directors that includes resident representation as well as local community and business leaders.

Friendship Village is among just 16 percent of CCRCs nationally that submit to an independent review by the Continuing Care Accreditation Commission (CCAC), the only accrediting body in our field. A survey team visits our community every five years to evaluate our performance against more than 800 quality standards. We also are measured annually against standards for financial integrity by an actuarial firm, an independent auditor and CCAC as well.

Information about Friendship Village finances is shared with residents at regular intervals. At monthly Town Hall Meetings, the President & CEO shares updates on operations in an open forum. Our Chief Financial Officer holds quarterly meetings to explain the community's financial performance and answer questions.