VOLUME TWENTY FOUR, NUMBER SIX
JUNE 2010
2010 finds Beaumont financially strong By Mary Graff Comforting financial news was high on the agenda of Beaumont’s 23d annual meeting May 10, with a bottomline increase of $385,715 in operations revenue over expenses, before depreciation, and an increase of more than $1 million in the combined capital and medical reserve funds. Bruce Mainwaring, chairman of the Finance Committee, presented the figures, pronouncing our nonprofit retirement community “$1 million stronger than last year”:
Members of the Beaumont Retirement Community Inc. Board of Directors, from left to right: Richard A. Tilghman, Carolyn P. Langfitt, Jeanne Cortner, newly elected chairman Mary H. Schnabel, Jane Lillie, and the board’s newest member, Dick Maass. Not pictured: Dr. Jay MacMoran.
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Photo by Louise Hughes
From a rocky start to one of the very best By Dick Maass With our 23d annual membership meeting last month came reassurance that despite challenges, Beaumont’s financial position remains strong. In preparation for this issue, the Beaumont News asked Joseph H. Fortenbaugh III, our president almost from the beginning, for his thoughts about Beaumont’s past, present and future–financial and otherwise. BN: From a financial standpoint, how does Beaumont compare to the other retirement communities we see proliferating around us? JF: We have always compiled data on our fellow
INSIDE: On security patrol, Part 2, Page 3 The power of Hello, Page 7 Hearty welcome for new residents, Page 7
Continuing Care Retirement Communities (CCRCs), as they do on us. One of the most striking differences is that Beaumont’s apartments and villas are larger than our competitors’ while at the same time our monthly fees are significantly less. We held to a 2 percent increase for 2010 while other nearby CCRCs had to increase theirs by 4 to 4.5 percent. This is partly because many of the local CCRCs have debt of $25 to $100 million dollars, while Beaumont’s debt as of Dec. 31, 2009, was $825,000, less than $1 million. That means our monthly fees do not have to support a large interest expense. We are the only retirement community I know of that is resident owned, self governed, internally managed, and with negligible debt. BN: I’ve heard you say that there appear to be more continued on page 2