Year End Report 2022

MARCH 2023

February 1, 2022

Dear Residents,

While preparing this report, I couldn’t help but be impressed by the resilience, perseverance, and support that has been on display at Westminster Village over the past few years. From the uncharted financial and societal territory that COVID brought, through recovering our identities after adjusting to the “new normal”, to the resulting inflationary environment and all it impacted, the Spirit of this Community shined through and created a stronger Westminster Village than we may have ever imagined. The unanticipated strain on resources and cost increases were met with resourcefulness, understanding, and determination that has been heartening to see.

While these challenges brought about several cost-containment and savings measures, and achievements in operational efficiencies, it became obvious more had to be done. As difficult as the decision was, in the final analysis, the Board of Directors made the decision to increase monthly rates for September 1, 2022, and January 1, 2023 to respond to the unprecedented cost increases that continue to impact nearly everything in our lives. This adjustment was needed to insure the generation of sufficient income to cover increasing operating costs while also preserving the impeccable service standards and quality of care that are the hallmarks of Westminster Village.

Since the announcement, I’ve received several inquiries about the overall financial stability of Westminster Village. While the continued strain of inflation and escalating wages persists, as do expenses related to COVID and its aftermath, our cash position remains strong. The monthly fee increases, gains in operational efficiencies, and ongoing cost-saving initiatives will make possible the positive steps required to secure the financial well-being of Westminster Village now and into the future.

While prudent fiscal administration is critical to remaining financially sound, we acknowledge our foundation is truly built upon the dedication and talent of our caring staff. Additionally, without the confidence and support of our valued residents, Westminster Village would quickly become just another community. The mix of caring staff and the trust of residents is a strong combination that makes Westminster Village our cherished home.

I invite you to read this report as a concerned neighbor and resident. It focuses on developments and accomplishments within the five pillars of our Strategic Plan: Culture, Technology, Programs, Our Campus, and Finances. Please feel free to contact me directly if you have any questions, suggestions, or concerns. I am always happy to see and hear from you!

Sincerely,

Tom Winkelman Chief Executive Officer