Asbury is overseen by a volunteer Board of Directors charged with positioning the organization for on-going success. Financial experts on the Board’s Finance Committee assist in overseeing the system’s fiscal strength. The Finance/Investment Committee regularly reviews financial statements and recommends to the Board operating and cash flow budgets, investments, fee schedules, and independent auditors.
Asbury monitors and strengthens its fiscal health by:
- Requiring an annual audit. The most recent audit resulted in an unqualified opinion on all financial statements with no material weaknesses, adjustments or reclassifications cited and full compliance with all debt covenants.
- Participating in a national accreditation process, operated by the Commission on Accreditation of Rehabilitation Facilities/Continuing Care Accreditation Commission (CARF-CCAC). To maintain accreditation, Asbury each year evaluates its financial performance against various benchmarks – including profitability, liquidity and capital structure – to identify trends and evaluate strengths relative to other accredited communities and systems throughout the United States.
- Building financial reserves to support its mission and provide capital for future investment, including renovation or expansion of its two communities. Asbury’s bondholders require the maintenance of adequate reserves.
Asbury’s Executive staff communicates its financial health to the Board of Directors at every Board meeting and annually reports to the more than 600 residents and 500 associates who live and carry out Asbury’s not-for-profit mission.
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