Resident Rights and Responsibilities in Virginia's Continuing Care Retirement Communities: Building Trust and Stronger Communities

Abstract

At the invitation of Virginia Senator George Barker, Professor Pearson testified before the Commonwealth of Virginia, Division of Legislative Service, Virginia Housing Commission for a working group on continuing care retirement communities (CCRCs). In her oral and written testimony, she identified seven core concerns of CCRC residents about financial transparency and governance, including the right to affordable stability in their communities and the right to voting membership on boards of governance. The author presented precedent for voting membership and responded to concerns raised by facilities for "conflict of interest." Her testimony in the Commonwealth in November 2012 builds upon earlier testimony she provided before the Senate Select Committee on Aging in July 2010.

Keywords: corporations, nonprofit, elderly, governance, transparency, conflict of interest, bankruptcy

JEL Classification: A19, D20, D21, D23, D24, D31, D45, D63, D70, D71, D72, D74, D75, D91, E61, E62, G18, G22 G28, G32