2022 Disclosure Statement

2022 Disclosure Statement

Disclosure Statement

of

Westminster-Canterbury on Chesapeake Bay

for

Early Advantage Program at Westminster-Canterbury

As submitted to The Commonwealth of Virginia State Corporation Commission

Bureau of Insurance January 31, 2022

The filing of this Disclosure Statement with the State Corporation Commission does not constitute approval, recommendation, or endorsement of the

facility by the State Corporation Commission.

Tab 1 ? Mission Statement & Disclosure Statement

Tab 2 ? Member Agreement List of Service Providers for In-Home Services

Tab 3 ? Consolidated Financial Statements and Independent Auditors' Report of WestminsterCanterbury on Chesapeake Bay and Affiliates for the Years Ended September 30, 2021 and 2020

Tab 4 ? Early Advantage Program Financial Statements for the Year Ended September 30, 2021 and 2020

Tab 5 ? Early Advantage Program Comparison of Prior Year's Pro Forma Actual to Budget for Fiscal Year 2021

Tab 6 ? Early Advantage Program Pro Forma Income Statement Fiscal Year 2021 and 2022

Tab 1

Mission Statement and Disclosure Statement

We are a faith-based organization created by the Episcopal and Presbyterian churches to serve older adults of all beliefs, their families, and the broader

community.

Our Mission Statement Creating community to foster joy and well-being.

Organizational Values We achieve excellence by giving and expecting:

RESPECT for each person PASSION for what we do PROFESSIONALISM in all we do

A.1. COMMUNITY-BASED CONTINUING CARE PROVIDER

Westminster-Canterbury on Chesapeake Bay (Westminster-Canterbury) is a nonprofit, non-stock corporation formed pursuant to the provisions of the Virginia NonStock Corporation Act, as Codified in Title 13.1 of the Code of Virginia of 1950, as amended.

The registered agent for Westminster-Canterbury on Chesapeake Bay is:

Hugh L. Patterson Wilcox and Savage, PC 440 Monticello Ave., Suite 2200 Norfolk, VA 23510

A.2. OWNERSHIP OF CBCC PROVIDER

Westminster-Canterbury on Chesapeake Bay is a Virginia non-stock, not-forprofit corporation that was founded in 1982 and has been in continuous existence since that time. Its affairs are administered through a Board of Trustees, all of whom serve as volunteers. All of the land and buildings that constitute the community are located at the below address and are owned by the provider.

A.3. LISTING OF CCRC FACILITIES OWNED BY PROVIDER

Westminster-Canterbury on Chesapeake Bay 3100 Shore Drive Virginia Beach, VA 23451 Independent Living Occupancy ? 91.4 Percent Total Liquid Assets ? $46,307,767

Westminster-Canterbury also owned and operated the Ballentine Home, an Assisted Living Community in Norfolk, Virginia, which was sold to an unrelated party on March 5, 2012.

A.4. OFFICERS, DIRECTORS, TRUSTEES, MANAGING AND GENERAL PARTNERS, AND CERTAIN PERSONS WHO HOLD EQUITY OR BENEFICIAL INTEREST

A. The Trustees of the provider are elected as a self-perpetuating board:

1. Episcopalian Trustees Dr. Townsend Brown, Jr., DDS PC Mr. George L. Compo Mr. Charles D. Robinson, III Mr. Dennis G. Manning Mr. Richard C. Burroughs Mrs. Lisa B. Smith Mr. Elwood B. Boone III Dr. Armistead Williams

2. Presbyterian Trustees Mr. George Wong Mr. John D. Cavanaugh, CPA

The Rev. Albert G. Butzer, III Mr. Richard B. Thurmond Mrs. Katherine C. Willis Mr. Ronald Ripley Mr. Thomas Clinton Damuth

3. The Officers of the provider are:

Chair:

Mr. Richard B. Thurmond

Vice Chair:

Mrs. Lisa Smith

Secretary:

Mr. Richard Burroughs

Treasurer:

Mr. John D. Cavanaugh, CPA

President & CEO

Mr. J. Benjamin Unkle, Jr.

Senior Vice President of Health and Innovation and Assistant Secretary Dr. Victoria Crenshaw

Chief Financial Officer and Assistant Treasurer:

Mr. David B. Myers

A.5.a. Give a description of any business experience in the operation or management of similar facilities and community-based continuing care programs.

1. The Provider:

Westminster-Canterbury has owned and operated the life plan/continuing care retirement community located at 3100 Shore Drive since it began operating in 1982. Westminster-Canterbury also owned and operated the Ballentine Horne, an Assisted Living Community in Norfolk, Virginia, which was sold to an unrelated party on March 5, 2012.

2. Trustees:

Richard "Dick" Thurmond is Chairman of the Board of Howard Hanna William E. Woods, the number one real estate organization in Southeastern Virginia. He currently serves as Chairman of the Board of Trustees for Westminster-Canterbury, and also served on the Westminster-Canterbury Foundation for two terms and is a past Board Chair of the Foundation. Mr. Thurmond received his Bachelor of Science in Marketing from Old Dominion University. He is a certified Real Estate Brokerage Manager and Graduate, Realtors Institute. Mr. Thurmond serves or has served as Director of TowneBank, President Real Estate Information Network (REIN), Director for Tidewater Association of Realtors and Virginia Association of Realtors, Board of Directors for the Chesapeake Bay Academy, Chairman of the Old Dominion University Annual Fund, Chairman of the Armed Forces Committee Hampton Roads Chamber of Commerce - Norfolk Division, Director Virginia Peninsula Economic Development, member and Director of Cape Henry Rotary Club, volunteer and fundraiser for Equi kids Therapeutic Riding Program and Elder of Bayside Presbyterian Church.

Lisa B. Smith, Esq. serves as a community volunteer in South Hampton Roads. She has served as a Board of Director for a number of nonprofits including, but not limited to Access College Foundation, the Chrysler Museum, Smart Beginnings South Hampton Roads, the Norfolk Forum, CHKD's Child Abuse Development Board and the YMCA. She currently serves as Vice Chairman on the Board of Trustees of Westminster-Canterbury. In 2014, Ms. Smith was appointed to the Old Dominion University Board of Visitors by Governor Terry McAuliffe where she serves as Vice Rector. Prior to moving to this area, Ms. Smith spent nearly twenty years as an attorney in the telecommunications industry. She has worked as Senior Regulatory Counsel for MCI Corporation for 8 years where she focused her efforts on federal and state telecommunications public policy and as Senior Advisor to the Federal Communications Commission Commissioner.

Richard Burroughs, Secretary of the Board of Trustees for Westminster-Canterbury, spent more than 45 years in the

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