CARF releases annual financial ratios and trend analysis publication

CARF International, as the leading accreditor for continuing care retirement/life plan communities, and its Financial Advisory Panel (FAP) has released the 33rd edition of Financial Ratios & Trend Analysis of CARF-Accredited Continuing Care Retirement Communities. This 2025 annual publication provides benchmarks for 17 separate financial ratios and examines trends providing context from the senior living sector. Ratios presented in the publication capture fiscal years ending from March 31 to December 31, 2024.

The financial ratios publication is a joint project conducted by CARF, Ziegler, and Baker Tilly. Three types of ratios are highlighted: margin/profitability, liquidity, and capital structure. Audited financial statements are used as the data source for ratio calculations. Data for single-site and multi-site providers is displayed separately, and analysis considers both site type and contract type. Tables and charts provide comparative information, trended medians, and interquartile ranges.

The 2025 edition shows the solid steps forward that continuing care retirement/life plan communities (CCRC/LPCs) have made in 2024. Single-site providers especially had a good year, improving in almost all operating categories. Multi-site providers, who had especially good performance in 2023, maintained their positive foothold. The CARF dataset aligned with senior living sector trends of increased occupancy, reaching near term publication highs took place in 2024.

Financial ratios can be valuable tools of analysis offering a standardized way to identify trends, analyze financial strengths and areas for improvement, and useful for illustrating best practices of financially strong providers. Financial ratios also have limitations: notably they should not be used as an exclusive tool or in isolation. CARF accreditation standards encourage regular review of financial performance including profitability, cash management, investments, and long-range financial planning.

“CARF’s comprehensive approach to accreditation for CCRC/LPCs goes beyond financial planning and management standards,” said CARF Senior Business Development Specialist of Aging Services Julia Meashey. “The accreditation process looks holistically at the community as an organization, applying leadership and governance standards, as well as looking at service delivery throughout the entire continuum.”

This publication provides valuable benchmarking and financial trend data to CCRC/LPC boards, management teams, and other professionals for use in planning and evaluation activities. The publication can be purchased from the CARF Online Store and is available as an electronic download.

More information about the 2025 publication will be offered during a webinar on November 13, 2025, 10:30–11:30 a.m. CT. Presenters include Patrick Heavens, Principal, Baker Tilly; Tom Meyers, Senior Managing Director, Ziegler; and Lynne Loring Kerrison, Executive Vice President/Chief Financial Officer, Bishop Gadsden Episcopal Retirement Community, a CARF-accredited CCRC/LPC. Registration for the webinar is through the Baker Tilly website.