FACILITY OPERATING COSTS & INDEPENDENT LIVING UNITS - THE LINK
To operate a supportive residential facility for the comparatively small numbers foreseen as required for the Christian Science field and to retain fees within reasonable levels, additional operating funding is needed. The financial structures of many similar establishments were studied. Unlike most commercially based developments, the VWA was not looking for short term profit, but for long term income returns to cover the operating deficit that must be met to maintain the care facility.
In the financial structure adopted, independent living units were developed as a ‘Retirement Village’ in the gardens around The Heights and are available for Life Lease to Christian Scientists wishing to live in this congenial and supportive atmosphere. The leases provide that 80% of the sum paid will be returned when the resident(s) vacate the unit. The 20% retained will, over time, build up a capital base to further assist the operating costs.
The cost of the Life Leases is set at levels well below market value for similar units, and the capital so provided is invested to provide an operating income. Thus each Life Lease resident is making a real contribution to the continuing operation of our care facility. Similarly, net income from rental units at Leslie House supports the care facility.
Sometimes, when a prospective resident is not able to provide the capital needed for the Life Lease at The Heights, a normal rental lease may be put in place. This however is not the preferred option as it does not provide the level of support given by Life Leases. For this reason the number of units that can be so rented must be limited.​