GAO on CRRCs and Boards of Directors

Earlier this year, Senator Kohl, Chair of the Senate Aging Committee, requested that the GAO study the finances, operations and governance of CCRCs. According to Kohl, seniors invest significant portions of their life savings when entering a CCRC and in many cases, little is known about CCRC operators and less is regulated in regard to how a CCRC is operated. The American Association of Homes and Services for the Aging has been working with Senator Kohl’s committee and the GAO to provide background information and assistance in the study. Without question, the microscope is migrating toward more oversight and compliance, ultimately centered on management and governance. Interested readers in this topic area should reflect back on my earlier post regarding the OIG and Boards of Directors as this content is on-target with the certain GAO findings and recommendations, at least where governance is concerned.

Leave a Comment