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Philanthropy Home Conversion Programs
LSS Move-In Resources
Questions?
Concerns?
LSS Move-In Resources
Questions?
Concerns?
NON-PROFIT Multi-Site Senior Living Organization Profile
2012 LZ 100: Lutheran Senior Services
4
• LZ 100 #: 9 Headquarters Location: Missouri, St. Louis
• Year Founded: 1858 Senior Living Founded: 1906
• Total Units (as of 12/31/11): 3,203
– 1,579 ILUs
– 717 ALUs
– 907 NCBs
• Classification: Primary: Bi-state Secondary: Metropolitan
• Total # of Communities: 11 # of CCRCs: 9
# of Accredited Organizations: 0
• Debt Rating: Yes Fitch: BBB+ S&P: N/A
• Affordable Housing: 6 Locations, 392 Units
• Managed Housing: 3 Locations, 208 Units
• Practices: Rapid growth began in the mid-1990s with the identification of a radius within which they desired to
grow. Also identified goal for growth: rating must be maintained through growth. Denominational affiliation
important but identical faith-based orgs not required; willing to consider similar faith-based organizations.
1st Community opened in 1906
2nd Community opened in 1929
3rd Community opened in 1967
Source: 2012 LeadingAge Ziegler 100 Publication (data as of 12/31/11)
NON-PROFIT Multi-Site Senior Living Organization Profile
2012 LZ 100: Lutheran Senior Services
Lutheran Senior Services
St. Louis, Missouri
www.lssliving.org
5
Source: 2012 LeadingAge Ziegler 100 Publication (data as of 12/31/11)
NON-PROFIT Multi-Site Senior Living Organization Profile
2012 LZ 100: Lutheran Senior Services
Breeze Park,
St. Charles, MO
Meramec Bluffs,
Ballwin, MO
Hidden Lake,
St. Louis, MO
Heisinger Bluffs,
Jefferson City, MO
Richmond Terrace,
St. Louis, MO
St. Joseph’s Home,
Jefferson City, MO
Concordia Village,
Springfield, IL
Lenoir Woods,
Columbia, MO
Meridian Village,
Glen Carbon, IL
Lutheran Hillside Village,
Peoria, IL
Laclede Groves,
St. Louis, MO
6
Source: 2012 LeadingAge Ziegler 100 Publication (data as of 12/31/11)
Our presentation today will focus on our
Home Conversion Program…essentially
allowing our prospective residents to use
their home to fund a gift annuity.
The Home Conversion Program
 The prospect’s house is used to fund a gift
annuity.
 The value of the funding for their gift annuity is
based upon an appraisal.
 The annuity payout rate is based upon the ACGA
recommended rates with some adjustments.
 The prospect/donor is provided with a
convenient means to dispose of their house with
certainty regarding timing, future cash flow and
tax benefits.
Overview of Program
 By 2008, Marketing realized that older adults
were experiencing a “mental paralysis” in
regard to making the decision to move to our
communities.
 Caused by the new economics of decreasing
retirement savings and decline of the real
estate market.
 Goal was to find a way for prospective
residents to become actual residents.
The Home Conversion Program
 The Resident gets to make the move they
wanted when they wanted.
 We have increased occupancy.
 We receive valuable funding for our
Benevolent Care Programs.
The Home Conversion Program has exceeded
our greatest expectations.
The Win Win Win Proposition
Lutheran Senior Services
Some Interesting Facts
about the LSS Home
Conversion Program.
Summary of Program
 Have accepted 130 homes into
the program started 4 years ago.
 Of these, we have sold 110, with
an average realization of 83.7%,
ranging from 37% to 117%.
 The average time from gift to
closed sale has been 172 days,
ranging from 32 to 510.
Summary of Program
 The appraised value of these homes
totals nearly $22 million, averaging
$167,000.
 Values have ranged from $27,000 to
$445,000.
 New residents from program generate
$3.4M annual revenue.
 Have included all types of single family
dwellings, vacation homes, and a
couple of investment properties.
Summary of Program
 Properties have come from 12 states.
 15% of the properties are from
outside our market areas.
 LSS had historically maintained
occupancy in the 93% – 94% range
prior to 2008.
 Since 2008 occupancy reached a low
of 88.1%.
 Now back to 93% – 94% system wide.
 Marketing Department
 Move-In Resources
 Stewardship
 Finance, and Governance Support
The Home Conversion Team
Home Conversion Team
The biggest obstacle to
moving into our communities is
the home and the stuff.
Our Move-In Resources
Team helps with the House
and stuff issues.
Our Stewardship team helps
prospects evaluate financial
options.
The Challenge
The biggest challenge has been
getting everyone on the team to
trust everyone.
Initially, it was hard for
Marketing to let Stewardship
have access to their prospects.
Marketing
Our Sales Counselors make
sure that all prospects are
aware of our Moving Assistance
Program, as well as the Home
Conversion Program.
This is very low key, but do
reinforce the programs when the
home is the primary obstacle.
Philanthropy Home Conversion Programs
 This team is prepared to assist prospects with
the home sale, including stuff.
 Marketing offers their services to all
prospects, and reinforces when they perceive
it is one of the primary objections.
 The following are excerpts from the
presentation we give at our marketing
lunches.
LSS Move-In Resources
LSS Move-In Resources
Our LSS Move-in
Resource Team is
here to help when
you are “ready” to
make a move or
"thinking” about
making a move.
I Am Not Ready to Move Yet
 These services used to be
provided only to our firm
depositors.
 We now understand that
the Home and the Stuff are
the biggest reasons folks
are “not ready to move”.
 We used to fight the emotional attachment to
the Home.
 Residents did not want to give up an
appreciating asset and convert to an Entrance
Fee that not only did not appreciate, but they
did not get 100% of it back.
 The imputed interest on Entrance Fees provides
a very attractive investment today. There has
never been a better time to sell an Entrance Fee
Product.
New Paradigm
LSS Move-In Resources
Questions?
Concerns?
 This team is prepared to assist prospects with
evaluating their various financial options.
 Both Marketing and Move-In Resources make
certain that prospects are aware of these
services, and reinforces when they perceive it
would be particularly helpful.
 The following are excerpts from the
presentation we give at our marketing
lunches.
Stewardship
Lutheran Senior Services
 Stable: 154 years of excellence
 Careful financial management:
mission-driven /MO-IL/extensive capital reserves
 Successful: 9th largest nonprofit
multi-site senior living organization
 Highly Regarded: Investment
grade Fitch rating
 Advantage for You: Options!
Goal: Find Financial Option
That Fits You Best
EVERYONE IS UNIQUE
 Assets
 Income
 Long Term Care Protection
 Value placed on simplifying
Getting To Know You
 Visit confidentially.
 Review your personal financial
situation.
 Options presented in writing.
 Mull over numbers on your
timetable.
 Questions always welcome.
 Be a good steward of your
resources.
Related Concepts
 Entrance Fees
 Entrance Fee Refunds
 Monthly Service Fees
Entrance Fee Options Expanded
1) 95% Refundable Entrance Fee
2) 50% Refundable Entrance Fee
3) NEW Reduced Entrance Fee
Based on age(s)
40% to 65% reduction
4) NEW Minimum Entrance Fee
$5,000
Entrance Fee Bridge Loan
 Low interest rate, currently at
5%.
 No hassles, simple one page
agreement.
 6 month term, renewable if
needed.
HOME CONVERSION PROGRAM
Increasingly Popular
 Trade your house to LSS at its certified
appraised value.
 For income that lasts as long as you do.
 Move as soon as you wish.
 Simple process converts your house to
immediate income and ends all
homeowner expenses.
 You transfer all of the risks associated
with selling your house to LSS.
 We provide certainty.
Alternative To Realtor
Avoids:
 Risk/stress that house will not sell in a
reasonable amount of time.
 Risk/stress that house will not sell at an
acceptable price.
 Fixing and staging house.
 Cost of realtor fee, maintenance, repairs,
inspection, closing, etc.
 Hassles of showing your house while
preparing to move.
Creates New Income For Life
 Based on independent, certified
appraisal and your age(s)
 Attractive, fixed rate
 Substantially tax-free income plus
large charitable deduction
 Continues for life of survivor
 Most people use to lower their
monthly service fee
How LSS Looks at Program
 We recognize that we are assuming
some risk.
 We started the program hoping we
would realize 85% of appraised value
as we turned the homes.
 So we discount the American Council
on Gift Annuities recommended rates
by 15%, more in some cases.
 The value of the funding of the gift
annuity is established by a certified
appraisal.
Who Uses this Program?
 Prospects not interested in leaving a
legacy to children.
 Houses located out of region.
 House is not a significant portion of
their assets.
 Difficult houses.
 Prospects that value the tax benefits.
 Prospects that are not up to the
emotional challenge/risk of the home
sale process.
Why Do This?
 Favorable tax-advantaged income
is nice, but rarely the motivator.
 Tax savings from the charitable
deduction is nice, but not the
motivator.
 Philanthropy feels good after the
fact, but is not the motivator.
 The Home Conversion Program
offers a way to get from Point A to
Point B with the …
most peace of mind!
 Marketing needs to work closely with your
Stewardship Team to make this work.
 Should be combined with a comprehensive
program to assist residents sell their houses
on their own. You need to be the expert.
 You have to be prepared to move the houses
that are donated. Follow the advice from
your team in point #2.
Take Away Points
 The primary goal of this program is to improve
occupancy.
 We do not convey the message that the Home
Conversion is the best financial option for the
resident, but rather that in certain
circumstances, it is the preferable option.
 There are differences in how accounting and
stewardship record these gifts that you must
be prepared to discuss with your stakeholders.
Take Away Points
Philanthropy Home Conversion Programs

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Philanthropy Home Conversion Programs

  • 4. NON-PROFIT Multi-Site Senior Living Organization Profile 2012 LZ 100: Lutheran Senior Services 4 • LZ 100 #: 9 Headquarters Location: Missouri, St. Louis • Year Founded: 1858 Senior Living Founded: 1906 • Total Units (as of 12/31/11): 3,203 – 1,579 ILUs – 717 ALUs – 907 NCBs • Classification: Primary: Bi-state Secondary: Metropolitan • Total # of Communities: 11 # of CCRCs: 9 # of Accredited Organizations: 0 • Debt Rating: Yes Fitch: BBB+ S&P: N/A • Affordable Housing: 6 Locations, 392 Units • Managed Housing: 3 Locations, 208 Units • Practices: Rapid growth began in the mid-1990s with the identification of a radius within which they desired to grow. Also identified goal for growth: rating must be maintained through growth. Denominational affiliation important but identical faith-based orgs not required; willing to consider similar faith-based organizations. 1st Community opened in 1906 2nd Community opened in 1929 3rd Community opened in 1967 Source: 2012 LeadingAge Ziegler 100 Publication (data as of 12/31/11)
  • 5. NON-PROFIT Multi-Site Senior Living Organization Profile 2012 LZ 100: Lutheran Senior Services Lutheran Senior Services St. Louis, Missouri www.lssliving.org 5 Source: 2012 LeadingAge Ziegler 100 Publication (data as of 12/31/11)
  • 6. NON-PROFIT Multi-Site Senior Living Organization Profile 2012 LZ 100: Lutheran Senior Services Breeze Park, St. Charles, MO Meramec Bluffs, Ballwin, MO Hidden Lake, St. Louis, MO Heisinger Bluffs, Jefferson City, MO Richmond Terrace, St. Louis, MO St. Joseph’s Home, Jefferson City, MO Concordia Village, Springfield, IL Lenoir Woods, Columbia, MO Meridian Village, Glen Carbon, IL Lutheran Hillside Village, Peoria, IL Laclede Groves, St. Louis, MO 6 Source: 2012 LeadingAge Ziegler 100 Publication (data as of 12/31/11)
  • 7. Our presentation today will focus on our Home Conversion Program…essentially allowing our prospective residents to use their home to fund a gift annuity. The Home Conversion Program
  • 8.  The prospect’s house is used to fund a gift annuity.  The value of the funding for their gift annuity is based upon an appraisal.  The annuity payout rate is based upon the ACGA recommended rates with some adjustments.  The prospect/donor is provided with a convenient means to dispose of their house with certainty regarding timing, future cash flow and tax benefits. Overview of Program
  • 9.  By 2008, Marketing realized that older adults were experiencing a “mental paralysis” in regard to making the decision to move to our communities.  Caused by the new economics of decreasing retirement savings and decline of the real estate market.  Goal was to find a way for prospective residents to become actual residents. The Home Conversion Program
  • 10.  The Resident gets to make the move they wanted when they wanted.  We have increased occupancy.  We receive valuable funding for our Benevolent Care Programs. The Home Conversion Program has exceeded our greatest expectations. The Win Win Win Proposition
  • 11. Lutheran Senior Services Some Interesting Facts about the LSS Home Conversion Program.
  • 12. Summary of Program  Have accepted 130 homes into the program started 4 years ago.  Of these, we have sold 110, with an average realization of 83.7%, ranging from 37% to 117%.  The average time from gift to closed sale has been 172 days, ranging from 32 to 510.
  • 13. Summary of Program  The appraised value of these homes totals nearly $22 million, averaging $167,000.  Values have ranged from $27,000 to $445,000.  New residents from program generate $3.4M annual revenue.  Have included all types of single family dwellings, vacation homes, and a couple of investment properties.
  • 14. Summary of Program  Properties have come from 12 states.  15% of the properties are from outside our market areas.  LSS had historically maintained occupancy in the 93% – 94% range prior to 2008.  Since 2008 occupancy reached a low of 88.1%.  Now back to 93% – 94% system wide.
  • 15.  Marketing Department  Move-In Resources  Stewardship  Finance, and Governance Support The Home Conversion Team
  • 16. Home Conversion Team The biggest obstacle to moving into our communities is the home and the stuff. Our Move-In Resources Team helps with the House and stuff issues. Our Stewardship team helps prospects evaluate financial options.
  • 17. The Challenge The biggest challenge has been getting everyone on the team to trust everyone. Initially, it was hard for Marketing to let Stewardship have access to their prospects.
  • 18. Marketing Our Sales Counselors make sure that all prospects are aware of our Moving Assistance Program, as well as the Home Conversion Program. This is very low key, but do reinforce the programs when the home is the primary obstacle.
  • 20.  This team is prepared to assist prospects with the home sale, including stuff.  Marketing offers their services to all prospects, and reinforces when they perceive it is one of the primary objections.  The following are excerpts from the presentation we give at our marketing lunches. LSS Move-In Resources
  • 21. LSS Move-In Resources Our LSS Move-in Resource Team is here to help when you are “ready” to make a move or "thinking” about making a move.
  • 22. I Am Not Ready to Move Yet  These services used to be provided only to our firm depositors.  We now understand that the Home and the Stuff are the biggest reasons folks are “not ready to move”.
  • 23.  We used to fight the emotional attachment to the Home.  Residents did not want to give up an appreciating asset and convert to an Entrance Fee that not only did not appreciate, but they did not get 100% of it back.  The imputed interest on Entrance Fees provides a very attractive investment today. There has never been a better time to sell an Entrance Fee Product. New Paradigm
  • 25.  This team is prepared to assist prospects with evaluating their various financial options.  Both Marketing and Move-In Resources make certain that prospects are aware of these services, and reinforces when they perceive it would be particularly helpful.  The following are excerpts from the presentation we give at our marketing lunches. Stewardship
  • 26. Lutheran Senior Services  Stable: 154 years of excellence  Careful financial management: mission-driven /MO-IL/extensive capital reserves  Successful: 9th largest nonprofit multi-site senior living organization  Highly Regarded: Investment grade Fitch rating  Advantage for You: Options!
  • 27. Goal: Find Financial Option That Fits You Best EVERYONE IS UNIQUE  Assets  Income  Long Term Care Protection  Value placed on simplifying
  • 28. Getting To Know You  Visit confidentially.  Review your personal financial situation.  Options presented in writing.  Mull over numbers on your timetable.  Questions always welcome.  Be a good steward of your resources.
  • 29. Related Concepts  Entrance Fees  Entrance Fee Refunds  Monthly Service Fees
  • 30. Entrance Fee Options Expanded 1) 95% Refundable Entrance Fee 2) 50% Refundable Entrance Fee 3) NEW Reduced Entrance Fee Based on age(s) 40% to 65% reduction 4) NEW Minimum Entrance Fee $5,000
  • 31. Entrance Fee Bridge Loan  Low interest rate, currently at 5%.  No hassles, simple one page agreement.  6 month term, renewable if needed.
  • 32. HOME CONVERSION PROGRAM Increasingly Popular  Trade your house to LSS at its certified appraised value.  For income that lasts as long as you do.  Move as soon as you wish.  Simple process converts your house to immediate income and ends all homeowner expenses.  You transfer all of the risks associated with selling your house to LSS.  We provide certainty.
  • 33. Alternative To Realtor Avoids:  Risk/stress that house will not sell in a reasonable amount of time.  Risk/stress that house will not sell at an acceptable price.  Fixing and staging house.  Cost of realtor fee, maintenance, repairs, inspection, closing, etc.  Hassles of showing your house while preparing to move.
  • 34. Creates New Income For Life  Based on independent, certified appraisal and your age(s)  Attractive, fixed rate  Substantially tax-free income plus large charitable deduction  Continues for life of survivor  Most people use to lower their monthly service fee
  • 35. How LSS Looks at Program  We recognize that we are assuming some risk.  We started the program hoping we would realize 85% of appraised value as we turned the homes.  So we discount the American Council on Gift Annuities recommended rates by 15%, more in some cases.  The value of the funding of the gift annuity is established by a certified appraisal.
  • 36. Who Uses this Program?  Prospects not interested in leaving a legacy to children.  Houses located out of region.  House is not a significant portion of their assets.  Difficult houses.  Prospects that value the tax benefits.  Prospects that are not up to the emotional challenge/risk of the home sale process.
  • 37. Why Do This?  Favorable tax-advantaged income is nice, but rarely the motivator.  Tax savings from the charitable deduction is nice, but not the motivator.  Philanthropy feels good after the fact, but is not the motivator.  The Home Conversion Program offers a way to get from Point A to Point B with the … most peace of mind!
  • 38.  Marketing needs to work closely with your Stewardship Team to make this work.  Should be combined with a comprehensive program to assist residents sell their houses on their own. You need to be the expert.  You have to be prepared to move the houses that are donated. Follow the advice from your team in point #2. Take Away Points
  • 39.  The primary goal of this program is to improve occupancy.  We do not convey the message that the Home Conversion is the best financial option for the resident, but rather that in certain circumstances, it is the preferable option.  There are differences in how accounting and stewardship record these gifts that you must be prepared to discuss with your stakeholders. Take Away Points

Editor's Notes

  1. Slides 3 – 7 provide background on LSS,, will go through these pretty quickly.
  2. I will not get into any technical discussion on gift annuities.. Number 1, I am not the expert, and number 2, this looks like it will be covered in great detail earlier in the presentation. The focus will be to talk about how we have set this up to make the program so successful.
  3. Entrance Fees have never been a more attractive investment option than they are today… as long as you can give your resident comfort that they will get it back.
  4. . Of the 176, about 90 is Days on the Market.. The balance is preparing the house to show.. 60 days, and waiting for close after the sale 30 days.
  5. .
  6. I will stress throughout the presentation how important it is to have these components working closely together in a high trust relationship. Everyone needs to understand the program,, has to understand the primary goal is increased occupancy, and provide meaningful advice to our prospects.
  7. Marketing has to be comfortable to let the Stewardship Team have access to the residents. Referrals can come from either marketing or the Move in resources team.. Everyone has to be on board. The sales pitch on the Home Conversion is very low key. But we have learned we better make sure everyone is at least aware of it, as we have had some that moved in without it and were a bit upset that they did not know about it.
  8. Marketing now understands that Stewardship actually helps marketing in the process, and gets deals done that may not have.
  9. Marketing now understands that Stewardship actually helps marketing in the process, and gets deals done that may not have.
  10. Entrance Fees have never been a more attractive investment option than they are today… as long as you can give your resident comfort that they will get it back.
  11. These are just a few slides from the one of the presentations that we give our prospects that already have a high level of knowledge and interest in our communities. Most of our residents do not use the Home Conversion program, but most of them do use our Move in Resources.. A huge part of the program. They also know when to refer to Stewardship if they see a high level of frustration.
  12. This is a major point… most of the time, I am not ready to move means “Help me figure out how to do it. “
  13. Entrance Fees have never been a more attractive investment option than they are today… as long as you can give your resident comfort that they will get it back.
  14. Entrance Fees have never been a more attractive investment option than they are today… as long as you can give your resident comfort that they will get it back.
  15. .
  16. Explain that the MEF is designed for the person with low assets and high income. Then explain the higher monthly fee with this option (another actuarial calculation).
  17. Slides 35 – 38 are more details about the workings of the program.