Frequently Asked Questions about Schooner Cove
What does “independent retirement living” mean?
Independent living is designed exclusively for seniors able to manage their own residence and personal needs. Services offered at Schooner Cove include housekeeping, maintenance and repair, dining and a wellness program. Residents are welcome to bring in any further help from outside sources.
What is the Schooner Cove Cooperative, Inc.?
The Schooner Cove Cooperative, Inc. is the corporation that operates Schooner Cove. When a resident buys an apartment, they purchase shares from the cooperative at $1,000 each. The number of shares for each apartment is based upon the current market value of that apartment. For example, an apartment with a market value of $160,000 would garner its resident(s) 1 600 shares in the Cooperative.
If a resident decides to leave Schooner Cove, the apartment is sold by the Cooperative in accordance with the terms of the Subscription Agreement signed by the resident. The resident, or his/her estate, receives 92% of the proceeds. The remaining 8% reimburses Miles Health Care for marketing and refurbishing costs associated with the unit and provides a small return on original capital investment by Miles Health Care in building Schooner Cove.
Who pays the cost of operating Schooner Cove?
Each resident pays a monthly fee based upon the size and location of the apartment and the number of occupants. This monthly fee provides:
- rent for use of the land.
- maintenance and repairs of the building and apartments.
- property taxes and insurance.
- employee payroll and benefits.
- all services and amenities of Schooner Cove.
What does ownership in the Cooperative mean for me?
As a member of the Cooperative, you are entitled to:
- all the economic benefits of home ownership.
- your apartment as long as the monthly fee is paid and terms of your signed Residential Lease are followed.
- proceeds from the sale of your apartment (minus 8%), should you decide to move.
What is the function of the Schooner Cove Board of Directors?
The Schooner Cove Board of Directors is made up of five individuals. Two are residents of Schooner Cove, elected by their fellow residents, and three are appointed by Miles Health Care, Inc. The Board of Directors is responsible for:
- establishing the policies, rules, and regulations that govern Schooner Cove.
- determining the services and facilities that will be provided at Schooner Cove, including those necessary for the protection of Schooner Cove and the welfare of its residents.
- approving the annual operating budget.
- determining the monthly fee paid by each resident.
What is the function of the Schooner Cove general manager?
The general manager is there to:
- operate Schooner Cove within the policies and annual budget approved by the Board of Directors.
- recommend to the Board any changes, deletions, or additions to policies, rules, regulations, and services provided.
- hire, train, supervise, and compensate the employees at Schooner Cove.
- communicate regularly with Schooner Cove residents.
What if I need some help and don’t fit into the “independent retirement living” category?
Those needing help managing personal needs might benefit by living in an “assisted living” residence. Assisted living bridges the gap between the total independence of retirement living and the total reliance upon nursing in long-term care. Combining housing, health care, and services for those who cannot or prefer not to live alone and don’t need the 24-hour skilled medical care of a nursing home, assisted living is specifically designed to provide assistance to those who still want their independence but need help with activities of daily living such as dressing, bathing, and taking medication. Chase Point Assisted Living is also located on the LincolnHealth – Miles Campus, next door to Schooner Cove.
Can we answer any other questions about Schooner Cove for you?
Call (207) 563-5523 today.