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Indiana Securities Division

Securities Division > Resources for > Continuing Care Retirement Communities > Guaranty Fund Board Guaranty Fund Board

News: Recent changes to the Continuing Care statute

About the Guaranty Fund

Pursuant to Indiana Code § 23-2-4, the Indiana Securities Division regulates the offer and sale of Continuing Care agreements in the state. The Act also establishes the Indiana Retirement Home Guaranty Fund, designed to protect the financial interests of Indiana citizens who enter into continuing care agreements with providers, should the provider declare bankruptcy.

The Fund consists of a $100 fee levied upon each contracting party and is administered by a board of directors. There are five (5) members of the Board appointed by the Governor from a list submitted by the Secretary of State. Two (2) members must be Continuing Care residents, one (1) must be a Continuing Care provider representative, one (1) must have experience in banking and finance, and one (1) must have experience in insurance. The Indiana Securities Commissioner also serves as an ex officio member.

Current Board:
The 2010 - 2012 Guaranty Fund Board of Directors is as follows:

Resident Representative
Jim Schoonaert
Hoosier Village Retirement Center
5300 West 96th Street
Apt. 13WDS
Indianapolis, IN 46268
jschoons@sbcglobal.net

Judy Lumbert
Westminster Village North
11102 Lincoln Trails
Indianapolis, IN 46236
jlumbert@comcast.net

Provider Representative
Bill Baumgardt
Westminster Village Foundation
2741 N. Salisbury St. 
West Lafayette, IN  47906 
 bbaum@alumni.purdue.edu     
   

Banking and Finance Representative
Donald D. Woodley, CFA
Woodley, Farra Manion Portfolio Management, Inc.
One Indiana Square
Suite 2254
Indianapolis, IN 46204
dwoodley@woodleyfarra.com

Insurance Representative
Nick Weybright
Weybright Insurance Agency
5658 Georgetown Road
Indianapolis, IN 46254
nick@weybright.com

Indiana Securities Commissioner
Christopher W. Naylor

Plan of Operation:
The Board of Directors must operate under a Plan of Operation adopted by the Board and approved by the Indiana Securities Commissioner. The Plan provides for the administration of the Fund in the event that a provider becomes bankrupt.

Click here to see the current Plan of Operation.

Statistics:

  2002 2003 2004 2005 2006
Number of Providers 46 44 44 47 51
Approximate Number of New Residents 742 747 794 878 976
Guaranty Fund Balance $2,559,013.37 $2,673,677.05 $2,798,093.64 $2,968,595.30 $3,192,666.52
Number of Audits Conducted 0 22 14 29 9

Application

Retirement homes wishing to register as a Continuing Care Provider can download the application and instructions here. Completed forms should be mailed with the filing fee and other documentation to:

Continuing Care Compliance Section
Secretary of State - Securities Division
Indiana Government Center South (IGCS) Room E-111
302 W. Washington Street
Indianapolis, IN 46204

Database Search

You can check the registration of a Continuing Care Provider on the Indiana Securities Division registrations database. Select "Continuing Care Facilities" from the drop-down menu and enter the search criteria. Link to the database search page now.