The question often comes up, and if you are accustomed to normal business enterprises, it may be difficult to understand that there is no ownership of the corporation. As a 501c3 Corporation, organized as a services to the elderly exempt company, John Knox Village, and any similar organization, exists as a Corporate Entity only.
The Corporation is governed by a volunteer Board of Directors whom also acts as officers of the Corporation. As officers, they elect the members of the Board, and receive no compensation. The Board is responsible for setting strategies along with developing policies that are implemented by Management. The Board also oversees management’s performance.
The Florida Office of Insurance Regulation licenses and regulates CCRCs, which imposes additional requirements and limitations on the operation.
One of those requirements is for each officer, director and manager responsible for the day-to-day operations to meet strict requirements set and reviewed by the OIR. Together, the leadership team at John Knox Village has more than 190 years of experience in senior care.
Every aspect of the Village’s operation is supervised and directed by the Chief Administrative Officer who was chosen by the Board of Directors. The Chief Administrative Officer who is employed directly by John Knox Village meets with and reports to the board every two months.
Continuing Care Retirement Communities are complex, highly regulated business. We must meet strict requirements by the Florida Office of Insurance Regulations who oversees our operation through quarterly reports and field visits. The IRS imposes their own requirements to maintain our tax-exempt status, including funds to be used only for operations of the facility. Annual reports are filed with IRS. Add to this the multitude of State and Federal regulation for operation of the Nursing Home, Assisted Living and our Home Health Agencies, and you get some idea of the standards that our operation must adhere to.
John Knox Village is recognized by the CCRC/Life Plan Community as a very successful operation.