accessIndiana

Securities

Continuing Care Retirement Communities/Guaranty Fund Board

NEWS: The Guaranty Fund Board last met April 27, 2006. The next Guaranty Fund Board Meeting will be in April of 2007 (date to be determined).

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 2005 - 2007 Guaranty Fund Board of Directors is as follows:

Residents
Robert A. Johnson
Marquette Manor Apt. 3303
8140 Township Line Road
Indianapolis, IN 46260
Phone: (317) 870-8167

Dr. William T. Murphy
Franklin United Methodist Home
300 Methodist Drive
Franklin, IN 46131
Phone: (317) 736-1394

Provider Representative
Position Vacant

Banking and Finance Representative
Mike Erler, CPA, Partner
BKD, LLP
202 West Berry Street, Suite 500
Fort Wayne, IN 46802
Phone: (260) 460-4005
Email: merler@bkd.com

Insurance Representative
Position Vacant

Indiana Securities Commissioner
O. Wayne Davis

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.