Insolvency for CCRCs: What Can Happen When there is Mismanagement in One Facility? Consequences for Many
Earlier this year, I posted about a significant rescue effort for a once prominent, but increasingly troubled CCRC in North Carolina. The new operator appears to have experience, adequate financial resources to generate support for operations, and a realistic viewpoint on the shared goals for the faith community affiliations. Time will tell whether the seemingly strong working group succeeds.
Beginning last week, however, we see a far different outcome, where rescue plans for a CCRC in Florida have failed with dramatic consequences.
Tampa Life Plan Village, doing business as Unisen Senior Living, a nonprofit CCRC in Hillsborough County, Florida, was a troubled facility. Once known as University Village, the operation was working on a reorganization plan with a goal of exiting bankruptcy court in 2019. A group of individuals, including one Ronald Shuck, were approved as new Board Members for Tampa Life. However, by 2022, it became increasingly apparent that the operations were falling ever deeper into debt. There were indications of failure to file required financial reports with the State. Multiple new marketing attempts failed to generate new sponsorships or a new operator. Back into bankruptcy court. In the spring of 2024, on short notice, the remaining residents, more than 100 in number, were compelled to find new homes, requiring help from multiple sources. By July 2024, the doors had closed. Press reports made clear the level of devastation for residents and also for the staff that had tried to continue to provide adequate supports.
One year later, on April 30, 2025, the former Board president of the Tampa Live Plan Village was arrested following allegations of mismanagement. According to the Florida Department of Financial Services press release, Shuck was arrested “on charges of Continuing Care Contract Fraud, a third-degree felony. If convicted, he faces up to five years in prison.” According to the press release, an investigation is continuing into potential liability of others.
Shortly before the arrest a detailed Examination Report on the history at Tampa Life Plan Village was released by the Florida Office of Insurance Investigation, including a finding that the operating boards “failed to carry out responsibilities to the residents under its life care contracts,” as well as other contract promises to residents for shelter and services.
The day after the arrest, LeadingAge issued a press release announcing the formation of a working group with the Florida Life Care Residents Association (FLiCRA) in partnership with other key stakeholders” dedicated to “reviewing and strengthening regulations” for Florida’s Continuing Care Retirement Communities. The same day, McKnight’s Long-Term Care News filed a report describing similar responses in other states to news of other troubled CCRCs. FLiCRA published its own report on calls for reforms in March 2025.
I was struck by the May 1 headline on the McKnight’s Long-Term Care News report, describing CCRCs and residents in various communities around the nation as banding together for new regulations “amid a bankruptcy blitz.”
Last week was quite the week for stories about fraud against the elderly. We also learned the sentences for five individuals who pleaded guilty or were found guilty by a jury for a “conspiracy scheme to defraud the retirement accounts of elderly and retired Florida school district employees” in a net total theft of $1.1 million. For more details read the Press Release of the U.S. Attorney’s Office for the Northern District of Florida dated May 1, 2025.