What Is Springton’s organizational structure?
Springton is structured as a Cooperative Retirement Community and is a not-for-profit Pennsylvania Corporation. The Cooperative Corporation will hold title to the homes and the owner/members will hold a Membership Certificate. This ownership structure, like traditional home ownership, offers you financial advantages that are not available in Entrance Fee Communities. These advantages include real estate tax deductions and the opportunity to resell your Membership and benefit from potential appreciation on the sale.
Who owns Springton?
Springton is a resident-owned, resident-governed, and internally managed community.
How is Springton governed?
Springton is governed by an all resident, nine-member Board of Directors, Finance Committee, Building Committee, Marketing Committee, House Committee, Activities Committee, Grounds Committee, Long Range Planning Committee, and Nominating Committee.
Is Springton affordable?
Yes, Springton is competitively priced with similar communities when all included services and your share equity position are taken into consideration.
Is there an entrance fee?
There is no entrance fee at Springton.
How do I finance my purchase?
Buyers must be financially qualified for the entire membership purchase and the cost of the lifestyle. Most buyers use the proceeds of their current home to purchase. Other buyers liquidate assets.
What are Springton's membership criteria?
As with most age restricted and retirement communities, there are some financial and physical health and wellness requirements when applying for membership. Springton Lake Village’s criteria include but are not limited to:
- Age 55 or older.
- The ability to live independently and perform ordinary daily living activities.
- The absence of life-threatening illnesses.
- Meet certain financial criteria regarding net worth and annual income.
- Willingness to provide specific health and financial documentation during the application process.
Membership qualification criteria is established by the Board of Directors and was updated July 20, 2022. Please contact our staff for specifics.
How large is Springton Lake Village?
With only 40 homes plus a clubhouse and fitness center on a 44-acre waterfront site, Springton offers a level of intimacy and exclusivity rarely available in a retirement community.
What size are the residences at Springton?
Springton offers some of the most generously sized and well-designed residences in the Philadelphia region. The smallest two-bedroom, two ½ bath townhouses will offer about 1,950 square feet of living space on one floor. The Two-bedroom two ½ bath country homes offer 2000 square feet of living space, on one floor. But that is just half the story. All homes have a full walk-out lower level of finished and/or unfinished space.
Are there tax advantages?
Residents can deduct their share of real estate taxes as reflected in their fees as well as mortgage interest paid on the Association’s debt as allowed by the IRS. Springton provides each resident with a tax statement documenting these expenses by January each year.
What services will Springton provide within the monthly fee?
Springton’s maintenance free living includes, building maintenance, building equipment repairs and replacements, property and grounds landscaping and maintenance, snow removal, restaurant style dining in the clubhouse or take-out and delivery of meals, Fitness Center access and weekly exercise classes, weekly housekeeping, full-time facility maintenance staff, on-site Wellness Coordinator, management staff, capital fund, and an operational contingency fund.
Do the Members have a say in the costs associated with the monthly fee?
Yes, an annual operating budget is prepared and presented to the Members for approval. The budget is prepared based on the services that the Members request. Changes to services are also approved by the Members.
Are there additional fees or assessments?
Additional monthly expenses will include real estate tax escrow, individual resident utilties and meal purchases, and authorized purchases approved by the Member outside the monthly fee. The Board and the Memebership may also approve assessments to address specific community needs or special projects.
What services can I expect to receive while away?
Springton’s residents can “lock and leave” with the assurance that their home is being cared for and looked after by the Springton staff. You continue to receive weekly housekeeping, building maintenance, grounds landscaping and maintenance, snow removal and all other routine services normally provided to all the Members.
Is there a monthly minimum of meals that I must consume and/or pay for?
Springton’s meal plan was designed to be flexible. Residents at Springton only pay for the meals they consume. Each week, a new menu is prepared, and a point value is assigned to the selections. You only pay for the raw food cost of the meal. The fixed overhead to run the dining program is shared equally.
Does Springton have a contract with a local Continuing Care Retirement Community (CCRC) to provide services and health care?
Yes, the Association’s Cooperative Services Agreement requires a contract with a local CCRC. Currently, Springton has a care contract with two local CCRC’s, White Horse Village (WHV) and Dunwoody Village (DWV).
What healthcare services are provided with the CCRC contracts at WHV and DWV?
As accredited full-service retirement communities they offer the continuum of healthcare services to which Springton residents have space-available full access on a fee and non-fee basis. This includes the wellness centers; exercise programs; pools; preventive care; rehabilitative care; assisted living and skilled nursing.
If one Member of a couple should need assisted or skilled nursing, can the remaining Member stay in the residence at Springton?
Yes, you can continue to live at Springton, with minimal disruption, secure in the knowledge that your partner was receiving the best available care in personal or skilled nursing at WHV or DWV.
Are short-term visitors allowed?
Yes, this is your home. Family, friends, guests may visit whenever you want. Your guests are also welcome for dinner and are welcome to use the exercise room, join in on our wonderful activities and entertainment offerings.
Can I bring my pets?
Yes, Springton is a pet friendly community. Residents must be able to care for their pets, keep pets under control, clean up pet waste and abide by all controlling authority laws.
What are the security arrangements?
At Springton the safety of residents is of paramount importance. Each unit is equipped with a fire and burglary audible system that is remotely monitored. Additionally, there are two motion activated security cameras at both the entrance and the exit of the community as well as cameras at both clubhouse entrances.
What is the technology situation?
Springton residents can choose between Comcast or Verizon as their internet and cable television provider.
Is Springton close to stores, churches, recreational activities, and things to do?
Yes. Springton is located south of the Main Line and just a few short miles from Center City Philadelphia, major highways, and the Philadelphia Airport. We are centrally located between Newtown Square and Media. A huge array of religious, cultural, recreational, restaurant, and shopping opportunities are locally available- including parks, tennis, golf, and pool clubs. Our residents also love to take advantage of our private walking path along our beautiful nature-filled lakeside property.