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Froogle 1.1.1.7
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Elias Makere, FSA, MAAA
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ASOP 3 | Commentary Section 2.24 | COMMENT ON SECTION 2.24

Section 2.24, Residency Agreement (now section 2.26)
CommentResponse
One commentator felt the sentence in section 2.24 reading, “The contract is usually of long duration and may be for the life of each resident,” is at odds with the AICPA Guidance that CCRC contracts are month-to-month because the resident may cease paying.The reviewers disagree and do not believe AICPA Guidance is relevant to this definition, and made no change in response to this comment.
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