Download the full Annual Report with financial reports for FY 2019 here.
Looking back over the past months, I can say with great confidence that it has been a year full of progress. Some of it came from the momentum started in 2018 by the unified Covia brand, while other aspects have resulted from a strong strategic focus and our willingness to make difficult decisions. I can proudly say that we are positioned for a future where we can help more seniors live well and age well no matter where they call home.
In February, the Covia Communities Board made the difficult decision to close one of our communities — Los Gatos Meadows. We have long had a goal to redevelop this community to better support the needs of our residents. As we began our evaluation of this long-term plan, we uncovered some safety issues at the campus that accelerated our timeline. Since arriving at the decision, our focus has been on supporting and relocating the residents and fulfilling our commitment to our staff. Soon we will begin the preliminary work of redevelopment. We are committed to staying in Los Gatos with a reimagined approach to community living.
Our year-end financial results as of March 31, 2019, show continued stability and strength as outlined in the audit results in this report. This has been further reinforced by the reaffirmation of our A- rating with a stable outlook from Fitch. Even with the one-time costs for the closure of Los Gatos Meadows, Fitch recognized the operational consistency and strength we continue to demonstrate. Their confidence is a strong signal for a bright future.
One of the important commitments we are making as we move into the future is technology. Over the past year, we have continued to implement software platforms that help us improve the services we provide. From a more efficient electronic health record system, to a new human resource information system, to a refined customer relationship management system, we have invested to create solutions for our residents and employees alike.
And it was our employees that achieved one of our greatest accomplishments this past year. We were once again named a Great Place to Work. Because this certification is based wholly on employee feedback, it says a lot about the success of the efforts we have been making. I am thrilled that our team members throughout Covia, from Support Services to every community and program, feel engaged and committed in helping us fulfill our mission. They are the heart and essence of what we do and how we can make a difference.
Expanding the number of people that we touch was also a core focus over the past year. From high occupancy at our communities to signing a management contract for Friends House, a Life Plan Community in Santa Rosa, to increasing participation in our Well Connected program and launching Well Connected Español, we are involving more seniors. Add to that Home Match launching in other geographies and making ever more shared housing matches, and the measures of progress are truly profound.
We also piloted a meaningful sustainability initiative started by our residents — CoviaGreen. The brainchild of the Green Action committee at St. Paul’s Towers, CoviaGreen involves a pledge by residents and staff to live more sustainably and consider elements of environmental justice in our community planning. The program is slated to roll out to all of our communities and programs in the coming year.
From financial progress to community progress to progress for the environment, this past year has been one of commitment, engagement, and forward movement. I am grateful to the Covia staff, our leadership team, and our Boards for all that we have accomplished this year. Together we have established an incredibly strong foundation for progress and growth.
For the second consecutive year, Covia has been certified a Great Place to Work.
Great Place to Work™, an independent research and consulting firm, evaluates an organizational culture brief as well as more than 60 elements of team members’ experience on the job. These elements include pride in the organization’s community impact, employees’ belief that their work makes a difference, and a sense of respect, fairness, credibility, and camaraderie. Together, these items are called the Trust Index.
The certification process at Covia considered almost 700 employee surveys from across all of Covia’s California communities and locations. To be certified, an organization needs a participation rate of over 50%, and a Trust Index score of 75% or greater. Overall, 66% of Covia’s employees participated in the survey with a Trust Index score of 77%.
Being certified makes Covia eligible to be considered for the Fortune Great Places to Work list, including Great Places to Work in Aging Services. Last year, Covia ranked 29th on the list. The 2019 results will be published late this summer.
Survey results will be used to create action items to improve the employee experience. After reviewing the results, Covia will determine an action item that will be applied to the organization overall, and each community will also develop an action item that is specific for that location.
“The Great Place to Work certification is a testament both to the quality of our workplaces and of our employees,” says Prab Brinton, Vice President of Human Resources. “We want to take this moment to celebrate this achievement as we strive to become the best workplace we can.”
The company overview is available online at the Great Place to Work website.