Fort Norfolk Retirement Community Inc
- Assets
- $328.6m
- Revenue
- $28.1m
- Investments
- $0.0
- Employees
- 315
- Location
- Norfolk, VA
- Founding
- 10/2003
- Data as of
- 09/2021
- EIN
- 02-0601375
Organization Overview
Fort Norfolk Retirement Community Inc is located in Norfolk, VA. The organization was established in 2003. According to its NTEE Classification (P75) the organization is classified as: Supportive Housing for Older Adults, under the broad grouping of Human Services and related organizations. As of 09/2021, Fort Norfolk Retirement Community Inc employed 315 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fort Norfolk Retirement Community Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2021, Fort Norfolk Retirement Community Inc generated $28.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $28.3m during the year ending 09/2021. While expenses have increased by 6.2% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO PROVIDE SENIORS WITH A FULL CONTINUUM OF HEALTHCARE IN AN ATMOSPHERE OF COMFORT, SECURITY AND EXCEPTIONAL SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS A LIFE CARE COMMUNITY, HARBOR'S EDGE PROVIDES RESIDENTIAL LIVING, ASSISTED LIVING, MEMORY SUPPORT AND SKILLED NURSING SERVICES TO MEET A FULL CONTINUUM OF CARE FOR ITS RESIDENTS. THE PARTIALLY REFUNDABLE ENTRANCE FEE DEPOSIT PLANS ARE A USEFUL ESTATE PLANNING TOOL, WHILE THE LIFE CARE BENEFIT PROVIDES RESIDENTS WITH DISCOUNTED MONTHLY FEES FOR NURSING AND ASSISTED LIVING SERVICES AS THEY TRANSITION PERMANENTLY TO A HIGHER LEVEL OF CARE.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Catherine A L'heureux Former CFO | Officer | 40 | $232,362 |
Whitney Gwaltney Senior Living Counselor | 40 | $167,331 | |
Beat Meier VP Dining Ops | 40 | $121,059 | |
Steven Nelson COO | Officer | 40 | $115,596 |
Emilie Gomez Rn Supervisor | 40 | $110,360 | |
Bonnie Thrift Dr Of Nursing | 40 | $88,847 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Studiosix5 Construction | 9/29/21 | $2,329,342 |
Clark Nexsen Construction | 9/29/21 | $1,130,823 |
Virginia Health Rehabiliation Agency Physical Therapy | 9/29/21 | $415,913 |
Hr Business Solutions Coo | 9/29/21 | $370,021 |
Gary J Hanson Aia Construction | 9/29/21 | $207,238 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $45,061 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $45,061 |
| Total Program Service Revenue | $27,053,815 |
| Investment income | $498,555 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $39,026 |
| Net Gain/Loss on Asset Sales | $420,965 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,057,422 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $500 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $561,068 |
| Compensation of current officers, directors, key employees. | $561,068 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,715,655 |
| Pension plan accruals and contributions | $112,629 |
| Other employee benefits | $521,337 |
| Payroll taxes | $674,375 |
| Fees for services: Management | $1,314,884 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $70,794 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $139,393 |
| Fees for services: Other | $0 |
| Advertising and promotion | $816,486 |
| Office expenses | $182,845 |
| Information technology | $227,973 |
| Royalties | $0 |
| Occupancy | $6,160,397 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,736,421 |
| Insurance | $406,855 |
| All other expenses | $702,052 |
| Total functional expenses | $28,251,964 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,705,482 |
| Savings and temporary cash investments | $71,500,098 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,661,777 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $47,605 |
| Prepaid expenses and deferred charges | $633,555 |
| Net Land, buildings, and equipment | $196,102,998 |
| Investments—publicly traded securities | $21,110,676 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $4,544 |
| Other assets | $34,850,257 |
| Total assets | $328,616,992 |
| Accounts payable and accrued expenses | $5,128,015 |
| Grants payable | $0 |
| Deferred revenue | $142,698,313 |
| Tax-exempt bond liabilities | $221,919,297 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,486,687 |
| Total liabilities | $381,232,312 |
| Net assets without donor restrictions | -$52,615,320 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $328,616,992 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ashby Ponds Inc Ashburn, VA | $1,081,002,554 | $105,782,483 |
Greenspring Village Inc Springfield, VA | $635,246,519 | $86,958,670 |
Oak Crest Village Inc Parkville, MD | $495,556,334 | $90,971,954 |
Goodwin House Incorporated Alexandria, VA | $441,770,291 | $109,508,883 |
Westminster-Canterbury Corporation Richmond, VA | $326,286,753 | $77,739,552 |
Virginia United Methodist Homes Inc Glen Allen, VA | $253,887,875 | $70,234,834 |
Albright Care Services Frederick, MD | $96,340,327 | $64,491,895 |
Westminster-Canterbury On Chesapeake Bay Virginia Beach, VA | $226,856,514 | $70,077,492 |
Givens Estates Inc Asheville, NC | $338,452,219 | $72,683,846 |
Presbyterian Homes Inc Colfax, NC | $256,348,828 | $62,438,008 |
Aldersgate United Methodist Retirement Community Inc Charlotte, NC | $165,248,151 | $44,725,662 |
Everyage Newton, NC | $158,969,277 | $58,100,743 |