Fort Norfolk Retirement Community Inc
- Assets
- $282.4m
- Revenue
- $36.0m
- Investments
- $0.0
- Employees
- 360
- Location
- Norfolk, VA
- Founding
- 10/2003
- Data as of
- 09/2023
- 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 09/2023, Fort Norfolk Retirement Community Inc employed 360 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 09/2023, Fort Norfolk Retirement Community Inc generated $36.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $42.8m during the year ending 09/2023. While expenses have increased by 10.2% per year over the past 8 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
2023
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 |
|---|---|---|---|
Beat Meier VP Of Dining Operations | 40 | $152,115 | |
Emilie Gomez Rn Supervisor | 40 | $124,509 | |
Hisham Fahim Former CFO | Officer | 40 | $120,102 |
Whitney Gwaltney Sl Counselor | 40 | $100,729 | |
Christie Nase Project Manager | 40 | $104,582 | |
Christine Rivera Rn Supervisor | 40 | $103,134 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Causey Contracting Contractor | 9/29/23 | $393,275 |
Pro Floors Contractor | 9/29/23 | $335,087 |
Virginia Health Rehabilitation Agency Physical Therapy | 9/29/23 | $564,179 |
Hudson Construction Contractor | 9/29/23 | $325,320 |
Virginia Maid Kitchens Inc Contractor | 9/29/23 | $385,626 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,172,442 |
| 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 | $1,172,442 |
| Total Program Service Revenue | $33,758,757 |
| Investment income | $959,172 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $40,602 |
| Net Gain/Loss on Asset Sales | $92,569 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $36,023,542 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $291,116 |
| Compensation of current officers, directors, key employees. | $291,116 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,266,562 |
| Pension plan accruals and contributions | $101,006 |
| Other employee benefits | $793,582 |
| Payroll taxes | $791,905 |
| Fees for services: Management | $1,068,283 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $97,534 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $73,593 |
| Fees for services: Other | $0 |
| Advertising and promotion | $624,062 |
| Office expenses | $284,908 |
| Information technology | $297,131 |
| Royalties | $0 |
| Occupancy | $11,968,313 |
| 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 | $9,276,380 |
| Insurance | $454,320 |
| All other expenses | $857,384 |
| Total functional expenses | $42,791,807 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,407,325 |
| Savings and temporary cash investments | $23,310,825 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,300,085 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $73,576 |
| Prepaid expenses and deferred charges | $577,730 |
| Net Land, buildings, and equipment | $227,345,111 |
| Investments—publicly traded securities | $16,401,019 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $4,544 |
| Other assets | $5,973,688 |
| Total assets | $282,393,903 |
| Accounts payable and accrued expenses | $4,231,431 |
| Grants payable | $0 |
| Deferred revenue | $195,905,907 |
| Tax-exempt bond liabilities | $146,566,557 |
| 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 | $1,843,000 |
| Other liabilities | $5,545,282 |
| Total liabilities | $354,092,177 |
| Net assets without donor restrictions | -$71,698,274 |
| 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 | $282,393,903 |