Fort Norfolk Retirement Community Inc
- Assets
- $223.6m
- Revenue
- $23.5m
- Investments
- $0.0
- Employees
- 268
- Location
- Norfolk, VA
- Founding
- 10/2003
- Data as of
- 09/2019
- 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 09/2019, Fort Norfolk Retirement Community Inc employed 268 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 09/2019, Fort Norfolk Retirement Community Inc generated $23.5m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $23.2m during the year ending 09/2019. While expenses have increased by 3.3% per year over the past 5 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
2019
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Catherine A L'heureux CFO | Officer | 40 | $175,274 |
Whitney Gwaltney Sales Counselor | Officer | 40 | $155,294 |
William R Van Buren III Secretary | OfficerTrustee | 1 | $0 |
H Edward Davidson Treasurer | OfficerTrustee | 1 | $0 |
Thomas J Knox Chairman | OfficerTrustee | 1 | $0 |
Jody Wagner Vice Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hr Business Solutions Inc Coo | 9/29/19 | $353,844 |
Clark Nexsen Architecture | 9/29/19 | $2,949,780 |
Hudson Construction Construction | 9/29/19 | $202,855 |
Virginia Health Rehabilitation Agency Physical Therapy | 9/29/19 | $644,474 |
Kaufman & Canoles Legal | 9/29/19 | $214,978 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $581,995 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $37,510 |
| Net Gain/Loss on Asset Sales | $383,613 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,514,304 |
| Statement of Expenses | |
|---|---|
| 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. | $342,614 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,733,345 |
| Pension plan accruals and contributions | $89,293 |
| Other employee benefits | $578,687 |
| Payroll taxes | $528,685 |
| Fees for services: Management | $949,831 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $60,880 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $125,674 |
| Fees for services: Other | $0 |
| Advertising and promotion | $633,653 |
| Office expenses | $240,741 |
| Information technology | $116,826 |
| Royalties | $0 |
| Occupancy | $4,357,697 |
| 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 | $3,428,612 |
| Insurance | $312,188 |
| All other expenses | $0 |
| Total functional expenses | $23,200,694 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,760,850 |
| Savings and temporary cash investments | $99,038,903 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,201,235 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $42,748 |
| Prepaid expenses and deferred charges | $402,972 |
| Investments—publicly traded securities | $19,062,218 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $4,544 |
| Other assets | $29,805,271 |
| Total assets | $223,625,591 |
| Accounts payable and accrued expenses | $8,050,477 |
| Grants payable | $0 |
| Deferred revenue | $100,425,765 |
| Tax-exempt bond liabilities | $152,384,240 |
| 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 | $13,281,872 |
| Total liabilities | $274,142,354 |
| Net assets without donor restrictions | -$50,516,763 |
| 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 |
| Total liabilities and net assets/fund balances | -$50,516,763 |
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