Fort Norfolk Retirement Community Inc DBA Harbors Edge

Nonprofit profile at a glance

EIN
020601375
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Norfolk, VA, USA
Phone
7572336478
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Supportive Housing for Older Adults

Official website

Reported finances

Revenue
$44,317,574
Expenses
$48,204,683
Assets
$263,454,234
Liabilities
$344,909,811

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

21 people listed

Highest reported compensation

  • Robert Braubitz (CFO): $211,450 total reported compensation
  • Whitney Gwaltney (Senior Living Sales Counselor): $209,048 total reported compensation
  • Beat Meier (VP of Dining Operations): $179,259 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Our mission is to provide seniors with a full continuum of healthcare in an atmosphere of comfort, security and exceptional service.

What it reported doing in 2024

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.

Operating model

Revenue model
Earned-program. 96% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 70
  • Accountability: 91
  • Sustainability: 39
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 99.4%; rating input score 99
  • Program expense ratio: 90.3%; rating input score 90
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 91.7%; rating input score 92; 24th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -8.8%; rating input score 11; 11th percentile among comparable filings
  • Total-asset coverage ratio: 5.47; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 1.31; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 2.8%; rating input score 70; 70th percentile among comparable filings

Growth

  • Program expense growth: 10.1% per year; rating input score 100; 71st percentile among comparable filings
  • Revenue growth: 6.5% per year; rating input score 100; 56th percentile among comparable filings
  • Asset growth: 8.7% per year; rating input score 100; 59th percentile among comparable filings

Details

  • Where the money goes: 99.4% of revenue deployed · 90.3% of spending went to programs
  • Governance: 11 of 12 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $43.5M in reported program spending
  • Leadership: top reported pay $211K · 21 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.6M reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 8 filed schedules · includes major donors and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 11/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.