Harbors Edge Foundation Inc

Nonprofit profile at a glance

EIN
262260106
IRS 990 coverage
2012–2024
Forms available
Form 990 2024, Form 990-EZ 2010
Location
Norfolk, VA, USA
Phone
7576167952
Rating
89
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$429,221
Expenses
$293,846
Assets
$2,859,780
Liabilities
$0

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

Leadership & pay

12 people listed

Highest reported compensation

  • Robert A Heely (Past Ex. Dir.): $28,870 total reported compensation

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

Overview

Mission

The Organization was formed exclusively for the purpose of supporting Fort Norfolk Retirement Community, Inc. ("FNRC") and furthering the charitable purposes of FNRC by improving the lives of persons age 62 and older living in Hampton Roads, Virginia, by (i) enabling such persons to reside at the continuing care retirement community owned and operated by FNRC, or similar facilities, (ii) enabling such persons who are identified as those needing assistance to reside at quality assisted living facilities or skilled nursing facilities, (iii) enabling such persons to participate in quality programs offering services designed to meet the physical, emotional, recreational, social or health needs of such persons and/or (iv) making grants to charitable organizations exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code that provide housing and/or services designed to meet the physical, emotional, recreational, social or health needs of such persons.

What it reported doing in 2024

Harbor's Edge Foundation made grants to Fort Norfolk Retirement Community, its supported organization, for the reimbursement of the Executive Director's salary.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filed totals do not add up and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 88
  • Accountability: 95
  • Sustainability: 75
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 96.6%; rating input score 97
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 13th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 96.3%; rating input score 96; 56th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 31.5%; rating input score 83; 83rd percentile among comparable filings
  • Total-asset coverage ratio: 9.73; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 35.5% per year; rating input score 100; 92nd percentile among comparable filings
  • Revenue growth: 6.8% per year; rating input score 100; 61st percentile among comparable filings
  • Asset growth: 15.4% per year; rating input score 100; 78th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 96.6% of spending went to programs
  • Governance: 11 of 11 board members independent · 7 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $284K in reported program spending
  • Leadership: top reported pay $29K · 12 people listed
  • Consistency: 14 of 15 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 13 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • 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.

  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.