Fort Norfolk Retirement Community Inc DBA Harbors Edge (EIN 020601375) - Form 990 Financial Analysis & Trantor Score

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Tuckman-Chang Vulnerability Assessment

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2002

Legal Domicile

Principal Officer

H Edward Davidson

Phone

7572336478

Tax Period

2022-10-01 to 2023-09-30

Fort Norfolk Retirement Community Inc DBA Harbors Edge, founded in 2002, is a mid-sized nonprofit in the Human Services sector that reported $23.1M in total revenue in fiscal year 2017. Expenses of $21.9M left a modest 5% surplus.

Mission

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

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $1,172,442

Program Service Revenue $33,758,757

Investment Income $1,051,741

Other Revenue $40,602

TOTAL REVENUE $36,023,542

Expense Breakdown

Grants Paid $0

Salaries & Benefits $12,244,171

Fundraising Expenses $0

Program Expenses $39,508,774

Other Expenses $30,547,636

TOTAL EXPENSES $42,791,807

Year-over-Year Comparison

	2022	2021	Change
Revenue	$36,023,542	$31,116,999	+0.2%
Expenses	$42,791,807	$41,173,772	+0.0%
Net Income	$-6,768,265	$-10,056,773	-0.3%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

360

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$127,721

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Beat Meier	VP of Dining Operations	40.00		$152,115	$11,280	$163,395
Emilie Gomez	RN Supervisor	40.00		$124,509	$11,788	$136,297
Hisham Fahim	Former CFO	40.00	Officer	$120,102	$7,619	$127,721
Whitney Gwaltney	SL Counselor	40.00		$100,729	$9,990	$110,719
Christie Nase	Project Manager	40.00		$104,582	$37	$104,619
Christine Rivera	RN Supervisor	40.00		$103,134	$1,322	$104,456
William R Van Buren III	Sec/Treas	1.00	Officer Director	$0	$0	$0
Jack Kavanaugh	Director	1.00	Director	$0	$0	$0
H Edward Davidson	Chairman	1.00	Officer Director	$0	$0	$0
Jennifer Sanford	Director	1.00	Director	$0	$0	$0
Scott Sautter	Director	1.00	Director	$0	$0	$0
Guy Tower	Vice Chair	1.00	Officer Director	$0	$0	$0
LD Britt MD MPH	Director	1.00	Director	$0	$0	$0
Thomas J Knox	Director	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$36,023,542	$42,791,807	$282,393,903	$-6,768,265
2022	$31,116,999	$41,173,772	$279,813,549	$-10,056,773
2021	$28,057,422	$28,251,964	$328,616,992	$-194,542
2020	$22,131,656	$23,546,952	$230,622,464	$-1,415,296
2019	$23,514,304	$23,200,694	$223,625,591	$313,610
2018	$23,070,628	$21,876,470	$119,910,552	$1,194,158

Fort Norfolk Retirement Community Inc DBA Harbors Edge