Norfolk Housing Development Corporation (EIN 030433655) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2002

Legal Domicile

Principal Officer

Rita Heinemann

Phone

4028442080

Tax Period

2025-01-01 to 2025-12-31

Norfolk Housing Development Corporation, founded in 2002, is a small nonprofit in the Housing & Shelter sector that reported $197K in total revenue in fiscal year 2025. Revenue fell 26% from the prior year — a significant decline worth monitoring. Expenses of $217K exceeded revenue, resulting in a 10% operating deficit.

Mission

To promote adequate and affordable housing, economic opportunity, and a suitable living environment free from discrimination.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $25,938

Program Service Revenue $168,044

Investment Income $567

Other Revenue $2,080

TOTAL REVENUE $196,629

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $217,034

Other Expenses $217,034

TOTAL EXPENSES $217,034

Year-over-Year Comparison

	2025	2024	Change
Revenue	$196,629	$267,003	-0.3%
Expenses	$217,034	$146,159	+0.5%
Net Income	$-20,405	$120,844	-1.2%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Role	Reportable Comp	Other Comp	Total
Andrew McCarthy	Member	Director	$0	$0	$0
Erica Daake	Member	Director	$0	$0	$0
Nicolette Geiger	Secretary/Treasurer	Officer Director	$0	$0	$0
Annette Carstens	Member	Director	$0	$0	$0
Roberto Dorado Jr	Member	Director	$0	$0	$0
Justine Knapp	Chairman	Officer Director	$0	$0	$0
Ian Todd	Vice-Chair	Officer 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
2025	$196,629	$217,034	$1,538,562	$-20,405
2024	$267,003	$146,159	$1,598,441	$120,844
2023	$179,699	$18,827	$1,514,554	$160,872
2022	$71,440	$34,845	$1,394,161	$36,595
2021	$194,017	$195,773	$1,382,202	$-1,756
2020	$184,983	$177,348	$1,516,235	$7,635
2019	$934,371	$1,036,223	$1,491,309	$-101,852
2018	$351,544	$395,934	$2,102,211	$-44,390

Norfolk Housing Development Corporation