NORSE HOME

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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

1934

Legal Domicile

Principal Officer

TORSTEN HIRCHE

Phone

2067817417

Tax Period

2023-10-01 to 2024-09-30

NORSE HOME, founded in 1934, is a community nonprofit in the Human Services sector that reported $5.2M in total revenue in fiscal year 2023. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $6.8M exceeded revenue, resulting in a 33% operating deficit.

Mission

NORSE HOME IS A NON-PROFIT SENIOR LIVING COMMUNITY DEDICATED TO DIGNIFIED AGING. AS PART OF THIS MISSION, NORSE HOME OFFERS AN ASSISTED LIVING PROGRAM THAT MEETS THE NEEDS OF SENIORS AS THEIR CAPABILITIES DIMINISH WITH THE PROCESS OF AGING.

Program Service Accomplishments

Program 1

Expenses: $5,466,122 Revenue: $5,125,071

NORSE HOME PROVIDES HOUSING, HEALTH CARE, AND OTHER RELATED SERVICES TO RESIDENTS THROUGH THE OPERATION OF A RETIREMENT COMMUNITY THAT OFFERS INDEPENDENT AND ASSISTED LIVING CONTAINING 132 APARTMENTS.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $5,125,071

Investment Income $0

Other Revenue $31,558

TOTAL REVENUE $5,156,629

Expense Breakdown

Grants Paid $0

Salaries & Benefits $4,115,349

Fundraising Expenses $0

Program Expenses $5,466,122

Other Expenses $2,731,880

TOTAL EXPENSES $6,847,229

Year-over-Year Comparison

	2023	2022	Change
Revenue	$5,156,629	$4,718,482	+0.1%
Expenses	$6,847,229	$6,416,360	+0.1%
Net Income	$-1,690,600	$-1,697,878	0.0%

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

102

Volunteers

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

$1,976,827

Total Directors

$1,184,579

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TORSTEN HIRCHE	PRESIDENT & CEO	1.00	Officer Director	$0	$29,551	$1,184,579
MICHAEL CONNELL	TREASURER & CFO	1.00	Officer	$0	$37,634	$683,447
MIKE MARTIN	ADMINISTRATOR	40.00	Highest	$93,636	$23,229	$156,995
MICHELE LUKE	SECRETARY	1.00	Officer	$0	$9,384	$108,801
MARY WAGNER	CHAIR & DIRECTOR	0.10	Officer Director	$0	$0	$0
JESSE BOND	VICE CHAIR & CHAIR	0.10	Officer Director	$0	$0	$0
GREG RUSSELL	DIRECTOR & VICE CHAIR	0.10	Officer Director	$0	$0	$0
BARB BENNETT	DIRECTOR	0.10	Director	$0	$0	$0
CATHY DANIGELIS	DIRECTOR	0.10	Director	$0	$0	$0
KATHI LENTZSCH	DIRECTOR	0.10	Director	$0	$0	$0
SCOTT LUMSDEN	DIRECTOR	0.10	Director	$0	$0	$0
JIM MELHORN	DIRECTOR	0.10	Director	$0	$0	$0
JOY MOORE	DIRECTOR	0.10	Director	$0	$0	$0
LISA NELSON	DIRECTOR	0.10	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	$5,156,629	$6,847,229	$17,589,084	$-1,690,600
2023	$4,718,482	$6,416,360	$17,935,012	$-1,697,878
2022	$4,505,700	$5,314,884	$18,232,872	$-809,184
2021	$4,457,669	$5,050,608	$2,457,700	$-592,939
2020	$4,434,070	$4,999,000	$2,879,078	$-564,930
2019	$4,676,921	$4,859,429	$2,878,301	$-182,508
2018	$4,626,912	$5,004,010	$3,219,130	$-377,098