Fort Norfolk Retirement Community Inc

Analysis

Fort Norfolk Retirement Community Inc is a registered charity in United States, based in Norfolk, VA. It received its IRS tax-exemption ruling in October 2003, 23 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Fort Norfolk Retirement Community Inc reported income of $36.0m and spending of $42.8m, spending 119% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $23.5m to $36.0m (+53%), an average of +11% a year. The sharpest change came in the year to September 2021, when income rose by 27%. Over the whole period it spent 113% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Fort Norfolk Retirement Community Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within VA. Charities of a similar size with the same main cause include Retirement Living Inc ($36.0m), Fellowship Health Resources Inc ($36.1m) and Oconnor Woods Housing Corporation ($36.0m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 3.3% and program service revenue 94% of the total. Compensation of current officers, directors and key employees was $291k (0.7% of expenses). Other salaries and wages came to $10.3m. At year end it held assets of $282.4m against liabilities of $354.1m, net assets of -$71.7m. It reported 360 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.