Fort Norfolk Retirement Community Inc
Fort Norfolk Retirement Community Inc. consistently operates at a deficit, with liabilities exceeding assets in recent years.
EIN: 20601375 · Norfolk, VA · NTEE: P75 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $42.0M |
| Total Expenses | $42.8M |
| Program Spending | 80% |
| CEO/Top Officer Pay | $30 |
| Net Assets | $-71,698,274 |
| Transparency Score | 60/100 |
Is Fort Norfolk Retirement Community Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Fort Norfolk Retirement Community Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Fort Norfolk Retirement Community Inc
Fort Norfolk Retirement Community Inc (EIN: 20601375) is a nonprofit organization based in Norfolk, VA, classified under NTEE code P75. The organization reported total revenue of $42.0M and total assets of $273.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Fort Norfolk Retirement Community Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Fort Norfolk Retirement Community Inc is a large nonprofit that has been operating for 23 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 6.5%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $36.0M |
| Total Expenses | $42.8M |
| Surplus / Deficit | $-6,768,265 |
| Total Assets | $282.4M |
| Total Liabilities | $354.1M |
| Net Assets | $-71,698,274 |
| Operating Margin | -18.8% |
| Debt-to-Asset Ratio | 125.4% |
| Months of Reserves | 79.2 months |
Financial Health Grade: C
In 2023, Fort Norfolk Retirement Community Inc reported a deficit of $6.8M with expenses exceeding revenue, holds 79.2 months of operating reserves (strong position), has a debt-to-asset ratio of 125.4% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Fort Norfolk Retirement Community Inc's revenue has grown at a compound annual growth rate (CAGR) of 6.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +15.8% | +3.9% | +0.9% |
| 2022 | +10.9% | +45.7% | -14.9% |
| 2021 | +26.8% | +20.0% | +42.5% |
| 2020 | -5.9% | +1.5% | +3.1% |
| 2019 | +1.9% | +6.1% | +86.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2003 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Fort Norfolk Retirement Community Inc with a Mission Score of 60 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Fort Norfolk Retirement Community Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $6.8M, with expenses exceeding revenue.
- Debt-to-asset ratio: 125.4%.
Executive Compensation Analysis
The reported 0% officer compensation across all available filings is highly unusual for an organization with annual revenues exceeding $30 million and assets nearing $300 million. This either indicates a unique compensation structure not captured under 'officer compensation' or a lack of transparency in reporting executive pay.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Fort Norfolk Retirement Community Inc's IRS 990 filings:
- Consistent operational deficits (expenses exceeding revenue) in recent years.
- Liabilities ($354.09M in 2023) significantly exceed total assets ($282.39M in 2023).
- Unusually reported 0% officer compensation for an organization of this scale, potentially indicating a lack of transparency in executive pay.
- Significant increase in liabilities over the past decade, suggesting high debt.
Strengths
The following positive indicators were identified for Fort Norfolk Retirement Community Inc:
- Substantial asset growth over the past decade, from $101.09M in 2014 to $282.39M in 2023, indicating significant capital development or investment.
- Consistent revenue growth over the past decade, from $19.30M in 2014 to $36.02M in 2023, demonstrating an expanding operational scale.
Frequently Asked Questions about Fort Norfolk Retirement Community Inc
Is Fort Norfolk Retirement Community Inc a legitimate charity?
Fort Norfolk Retirement Community Inc (EIN: 20601375) is a registered tax-exempt nonprofit based in Virginia. Our AI analysis gives it a Mission Score of 60/100. It has 13 years of IRS 990 filings on record. Total revenue: $42.0M. 4 red flags identified. 2 strengths noted. Financial health grade: C.
How does Fort Norfolk Retirement Community Inc spend its money?
Fort Norfolk Retirement Community Inc directs 80% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Fort Norfolk Retirement Community Inc tax-deductible?
Fort Norfolk Retirement Community Inc is registered as a tax-exempt nonprofit (EIN: 20601375). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Fort Norfolk Retirement Community Inc CEO make?
Fort Norfolk Retirement Community Inc's highest-compensated officer earns $30 annually. The organization reported $42.0M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Fort Norfolk Retirement Community Inc's spending goes to programs?
Fort Norfolk Retirement Community Inc directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Fort Norfolk Retirement Community Inc compare to similar nonprofits?
With a transparency score of 60/100 (Good), Fort Norfolk Retirement Community Inc is above average for NTEE category P75 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Fort Norfolk Retirement Community Inc located?
Fort Norfolk Retirement Community Inc is headquartered in Norfolk, Virginia and files with the IRS under EIN 20601375. It is classified under NTEE code P75.
How many years of IRS 990 filings does Fort Norfolk Retirement Community Inc have?
Fort Norfolk Retirement Community Inc has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $42.0M in total revenue.
Is Fort Norfolk Retirement Community Inc. financially sustainable given its consistent operational deficits?
The organization has consistently reported expenses exceeding revenue in recent years (e.g., $42.79M expenses vs. $36.02M revenue in 2023), raising concerns about its long-term financial sustainability without additional funding sources or changes in operational strategy.
Why is officer compensation consistently reported as 0%?
The consistent reporting of 0% officer compensation for an organization of this size is highly unusual and warrants further investigation into the full 990 forms to understand how executive leadership is compensated, if at all, or if it's reported under a different category.
What is the nature of the significant increase in liabilities, which now exceed assets?
Liabilities have grown substantially, reaching $354.09M in 2023, surpassing the $282.39M in assets. This indicates a high debt burden, likely from capital projects or financing, and could pose a risk to the organization's financial health.
How does the organization cover its operational deficits?
With expenses consistently higher than revenue, the organization must be covering these deficits through other means, such as drawing from reserves, investment income not fully captured in 'revenue,' or additional financing, which is not explicitly detailed in the provided summary data.
Filing History
IRS 990 filing history for Fort Norfolk Retirement Community Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Fort Norfolk Retirement Community Inc's revenue has grown by 113.1%, moving from $16.9M to $36.0M. Total assets increased by 160.7% over the same period, from $108.3M to $282.4M. Total functional expenses rose by 126.5%, from $18.9M to $42.8M. In its most recent filing year (2023), Fort Norfolk Retirement Community Inc reported a deficit of $6.8M, with expenses exceeding revenue. The organization holds $354.1M in liabilities against $282.4M in assets (debt-to-asset ratio: 125.4%), resulting in net assets of $-71,698,274.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $36.0M | $42.8M | $282.4M | $354.1M | — | — |
| 2022 | $31.1M | $41.2M | $279.8M | $345.1M | — | View 990 |
| 2021 | $28.1M | $28.3M | $328.6M | $381.2M | — | View 990 |
| 2020 | $22.1M | $23.5M | $230.6M | $282.4M | — | — |
| 2019 | $23.5M | $23.2M | $223.6M | $274.1M | — | View 990 |
| 2018 | $23.1M | $21.9M | $119.9M | $145.3M | — | View 990 |
| 2017 | $22.0M | $21.2M | $111.9M | $138.4M | — | View 990 |
| 2016 | $19.5M | $19.7M | $105.0M | $132.7M | — | View 990 |
| 2015 | $18.9M | $20.4M | $106.3M | $134.0M | — | View 990 |
| 2014 | $19.3M | $19.4M | $101.1M | $126.8M | — | View 990 |
| 2013 | $19.8M | $20.0M | $103.4M | $129.1M | — | View 990 |
| 2012 | $18.0M | $19.5M | $106.6M | $132.0M | — | View 990 |
| 2011 | $16.9M | $18.9M | $108.3M | $132.0M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $36.0M, expenses of $42.8M, and assets of $282.4M (revenue +15.8% year-over-year).
- 2022: Revenue of $31.1M, expenses of $41.2M, and assets of $279.8M (revenue +10.9% year-over-year).
- 2021: Revenue of $28.1M, expenses of $28.3M, and assets of $328.6M (revenue +26.8% year-over-year).
- 2020: Revenue of $22.1M, expenses of $23.5M, and assets of $230.6M (revenue -5.9% year-over-year).
- 2019: Revenue of $23.5M, expenses of $23.2M, and assets of $223.6M (revenue +1.9% year-over-year).
- 2018: Revenue of $23.1M, expenses of $21.9M, and assets of $119.9M (revenue +4.7% year-over-year).
- 2017: Revenue of $22.0M, expenses of $21.2M, and assets of $111.9M (revenue +13.0% year-over-year).
- 2016: Revenue of $19.5M, expenses of $19.7M, and assets of $105.0M (revenue +3.2% year-over-year).
- 2015: Revenue of $18.9M, expenses of $20.4M, and assets of $106.3M (revenue -2.1% year-over-year).
- 2014: Revenue of $19.3M, expenses of $19.4M, and assets of $101.1M (revenue -2.5% year-over-year).
- 2013: Revenue of $19.8M, expenses of $20.0M, and assets of $103.4M (revenue +10.1% year-over-year).
- 2012: Revenue of $18.0M, expenses of $19.5M, and assets of $106.6M (revenue +6.5% year-over-year).
- 2011: Revenue of $16.9M, expenses of $18.9M, and assets of $108.3M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Fort Norfolk Retirement Community Inc:
Data Sources and Methodology
This transparency report for Fort Norfolk Retirement Community Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.