The Army Retirement Residence Foundation-Potomac
- Assets
- $4.0m
- Revenue
- $259.1k
- Investments
- $160.0k
- Employees
- 1
- Location
- Fort Belvoir, VA
- Founding
- 08/2000
- Data as of
- 12/2022
- EIN
- 54-1252635
Organization Overview
The Army Retirement Residence Foundation-Potomac is located in Fort Belvoir, VA. The organization was established in 2000. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Army Retirement Residence Foundation-Potomac is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Army Retirement Residence Foundation-Potomac generated $259.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (14.9%) each year. All expenses for the organization totaled $226.9k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (10.5%) per year over the past 4 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Army Retirement Residence Foundation-Potomac has awarded 19 individual grants totaling $402,647. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
ARMY RETIREMENT RESIDENCE FOUNDATION - POTOMAC ("FOUNDATION) ACTS TO INSURE THE STRENGTH OF OUR COMMUNITY AND QUALITY OF OUR RESIDENCE. IT SERVES ALL RESIDENTS IN MEANINGFUL WAYS- FROM PROVIDING A SUPPORTIVE, BEAUTIFUL ENVIRONMENT, TO HELPING RESIDENTS IN FINANCIAL NEED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AID IN THE PROVISION OF RETIREMENT RESIDENCES FOR RETIRED OFFICERS AND THEIR SPOUSES FROM THE U.S. UNIFORMED SERVICES, CIA, FBI, FOREIGN SERVICE AND OTHER FEDRAL AGENCIES AS WELL AS PARENTS OF ACTIVE AND RETIRED MILITARY PERSONNEL AND CIVILIANS. ACTS AS A SPONSOR OF THE FIRFAX LIFECARE RETIREMENT COMMUNITY (THE FAIRFAX), IN COORDINATION WITH SUNRISE ASSISTED LIVING, INC. (SUNRISE), THE CURRENT OPERATOR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bg Robert Jorgensen Usa Ret President, Executive | OfficerTrustee | 1 | $0 |
Col Donald E Hazen Usa Ret Bylaw And Membership Committees | Trustee | 0.5 | $0 |
Mg Russell L Fuhrman Usa Ret Vice-President, Executive, And G&a Commitee | OfficerTrustee | 0.5 | $0 |
Col Stephen L Hill Property Committee | Trustee | 0.5 | $0 |
Capt Thomas F Stallmancecusn Ret Treasurer, Executive, Property, And G&a Committees | OfficerTrustee | 1 | $0 |
Ltc Martha Kiene Usa Ret Property Committee | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $44,500 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $89,647 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $134,147 |
| Total Program Service Revenue | $0 |
| Investment income | $57,183 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $67,562 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $259,116 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,000 |
| Grants and other assistance to domestic individuals. | $22,428 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $79,806 |
| Compensation of current officers, directors, key employees. | $35,912 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,087 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $19,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $30,763 |
| Fees for services: Other | $4,447 |
| Advertising and promotion | $0 |
| Office expenses | $11,362 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,330 |
| All other expenses | $512 |
| Total functional expenses | $226,944 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $98,614 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $675,206 |
| Investments—publicly traded securities | $3,040,133 |
| Investments—other securities | $159,990 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,973,943 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $222,677 |
| Total liabilities | $222,677 |
| Net assets without donor restrictions | $3,659,973 |
| Net assets with donor restrictions | $91,293 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,973,943 |
Grants Awarded
Over the last fiscal year, The Army Retirement Residence Foundation-Potomac has awarded $42,842 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
GRANTEE 012 PURPOSE: FINANCIAL ASSISTANCE TO NEEDY RETIREES | $9,345 |
GRANTEE 009 PURPOSE: FINANCIAL ASSISTANCE TO NEEDY RETIREES | $22,497 |
FAIRFAX RESIDENCE ASSOCIATION PURPOSE: "RAGEF" PROGRAM SUPPORT | $11,000 |