Norse Home Inc
- Assets
- $17.9m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Seattle, WA
- Founding
- 08/1940
- Data as of
- 09/2023
- EIN
- 91-0667588
Organization Overview
Norse Home Inc is located in Seattle, WA. The organization was established in 1940. According to its NTEE Classification (P75) the organization is classified as: Supportive Housing for Older Adults, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norse Home Inc 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 09/2023, Norse Home Inc generated $4.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $6.4m during the year ending 09/2023. While expenses have increased by 5.2% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
NORSE HOME IS A NON-PROFIT SENIOR LIVING COMMUNITY DEDICATED TO DIGNIFIED AGING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Torsten Hirche President & CEO | OfficerTrustee | 1 | $0 |
Michael Connell Treasurer & CFO | Officer | 1 | $0 |
Mike Martin Administrator | Officer | 40 | $0 |
Michelle Luke Secretary | Officer | 1 | $0 |
Scott Lumsden Chair | OfficerTrustee | 0.1 | $0 |
Mary Wagner Vice Chair | OfficerTrustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $41,250 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $41,250 |
| Total Program Service Revenue | $4,624,884 |
| Investment income | $2 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,718,482 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,092,635 |
| Pension plan accruals and contributions | $22,479 |
| Other employee benefits | $389,679 |
| Payroll taxes | $268,782 |
| Fees for services: Management | $228,805 |
| Fees for services: Legal | $6,239 |
| Fees for services: Accounting | $24,845 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $270,258 |
| Advertising and promotion | $40,225 |
| Office expenses | $44,956 |
| Information technology | $81,161 |
| Royalties | $0 |
| Occupancy | $398,143 |
| Travel | $9,917 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $562 |
| Interest | $8,928 |
| Payments to affiliates | $247,588 |
| Depreciation, depletion, and amortization | $843,768 |
| Insurance | $96,624 |
| All other expenses | $72,643 |
| Total functional expenses | $6,416,360 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $73,882 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $130,094 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $45,102 |
| Prepaid expenses and deferred charges | $31,520 |
| Net Land, buildings, and equipment | $17,649,095 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $600,000 |
| Other assets | $5,319 |
| Total assets | $17,935,012 |
| Accounts payable and accrued expenses | $588,901 |
| 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 | $567,350 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,308,303 |
| Total liabilities | $2,464,554 |
| Net assets without donor restrictions | $15,470,458 |
| Net assets with donor restrictions | $0 |
| 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 | $17,935,012 |