Norse Home Inc
- Assets
- $2.5m
- Revenue
- $4.5m
- Investments
- $0.0
- Employees
- 86
- Location
- Seattle, WA
- Founding
- 08/1940
- Data as of
- 12/2021
- 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. As of 12/2021, Norse Home Inc employed 86 individuals. 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 12/2021, Norse Home Inc generated $4.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $5.1m during the year ending 12/2021. While expenses have increased by 2.4% per year over the past 7 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
2021
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.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Martin Administrator | Officer | 50 | $118,360 |
Torsten Hirche President & CEO (as Of 8/4/2021) | OfficerTrustee | 1 | $0 |
Gunbjorg Ladstein Vice President (through 8/4/2021) | OfficerTrustee | 2 | $0 |
Carol Lindgren President (through 8/4/2021) | OfficerTrustee | 2 | $0 |
Dagfinn Melby Treasurer (through 8/4/2021) | OfficerTrustee | 1 | $0 |
Harold Thoreen Secretary (through 8/4/2021) | OfficerTrustee | 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 | $15,049 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,049 |
| Total Program Service Revenue | $4,371,951 |
| Investment income | $1,216 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $38,999 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,457,669 |
| 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. | $132,777 |
| Compensation of current officers, directors, key employees. | $132,777 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,754,230 |
| Pension plan accruals and contributions | $52,780 |
| Other employee benefits | $339,568 |
| Payroll taxes | $212,525 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,009 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,186 |
| Fees for services: Other | $256,900 |
| Advertising and promotion | $8,020 |
| Office expenses | $67,299 |
| Information technology | $4,000 |
| Royalties | $0 |
| Occupancy | $400,347 |
| Travel | $2,659 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,649 |
| Interest | $12,420 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $279,432 |
| Insurance | $87,378 |
| All other expenses | $9,082 |
| Total functional expenses | $5,050,608 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,238 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $407,385 |
| 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 | $17,436 |
| Net Land, buildings, and equipment | $1,969,539 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,457,700 |
| Accounts payable and accrued expenses | $264,641 |
| 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 | $189,244 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $402,245 |
| Total liabilities | $856,130 |
| Net assets without donor restrictions | $1,587,762 |
| Net assets with donor restrictions | $13,808 |
| 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 | $2,457,700 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Norse Home Inc has recieved totaling $100.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $100 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Rose Villa Inc Portland, OR | $178,624,912 | $20,737,089 |
Terwilliger Plaza Inc Portland, OR | $106,881,043 | $19,753,070 |
Friendsview Manor Newberg, OR | $69,864,265 | $15,837,123 |
Cascade Manor Inc Eugene, OR | $42,821,373 | $11,584,077 |
Summit At First Hill Seattle, WA | $25,796,567 | $11,254,963 |
Eastern Idaho Community Action Partnership Inc Idaho Falls, ID | $10,497,417 | $11,009,429 |
Emerald Care Wapato, WA | $2,750,996 | $9,139,228 |
The Kenney Seattle, WA | $30,891,794 | $8,055,447 |
Oregon Baptist Retirement Home Portland, OR | $10,109,849 | $5,345,202 |
Norse Home Inc Seattle, WA | $2,457,700 | $4,457,669 |
Keiro Northwest Seattle, WA | $16,126,784 | $4,712,692 |
Foundation House At Northgate Gig Harbor, WA | $238,951 | $4,038,596 |