Fort Norfolk Retirement Community Inc DBA Harbors Edge

“Volder Consulting, Inc. of Norfolk, Virginia is engaged to provide the day-to-day management of the community. Whenever C.A. Volder III acts as the Executive Director and/or CEO, he does so without compensation.The details of the management fee payments to Volder Consulting, Inc. are as follows:Current Management Fees $ 750,000Phase II Development Services 300,000Total fees paid $ 1,050,000”

“The completed Form 990 is reviewed by the Finance Committee of the Board of Directors prior to submission.”

“Employees and Board members are covered by the Organization's conflict of interest policy. For employees, this policy is outlined in the employee handbook which is presented and discussed in new employee orientation. Each employee signs a statement acknowledging that he or she has received all policies and understands them. With regard to Board members, there is a Code of Conduct and Conflict of Interest Policy that is reviewed annually by the Board. Acknowledgement of the receipt of this policy, noting any potential conflicts, is signed by every Board member.”

“Compensation for the Executive Director and senior management positions is reviewed periodically by a third party consultant. Information from Form 990 for similar organizations as well as surveys are utilized to determine the adequacy and appropriateness of compensation. The results of this analysis are provided to the Board of Directors at an interval of no longer than every three years. The Board then approves compensation ranges based upon the benchmark data provided.”

“Compensation for the Executive Director and senior management positions is reviewed periodically by a third party consultant. Information from Form 990 for similar organizations as well as data from third party surveys are utilized to determine the adequacy and appropriateness of compensation. The results of this analysis are provided to the Board of Directors at an interval of no longer than every three years. The Board then approves compensation ranges based upon the benchmark information provided.”

“The Organization makes its Form 990 available through Guidestar at www.guidestar.org and The Electronic Municipal Market Access ("EMMA") website for continuing disclosure at www.emma.msrb.org. Financial statement information is provided via EMMA and the Organization makes its governing documents, conflict of interest policy and audited financial statements available upon request.”

“The titles of the individual Board members as listed in Part VII, Section A, are as of September 30, 2024.”