Herons Key

Organization Overview

Herons Key is located in Redmond, WA. The organization was established in 2014. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Herons Key employed 242 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Herons Key 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 12/2023, Herons Key generated $25.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 48.1% each year . All expenses for the organization totaled $23.9m during the year ending 12/2023. While expenses have increased by 18.5% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

HERON'S KEY IS A LIFE PLAN RETIREMENT COMMUNITY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

HERON'S KEY PROVIDES SAFE AND SECURE SENIOR HOUSING AND SERVICES TO APPROXIMATELY 252 INDEPENDENT LIVING RESIDENTS IN THE ORGANIZATION'S 194 APARTMENTS. THE ORGANIZATION PROVIDES MANY SUPPORT SERVICES, INCLUDING MEAL SERVICES PROVIDED IN A CENTRAL DINING ROOM, FITNESS AND EXERCISE CLASSES, EQUIPMENT, AN ON-SITE CLINIC, WELLNESS PROGRAMS, SOCIAL PROGRAMS, A WIDE VARIETY OF RESIDENT ACTIVITIES, BOTH ON SITE AND OTHER LOCATIONS, AND TRANSPORTATION TO MEDICAL APPOINTMENTS AND GROCERY STORES, BANKS, AND SPECIAL ACTIVITIES. ALL LIFE PLAN RESIDENTS HAVE UNLIMITED ACCESS TO ASSISTED LIVING AND SKILLED NURSING HEALTH CARE. (CONTINUED IN SCHEDULE O)HERON'S KEY WAS FINANCED WITH BONDS ISSUED BY THE WASHINGTON STATE HOUSING FINANCE COMMISSION. AS A TYPE A FACILITY IN THE STATE OF WASHINGTON, NO RESIDENT OF HERON'S KEY MAY UTILIZE TAX-PAYER FUNDED PUBLIC ASSISTANCE PROGRAMS SUCH AS MEDICAID. HERON'S KEY PROVIDES FINANCIAL ASSISTANCE TO RESIDENTS WHO, FOR REASONS BEYOND THEIR CONTROL, BECOME UNABLE TO PAY THEIR MONTHLY SERVICE FEES. AS A NOT-FOR-PROFIT, MISSION-DRIVEN ORGANIZATION, REVENUES GENERATED IN EXCESS OF EXPENSES ARE INVESTED AND HELD AS RESERVES TO ENSURE ALL CURRENT AND FUTURE CONTRACTUAL OBLIGATIONS CAN BE FULLY MET, TO REPLACE FACILITY AND PROGRAM ASSETS AS NEEDED, AND TO ALLOW PRUDENT EXPANSION OF THE MISSION. HERON'S KEY PROVIDES OPPORTUNITIES FOR RESIDENTS AND STAFF TO INTERACT WITHIN THE HERON'S KEY COMMUNITY, THE GREATER GIG HARBOR COMMUNITY AND BEYOND BY ESTABLISHING CLOSE TIES WITH COMMUNITY FACILITIES SUCH AS GIG HARBOR CHAMBER OF COMMERCE, AND BY DEVELOPING COMMUNITY OUTREACH PROGRAMS CONSISTENT WITH ITS MISSION. HERON'S KEY RECRUITS, DEVELOPS AND RETAINS COMPETENT AND CARING STAFF WHO SHARE THE ORGANIZATION'S PRINCIPLES, VALUES AND STANDARDS BY MAINTAINING OPEN COMMUNICATION AND STRESSING TEAM WORK THAT BUILDS UP THE SPIRIT OF COMMUNITY, AND DEVELOPING STANDARDS OF PERFORMANCE FOR EVALUATION BASED ON POSITION DESCRIPTIONS, AND PROVIDING FAIR, COMPETITIVE COMPENSATION AND BENEFITS.


HERON'S KEY HAS 30 SKILLED NURSING BEDS IN PRIVATE ROOMS THAT PROVIDE HOUSING, CARE AND NURSING SERVICES TO RESIDENTS THAT NEED THIS HIGHER LEVEL OF CARE. SERVICES IN THIS AREA MAY BE SHORT TERM TO PROVIDE NEEDED CARE TO REHABILITATE AFTER AN ILLNESS OR INJURY. THE SKILLED NURSING FACILITY ALSO PROVIDES LONG-TERM CUSTODIAL CARE FOR THOSE RESIDENTS NEEDING THIS HIGHER LEVEL OF HEALTH CARE. FOR LIFE PLAN RESIDENTS THESE ADDITIONAL SERVICES AND SUPPORT ARE PROVIDED AT THE RATE THE RESIDENT WOULD PAY IF THEY REMAINED IN THEIR INDEPENDENT LIVING RESIDENTIAL UNIT PLUS THE COST OF RECEIVING ADDITIONAL MEALS. A WIDE VARIETY OF HEALTH CARE, SUPPORT SERVICES, SOCIAL AND PROGRAM ACTIVITIES ARE AVAILABLE TO ASSIST AND CARE FOR RESIDENTS.


HERON'S KEY HAS 51 ASSISTED LIVING APARTMENTS THAT PROVIDE LONG-TERM HOUSING AND SERVICES TO RESIDENTS THAT NEED MORE CARE THAN INDEPENDENT LIVING RESIDENTS. FOR LIFE PLAN RESIDENTS THESE ADDITIONAL SERVICES AND SUPPORT ARE PROVIDED AT THE RATE THE RESIDENT WOULD PAY IF THEY REMAINED IN THEIR PRIVATE RESIDENTIAL UNIT PLUS THE COST OF RECEIVING ADDITIONAL MEALS. A WIDE VARIETY OF SUPPORT SERVICES ARE AVAILABLE TO ASSIST WITH ACTIVITIES OF DAILY LIVING AND MEMORY CARE FOR THOSE RESIDENTS WITH DEMENTIA. SOCIAL AND PROGRAM ACTIVITIES ARE PROVIDED.


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Board, Officers & Key Employees

Name (title)Compensation
Lisa Hardy
President & CEO
$0
Diana Jamison
CFO
$0
Kay Wallin
VP Marketing & Public Relations
$0
Karen Rose
Health Services Administrator
$167,057
Stacy Edwards
Marketing Director
$124,762
Angela Mccloskey
Director Of Nursing
$137,627

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Emerald Communities
Management Services
$1,428,243
Angell Marketing
Marketing Services
$476,362
Consonus Rehab
Rehabilitation Therapy
$294,373
Emerald Aire Inc
Mechanical Services
$151,533
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $878,020
All other contributions, gifts, grants, and similar amounts not included above$65,158
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$943,178
Total Program Service Revenue$24,394,344
Investment income $536,928
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$40,645
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $25,833,805

Peer Organizations

Organization NameAssets
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Renton, WA
$39,957,426
Reach Community Development Inc
Portland, OR
$25,254,357
Habitat For Humanity Portland Metro East
Portland, OR
$27,913,722
Archdiocesan Housing Authority
Seattle, WA
$23,903,920
Herons Key
Redmond, WA
$25,833,805
Oregon Coast Community Action
Coos Bay, OR
$14,678,656
Integrated Supports For Living Inc
Salem, OR
$14,916,025
Northwest Real Estate Capital Corporation
Boise, ID
$18,979,105
Umpqua Community Development Corporation
Roseburg, OR
$6,192,979
Sequoia Mental Health Services Inc
Beaverton, OR
$10,148,730
Network For Oregon Affordable Housing
Portland, OR
$8,070,132
Bienestar Inc
Hillsboro, OR
$12,931,239
Africatown Community Land Trust
Seattle, WA
$7,969,878
Habitat For Humanity International Inc
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$8,455,826
Habitat For Humanity International Inc
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$6,994,226
Catholic Charities Housing Services Diocese Of Yakima
Yakima, WA
$7,045,338
Independent Environments Inc
Eugene, OR
$6,862,918
Catholic Housing Services Of Eastern Washington
Spokane, WA
$8,935,272
Tri State Steelheaders
Walla Walla, WA
$5,001,671
Foundation For Affordable Housing Vi Inc
Bend, OR
$4,337,071
Habitat For Humanity International Inc
Port Townsend, WA
$5,509,452
Coeur Dalene Homes Phase Ii Inc
Coeur Dalene, ID
$3,939,452
Foundation For Affordable Housing V Inc
Bend, OR
$2,715,237
Homestead Community Land Trust
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$22,126,975
Habitat For Humanity International Inc
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$3,386,006

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