HERON'S KEY

EIN: 462710915 501(c)(3) Housing & Shelter

REDMOND, WA

Total Revenue
$25,470,139
Total Expenses
$25,107,762
Total Assets
$139,770,393
Net Assets
$-38,214,696
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Financial Trends

Organization Details

Formation Year
2013
Legal Domicile
WA
Principal Officer
AL CHAMBARD
Phone
4255568100
Tax Period
2024-01-01 to 2024-12-31

HERON'S KEY, founded in 2013, is a mid-sized nonprofit in the Housing & Shelter sector that reported $25.5M in total revenue in fiscal year 2024.

Mission

HERON'S KEY IS A NOT-FOR-PROFIT NON-DENOMINATIONAL LIFE PLAN RETIREMENT COMMUNITY PROVIDING A CONTINUUM OF LIVING ACCOMMODATIONS, SUPPORTIVE SERVICES, AND HEALTH CARE FOR RESIDENTS 55 YEARS OF AGE AND OLDER. (CONTINUED IN SCHEDULE O)AS A LIFE PLAN RETIREMENT COMMUNITY IN GIG HARBOR, THE ORGANIZATION OFFERS A WIDE RANGE OF QUALITY PROGRAMS, SERVICES, AND FACILITIES TO MEET THE HEALTH, SOCIAL, SPIRITUAL, AND INTELLECTUAL NEEDS OF ITS RESIDENTS AND TO SERVE THE BROADER COMMUNITY. HERON'S KEY IS OPERATED TO FULFILL ITS MISSION OF SERVICE WHILE REMAINING TRUE TO ITS CORE VALUES OF INTEGRITY, STEWARDSHIP, EMPOWERMENT, FAITH, CHANGE, AND CHOICE. THE ASSOCIATION'S BOARD OF DIRECTORS IS COMPRISED OF LOCAL COMMUNITY MEMBERS AND HERON'S KEY RESIDENTS, ALL DEDICATED TO THE MISSION OF HERON'S KEY AND TO ENSURE IT CONTINUES TO MAINTAIN ITS HIGH STANDARDS OF EXCELLENCE AND REMAINS FINANCIALLY SOUND.

Program Service Accomplishments

Program 1
Expenses: $11,947,521 Revenue: $14,893,771

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...

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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.

Program 2
Expenses: $5,405,830 Revenue: $6,738,904

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...

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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.

Program 3
Expenses: $2,300,135 Revenue: $2,867,346

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...

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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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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $63,664
Program Service Revenue $24,500,021
Investment Income $906,454
Other Revenue $0
TOTAL REVENUE $25,470,139

Expense Breakdown

Grants Paid $0
Salaries & Benefits $9,959,645
Fundraising Expenses $0
Program Expenses $19,653,486
Other Expenses $15,148,117
TOTAL EXPENSES $25,107,762

Year-over-Year Comparison

2024 2023 Change
Revenue $25,470,139 $25,833,805 0.0%
Expenses $25,107,762 $23,872,850 +0.1%
Net Income $362,377 $1,960,955 -0.8%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
12
Independent Members
12
Employees
234
Volunteers
12

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
10
$1,579,044
Total Directors
12
$0
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DWIGHT WHITING CHAIR 2.00
Officer Director
$0 $0 $0
DAPHNE SCHNEIDER VICE CHAIR 1.00
Officer Director
$0 $0 $0
DANNA VANHORN SECRETARY 1.00
Officer Director
$0 $0 $0
DAVID HUDSON TREASURER 1.00
Officer Director
$0 $0 $0
KAREN COHOE DIRECTOR 1.00
Director
$0 $0 $0
ROBERT CRIST DIRECTOR 1.00
Director
$0 $0 $0
JILL GUERNSEY DIRECTOR 1.00
Director
$0 $0 $0
JEFF JONES DIRECTOR 1.00
Director
$0 $0 $0
GARY KING DIRECTOR 1.00
Director
$0 $0 $0
STEPHANIE MARSHALL DIRECTOR 1.00
Director
$0 $0 $0
DEWAYNE MCMULLIN DIRECTOR 1.00
Director
$0 $0 $0
JUDY RICHARDSON DIRECTOR 1.00
Director
$0 $0 $0
LISA HARDY PRESIDENT & CEO (THROUGH DEC 2024) 15.00
Officer
$0 $51,536 $695,453
DIANA JAMISON CFO (THROUGH JANUARY 2024) 20.00
Officer
$0 $1,620 $107,564
KAY WALLIN VP OF MARKETING PUBLIC RELATIONS (THROUGH JUNE 2024) 22.50
Officer
$0 $22,107 $296,069
DENISA FEDDERSEN CFO (AS OF JANUARY 2024) 15.00
Officer
$0 $12,893 $304,136
SANDRA COOK VP OF MARKETING & PUBLIC RELATIONS (AS OF JULY 2024) 22.50
Officer
$0 $364 $96,669
AL CHAMBARD INTERIM CEO (AS OF NOVEMBER 2024) 15.00
Officer
$0 $0 $79,153
KAREN ROSE HEALTH SERVICES ADMINISTRATOR 50.00
Highest
$171,610 $12,924 $184,534
STACY EDWARDS MARKETING DIRECTOR 50.00
Highest
$147,010 $27,257 $174,267
ANGELA MCCLOSKEY DIRECTOR OF NURSING 50.00
Highest
$149,355 $12,256 $161,611
DAWN EMERICH REGISTERED NURSE 50.00
Highest
$108,516 $12,881 $121,397
HOLLY PHILLIPS HEALTH SERVICES ADMINISTRATOR 50.00
Highest
$114,974 $13,720 $128,694
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $25,470,139 $25,107,762 $139,770,393 $362,377
2023 $25,833,805 $23,872,850 $134,165,705 $1,960,955
2022 $13,896,246 $24,052,522 $131,461,991 $-10,156,276
2021 $21,024,453 $23,728,156 $136,208,870 $-2,703,703
2020 $20,479,553 $22,995,550 $137,125,251 $-2,515,997
2019 $17,260,024 $22,590,185 $143,179,248 $-5,330,161
2018 $12,858,227 $20,668,302 $155,993,217 $-7,810,075
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