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 12/2021, Herons Key employed 232 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 12/2021, Herons Key generated $21.0m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 66.3% each year . All expenses for the organization totaled $23.7m during the year ending 12/2021. While expenses have increased by 26.6% per year over the past 5 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

2021

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. 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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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Harvard Partners Of Washingont
Temporary Staffing Services
$583,514
Angell Marketing
Marketing Services
$517,300
Lcs Development Llc
Pr & Marketing Services
$308,684
Proalliance Healthcare Staffing Llc
Temporary Staffing Services
$208,559
Select Rehabilitation Llc
Rehabilitation Therapy
$620,751
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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $7,548
All other contributions, gifts, grants, and similar amounts not included above$60,672
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$68,220
Total Program Service Revenue$20,697,539
Investment income $235,084
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $23,610
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $21,024,453

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