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Nonprofiteer
← HERONS KEY

Form 990 for tax year 2024

Filed by HERONS KEY.

Totals

Total revenue
$25,470,139
Total expenses
$25,107,762
Contributions and grants received
$63,664
Grants paid
$0
Program service revenue
$24,500,021
Investment income
$906,454
Other revenue
$0
Total assets, end of year
$139,770,393
Total liabilities, end of year
$177,985,089
Net assets or fund balances, end of year
-$38,214,696
Program services expenses (Part IX)
$19,653,486
Management and general expenses
$5,454,276
Fundraising expenses
$0
Program service expenses (Part III)
$19,653,486

Program services were 78.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $63,664

  • 2a · Program service revenue: MONTHLY MAINTENANCE FE

    total $18,076,196 · related or exempt $18,076,196

  • 2b · Program service revenue: ENTRANCE FEES EARNED

    total $4,693,421 · related or exempt $4,693,421

  • 2c · Program service revenue: MEALS & OTHER SERVICES

    total $1,051,561 · related or exempt $1,051,561

  • 2d · Program service revenue: HEALTH SERVICES

    total $678,843 · related or exempt $678,843

  • 3 · Investment income

    total $906,442 · excluded $906,442

  • 7a · Gross sales of assets other than inventory

    securities $12

  • 7b · Less cost or other basis and sales expenses

    securities $0

  • 7c · Gain or loss

    securities $12

  • 7d · Net gain or loss

    total $12 · excluded $12

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $7,367,777 · program services $6,351,665 · management and general $1,016,112

  • 8 · Pension plan contributions

    total $86,614 · program services $72,668 · management and general $13,946

  • 9 · Other employee benefits

    total $1,901,967 · program services $1,675,404 · management and general $226,563

  • 10 · Payroll taxes

    total $603,287 · program services $525,601 · management and general $77,686

  • 11a · Fees: management

    total $1,535,945 · management and general $1,535,945

  • 11b · Fees: legal

    total $78,215 · management and general $78,215

  • 11c · Fees: accounting

    total $62,449 · management and general $62,449

  • 11f · Fees: investment management

    total $8,002 · management and general $8,002

  • 11g · Fees: other

    total $1,605,670 · program services $429,301 · management and general $1,176,369

  • 12 · Advertising and promotion

    total $592,954 · program services $65,685 · management and general $527,269

  • 13 · Office expenses

    total $601,650 · program services $368,117 · management and general $233,533

  • 14 · Information technology

    total $176,191 · program services $24,943 · management and general $151,248

  • 16 · Occupancy

    total $806,692 · program services $806,692

  • 17 · Travel

    total $35,793 · program services $25,985 · management and general $9,808

  • 19 · Conferences, conventions and meetings

    total $83,781 · program services $34,205 · management and general $49,576

  • 20 · Interest

    total $4,197,819 · program services $4,194,015 · management and general $3,804

  • 22 · Depreciation, depletion and amortization

    total $3,867,033 · program services $3,867,033

  • 23 · Insurance

    total $277,487 · management and general $277,487

  • 24a · Other expenses: FOOD

    total $825,019 · program services $818,857 · management and general $6,162

  • 24b · Other expenses: HEALTH SERVICES

    total $295,084 · program services $295,084

  • 24c · Other expenses: OTHER EXPENSES

    total $63,333 · program services $63,231 · management and general $102

  • 24d · Other expenses: BAD DEBT EXPENSE

    total $35,000 · program services $35,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,853,922 · end of year $7,146,505

  • 2 · Savings and temporary cash investments

    beginning of year $109,446

  • 4 · Accounts receivable

    beginning of year $363,905 · end of year $531,454

  • 8 · Inventories for sale or use

    beginning of year $60,267 · end of year $45,013

  • 9 · Prepaid expenses and deferred charges

    beginning of year $133,433 · end of year $150,065

  • 10a · Land, buildings and equipment: cost or other basis

    $132,659,879

  • 10b · Land, buildings and equipment: accumulated depreciation

    $27,121,780

  • 10c · Land, buildings and equipment, net

    beginning of year $107,530,244 · end of year $105,538,099

  • 11 · Investments: publicly traded securities

    beginning of year $15,496,488 · end of year $22,997,257

  • 15 · Other assets

    beginning of year $1,618,000 · end of year $3,362,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,458,016 · end of year $1,509,647

  • 19 · Deferred revenue

    beginning of year $36,489,029 · end of year $38,890,651

  • 21 · Escrow or custodial account liability

    beginning of year $55,305,939 · end of year $56,682,373

  • 23 · Secured mortgages and notes payable

    beginning of year $72,806,174 · end of year $72,202,528

  • 25 · Other liabilities

    beginning of year $8,426,886 · end of year $8,699,890

  • 27 · Net assets without donor restrictions

    beginning of year -$40,635,583 · end of year -$38,597,320

  • 28 · Net assets with donor restrictions

    beginning of year $315,244 · end of year $382,624

Mission and programs · 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.

Activities or mission (Part I)

HERON'S KEY IS A LIFE PLAN RETIREMENT COMMUNITY.

  • 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.

    Expenses $11,947,521 · Revenue $14,893,771

  • 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.

    Expenses $5,405,830 · Revenue $6,738,904

  • 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.

    Expenses $2,300,135 · Revenue $2,867,346

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • DWIGHT WHITING

    CHAIR

    Total calculated
    $0
    Hours/week
    2 + 4 related

  • DAPHNE SCHNEIDER

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • DANNA VANHORN

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • DAVID HUDSON

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • KAREN COHOE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • ROBERT CRIST

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • JILL GUERNSEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • JEFF JONES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • GARY KING

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • STEPHANIE MARSHALL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • DEWAYNE MCMULLIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • JUDY RICHARDSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • LISA HARDY

    PRESIDENT & CEO (THROUGH DEC 2024)

    Total calculated
    $695,453
    From this org
    $0
    From related orgs
    $643,917
    Other
    $51,536
    Hours/week
    15 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $483,015 related
    Bonus
    $0 + $99,408 related
    Other
    $0 + $61,494 related
    Deferred
    $0 + $22,915 related
    Nontaxable benefits
    $0 + $28,621 related
    Filer's total
    $0 + $695,453 related

  • DIANA JAMISON

    CFO (THROUGH JANUARY 2024)

    Total calculated
    $107,564
    From this org
    $0
    From related orgs
    $105,944
    Other
    $1,620
    Hours/week
    20 + 30 related

  • KAY WALLIN VP OF MARKETING

    PUBLIC RELATIONS (THROUGH JUNE 2024)

    Total calculated
    $296,069
    From this org
    $0
    From related orgs
    $273,962
    Other
    $22,107
    Hours/week
    22.5 + 27.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $164,993 related
    Bonus
    $0 + $33,284 related
    Other
    $0 + $75,685 related
    Deferred
    $0 + $13,749 related
    Nontaxable benefits
    $0 + $8,358 related
    Filer's total
    $0 + $296,069 related

  • DENISA FEDDERSEN

    CFO (AS OF JANUARY 2024)

    Total calculated
    $304,136
    From this org
    $0
    From related orgs
    $291,243
    Other
    $12,893
    Hours/week
    15 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $262,539 related
    Bonus
    $0 + $27,750 related
    Other
    $0 + $954 related
    Deferred
    $0 + $6,675 related
    Nontaxable benefits
    $0 + $6,218 related
    Filer's total
    $0 + $304,136 related

  • SANDRA COOK VP OF MARKETING

    & PUBLIC RELATIONS (AS OF JULY 2024)

    Total calculated
    $96,669
    From this org
    $0
    From related orgs
    $96,305
    Other
    $364
    Hours/week
    22.5 + 27.5 related

  • AL CHAMBARD

    INTERIM CEO (AS OF NOVEMBER 2024)

    Total calculated
    $79,153
    From this org
    $0
    From related orgs
    $79,153
    Other
    $0
    Hours/week
    15 + 35 related

  • KAREN ROSE

    HEALTH SERVICES ADMINISTRATOR

    Total calculated
    $184,534
    From this org
    $171,610
    From related orgs
    $0
    Other
    $12,924
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $152,038
    Bonus
    $19,385
    Other
    $187
    Deferred
    $0
    Nontaxable benefits
    $12,924
    Filer's total
    $184,534

  • STACY EDWARDS

    MARKETING DIRECTOR

    Total calculated
    $174,267
    From this org
    $147,010
    From related orgs
    $0
    Other
    $27,257
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $82,464
    Bonus
    $64,405
    Other
    $141
    Deferred
    $4,875
    Nontaxable benefits
    $22,382
    Filer's total
    $174,267

  • ANGELA MCCLOSKEY

    DIRECTOR OF NURSING

    Total calculated
    $161,611
    From this org
    $149,355
    From related orgs
    $0
    Other
    $12,256
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $140,238
    Bonus
    $8,653
    Other
    $464
    Deferred
    $0
    Nontaxable benefits
    $12,256
    Filer's total
    $161,611

  • DAWN EMERICH

    REGISTERED NURSE

    Total calculated
    $121,397
    From this org
    $108,516
    From related orgs
    $0
    Other
    $12,881
    Hours/week
    50

  • HOLLY PHILLIPS

    HEALTH SERVICES ADMINISTRATOR

    Total calculated
    $128,694
    From this org
    $114,974
    From related orgs
    $0
    Other
    $13,720
    Hours/week
    50

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
EMERALD COMMUNITIES HAS A 457(F) SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR CERTAIN EXECUTIVE EMPLOYEES. DURING 2024, THE FOLLOWING AMOUNTS WERE CONTRIBUTED TO THEIR PLANS: LISA HARDY, PRESIDENT & CEO (THROUGH DECEMBER 2024), $22,995 DENISA FEDDERSEN, CFO (AS OF JANUARY 2024), $13,678 DURING 2024, THE FOLLOWING AMOUNTS WERE DISTRIBUTED OUT OF THEIR PLANS: AL CHAMBARD, INTERIM CEO (AS OF NOVEMBER 2024), $31,153 DIANA JAMISON, CFO (THROUGH JANUARY 2024), $23,128
PART I, LINE 7
CERTAIN NON-FIXED INCENTIVE PAYMENTS WERE PAID TO MANAGEMENT STAFF THAT RELATED TO PERFORMANCE MEASUREMENTS OTHER THAN REVENUES AND NET EARNINGS.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
13 June 2025
IRS schema version
2024v5.1
Source object
202501679349300235

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