The Hearthstone
Legal name: The Lutheran Retirement Home of Greater Seattle
Nonprofit profile at a glance
- EIN
- 910743702
- IRS 990 coverage
- 2010–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Seattle, WA, US
- Phone
- (206) 517-2216
- Rating
- 85
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Senior Citizens' Housing/Retirement Communities
- Affiliation
- Christianity
Reported finances
- Revenue
- $21,778,654
- Expenses
- $28,562,330
- Assets
- $72,296,239
- Liabilities
- $80,447,765
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
25 people listed
Executive titles in this filing
- REGGIE MULLIS (CHIEF EXECUTIVE OFFICER)
Highest reported compensation
- REGGIE MULLIS (CHIEF EXECUTIVE OFFICER): $314,326 total reported compensation
- JEREMIAS RAMIREZ (REGISTERED NURSE): $220,854 total reported compensation
- STACY MESAROS (SENIOR HEALTH SERVICES DIRECTOR): $206,847 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Founded in 1966 with roots in the Lutheran faith, The Hearthstone welcomes people age 62 or greater of all faiths and provides continuing care services designed to help residents retain independence, health, security, purpose and belonging. The Hearthstone’s campus consists of three buildings: The Flagship Lakeside building on the shores Green Lake, Cove West and Cove East. Residents in any of our buildings are afforded a full complement of community amenities. Beyond those invaluable services, The Hearthstone provides a true sense of comfort and belonging to all who call the community their home. We are here to answer questions. C all (206) 517-2216 or fill out the form on our contact page to learn more. Greater choices and more living options.
What it reported doing in 2024
The hearthstone owns and operates a life plan community ("lakeside") located in seattle, Washington, that includes 109 independent living apartments, a second facility ("cove west") that includes 27 independent living apartments, and a third facility ("cove east") with 22 independent living apartments. Lakeside also includes a 40-bed nursing care facility, a 36-unit assisted living area, and 12 memory care apartments. The hearthstone also provides daily activities, three meals a day, rehabilitation services for wellness to recovery, and hospice services. The chapel is open for weekly vesper services, music recitals by local students, and board meetings for other not-for-profit businesses. Through donations, the hearthstone provides financial assistance to residents who have outlived their assets while living independently or in assisted living. The hearthstone's health care center is also available for non-hearthstone residents age 62 and over needing short-term rehabilitation services.
Operating model
- Revenue model
- Earned-program. 97% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Direct operator. The filing allocates 99% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 84
- Transparency & Controls: 89
- Accountability: 91
- Sustainability: 28
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 85.7%; rating input score 86
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 93.8%; rating input score 94; 17th percentile among comparable filings
- Pay-setting controls: 4 of 6 controls in place; rating input score 67
- Compensation committee: Pass
- Independent consultant: Missing
- Other Form 990s reviewed: Pass
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 99.5%; rating input score 100; 34th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: -31.1%; rating input score 3; 3rd percentile among comparable filings
- Total-asset coverage ratio: 2.53; rating input score 70; 70th percentile among comparable filings
- Liabilities to assets ratio: 1.11; rating input score 4; 4th percentile among comparable filings
- Officer compensation ratio: 5.9%; rating input score 43; 43rd percentile among comparable filings
Growth
- Program expense growth: 6.1% per year; rating input score 100; 50th percentile among comparable filings
- Revenue growth: 4% per year; rating input score 100; 34th percentile among comparable filings
- Asset growth: 6.1% per year; rating input score 100; 43rd percentile among comparable filings
Details
- What they do: 1 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 100% of revenue deployed · 85.7% of spending went to programs
- Governance: 14 of 14 board members independent · 7 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $24.5M in reported program spending
- Leadership: top reported pay $314K · 25 people listed · 4 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $5.2M reported
- Consistency: 39 of 40 current checks pass · 1 finding to review
- Schedules: 9 filed schedules · includes major donors, grants, and executive pay
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 10 filed money-flow records
- Related organizations: 1 filed related-organization link
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Sustainability: Operating margin scored 3/100.
- Review — Accountability: Governance controls: Independent financial-statement audit not reported.
- High — Sustainability: Liabilities to assets ratio scored 4/100.
- Moderate — Sustainability: Officer compensation ratio scored 43/100.
- Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.