Covenant Health Inc
- Assets
- $348.1m
- Revenue
- $80.9m
- Investments
- $38.8m
- Employees
- 308
- Location
- Andover, MA
- Founding
- 03/1946
- Data as of
- 12/2022
- EIN
- 22-2484505
Organization Overview
Covenant Health Inc is located in Andover, MA. The organization was established in 1946. According to its NTEE Classification (E30) the organization is classified as: Ambulatory & Primary Health Care, under the broad grouping of Health Care and related organizations. As of 12/2023, Covenant Health Inc employed 308 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Covenant Health Inc 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 12/2022, Covenant Health Inc generated $80.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 25.6% each year . All expenses for the organization totaled $79.5m during the year ending 12/2022. While expenses have increased by 26.6% per year over the past 8 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.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
COVENANT HEALTH IS A CATHOLIC HEALTH CARE SYSTEM SPONSORING HOSPITALS, NURSING HOMES, ASSISTED LIVING RESIDENCES, AND OTHER HEALTH AND ELDER SERVICES THROUGHOUT NEW ENGLAND. THE ORGANIZATION IS COMMITTED TO THE HEALTH OF THE INDIVIDUALS AND COMMUNITIES IT SERVES, AND THE ORGANIZATION STRIVES TO OFFER A CONTINUUM OF HIGH QUALITY CARE. PLEASE SEE THE ORGANIZATION'S WEBSITE FOR THE 2020 COVENANT HEALTH CORPORATE REPORT.
Describe the Organization's Program Activity:
SPONSORING AND OPERATING A CATHOLIC HEALTH CARE SYSTEM CONSISTING OF HOSPITALS, NURSING HOMES, ASSISTED LIVING RESIDENCES, AND OTHER HEALTH AND ELDER SERVICES, AS WELL AS FURTHERING THE DELIVERY OF HEALTH AND HUMAN SERVICES CONSISTENT WITH THE TEACHINGS AND LAW OF THE ROMAN CATHOLIC CHURCH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen Grubbs President & CEO | OfficerTrustee | 40 | $853,102 |
Lesley Adkinson E PHD RN Director | Trustee | 2 | $0 |
Mark W Anthoine Sr Director | Trustee | 2 | $0 |
Bruce Bonnell MD MPH Director | Trustee | 2 | $0 |
Aisha Barlatier-Bonny Director | Trustee | 2 | $0 |
Kathy Connerton JD MBA Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ensemble Rcm Llc Management And Consulting Services | 12/30/22 | $27,568,012 |
Good Help Connections Llc Telecommunications And It Solutions | 12/30/22 | $8,548,623 |
Premier Healthcare Solutions Healthcare Analytics And Consulting | 12/30/22 | $3,293,548 |
Microsoft It Service And Support | 12/30/22 | $3,241,665 |
3m Health Information Systems It Service And Support | 12/30/22 | $1,440,609 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $138,942 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $138,942 |
| Total Program Service Revenue | $79,370,149 |
| Investment income | $382,456 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,021,078 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $80,912,625 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $85,695 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,978,937 |
| Compensation of current officers, directors, key employees. | $445,514 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $24,430,647 |
| Pension plan accruals and contributions | $601,085 |
| Other employee benefits | $2,263,042 |
| Payroll taxes | $1,960,874 |
| Fees for services: Management | $560,764 |
| Fees for services: Legal | $714,391 |
| Fees for services: Accounting | $67,167 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $20,814,114 |
| Advertising and promotion | $733,417 |
| Office expenses | $743,109 |
| Information technology | $8,680,045 |
| Royalties | $0 |
| Occupancy | $732,815 |
| Travel | $594,983 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,230,359 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,125,921 |
| Insurance | $194,653 |
| All other expenses | $0 |
| Total functional expenses | $79,496,874 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,155,534 |
| Savings and temporary cash investments | $1,130,804 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,763,046 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,540,340 |
| Net Land, buildings, and equipment | $61,205,537 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $38,845,845 |
| Investments—program-related | $0 |
| Intangible assets | $248,673 |
| Other assets | $225,235,733 |
| Total assets | $348,125,512 |
| Accounts payable and accrued expenses | $19,552,946 |
| Grants payable | $0 |
| Deferred revenue | $4,167 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $223,055,739 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $346,280 |
| Total liabilities | $242,959,132 |
| Net assets without donor restrictions | $6,979,401 |
| Net assets with donor restrictions | $98,186,979 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $348,125,512 |
Grants Awarded
Over the last fiscal year, Covenant Health Inc has awarded $80,001 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
ST JOSEPH'S HOSPITAL OF NASHUA NH INC PURPOSE: Funding for medical supplies. | $26,667 |
ST JOSEPH HOSPITAL FOUNDATION PURPOSE: Funding for medical supplies. | $16,667 |
BANGOR NURSING & REHABILITATION CENTER PURPOSE: Funding for medical supplies. | $10,000 |
ST MARY'S REGIONAL MEDICAL CENTER PURPOSE: Funding for medical supplies. | $16,667 |
ST MARY'S VILLA NURSING HOME PURPOSE: Funding for medical supplies. | $10,000 |