Covenant Healthcare Foundtion
- Assets
- $25.4m
- Revenue
- $2.9m
- Investments
- $3.8m
- Employees
- 0
- Location
- Saginaw, MI
- Founding
- 04/1985
- Data as of
- 06/2022
- EIN
- 38-2572154
Organization Overview
Covenant Healthcare Foundtion is located in Saginaw, MI. The organization was established in 1985. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covenant Healthcare Foundtion 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 06/2022, Covenant Healthcare Foundtion generated $2.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.1% each year . All expenses for the organization totaled $4.9m during the year ending 06/2022. While expenses have increased by 16.9% per year over the past 7 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION IS ESTABLISHED TO SUPPORT THE COVENANT HEALTHCARE SYSTEM BY ACCEPTING DONATIONS AND PROVIDING STEWARDSHIP OF CHARITABLE FUNDS RECEIVED FROM THE COVENANT HEALTHCARE CONSTITUENCY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTS TO VARIOUS HOSPITAL UNITS TO BE USED FOR THE BENEFIT OF COVENANT HEALTHCARE SYSTEM, A NON-PROFIT ORGANIZATION, AND ITS AFFILIATED HOSPITAL, COVENANT MEDICAL CENTER.
COLLEGE SCHOLARSHIPS TO HIGH SCHOOL STUDENTS, LEGAL DEPENDENTS AND NURSING STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward Bruff President/ceo | OfficerTrustee | 4 | $0 |
Bethany Charlton President/ceo | OfficerTrustee | 4 | $0 |
Kevin Albosta Vp/cfo | OfficerTrustee | 4 | $0 |
Amy Buben Chair | OfficerTrustee | 4 | $0 |
Jane Hagen Vice-Chair | OfficerTrustee | 4 | $0 |
Richard J Garber Jr Board Member | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $148,944 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,152,515 |
| Noncash contributions included in lines 1a–1f | $29,736 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,301,459 |
| Total Program Service Revenue | $0 |
| Investment income | $547,275 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $830,909 |
| Net Income from Fundraising Events | $3,340 |
| Net Income from Gaming Activities | $8,170 |
| Net Income from Sales of Inventory | $123,442 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,934,595 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,150,002 |
| Grants and other assistance to domestic individuals. | $66,686 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $427,874 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $55,387 |
| Payroll taxes | $28,316 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $28,869 |
| Fees for services: Other | $20 |
| Advertising and promotion | $0 |
| Office expenses | $28,200 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,437 |
| Travel | $3,417 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,858,867 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,109,051 |
| Savings and temporary cash investments | $1,062,665 |
| Pledges and grants receivable | $2,182,919 |
| Accounts receivable, net | $0 |
| 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 | $170,648 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $15,110,537 |
| Investments—other securities | $3,783,049 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $25,418,869 |
| Accounts payable and accrued expenses | $109,602 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $109,602 |
| Net assets without donor restrictions | $7,195,152 |
| Net assets with donor restrictions | $18,114,115 |
| 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 | $25,418,869 |