Covenant Medical Center Inc
- Assets
- $1.0b
- Revenue
- $776.9m
- Investments
- $93.5m
- Employees
- 5,463
- Location
- Saginaw, MI
- Founding
- 05/1998
- Data as of
- 06/2021
- EIN
- 38-3369438
Organization Overview
Covenant Medical Center Inc, operating under the name Covenant Healthcare, is located in Saginaw, MI. The organization was established in 1998. According to its NTEE Classification (E22) the organization is classified as: General Hospitals, under the broad grouping of Health Care and related organizations. As of 06/2021, Covenant Healthcare employed 5,463 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covenant Healthcare 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 06/2021, Covenant Healthcare generated $776.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $806.7m during the year ending 06/2021. While expenses have increased by 5.4% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE DIVERSE MEDICAL CARE TO MEET THE HEALTH CARE NEEDS OF THE 14 COUNTIES IN EAST CENTRAL MICHIGAN WE SERVE.
Describe the Organization's Program Activity:
ONE OF THE LARGEST, MOST COMPREHENSIVE HEALTH CARE FACILITIES NORTH OF METRO DETROIT, COVENANT HEALTHCARE IS PREPARED TO RESPOND TO THE DIVERSE MEDICAL NEEDS OF OUR REGION. WE OFFER A BROAD SPECTRUM OF PROGRAMS AND SERVICES RANGING FROM OBSTETRICS, NEONATAL AND PEDIATRIC CARE, TO ACUTE CARE INCLUDING CARDIOLOGY, ONCOLOGY, SURGERY AND MANY OTHER SERVICES ON THE LEADING EDGE OF MEDICINE. ALL OF OUR PROGRAMS AND SERVICES EXEMPLIFY OUR COMMITMENT TO PROVIDING QUALITY, COMPASSIONATE CARE. AS A MEDICAL FACILITY WITH MORE THAN 600 BEDS AND A COMPLETE RANGE OF MEDICAL SERVICES, COVENANT HEALTHCARE STANDS READY TO MEET THE NEEDS OF THE 14 COUNTIES IN EAST CENTRAL MICHIGAN WE SERVE. WITH MORE THAN 20 INPATIENT AND OUTPATIENT FACILITIES, COVENANT HEALTHCARE OFFERS CONVENIENCE AND EASY ACCESS TO HIGH QUALITY CARE. THE MEDICAL CENTER PROVIDED THE FOLLOWING FOR THE FISCAL YEAR 2021: 6,041 WOMEN'S AND CHILDREN'S CASES, 3,294 CARDIOLOGY CASES, 3,666 GENERAL MEDICAL CASES, 1,902 ORTHOPEDIC CARE CASES, AND 2,669 PULMONARY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward Bruff President | OfficerTrustee | 54 | $4,295,842 |
Kevin Albosta Vice President | Officer | 55 | $2,750,242 |
Beth Charlton Vice President | Officer | 51 | $1,605,333 |
Binu Malhotra Physician | 40 | $1,152,396 | |
Adam Cote Physician | 40 | $1,152,110 | |
Bakri Kaakeh Physician | 40 | $993,580 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mi Co-tenancy Labs Lab Services | 6/29/21 | $4,310,994 |
Hema-tec Dialysis Services | 6/29/21 | $4,147,390 |
Epic Systems Corporation It Mtc Support | 6/29/21 | $4,091,170 |
Saginaw Anesthesia Anesthesia Services | 6/29/21 | $1,671,952 |
Dickinson Wright Pllc Legal Services | 6/29/21 | $2,264,187 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,181,542 |
| Government grants | $17,506,692 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $1,181,542 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,688,234 |
| Total Program Service Revenue | $729,311,631 |
| Investment income | $7,791,909 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $945,443 |
| Net Gain/Loss on Asset Sales | $17,732,480 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $776,913,978 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $12,386,249 |
| Compensation of current officers, directors, key employees. | $12,386,249 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $341,310,200 |
| Pension plan accruals and contributions | $12,718,581 |
| Other employee benefits | $41,952,631 |
| Payroll taxes | $19,555,296 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $71,897,368 |
| Fees for services: Accounting | $158,500 |
| Fees for services: Lobbying | $56,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $55,780,454 |
| Advertising and promotion | $2,905,019 |
| Office expenses | $8,903,200 |
| Information technology | $14,016,423 |
| Royalties | $0 |
| Occupancy | $15,654,023 |
| Travel | $406,055 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $105,329 |
| Interest | $2,039,783 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,898,676 |
| Insurance | $7,072,669 |
| All other expenses | $7,160,921 |
| Total functional expenses | $806,671,919 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $81,146,104 |
| Savings and temporary cash investments | $88,046,506 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $75,299,071 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $17,070,346 |
| Prepaid expenses and deferred charges | $39,228,606 |
| Net Land, buildings, and equipment | $202,581,986 |
| Investments—publicly traded securities | $377,581,627 |
| Investments—other securities | $93,450,677 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $64,385,359 |
| Total assets | $1,038,790,282 |
| Accounts payable and accrued expenses | $217,015,900 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $79,608,632 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $46,340,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $119,944,907 |
| Total liabilities | $462,909,439 |
| Net assets without donor restrictions | $575,880,843 |
| Net assets with donor restrictions | $0 |
| 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 | $1,038,790,282 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Covenant Medical Center Inc has recieved totaling $125,385.
| Awarding Organization | Amount |
|---|---|
Michigan Health And Hospital Association Okemos, MI PURPOSE: GRANT PASS THROUGH FOR COVID-19 | $125,385 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Deaconess Hospital Inc Evansville, IN | $1,921,220,397 | $1,102,144,618 |
Kettering College Miamisburg, OH | $1,728,903,615 | $1,055,020,178 |
Covenant Medical Center Inc Saginaw, MI | $1,038,790,282 | $776,913,978 |
Allegiance Health Jackson, MI | $830,742,312 | $709,583,429 |
Indiana University Health Bloomingon Inc Indianapolis, IN | $990,966,337 | $700,343,585 |
Munson Medical Center Traverse City, MI | $1,240,001,316 | $752,883,085 |
Bethesda Hospital Inc Cincinnati, OH | $1,219,368,332 | $686,286,971 |
Mercy Health System Corporation Janesville, WI | $590,598,309 | $634,611,105 |
The Good Samaritan Hospital Of Cincinnati Ohio Dtd 01251995 Cincinnati, OH | $942,007,823 | $651,965,819 |
St Vincent Hospital-Hospital Sisters-Third Order Of St Francis Green Bay, WI | $911,771,001 | $646,081,418 |
Munster Medical Research Foundation Inc Munster, IN | $297,008,950 | $660,640,751 |
Aspirus Wausau Hospital Inc Wausau, WI | $652,843,423 | $674,491,769 |