Covenant Woods
- Assets
- $166.9m
- Revenue
- $38.6m
- Investments
- $11.2m
- Employees
- 500
- Location
- Mechanicsville, VA
- Founding
- 10/1942
- Data as of
- 03/2022
- EIN
- 54-0524902
Organization Overview
Covenant Woods is located in Mechanicsville, VA. The organization was established in 1942. According to its NTEE Classification (E91) the organization is classified as: Nursing Facilities, under the broad grouping of Health Care and related organizations. As of 03/2023, Covenant Woods employed 500 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covenant Woods 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 03/2022, Covenant Woods generated $38.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $42.5m during the year ending 03/2022. While expenses have increased by 9.2% 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
NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COVENANT WOODS (CW), A VIRGINIA NONSTOCK CORPORATION FOUNDED IN OCTOBER 1883, IS A NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY IN MECHANICSVILLE, VA. CW CONSISTS OF 231 INDEPENDENT LIVING UNITS, 60 ASSISTED LIVING UNITS, AND 62 LICENSED NURSING BEDS. THE COST TO OPERATE CW DURING FY2023 WAS APPROXIMATELY $34 MILLION. CW IS A NOT-FOR-PROFIT SENIOR LIVING COMMUNITY OFFERING ACTIVE LIFESTYLES, PERSONAL FREEDOM IN DAILY LIFE, AND FINANCIAL AND PHYSICAL SECURITY WITHIN AN EXTENSIVE CONTINUUM OF CARE. LOCATED ON 90 PRIVATE ACRES, COVENANT WOODS' HANOVER COUNTY CAMPUS FACILITATES A BROAD WELLNESS PROGRAM INCLUDING EXTENSIVE WALKING TRAILS AND OUTDOOR ACTIVITY SPACES, AS WELL AS MUSICAL PERFORMANCES, LECTURES, CLASSES, AND SOCIAL GATHERINGS. "CONTINUED ON SCH. O"COVENANT WOODS PROVIDES MAINTENANCE-FREE LIVING WITH INTERIOR AND EXTERIOR MAINTENANCE, LAWN CARE AND SNOW REMOVAL, AND HOUSEKEEPING INCLUDED. NUMEROUS RESOURCES ARE AVAILABLE TO RESIDENTS INCLUDING FOUR DIFFERENT DINING VENUE CHOICES IN INDEPENDENT LIVING, PRIVATE DINING ROOMS, A FITNESS CENTER AND INDOOR SALTWATER SWIMMING POOL, GAME AND EVENT SPACES, BILLIARDS ROOM, ART STUDIO, GARDENING AREAS, WOOD WORKING AND POTTERY SHOPS, AND A PAVED WALKING TRAIL SURROUNDING A STOCKED POND. COVENANT WOODS OFFERS TRANSPORTATION SERVICES, 24-HOUR SECURITY AND A PERSONAL EMERGENCY ALERT SYSTEM, THERAPY, AND CLINIC SERVICES.
IN JANUARY 2020, COVENANT WOODS ACQUIRED ADVANCE CARE LLC, A HOME HEALTH AGENCY LOCATED IN CHESTERFIELD COUNTY. ADVANCE CARE SERVES THE HOME HEALTH NEEDS FOR INDIVIDUALS WITHIN A 50-MILE RADIUS OF ITS OFFICE LOCATION, WHICH INCLUDES ALL OF THE METRO RICHMOND AREA. THEY ARE BOTH MEDICARE AND MEDICAID CERTIFIED AND ARE ACCREDITED BY ACHC. THEIR SERVICES ARE ALSO OFFERED TO RESIDENTS OF COVENANT WOODS WHO QUALIFY AND REQUEST THESE SERVICES.
IN SEPTEMBER 2020, COVENANT WOODS CREATED ADVANCE CARE HOSPICE LLC, A HOSPICE AGENCY LOCATED IN CHESTERFIELD COUNTY. ADVANCE CARE HOSPICE WILL SERVE THE HOSPICE NEEDS FOR INDIVIDUALS WITHIN A 50-MILE RADIUS OF ITS OFFICE LOCATION, WHICH INCLUDES ALL OF THE METRO RICHMOND AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brandon Armor Chair | OfficerTrustee | 1 | $0 |
Karen Cook Vice Chair | OfficerTrustee | 1 | $0 |
David W Fuller Secretary | OfficerTrustee | 1 | $0 |
Richard Adams Board Member | Trustee | 1 | $0 |
Melissa Ball Board Member | Trustee | 1 | $0 |
Kelsey Beaulieu Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Performance Foodservice Group Food Services | 3/30/23 | $1,135,432 |
Criterion Chemistries Covid Testing | 3/30/23 | $549,315 |
Admiral Security Services Campus Security | 3/30/23 | $245,532 |
Ths Contruction Company Inc Resident Unit Construction | 3/30/23 | $460,790 |
Dma Floors Inc Resident Unit Construction | 3/30/23 | $276,750 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $600,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $298,633 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $898,633 |
| Total Program Service Revenue | $31,318,239 |
| Investment income | $1,851,408 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,400 |
| Net Gain/Loss on Asset Sales | $3,772,192 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $38,635,107 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $326,380 |
| 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 | $15,490,553 |
| Pension plan accruals and contributions | $520,197 |
| Other employee benefits | $3,948,506 |
| Payroll taxes | $1,259,849 |
| Fees for services: Management | $12,310 |
| Fees for services: Legal | $85,185 |
| Fees for services: Accounting | $54,084 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $97,766 |
| Fees for services: Other | $576,294 |
| Advertising and promotion | $182,832 |
| Office expenses | $933,170 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,752,989 |
| Travel | $148,162 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $96,928 |
| Interest | $4,426,687 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,831,653 |
| Insurance | $507,591 |
| All other expenses | $1,421,764 |
| Total functional expenses | $42,541,914 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $340,147 |
| Savings and temporary cash investments | $1,983,693 |
| Pledges and grants receivable | $4,470 |
| Accounts receivable, net | $1,078,139 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $31,969 |
| Prepaid expenses and deferred charges | $553,746 |
| Net Land, buildings, and equipment | $114,715,132 |
| Investments—publicly traded securities | $28,754,100 |
| Investments—other securities | $11,227,897 |
| Investments—program-related | $2,596,473 |
| Intangible assets | $0 |
| Other assets | $5,617,157 |
| Total assets | $166,902,923 |
| Accounts payable and accrued expenses | $5,108,244 |
| Grants payable | $0 |
| Deferred revenue | $51,652,245 |
| Tax-exempt bond liabilities | $85,630,453 |
| Escrow or custodial account liability | $86,506 |
| 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 | $2,842,518 |
| Total liabilities | $145,319,966 |
| Net assets without donor restrictions | $17,042,103 |
| Net assets with donor restrictions | $4,540,854 |
| 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 | $166,902,923 |