Covenant Village Inc
- Assets
- $24.8m
- Revenue
- $14.7m
- Investments
- $4.9m
- Employees
- 280
- Location
- Gastonia, NC
- Founding
- 04/1980
- Data as of
- 09/2022
- EIN
- 56-1210103
Organization Overview
Covenant Village Inc is located in Gastonia, NC. The organization was established in 1980. According to its NTEE Classification (P75) the organization is classified as: Supportive Housing for Older Adults, under the broad grouping of Human Services and related organizations. As of 09/2022, Covenant Village Inc employed 280 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covenant Village 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 09/2022, Covenant Village Inc generated $14.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $14.3m during the year ending 09/2022. While expenses have increased by 2.7% 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
OWNS AND OPERATES A CONTINUING CARE RETIREMENT COMMUNITY AND PROVIDES NURSING CARE, ASSISTED LIVING AND SERVICES FOR THE INDEPENDENT ELDERLY
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF RETIREMENT, LIFE AND HEALTH CARE FACILITY IN EXCESS OF 200 RESIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dale Melton CEO | Officer | 40 | $225,363 |
Kevin Stewart Health Servi | 40 | $152,414 | |
Pamela Paige Resident Ser | 40 | $135,191 | |
Russell Craig Property Ser | 40 | $109,942 | |
Jennifer Baker Sr. Director | 40 | $107,610 | |
Carol Carstarphen Secretary | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Reginald W Thomas Construction | 9/29/22 | $489,315 |
Wellpointe Advisors Llc Consulting | 9/29/22 | $229,120 |
Dixon Hughes Goodman Llp Consulting | 9/29/22 | $105,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,999,056 |
| All other contributions, gifts, grants, and similar amounts not included above | $39,560 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,038,616 |
| Total Program Service Revenue | $12,725,188 |
| Investment income | -$1,067,518 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$31,607 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,664,679 |
| 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. | $225,363 |
| Compensation of current officers, directors, key employees. | $225,363 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,765,538 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,242,914 |
| Payroll taxes | $544,472 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $246,756 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $60,000 |
| Advertising and promotion | $0 |
| Office expenses | $25,571 |
| Information technology | $172,975 |
| Royalties | $0 |
| Occupancy | $657,367 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $50,433 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,539,530 |
| Insurance | $235,797 |
| All other expenses | $587,240 |
| Total functional expenses | $14,303,592 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $334,083 |
| Pledges and grants receivable | $2,999,056 |
| Accounts receivable, net | $129,695 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $134,893 |
| Prepaid expenses and deferred charges | $35,039 |
| Net Land, buildings, and equipment | $15,513,059 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,873,030 |
| Investments—program-related | $0 |
| Intangible assets | $796,459 |
| Other assets | $0 |
| Total assets | $24,815,314 |
| Accounts payable and accrued expenses | $915,613 |
| Grants payable | $0 |
| Deferred revenue | $12,243,608 |
| 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 | $1,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $150,206 |
| Total liabilities | $14,809,427 |
| Net assets without donor restrictions | $9,858,642 |
| Net assets with donor restrictions | $147,245 |
| 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 | $24,815,314 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Covenant Village Inc has recieved totaling $34,552.
| Awarding Organization | Amount |
|---|---|
J F Maddox Foundation Hobbs, NM PURPOSE: COMMUNICATION & TELEHEALTH WEBSITE | $25,000 |
Gaston Community Foundation Gastonia, NC PURPOSE: GENERAL SUPPORT | $8,552 |
J F Maddox Foundation Hobbs, NM PURPOSE: EMPLOYEE CHRISTMAS FUND | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Presbyterian Homes Inc Colfax, NC | $256,348,828 | $62,438,008 |
Aldersgate United Methodist Retirement Community Inc Charlotte, NC | $165,248,151 | $44,725,662 |
Everyage Newton, NC | $158,969,277 | $58,100,743 |
Lenbrook Square Foundation Inc Atlanta, GA | $291,448,667 | $46,078,205 |
Southminster Inc Charlotte, NC | $251,267,272 | $46,562,509 |
Sunnyside Presbyterian Home Harrisonburg, VA | $146,625,946 | $50,868,403 |
Bishop Gadsden Episcopal Retirement Community Charleston, SC | $293,506,409 | $50,827,097 |
Carolina Meadows Inc Chapel Hill, NC | $159,623,308 | $43,472,709 |
Springmoor Inc Raleigh, NC | $57,744,266 | $37,768,204 |
Williamsburg Landing Inc Williamsburg, VA | $188,766,508 | $45,342,775 |
Moravian Home Incorporated Winstonsalem, NC | $135,166,146 | $36,716,865 |
Lakewood Manor Baptist Retirement Community Inc Glen Allen, VA | $206,811,940 | $42,484,506 |