Covenant Village Inc
- Assets
- $25.0m
- Revenue
- $14.4m
- Investments
- $7.1m
- Employees
- 312
- Location
- Gastonia, NC
- Founding
- 04/1980
- Data as of
- 09/2023
- 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 09/2023, Covenant Village Inc employed 312 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 09/2023, Covenant Village Inc generated $14.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $17.4m during the year ending 09/2023. While expenses have increased by 5.0% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
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
DURING FISCAL YEAR 2022/2023, COVENANT VILLAGE SERVED APPROXIMATELY 265 RESIDENTS. ACCOMMODATIONS INCLUDE 42 TWO-BEDROOM COTTAGES, 138 APARTMENTS (STUDIO, ONE BEDROOM, AND TWO BEDROOM), AND A 71-BED HEALTH CENTER PROVIDING NURSING CARE AND ASSISTED LIVING BEDS. THE MAIN BUILDING INCLUDES A 9,700 SQUARE FOOT WELLNESS CENTER FOR RESIDENTS, THAT INCLUDES STATE OF THE ART CARDIO AND STRENGTH EQUIPMENT AND AN INDOOR SWIMMING POOL AND SPA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nancy Paschall Chair | OfficerTrustee | 2 | $0 |
William Current Jr Vice-Chair | OfficerTrustee | 2 | $0 |
Carol Carstarphen Secretary | OfficerTrustee | 2 | $0 |
Rob Collis Treasurer | OfficerTrustee | 2 | $0 |
Rick Craig Director | Trustee | 2 | $0 |
H Timothy Efird Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cjmw Architectural Services | 9/29/23 | $504,558 |
Carpet One Floor And Home Flooring Installation | 9/29/23 | $270,331 |
Straight Edge Painting Pros Painting | 9/29/23 | $177,300 |
Wellpointe Advisors Inc Marketing Consulting | 9/29/23 | $204,000 |
Morris Mechanical Inc Hvac An Dehumidification Units Installat | 9/29/23 | $231,607 |
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 | $48,327 |
| Noncash contributions included in lines 1a–1f | $2,660 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $48,327 |
| Total Program Service Revenue | $13,895,775 |
| Investment income | $266,830 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $155,486 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,366,418 |
| 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. | $226,653 |
| Compensation of current officers, directors, key employees. | $226,653 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,978,319 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,246,384 |
| Payroll taxes | $693,813 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $33,209 |
| Fees for services: Accounting | $154,401 |
| 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 | $77,093 |
| Information technology | $239,931 |
| Royalties | $0 |
| Occupancy | $701,089 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $48,273 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,121,231 |
| Insurance | $263,763 |
| All other expenses | $327,980 |
| Total functional expenses | $17,431,770 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $322,876 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $76,119 |
| 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 | $51,289 |
| Net Land, buildings, and equipment | $17,112,073 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $7,125,682 |
| Investments—program-related | $0 |
| Intangible assets | $178,169 |
| Other assets | $127,093 |
| Total assets | $24,993,301 |
| Accounts payable and accrued expenses | $1,088,419 |
| Grants payable | $0 |
| Deferred revenue | $14,936,823 |
| 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 | $1,300,000 |
| Other liabilities | $269,010 |
| Total liabilities | $17,594,252 |
| Net assets without donor restrictions | $7,254,363 |
| Net assets with donor restrictions | $144,686 |
| 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 | $24,993,301 |