Covenant Neighborhoods Inc
- Assets
- $18.7m
- Revenue
- $980.6k
- Investments
- $0.0
- Employees
- 1
- Location
- Houston, TX
- Founding
- 05/2007
- Data as of
- 12/2022
- EIN
- 56-2528573
Organization Overview
Covenant Neighborhoods Inc is located in Houston, TX. The organization was established in 2007. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covenant Neighborhoods 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 12/2022, Covenant Neighborhoods Inc generated $980.6k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 34.7% each year . All expenses for the organization totaled $477.1k during the year ending 12/2022. 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
COVENANT NEIGHBORHOODS FOSTERS STRONG AND STABLE COMMUNITIES BY DEVELOPING AFFORDABLE HOMES, BUILDING FAMILY ASSETS, INCREASING AMENITY ACCESS, AND MENTORING PRACTITIONERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022 WE COMPLETED DEVELOPMENT OF A $27,550,000 120-UNIT MIXED-INCOME FAMILY COMMUNITY IN A DOWNTOWN HOUSTON CENSUS TRACT WITH 0% POVERTY; CONTINUED DEVELOPMENT OF A $26,700,000 93-UNIT AMENITY-RICH COMMUNITY WITH JOB AND LIFE SKILLS TRAINING FOR YOUTH EXITING FOSTER CARE IN HOUSTONS EADO (COMPLETED IN 2023); CLOSED THE PERMANENT FINANCING ON A $27,496,000 112-UNIT AFFORDABLE SENIOR LIVING COMMUNITY WITH ENRICHED SERVICES AND A FEDERALLY QUALIFIED HEALTH CENTER IN THIRD WARD FOR MONTROSE CENTER; PROVIDED ASSET MANAGEMENT ASSISTANCE TO THE WOMENS HOME FOR THEIR FAMILY PLACE RESIDENCES AND SERVICE CENTER FOR HOMELESS WOMEN AND CHILDREN; AND OPERATED 193 AFFORDABLE RENTAL HOMES IN A HIGH AMENITY LOCATION FOR SENIORS PRIMARILY EARNING LESS THAN 50% OF THE AREA MEDIAN INCOME.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephan Fairfield Executive Direc | OfficerTrustee | 20 | $210,569 |
Marlon Mitchell Chairman | OfficerTrustee | 1 | $0 |
Gerald Mcintosh Secretary | OfficerTrustee | 1 | $0 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $979,768 |
| Investment income | $818 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $980,586 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $143,933 |
| Grants and other assistance to domestic individuals. | $7,996 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $210,569 |
| Compensation of current officers, directors, key employees. | $35,797 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $26,531 |
| Payroll taxes | $12,262 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,255 |
| Fees for services: Accounting | $4,443 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,600 |
| Advertising and promotion | $0 |
| Office expenses | $8,012 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,991 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,956 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $477,115 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,100,693 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $999,480 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $14,900,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $150,000 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,545,066 |
| Total assets | $18,695,239 |
| Accounts payable and accrued expenses | $11,414 |
| 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 | $13,050,000 |
| Total liabilities | $13,061,414 |
| Net assets without donor restrictions | $3,783,825 |
| Net assets with donor restrictions | $1,850,000 |
| 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 | $18,695,239 |
Grants Awarded
Over the last fiscal year, Covenant Neighborhoods Inc has awarded $151,929 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
2222 CLEBURNE LP PURPOSE: Provide tables for multifamily prop | $7,996 |
COVENANT COMMUNITY CAP PURPOSE: Supportive Housing Project | $143,933 |