Covenant Homes Inc
- Assets
- $710.1k
- Revenue
- $848.5k
- Investments
- $0.0
- Employees
- 6
- Location
- Rocky Mount, NC
- Founding
- 08/1978
- Data as of
- 09/2022
- EIN
- 58-1327162
Organization Overview
Covenant Homes Inc is located in Rocky Mount, NC. The organization was established in 1978. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. As of 09/2022, Covenant Homes Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covenant Homes 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 Homes Inc generated $848.5k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $726.9k during the year ending 09/2022. While expenses have increased by 2.4% 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
HOUSING FOR THE ELDERLY AND HANDICAPPED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOW INCOME HOUSING FOR THE ELDERLY AND HANDICAPPED.
PROVIDE LOW INCOME HOUSING FOR THE ELDERLY AND HANDICAPPED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jack Perry Treasurer | OfficerTrustee | 0.25 | $0 |
Nancy Richardson President | OfficerTrustee | 0.25 | $0 |
Stephen Chesnutt Vice Preside | OfficerTrustee | 0.25 | $0 |
Frances Guerry Secretary | OfficerTrustee | 0.25 | $0 |
Matt Baker Minister | Trustee | 0.25 | $0 |
Laura Dudley Director | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $378,672 |
| All other contributions, gifts, grants, and similar amounts not included above | $160,126 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $538,798 |
| Total Program Service Revenue | $309,678 |
| Investment income | $35 |
| 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 | $848,511 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $142,356 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $24,101 |
| Payroll taxes | $14,412 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $270,981 |
| Advertising and promotion | $60 |
| Office expenses | $38,231 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $27,266 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $420 |
| Interest | $67,392 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,544 |
| Insurance | $52,507 |
| All other expenses | $0 |
| Total functional expenses | $726,854 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,398 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $6,056 |
| Net Land, buildings, and equipment | $511,052 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $183,610 |
| Total assets | $710,116 |
| Accounts payable and accrued expenses | $108,847 |
| 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 | $1,961,586 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $29,715 |
| Total liabilities | $2,100,148 |
| Net assets without donor restrictions | -$1,390,032 |
| 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 | $710,116 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Covenant Homes Inc has recieved totaling $9,500.
| Awarding Organization | Amount |
|---|---|
Allan C Mims And Margaret L Mims Charitable Tr Chapel Hill, NC PURPOSE: TO SUPPORT CHARITABLE PURPOSE OF ORGANIZATION. | $7,000 |
Rocky Mount Community Foundation Inc Rocky Mount, NC PURPOSE: EXERCISE EQUIPMENT FOR RESIDENTS | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Arbor Acres United Methodist Retirement Community Inc Winstonsalem, NC | $155,220,604 | $40,394,713 |
Chapel Hill Residential Retirement Center Inc Chapel Hill, NC | $120,640,930 | $31,949,437 |
Carolina Village Inc Hendersonville, NC | $124,169,436 | $34,185,742 |
Galloway Ridge Inc Pittsboro, NC | $130,866,786 | $36,150,184 |
Virginia Lutheran Homes Inc Roanoke, VA | $83,707,371 | $28,580,430 |
The Glebe Inc Glen Allen, VA | $79,347,451 | $20,057,701 |
Cypress Of Charlotte Club Inc Charlotte, NC | $4,602,507 | $19,033,502 |
Lavender Mountain Senior Living Inc Mount Berry, GA | $141,195,331 | $5,176,789 |
Cypress Club Inc Hilton Head Island, SC | $31,122,152 | $20,067,120 |
Alliance Foundation Of Florida Inc Fairfax, VA | $3,980,019 | $2,209,632 |
Skidaway Health And Living Services Inc Savannah, GA | $89,340,251 | $17,567,308 |
Lake Prince Center Inc Newton, NC | $22,105,583 | $13,762,352 |