Covenant Foundation Inc
- Assets
- $13.4m
- Revenue
- $888.8k
- Investments
- $11.0m
- Employees
- 0
- Location
- Atlanta, GA
- Founding
- 11/1961
- Data as of
- 07/2022
- EIN
- 58-6035088
Organization Overview
Covenant Foundation Inc is located in Atlanta, GA. The organization was established in 1961. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covenant Foundation 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 07/2022, Covenant Foundation Inc generated $888.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (9.3%) each year. All expenses for the organization totaled $2.9m during the year ending 07/2022. You can explore the organizations financials more deeply in the financial statements section below.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jay M Davis President | 5 | $0 | |
Ann Davis Vice President | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $175,145 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $685,057 |
| Capital Gain Net Income | $685,057 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $28,578 |
| Total Revenue | $888,780 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $11,670 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $49,199 |
| Total operating and administrative expenses | $60,869 |
| Contributions, gifts, grants paid | $2,842,587 |
| Total expenses and disbursements | $2,903,456 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,423,675 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $2,581,468 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $13,424,419 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bobbie Bailey Foundation Inc Tucker, GA | $24,485,053 | $1,564,197 |
J R Hyde Iii Foundation Memphis, TN | $230,354,058 | $26,306,779 |
Yhwh Foundation Inc Carrollton, GA | $0 | $14,288,691 |
Drs Bruce & Lee Foundation Florence, SC | $254,078,574 | $12,559,871 |
First Horizon Foundation Memphis, TN | $37,840,936 | $11,265,846 |
Families And Communities Rising Inc Durham, NC | $8,732,109 | $17,644,457 |
Miriam U Hoover Foundation Vero Beach, FL | $0 | $462,542 |
Charles A Cannon Charitable Trust N0 One Concord, NC | $132,429,020 | $9,552,538 |
Dr Herbert And Nicole Wertheim Family Foundation Inc Miami, FL | $42,831,898 | $5,245,016 |
Quality Senior Housing Foundation Of East Texas Inc Atlanta, GA | $68,762,519 | $14,924,948 |
The Mary Alice Fortin Foundation Palm Beach, FL | $167,401,142 | $8,209,363 |
Mary Reynolds Babcock Foundation Incorporated Winstonsalem, NC | $253,832,619 | $55,868,843 |