Covenant Foundation Inc
- Assets
- $16.7m
- Revenue
- $7.3m
- Investments
- $12.2m
- Employees
- 0
- Location
- Atlanta, GA
- Founding
- 11/1961
- Data as of
- 07/2024
- 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 07/2024, Covenant Foundation Inc generated $7.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 20.9% each year . All expenses for the organization totaled $3.6m during the year ending 07/2024. While expenses have increased by 8.6% 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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
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 | $785,884 |
| Interest on Savings | $103,017 |
| Dividends & Interest | $276,892 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $6,092,083 |
| Capital Gain Net Income | $6,092,083 |
| Net ST Capital Gain | $3 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $32,713 |
| Total Revenue | $7,290,589 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $24,891 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $291,874 |
| Total operating and administrative expenses | $316,765 |
| Contributions, gifts, grants paid | $3,235,159 |
| Total expenses and disbursements | $3,551,924 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $4,499,345 |
| 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 | $2,234,034 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $16,713,616 |
| 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 | $3 |
| Total liabilities | $3 |