Covenant Community Capital Corporation
- Assets
- $8.3m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 9
- Location
- Houston, TX
- Founding
- 10/2000
- Data as of
- 12/2023
- EIN
- 76-0573676
Organization Overview
Covenant Community Capital Corporation is located in Houston, TX. The organization was established in 2000. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Covenant Community Capital Corporation employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covenant Community Capital Corporation 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 12/2023, Covenant Community Capital Corporation generated $2.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $2.4m during the year ending 12/2023. While expenses have increased by 9.4% per year over the past 9 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
COVENANT EQUIPS ASPIRATIONAL WORKING FAMILIES TO THRIVE AND SECURE INTERGENERATIONAL RESILIENCE BY ACQUIRING AFFORDABLE HOMES, ACCESSING QUALITY EDUCATION, MANAGING RISK, AND BUILDING SAVINGS FOR LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AFFORDABLE FAMILY TOWNHOME RENTALS IN 2010 PNC BANK APPROACHED COVENANT TO DO A WORKOUT ON A DISTRESSED 128-UNIT 2002 RENTAL COMMUNITY IN BAYTOWN KNOWN AS TOWNHOMES OF BAY FOREST. COVENANT OBTAINED A $5,660,000 0% LOAN TO RETIRE THE DEFAULTED MORTGAGE, MAKE CAPITAL IMPROVEMENTS, BUILD A PLAYGROUND, AND LOWER RENTS TO BE AFFORDABLE TO FAMILIES EARNING 50% OF THE AREA MEDIAN INCOME. IN 2018, COVENANT ACQUIRED PNCS LIMITED PARTNER INTEREST IN THE COMMUNITY. COVENANT STAFF LIVE ONSITE AND PROVIDE AFTER SCHOOL, SUMMER, AND HOLIDAY FAMILY PROGRAMMING.
FAMILY ASSET BUILDING THROUGH FINANCIAL EDUCATION, COACHING, SAVINGS PRIZES,SAVINGS MATCHES AND 0% LOANS THAT EQUIP ASPIRATIONAL WORKING FAMILIES TO SECURE ECONOMIC MOBILITY AND INTERGENERATIONAL RESILIENCE BY ACQUIRING AFFORDABLE HOMES, ACCESSING QUALITY EDUCATION, MANAGING RISK, AND BUILDING SAVINGS FOR LIFE.IN 2023 837 FAMILIES RECEIVED FINANCIAL EDUCATION,611 SAVINGS COACHING, 291 ASSET COACHING, 245 SAVED AN EMERGENCY FUND OF $500+, 52 RECEIVED CASH SAVINGS PRIZES, AND 65 FAMILIES EARNING AN AVERAGE OF $29,670 AT ENROLLMENT RECEIVED A SAVINGS MATCH TO BUY THEIR FIRST HOME. A 2024 STUDY OF HOME MORTGAGE DISCLOSURE ACT DATA BY THE NATIONAL COMMUNITY REINVESTMENT COALITION NOTED THERE IS A CLEAR INDICATION THAT COVENANT CLIENTS ARE GETTING MUCH BETTER RATES THAN SIMILAR BORROWERS THAT DO NOT WORK WITH COVENANT. THIS IS SEEN THROUGHOUT THE ENTIRE SET OF DATA REGARDLESS OF THE BORROWERS DTI.
COMMUNITY ASSET BUILDING THROUGH FINANCING AND DEVELOPMENT EXPERTISE TO CREATE HOME AND JOB OPPORTUNITIES FOR LOW-INCOME FAMILIES. SINCE 2000 COVENANT HAS FACILITATED THE CREATION OF 700+ JOBS AND 2,336 AFFORDABLE HOMES, AND RESTORED 323 STORM DAMAGED HOMES. IN 2023: WE CLOSED PERM FINANCING ON OUR AMENITY-RICH MCKEE CITY LIVING COMMUNITY FOR 120 WORKING FAMILIES IN DOWNTOWN HOUSTON, COMPLETED THE 93 UNIT SUNRISE LOFTS FOR YOUTH AGING OUT OF FOSTER CARE IN EADO, AND CONDUCTED BUNGALOW AND TOWNHOME PREDEVELOPMENT FOR BUFFALO BAYOU PARTNERSHIPS EAST BAYOU MASTER PLAN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephan Fairfield President & CEO | OfficerTrustee | 24 | $98,026 |
John Cochran Secretary | OfficerTrustee | 2 | $0 |
Karen Becerra Director | Trustee | 1 | $0 |
Eugene Lee Director | Trustee | 1 | $0 |
Gloria Sanderson Chairman | OfficerTrustee | 1 | $0 |
Shad Bogany Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Grace Solutions Construction | 12/30/20 | $1,377,905 |
Servpro Of River Oaks Mold Testing | 12/30/20 | $125,448 |
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 | $673,238 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $673,238 |
| Total Program Service Revenue | $1,580,256 |
| Investment income | $44,755 |
| 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 | $2,298,249 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $182,162 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $98,026 |
| Compensation of current officers, directors, key employees. | $9,803 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $348,461 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $146,122 |
| Payroll taxes | $42,191 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,705 |
| Fees for services: Accounting | $28,776 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $48,736 |
| Advertising and promotion | $900 |
| Office expenses | $47,719 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $38,560 |
| Travel | $10,433 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $314,613 |
| Insurance | $267,737 |
| All other expenses | $0 |
| Total functional expenses | $2,405,253 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $775,688 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,138,993 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $789,931 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $73,837 |
| Net Land, buildings, and equipment | $4,489,925 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,048,183 |
| Total assets | $8,316,557 |
| Accounts payable and accrued expenses | $174,181 |
| 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 | $2,568,298 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $224,755 |
| Total liabilities | $2,967,234 |
| Net assets without donor restrictions | $4,116,498 |
| Net assets with donor restrictions | $1,232,825 |
| 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 | $8,316,557 |