Covenant Retirement Services
- Assets
- $4.2m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Skokie, IL
- Founding
- 07/1975
- Data as of
- 09/2021
- EIN
- 27-2480652
Organization Overview
Covenant Retirement Services is located in Skokie, IL. The organization was established in 1975. 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. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Covenant Retirement Services 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 09/2021, Covenant Retirement Services generated $1.3m 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 (12.9%) each year. All expenses for the organization totaled $962.5k during the year ending 09/2021. As we would expect to see with falling revenues, expenses have declined by (17.1%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
CARE & SERVICES TO SENIOR ADULTS IN SUPPORT OF THE MISSION OF COVENANT LIVING & ITS AFFILIATES
Describe the Organization's Program Activity:
COVENANT LIVING SERVICES:PROVIDES MANAGEMENT SERVICES TO SUPPORTED ORGANIZATIONS, INCLUDING COVENANT HOME SERVICES, COVENANT PLACE OF LENEXA, COVENANT LIVING OF BIXBY, TULSA HILLS COMMUNITY INC, COVENANT LIVING OF GENEVA, THREE CROWNS PARK, AND THREE CROWNS FOUNDATION. SUCH ORGANIZATIONS INCLUDE CONTINUING CARE RETIREMENT COMMUNITIES WITH RESIDENTIAL, ASSISTED LIVING, AND SKILLED NURSING FACILITIES AND HOME HEALTH AND COMMUNITY BASED SERVICES FOR SENIOR ADULTS, AMONG OTHER ACTIVITIES.
SAIDO LEARNING:SAIDO LEARNING IS A MEMORY SUPPORT PROGRAM DEVELOPED BY THE KUMON INSTITUTE OF EDUCATION IN JAPAN. SAIDO IS DEPLOYED THROUGH 1:1 OR 1:2 INTERACTIONS BETWEEN A STAFF MEMBER OR VOLUNTEER AND RESIDENTS. THE INTERACTION INVOLVES ENGAGING IN A SERIES OF PRECISE, YET SIMPLE ARITHMETIC, WRITING AND READING EXERCISES SPECIFIC TO THEIR INDIVIDUAL LEVEL OF ABILITY, PERFORMED IN 30-MINUTE SESSIONS THREE TO FIVE TIMES PER WEEK. THERE ARE CURRENTLY 24 COMMUNITIES SERVED AROUND THE COUNTRY, INCLUDING ALL COVENANT LIVING COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terri S Cunliffe Director/clcs President/ceo | OfficerTrustee | 1 | $0 |
Matthew Manlove Director/chair | OfficerTrustee | 0.1 | $0 |
Janet Creaney Director/vice Chair | OfficerTrustee | 0.1 | $0 |
Sarah Bentley Director/secretary | OfficerTrustee | 0.1 | $0 |
Fran Palma Senior Vice President Of Marketing | Officer | 22.5 | $0 |
William Rabe Sr VP Enterprise Ops/asst Secretary | Officer | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sb Architecture Pc Inc Consultant Services | 1/30/16 | $205,574 |
Arch Consultants Ltd Consultant Services | 1/30/16 | $165,413 |
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 | $1,290,315 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,160 |
| 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 | $1,299,475 |
| 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 | $503,539 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $20,887 |
| Fees for services: Legal | $3,457 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $145,203 |
| Advertising and promotion | $0 |
| Office expenses | $1,608 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $578 |
| 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 | $20,925 |
| Insurance | $10,678 |
| All other expenses | $0 |
| Total functional expenses | $962,478 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $695,045 |
| Savings and temporary cash investments | $65,437 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $116,749 |
| 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 | $0 |
| Net Land, buildings, and equipment | $3,242,239 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $48,155 |
| Total assets | $4,167,625 |
| Accounts payable and accrued expenses | $17,568 |
| 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 | $4,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $900,441 |
| Total liabilities | $4,918,009 |
| Net assets without donor restrictions | -$750,384 |
| 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 | $4,167,625 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Senior Communities Group Health Plan Indianapolis, IN | $8,703,398 | $37,045,158 |
Tarrant County Senior Living Center Inc West Des Moines, IA | $161,252,746 | $23,022,366 |
Barton Creek Senior Living Center Inc West Des Moines, IA | $120,925,043 | $23,689,068 |
Kenton Housing Inc Latonia, KY | $68,380,829 | $31,745,821 |
Washington & Jane Smith Community- Orland Park Orland Park, IL | $98,659,201 | $23,019,583 |
Clare Oaks Bartlett, IL | $26,201,984 | $13,279,793 |
Ness Healthcare Nfp Lincolnwood, IL | $31,649,898 | $15,770,291 |
Moosehaven Inc Mooseheart, IL | $55,843,533 | $19,375,610 |
Masonic Home Independent Living Ii Inc Masonic Home, KY | $142,516,912 | $16,410,935 |
Oakwood Village Prairie Ridge Homes Inc Madison, WI | $61,014,266 | $15,535,778 |
Saint Anne Home And Retirment Community Fort Wayne, IN | $21,467,824 | $25,970,139 |
Friends Of Faith Retirement Homes Inc Waterloo, IA | $88,184,689 | $24,765,907 |