Covenant College Foundation Inc
- Assets
- $20.1m
- Revenue
- $3.6m
- Investments
- $3.8m
- Employees
- 0
- Location
- Lookout Mountain, GA
- Founding
- 11/2010
- Data as of
- 06/2021
- EIN
- 27-3298736
Organization Overview
Covenant College Foundation Inc is located in Lookout Mountain, GA. The organization was established in 2010. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covenant College 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 06/2021, Covenant College Foundation Inc generated $3.6m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 35.1% each year . All expenses for the organization totaled $936.2k during the year ending 06/2021. While expenses have increased by 10.7% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
COVENANT COLLEGE FOUNDATION PROVIDES FUNDS TO SUPPORT COVENANT COLLEGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COVENANT COLLEGE FOUNDATION EXISTS TO SUPPORT COVENANT COLLEGE IN ITS MISSION TO PROVIDE MEMBERS OF THE PRESBYTERIAN CHURCH IN AMERICA AS WELL AS THE WIDER PUBLIC WITH A CHRIST-CENTERED COLLEGE EDUCATION. THE FOUNDATION ACHIEVES THIS MISSION BY RECEIVING GIFTS FROM DONORS THAT ARE THEN GIVEN TO THE COLLEGE IN THE FORM OF GRANTS AND SCHOLARSHIPS TO SUPPORT THE COLLEGE'S OPERATIONS AND FUND STUDENTS' EDUCATION.
THE COVENANT COLLEGE FOUNDATION EXISTS TO SUPPORT COVENANT COLLEGE IN ITS MISSION TO PROVIDE MEMBERS OF THE PRESBYTERIAN CHURCH IN AMERICA AS WELL AS THE WIDER PUBLIC WITH A CHRIST-CENTERED COLLEGE EDUCATION. THE FOUNDATION ACHIEVES THIS MISSION BY RECEIVING GIFTS FROM DONORS THAT ARE THEN GIVEN TO THE COLLEGE IN THE FORM OF GRANTS AND SCHOLARSHIPS TO SUPPORT THE COLLEGE'S OPERATIONS AND FUND STUDENTS' EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Bowser Chairman | OfficerTrustee | 1 | $0 |
Robert Wilkinson Secretary | OfficerTrustee | 1 | $0 |
Michael Kramer Treasurer | OfficerTrustee | 1 | $0 |
Marc Erickson President/executive Director | Officer | 5 | $0 |
Fred Verwoerd Assistant Treasurer | Officer | 1 | $0 |
Dr J Derek Halvorson Trustee | Trustee | 1 | $0 |
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 | $2,937,420 |
| Noncash contributions included in lines 1a–1f | $97,903 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,937,420 |
| Total Program Service Revenue | $0 |
| Investment income | $492,271 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $94,103 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,608,993 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $717,821 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,904 |
| Fees for services: Accounting | $6,825 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $65,550 |
| Fees for services: Other | $6,125 |
| Advertising and promotion | $0 |
| Office expenses | $25,507 |
| Information technology | $5,500 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,505 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,470 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $10,000 |
| All other expenses | $20,803 |
| Total functional expenses | $936,238 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $769,132 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $100 |
| 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 | $2,200,000 |
| Investments—publicly traded securities | $13,245,264 |
| Investments—other securities | $3,845,430 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $34,000 |
| Total assets | $20,093,926 |
| Accounts payable and accrued expenses | $1,966 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,966 |
| Net assets without donor restrictions | $6,511,542 |
| Net assets with donor restrictions | $13,580,418 |
| 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 | $20,093,926 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Covenant College Foundation Inc has recieved totaling $125,000.
| Awarding Organization | Amount |
|---|---|
Way Ahead Tr Uad 10-13-2011 Westhoff, TX PURPOSE: SCHOLARSHIP TO COVENANT COLLEGE | $125,000 |
Endowment Analysis
| Beg. Balance | $11,213,878 |
| Earnings | $3,143,608 |
| Net Contributions | $3,081,511 |
| Other Expense | $181,800 |
| Grants | $386,194 |
| Ending Balance | $16,871,003 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Georgia Tech Foundation Inc Atlanta, GA | $3,057,656,645 | $246,304,114 |
The University Of Tennessee Foundat Ion Inc Knoxville, TN | $742,610,209 | $198,804,674 |
University Of South Florida Foundation Inc Tampa, FL | $929,677,670 | $144,887,499 |
Auburn University Foundation Auburn, AL | $857,894,187 | $96,896,842 |
Nc State Investment Fund Inc Raleigh, NC | $1,930,063,391 | $166,344,497 |
Florida State University Foundation Inc Tallahassee, FL | $730,089,060 | $57,370,131 |
Spelman College Special Ventures Fund Inc Atlanta, GA | $236,389,415 | $26,274,154 |
University Of South Carolina Educational Foundation Columbia, SC | $607,523,681 | $89,201,263 |
Seminole Boosters Inc Tallahassee, FL | $240,991,921 | $48,392,781 |
University Of Florida Research Foundation Inc Gainesville, FL | $131,218,099 | $46,757,527 |
University Of Central Florida Foundation Inc Orlando, FL | $396,904,531 | $45,984,866 |
Florida International University Foundation Inc Miami, FL | $475,743,772 | $154,605,877 |