Covenant Living At The Holmstad
- Assets
- $74.6m
- Revenue
- $20.7m
- Investments
- $15.4m
- Employees
- 434
- Location
- Batavia, IL
- Founding
- 07/1975
- Data as of
- 09/2023
- EIN
- 36-2835154
Organization Overview
Covenant Living At The Holmstad is located in Batavia, IL. The organization was established in 1975. According to its NTEE Classification (P75) the organization is classified as: Supportive Housing for Older Adults, under the broad grouping of Human Services and related organizations. As of 09/2023, Covenant Living At The Holmstad employed 434 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Covenant Living At The Holmstad 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 09/2023, Covenant Living At The Holmstad generated $20.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $17.6m during the year ending 09/2023. 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
CARE FOR SENIOR ADULTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESIDENTIAL AND CATERED LIVING:THE NUMBER OF PERSONS WHO BENEFITED FROM THE SERVICES WE PROVIDED FOR THE YEAR ENDED SEPTEMBER 30, 2023 WERE AS FOLLOWS:THERE WERE A TOTAL OF 390 RESIDENTS, OCCUPYING 267 APARTMENTS AT 09/30/2023. RESIDENCY FOR THE FISCAL YEAR TOTALED 136,582 RESIDENT DAYS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terri S Cunliffe Director/clcs President/ceo | OfficerTrustee | 1 | $0 |
Jean E Justie Cfo/treasurer/asst Secretary | Officer | 1 | $0 |
David G Erickson Sr VP & Gen Counsel/asst Secretary | Officer | 1 | $0 |
William Rabe Sr VP Enterprise Ops/asst Secretary | Officer | 1 | $0 |
Amy Lacroix Former SVP Community Ops | 0 | $0 | |
Todd Slechta Director/ex-Officio | Trustee | 0.1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Incredible Builders Inc Construction | 9/29/23 | $1,631,246 |
Care Stat Inc Medical Services | 9/29/23 | $1,162,767 |
Healthpro Rehabilitation Therapy | 9/29/23 | $745,230 |
Sodexo Inc & Affiliates Dining Services | 9/29/23 | $613,582 |
Woodland Windows Windows/door Services | 9/29/23 | $504,443 |
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 | $524,088 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $524,088 |
| Total Program Service Revenue | $17,373,378 |
| Investment income | $2,137,139 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $475,672 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,745,346 |
| 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. | $237,234 |
| Compensation of current officers, directors, key employees. | $237,234 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,570,720 |
| Pension plan accruals and contributions | $68,958 |
| Other employee benefits | $132,498 |
| Payroll taxes | $233,794 |
| Fees for services: Management | $57,131 |
| Fees for services: Legal | $74,831 |
| Fees for services: Accounting | $4,842 |
| Fees for services: Lobbying | $916 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $759,451 |
| Advertising and promotion | $158,481 |
| Office expenses | $503,290 |
| Information technology | $406,771 |
| Royalties | $0 |
| Occupancy | $1,502,385 |
| Travel | $20,252 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $51,701 |
| Interest | $3,172,590 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,627,783 |
| Insurance | $348,429 |
| All other expenses | $481,665 |
| Total functional expenses | $17,595,026 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,216 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $446,903 |
| Accounts receivable, net | $1,069,026 |
| 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 | $4,158 |
| Net Land, buildings, and equipment | $36,781,457 |
| Investments—publicly traded securities | $20,133,868 |
| Investments—other securities | $15,397,624 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $719,272 |
| Total assets | $74,559,524 |
| Accounts payable and accrued expenses | $590,554 |
| Grants payable | $0 |
| Deferred revenue | $20,720,816 |
| Tax-exempt bond liabilities | $35,795,528 |
| Escrow or custodial account liability | $183,770 |
| 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 | $32,407,461 |
| Total liabilities | $89,698,129 |
| Net assets without donor restrictions | -$16,040,777 |
| Net assets with donor restrictions | $902,172 |
| 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 | $74,559,524 |