Covenant Healthcare Foundtion
- Assets
- $31.5m
- Revenue
- $3.7m
- Investments
- $4.4m
- Employees
- 0
- Location
- Saginaw, MI
- Founding
- 04/1985
- Data as of
- 06/2021
- EIN
- 38-2572154
Organization Overview
Covenant Healthcare Foundtion is located in Saginaw, MI. The organization was established in 1985. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covenant Healthcare Foundtion 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 Healthcare Foundtion generated $3.7m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 16.4% each year . All expenses for the organization totaled $1.8m during the year ending 06/2021. While expenses have increased by 1.9% 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
THE FOUNDATION IS ESTABLISHED TO SUPPORT THE COVENANT HEALTHCARE SYSTEM BY ACCEPTING DONATIONS AND PROVIDING STEWARDSHIP OF CHARITABLE FUNDS RECEIVED FROM THE COVENANT HEALTHCARE CONSTITUENCY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTS TO VARIOUS HOSPITAL UNITS TO BE USED FOR THE BENEFIT OF COVENANT HEALTHCARE SYSTEM, A NON-PROFIT ORGANIZATION, AND ITS AFFILIATED HOSPITAL, COVENANT MEDICAL CENTER.
COLLEGE SCHOLARSHIPS TO HIGH SCHOOL STUDENTS, LEGAL DEPENDENTS AND NURSING STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carol Cottrell Foundation Director | Officer | 40 | $166,899 |
Edward Bruff President/ceo | OfficerTrustee | 4 | $0 |
Kevin Albosta Vp/cfo | OfficerTrustee | 4 | $0 |
Culli Damuth Vice-Chair | OfficerTrustee | 4 | $0 |
Amy Buben Sec/treasurer | OfficerTrustee | 4 | $0 |
Bethany Charlton President/ceo | OfficerTrustee | 4 | $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 | $2,834,495 |
| Noncash contributions included in lines 1a–1f | $42,190 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,834,495 |
| Total Program Service Revenue | $0 |
| Investment income | $388,076 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $300,658 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $90,615 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,733,844 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,181,542 |
| Grants and other assistance to domestic individuals. | $24,679 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $173,655 |
| Compensation of current officers, directors, key employees. | $173,655 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $226,897 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $55,387 |
| Payroll taxes | $27,839 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $24,371 |
| Fees for services: Other | $324 |
| Advertising and promotion | $0 |
| Office expenses | $51,553 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,853 |
| Travel | $1,448 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,826,362 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,879,915 |
| Savings and temporary cash investments | $4,117,760 |
| Pledges and grants receivable | $3,249,285 |
| Accounts receivable, net | $4,198 |
| 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 | $171,264 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $17,658,742 |
| Investments—other securities | $4,370,502 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $31,451,666 |
| Accounts payable and accrued expenses | $144,472 |
| 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 | $144,472 |
| Net assets without donor restrictions | $10,098,771 |
| Net assets with donor restrictions | $21,208,423 |
| 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 | $31,451,666 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Covenant Healthcare Foundtion has recieved totaling $20,000.
| Awarding Organization | Amount |
|---|---|
Frank N Andersen Foundation Bridgeport, MI PURPOSE: MARY FREE BED | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Indiana Health Information Exchange Inc Indianapolis, IN | $7,071,643 | $17,868,575 |
Frank Messer & Sons Construction Co Health Care Trust Agreement Cincinnati, OH | $1,608,604 | $18,730,323 |
Vollrath Company Employee Health & Welfare Benefit Trust Sheboygan, WI | $1,493,056 | $18,329,364 |
Ohio Bricklayers Health And Welfare Fund Troy, MI | $39,451,516 | $19,388,993 |
Henry Ford Health System Foundation Detroit, MI | $411,181,841 | $16,717,457 |
Midmichigan Health Foundation Midland, MI | $38,469,192 | $3,599,995 |
Jhsi Inc Cincinnati, OH | $218,143,713 | $11,934,726 |
Akron Childrens Hospital Foundation Akron, OH | $226,447,307 | $32,651,405 |
Bethesda Inc Cincinnati, OH | $187,938,288 | $2,121,549 |
Childrens Hospital Of Michigan Foundation Detroit, MI | $153,035,262 | $18,796,884 |
Reformed Benefits Association Grand Rapids, MI | $9,561,157 | $15,087,077 |
Bronson Properties Corporation Kalamazoo, MI | $80,947,112 | $15,014,502 |