Covalent Foundation
- Assets
- $5.1m
- Revenue
- $927.0k
- Investments
- $4.4m
- Employees
- 0
- Location
- Reston, VA
- Founding
- 06/2016
- Data as of
- 12/2021
- EIN
- 47-5067002
Organization Overview
Covalent Foundation is located in Reston, VA. The organization was established in 2016. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covalent Foundation 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 12/2021, Covalent Foundation generated $927.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (23.4%) each year. All expenses for the organization totaled $2.0m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Covalent Foundation has awarded 36 individual grants totaling $6,237,160. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julia Mckenzie Vp/director | 30 | $90,000 | |
Jessica Ziehr Vp/director | 30 | $70,000 | |
Mark Mckenzie President/director | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sei Investment Company | 12/30/21 | $79,333 |
Sterling Foundation Management Llc | 12/30/21 | $60,565 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $201,336 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $725,669 |
| Capital Gain Net Income | $725,669 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $927,005 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $160,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $26,292 |
| Interest | $0 |
| Taxes | $4,975 |
| Depreciation | $0 |
| Occupancy | $46,570 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $7,293 |
| Total operating and administrative expenses | $390,397 |
| Contributions, gifts, grants paid | $1,606,428 |
| Total expenses and disbursements | $1,996,825 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $428,130 |
| Savings and temporary cash investments | $245,247 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $4,408,120 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $3,666 |
| Total assets | $5,085,163 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Covalent Foundation has awarded $1,606,428 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
DELL CHILDREN'S MEDICAL CENTER FOUNDATION PURPOSE: TO CONTINUE THE INTEGRATED PSYCHOLOGICAL HEALTH CHRONIC DISEASE, SCHOOL ADVOCACY, SCHOOL NURSE, AND PEDIATRIC INTENSIVE CARE UNIT PROGRAMS AND ESTABLISH PARIAL FUNDING FOR A PEDIATRIC MENTAL HEALTH PARTIAL HOSPITALIZATION PROGRAM | $1,027,929 |
ASCENSION SETON SETON MEDICAL CENTER AUSTIN PURPOSE: CAREPARTNERS PROGRAM - YEAR 3 | $392,978 |
TEXAS ADVOCACY PROJECT (TAP) PURPOSE: GENERAL SUPPORT | $110,000 |
Reston, VA PURPOSE: GENERAL SUPPORT | $35,521 |
THE SETON FUND PURPOSE: GENERAL SUPPORT | $10,000 |
Reston, VA PURPOSE: GENERAL SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Abell Foundation Inc Baltimore, MD | $398,354,670 | $42,510,470 |
Cognizant Us Foundation Washington, DC | $53,711,221 | $1,081,755 |
J R Hyde Iii Foundation Memphis, TN | $230,354,058 | $26,306,779 |
Operating Engineers Trust Fund Of Washington D C & Vicinity Sparks, MD | $40,754,444 | $17,999,357 |
Humana Foundation Inc Louisville, KY | $467,311,073 | $9,744,567 |
C Kenneth And Dianne Wright Foundation Henrico, VA | $254,775 | $2,124,209 |
Kahlert Foundation Inc Sykesville, MD | $93,179,960 | $19,162,440 |
First Horizon Foundation Memphis, TN | $37,840,936 | $11,265,846 |
Families And Communities Rising Inc Durham, NC | $8,732,109 | $17,644,457 |
Charles A Cannon Charitable Trust N0 One Concord, NC | $132,429,020 | $9,552,538 |
Claude And Betty Harris Foundation Inc Louisville, KY | $58,528,117 | $25,952,323 |
P H P Inc Hopkinsville, KY | $1,933,207 | $15,725,161 |