Covalent Foundation
- Assets
- $5.1m
- Revenue
- $2.0m
- Investments
- $4.3m
- Employees
- 0
- Location
- Reston, VA
- Founding
- 06/2016
- Data as of
- 12/2022
- 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 12/2022, Covalent Foundation generated $2.0m 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 (13.0%) each year. All expenses for the organization totaled $2.0m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Covalent Foundation has awarded 38 individual grants totaling $6,893,491. 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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Mckenzie President/director | 1 | $0 | |
Jessica L Ziehr Vp/director | 30 | $70,000 | |
Julia C Mckenzie Vp/director | 30 | $90,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sei Investment Company | 12/30/22 | $60,961 |
Sterling Foundation Management Llc | 12/30/22 | $50,114 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $2,000,000 |
| Interest on Savings | $0 |
| Dividends & Interest | $195,406 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$188,179 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $2,007,227 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $160,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $23,999 |
| Interest | $0 |
| Taxes | $19,966 |
| Depreciation | $0 |
| Occupancy | $47,340 |
| Travel, conferences, and meetings | $35 |
| Printing and publications | $0 |
| Other expenses | $7,055 |
| Total operating and administrative expenses | $374,754 |
| Contributions, gifts, grants paid | $1,652,891 |
| Total expenses and disbursements | $2,027,645 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $31,466 |
| Savings and temporary cash investments | $773,538 |
| 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 | $4,256,075 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $3,666 |
| Total assets | $5,064,745 |
| 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 $1,652,891 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
COURT APPOINTED SPECIAL ADVOCATES (CASA) OF TRAVIS COUNTY PURPOSE: PARTIAL FUNDING FOR CASA PER GRANT AGREEMENT, IMPROVE DATA MANAGEMENT SYSTEM AND CAPABILITIES | $375,000 |
DELL CHILDREN'S MEDICAL CENTER FOUNDATION PURPOSE: PARTIAL FUNDING FOR DCMC TO ESTABLISH PEDIATRIC MENTAL HEALTH PARTIAL HOSPITALIZATION PROGRAM, SUPPORT THE MATERNAL FETAL MEDICINE PROGRAM | $707,252 |
TEXAS ADVOCACY PROJECT (TAP) PURPOSE: TO PROVIDE ARREST/CONVICTION EXPUNGEMENT SERVICES FOR HUMAN TRAFFICKING VICTIMS, FUNDING FOR TAP AND SERVICES TO HUMAN TRAFFICKING VICTIMS | $20,000 |
THE MELIORA FOUNDATION PURPOSE: GENERAL SUPPORT | $10,025 |
RANGERACE CONSTRUCTION CAMP FOUNDATION PURPOSE: GENERAL SUPPORT, SUMMER CAMP EXPENSES | $48,966 |
THE SAFE ALLIANCE PURPOSE: SAFE CARES OUTREACH PROGRAM | $95,000 |