Covenant Medical Center
- Assets
- $710.3m
- Revenue
- $506.1m
- Investments
- $6.0m
- Employees
- 2,720
- Location
- Renton, WA
- Founding
- 09/2018
- Data as of
- 12/2021
- EIN
- 82-2913146
Organization Overview
Covenant Medical Center is located in Renton, WA. The organization was established in 2018. According to its NTEE Classification (E22) the organization is classified as: General Hospitals, under the broad grouping of Health Care and related organizations. As of 12/2022, Covenant Medical Center employed 2,720 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covenant Medical Center 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, Covenant Medical Center generated $506.1m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $528.7m during the year ending 12/2021. While expenses have increased by 1.4% per year over the past 3 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Parks Frmr Off - Exec. Advisor | 0 | $0 | |
Walter Cathey Reg Ce - West Tx/eastern Nm | Officer | 0.5 | $0 |
Brian Schroeder MD Cmo - Cmc - Thru 11/22 | 49.5 | $1,008,974 | |
John Grigson Regional Chief Financial Officer | Officer | 0.5 | $0 |
Amy Thompson MD CEO Children's Hospital | Officer | 1 | $0 |
Tapan Nath Board Member | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Novitas Solutions Consulting | 12/30/22 | $22,669,651 |
Northstar Anesthesia Pa Medical Services | 12/30/22 | $3,526,520 |
Dunn Teinert A Joint Venture Construction Services | 12/30/22 | $19,409,798 |
Hoar Program Mgmt Hpm Llc Construction Services | 12/30/22 | $9,334,733 |
Amn Los Angeles Amn Shiftwise Staffing Services | 12/30/22 | $2,396,731 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $30,530,055 |
| Government grants | $20,974,522 |
| All other contributions, gifts, grants, and similar amounts not included above | $110,847 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $51,615,424 |
| Total Program Service Revenue | $441,466,472 |
| Investment income | $2,837 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $13,031,657 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $506,116,390 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $133,310,156 |
| Pension plan accruals and contributions | $2,909,488 |
| Other employee benefits | $478,161 |
| Payroll taxes | $9,986,508 |
| Fees for services: Management | $39,783,471 |
| 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 | $424,518 |
| Fees for services: Other | $64,108,922 |
| Advertising and promotion | $200 |
| Office expenses | $5,054,737 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,188,967 |
| Travel | $134,402 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $139,886 |
| Interest | $9,209,566 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $23,481,491 |
| Insurance | $0 |
| All other expenses | $2,962,018 |
| Total functional expenses | $528,663,327 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,445 |
| Savings and temporary cash investments | $16,517,613 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $67,358,349 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $102,298 |
| Inventories for sale or use | $10,337,059 |
| Prepaid expenses and deferred charges | $1,556,753 |
| Net Land, buildings, and equipment | $266,347,301 |
| Investments—publicly traded securities | $166,007,439 |
| Investments—other securities | $5,975,502 |
| Investments—program-related | $0 |
| Intangible assets | $15,779,667 |
| Other assets | $160,326,571 |
| Total assets | $710,309,997 |
| Accounts payable and accrued expenses | $30,592,158 |
| Grants payable | $0 |
| Deferred revenue | -$2,280,903 |
| 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 | $326,382,409 |
| Total liabilities | $354,693,664 |
| Net assets without donor restrictions | $355,616,333 |
| Net assets with donor restrictions | $0 |
| 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 | $710,309,997 |