Covenant Living West
- Assets
- $406.4m
- Revenue
- $136.7m
- Investments
- $53.2m
- Employees
- 1,444
- Location
- Santa Barbara, CA
- Founding
- 07/1975
- Data as of
- 09/2023
- EIN
- 95-3472345
Organization Overview
Covenant Living West is located in Santa Barbara, CA. 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 West employed 1,444 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Covenant Living West 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 West generated $136.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $128.5m during the year ending 09/2023. While expenses have increased by 3.6% per year over the past 8 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
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 LIVING:THE NUMBER OF PERSONS WHO BENEFITED FROM THE SERVICES WE PROVIDED FOR THE YEAR ENDED SEPTEMBER 30, 2023 WERE AS FOLLOWS:THERE WERE 1,085 RESIDENTS OCCUPYING 839 APARTMENTS AS OF 9/30/23. THE RESIDENCY FOR THE FISCAL YEAR TOTALED 392,475 RESIDENT DAYS.
ASSISTED 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 159 ASSISTED LIVING RESIDENTS AT 09/30/2023. ASSISTED LIVING RESIDENCY FOR THE FISCAL YEAR TOTALED 54,739 RESIDENT DAYS.ASSISTED LIVING MEMORY SUPPORT: 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 26 ASSISTED LIVING MEMORY SUPPORT RESIDENTS AT 09/30/2023. ASSISTED LIVING MEMORY SUPPORT RESIDENCY FOR THE FISCAL YEAR TOTALED 11,784 RESIDENT DAYS.
SKILLED NURSING: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 325 SKILLED CARE RESIDENTS AT 09/30/23. SKILLED CARE RESIDENCY FOR THE FISCAL YEAR TOTALED 120,819 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 | |
Peter Milbourn Associate Vo, Operations | Officer | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Healthpro Heritage Llc Therapy | 9/29/23 | $3,831,220 |
Sodexo Inc & Affiliates Dining Services | 9/29/23 | $2,262,081 |
Touchstone Builders Inc Construction | 9/29/23 | $1,305,974 |
Bingham Contruction Company Construction | 9/29/23 | $1,006,838 |
Michaelsen Contruction Co Construction | 9/29/23 | $1,122,025 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $108,657 |
| Government grants | $499,904 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,803,776 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,412,337 |
| Total Program Service Revenue | $121,625,795 |
| Investment income | $8,936,272 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $169,560 |
| Net Gain/Loss on Asset Sales | $1,736,755 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $136,714,805 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $10,548 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,025,760 |
| Compensation of current officers, directors, key employees. | $1,025,760 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $46,712,465 |
| Pension plan accruals and contributions | $728,808 |
| Other employee benefits | $5,604,906 |
| Payroll taxes | $3,715,740 |
| Fees for services: Management | $630,297 |
| Fees for services: Legal | $161,146 |
| Fees for services: Accounting | $58,329 |
| Fees for services: Lobbying | $9,668 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,539,336 |
| Advertising and promotion | $678,350 |
| Office expenses | $5,378,301 |
| Information technology | $2,413,331 |
| Royalties | $0 |
| Occupancy | $7,198,775 |
| Travel | $141,429 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $292,279 |
| Interest | $4,455,073 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,356,196 |
| Insurance | $1,434,930 |
| All other expenses | $2,522,208 |
| Total functional expenses | $128,477,391 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $156,679 |
| Savings and temporary cash investments | $8,377 |
| Pledges and grants receivable | $1,625,978 |
| Accounts receivable, net | $6,702,312 |
| 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 | $400,789 |
| Net Land, buildings, and equipment | $153,927,598 |
| Investments—publicly traded securities | $61,489,733 |
| Investments—other securities | $53,215,393 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $128,861,372 |
| Total assets | $406,388,231 |
| Accounts payable and accrued expenses | $1,339,329 |
| Grants payable | $0 |
| Deferred revenue | $83,639,927 |
| Tax-exempt bond liabilities | $67,286,251 |
| Escrow or custodial account liability | $832,770 |
| 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 | $86,794,971 |
| Total liabilities | $239,893,248 |
| Net assets without donor restrictions | $160,540,149 |
| Net assets with donor restrictions | $5,954,834 |
| 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 | $406,388,231 |