Covenant Health Inc
Covenant Health Inc: Strong Asset Growth, Stable Revenue, and Transparent Operations
EIN: 222484505 · Andover, MA · NTEE: E30B · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $77.6M |
| Total Expenses | $74.2M |
| Program Spending | 85% |
| CEO/Top Officer Pay | $784,897 |
| Net Assets | $107.7M |
| Transparency Score | 85/100 |
Is Covenant Health Inc Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Covenant Health Inc directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Covenant Health Inc
Covenant Health Inc (EIN: 222484505) is a nonprofit organization based in Andover, MA, classified under NTEE code E30B. The organization reported total revenue of $77.6M and total assets of $381.5M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Covenant Health Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Covenant Health Inc is a major nonprofit that has been operating for 80 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 19.6%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $78.5M |
| Total Expenses | $74.2M |
| Surplus / Deficit | +$4.3M |
| Total Assets | $364.1M |
| Total Liabilities | $256.5M |
| Net Assets | $107.7M |
| Operating Margin | 5.5% |
| Debt-to-Asset Ratio | 70.4% |
| Months of Reserves | 58.9 months |
Financial Health Grade: A
In 2023, Covenant Health Inc reported a surplus of $4.3M with revenue exceeding expenses, holds 58.9 months of operating reserves (strong position), has a debt-to-asset ratio of 70.4% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Covenant Health Inc's revenue has grown at a compound annual growth rate (CAGR) of 19.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -3.0% | -6.6% | +4.6% |
| 2022 | +10.0% | +9.8% | +2.5% |
| 2021 | +10.3% | +5.2% | +92.5% |
| 2020 | -9.2% | -4.4% | -10.3% |
| 2019 | +0.3% | -1.3% | +0.7% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1700 |
| IRS Ruling Date | 1946 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Covenant Health Inc with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Covenant Health Inc allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $4.3M, with revenue exceeding expenses.
- Debt-to-asset ratio: 70.4%.
Executive Compensation Analysis
Executive compensation for Covenant Health Inc. appears reasonable given the organization's size and complexity, with the CEO's compensation reported at $784,897 in the 2023 filing.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Strengths
The following positive indicators were identified for Covenant Health Inc:
- Consistent revenue generation, with 2023 revenue at $78,489,788.
- Significant asset growth, reaching $381,488,892 in 2023, indicating strong financial health.
- Low fundraising expenses relative to total expenditures, suggesting efficient resource allocation.
- Clear and accessible financial reporting, enhancing donor confidence.
- Stable liability management, with liabilities at $256,471,167 in 2023, well-covered by assets.
Frequently Asked Questions about Covenant Health Inc
Is Covenant Health Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Covenant Health Inc (EIN: 222484505) appears legitimate. Mission Score: 85/100. 0 red flags identified, 5 strengths noted.
How does Covenant Health Inc spend its money?
Covenant Health Inc directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Covenant Health Inc tax-deductible?
Covenant Health Inc is registered as a tax-exempt nonprofit (EIN: 222484505). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Covenant Health Inc CEO make?
Covenant Health Inc's highest-compensated officer earns $784,897 annually. The organization reported $77.6M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Covenant Health Inc's spending goes to programs?
Covenant Health Inc directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Covenant Health Inc compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Covenant Health Inc is above average for NTEE category E30B nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Covenant Health Inc located?
Covenant Health Inc is headquartered in Andover, Massachusetts and files with the IRS under EIN 222484505. It is classified under NTEE code E30B.
How many years of IRS 990 filings does Covenant Health Inc have?
Covenant Health Inc has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $77.6M in total revenue.
What does Covenant Health Inc do?
Covenant Health Inc is a nonprofit organization in the Health Care sector, located in Andover, Massachusetts. It is classified under NTEE code E30B.
How much revenue does Covenant Health Inc have?
Covenant Health Inc reported total revenue of $77,592,623. Based on 13 IRS 990 filings on record.
What are Covenant Health Inc's total assets?
Covenant Health Inc holds total assets of $381,488,892 as reported in IRS 990 filings.
Where is Covenant Health Inc located?
Covenant Health Inc is based in Andover, Massachusetts.
What is Covenant Health Inc's EIN?
Covenant Health Inc's Employer Identification Number (EIN) is 222484505. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Covenant Health Inc?
Covenant Health Inc is classified under NTEE code E30B (Health Care).
Is Covenant Health Inc a registered 501(c)(3)?
Yes, Covenant Health Inc is recognized as a tax-exempt organization by the IRS. EIN: 222484505.
Does Covenant Health Inc file IRS Form 990?
Yes, Covenant Health Inc has 13 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was Covenant Health Inc's revenue in 2023?
In the 202312 filing period, Covenant Health Inc reported total revenue of $78,489,788, total expenses of $74,210,597, and net assets of $364,146,367.
Is Covenant Health Inc's revenue growing or declining?
Covenant Health Inc's revenue is relatively stable. Revenue went from $80,912,625 (202212) to $78,489,788 (202312), a -3.0% change. Based on 13 filings on record.
What is Covenant Health Inc's most recent 990 filing?
The most recent IRS Form 990 filing for Covenant Health Inc covers tax period 202312. It shows revenue of $78,489,788, expenses of $74,210,597, total assets of $364,146,367, and liabilities of $256,471,167.
How much does Covenant Health Inc spend on programs vs administration?
Based on IRS 990 analysis, Covenant Health Inc allocates approximately 85% of expenses to program services, 10% to administrative costs, and 5% to fundraising. This indicates strong program focus.
Is Covenant Health Inc a trustworthy charity?
Based on AI analysis of IRS 990 data, Covenant Health Inc appears trustworthy. Mission Score: 85/100 (Excellent). No red flags identified. 5 strengths noted.
What are Covenant Health Inc's strengths?
Positive indicators for Covenant Health Inc include: Consistent revenue generation, with 2023 revenue at $78,489,788.. Significant asset growth, reaching $381,488,892 in 2023, indicating strong financial health.. Low fundraising expenses relative to total expenditures, suggesting efficient resource allocation.. Clear and accessible financial reporting, enhancing donor confidence.. Stable liability management, with liabilities at $256,471,167 in 2023, well-covered by assets.. These findings are derived from AI analysis of the organization's financial filings.
How does Covenant Health Inc compensate executives?
Executive compensation for Covenant Health Inc. appears reasonable given the organization's size and complexity, with the CEO's compensation reported at $784,897 in the 2023 filing. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How transparent is Covenant Health Inc?
• Covenant Health Inc. provides detailed financial statements and annual reports on its website, including Form 990 filings. • The organization clearly outlines its mission and programs, offering insight into how funds are utilized. • Executive compensation figures are disclosed in their Form 990 filings, allowing for public scrutiny. Transparency assessment is based on the availability and consistency of IRS 990 filing data, spending disclosure, and governance indicators.
How has Covenant Health Inc. managed to achieve such substantial asset growth, particularly from $176,504,110 in 2020 to $381,488,892 in 2023, while revenue has remained relatively stable?
The significant asset growth, nearly doubling in three years, suggests strategic investments, successful capital campaigns, or potentially the acquisition of new facilities or endowments, rather than solely relying on revenue increases. Further investigation into their investment strategies and capital expenditure reports would provide more clarity.
Given the consistent revenue and expenditure figures, what specific factors contribute to the slight fluctuations in net assets year-over-year, such as the decrease from $348,125,512 in 2022 to $364,146,367 in 2023?
While revenue and expenses are relatively stable, changes in net assets can be influenced by non-operating activities such as investment gains or losses, changes in fair value of assets, or specific capital expenditures that are not fully reflected in the operating expense line. A detailed look at their Statement of Activities would be necessary to pinpoint these factors.
Filing History
IRS 990 filing history for Covenant Health Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Covenant Health Inc's revenue has grown by 755%, moving from $9.2M to $78.5M. Total assets increased by 282.3% over the same period, from $95.2M to $364.1M. Total functional expenses rose by 736.4%, from $8.9M to $74.2M. In its most recent filing year (2023), Covenant Health Inc reported a surplus of $4.3M, with revenue exceeding expenses. The organization holds $256.5M in liabilities against $364.1M in assets (debt-to-asset ratio: 70.4%), resulting in net assets of $107.7M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $78.5M | $74.2M | $364.1M | $256.5M | — | — |
| 2022 | $80.9M | $79.5M | $348.1M | $243.0M | — | View 990 |
| 2021 | $73.6M | $72.4M | $339.8M | $236.8M | — | View 990 |
| 2020 | $66.7M | $68.8M | $176.5M | $81.1M | — | View 990 |
| 2019 | $73.5M | $71.9M | $196.8M | $87.9M | — | View 990 |
| 2018 | $73.3M | $72.8M | $195.4M | $91.7M | — | View 990 |
| 2017 | $15.8M | $17.5M | $194.3M | $89.7M | — | View 990 |
| 2016 | $19.1M | $26.4M | $122.0M | $24.0M | — | View 990 |
| 2015 | $13.1M | $12.1M | $122.6M | $23.8M | — | View 990 |
| 2014 | $12.9M | $11.2M | $98.2M | $24.3M | — | View 990 |
| 2013 | $14.5M | $10.2M | $89.5M | $23.9M | — | View 990 |
| 2012 | $12.0M | $10.6M | $81.7M | $23.4M | — | View 990 |
| 2011 | $9.2M | $8.9M | $95.2M | $54.9M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $78.5M, expenses of $74.2M, and assets of $364.1M (revenue -3.0% year-over-year).
- 2022: Revenue of $80.9M, expenses of $79.5M, and assets of $348.1M (revenue +10.0% year-over-year).
- 2021: Revenue of $73.6M, expenses of $72.4M, and assets of $339.8M (revenue +10.3% year-over-year).
- 2020: Revenue of $66.7M, expenses of $68.8M, and assets of $176.5M (revenue -9.2% year-over-year).
- 2019: Revenue of $73.5M, expenses of $71.9M, and assets of $196.8M (revenue +0.3% year-over-year).
- 2018: Revenue of $73.3M, expenses of $72.8M, and assets of $195.4M (revenue +362.4% year-over-year).
- 2017: Revenue of $15.8M, expenses of $17.5M, and assets of $194.3M (revenue -17.2% year-over-year).
- 2016: Revenue of $19.1M, expenses of $26.4M, and assets of $122.0M (revenue +46.3% year-over-year).
- 2015: Revenue of $13.1M, expenses of $12.1M, and assets of $122.6M (revenue +1.0% year-over-year).
- 2014: Revenue of $12.9M, expenses of $11.2M, and assets of $98.2M (revenue -10.8% year-over-year).
- 2013: Revenue of $14.5M, expenses of $10.2M, and assets of $89.5M (revenue +20.5% year-over-year).
- 2012: Revenue of $12.0M, expenses of $10.6M, and assets of $81.7M (revenue +31.1% year-over-year).
- 2011: Revenue of $9.2M, expenses of $8.9M, and assets of $95.2M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Covenant Health Inc:
Data Sources and Methodology
This transparency report for Covenant Health Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.