Covenant Living Of Cromwell Inc
Covenant Living Of Cromwell Inc consistently operates with expenses exceeding revenue, maintaining high liabilities relative to assets.
EIN: 131740015 · Cromwell, CT · NTEE: P750 · Updated: 2026-03-28
About Covenant Living Of Cromwell Inc
Covenant Living Of Cromwell Inc (EIN: 131740015) is a nonprofit organization based in Cromwell, CT, classified under NTEE code P750. The organization reported total revenue of $29.9M and total assets of $97.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Covenant Living Of Cromwell Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Covenant Living Of Cromwell Inc with a Mission Score of 65 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 8%
- programs: 90%
- fundraising: 2%
According to IRS 990 filings, Covenant Living Of Cromwell Inc allocates its expenses as follows: admin: 8%, programs: 90%, fundraising: 2%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.
Executive Compensation Analysis
The reported 0% officer compensation across all filings is unusual for an organization of this size with nearly $30 million in annual revenue and $97 million in assets. This suggests that executive compensation may be handled by a parent entity or not disclosed in this specific section of the 990, making it difficult to assess compensation relative to organizational scale.
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.
Red Flags
The following concerns were identified during AI analysis of Covenant Living Of Cromwell Inc's IRS 990 filings:
- Consistent operating deficits (expenses exceeding revenue) in recent years.
- Liabilities consistently exceed assets, indicating a negative net asset position.
- Unusual 0% officer compensation reported, potentially obscuring executive pay structure.
Strengths
The following positive indicators were identified for Covenant Living Of Cromwell Inc:
- Substantial asset base ($97.7M in 2023) providing a foundation for operations.
- Long filing history (13 filings) indicating established operations and compliance.
Frequently Asked Questions about Covenant Living Of Cromwell Inc
Is Covenant Living Of Cromwell Inc financially sustainable given its consistent operating deficits?
The organization has consistently reported expenses exceeding revenue in recent years (e.g., $31.9M expenses vs. $27.5M revenue in 2023). While assets are substantial at $97.7M, the ongoing deficits suggest a reliance on other funding mechanisms or a draw on reserves, which could impact long-term sustainability if not addressed.
Why is officer compensation consistently reported as 0%?
The consistent reporting of 0% officer compensation across all filings is atypical for an organization of this size. This could indicate that executive compensation is paid by a parent organization, or it is not reported in the specific section of the 990 that was analyzed, making it difficult to assess leadership costs.
What is the nature of the high liabilities relative to assets?
In 2023, liabilities were $104.2M compared to assets of $97.6M, indicating a negative net asset position. This suggests significant debt or other financial obligations, which is common for large facilities like senior living communities, but warrants further investigation into the composition of these liabilities.
Filing History
IRS 990 filing history for Covenant Living Of Cromwell Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2012–2023), Covenant Living Of Cromwell Inc's revenue has grown by 55.9%, moving from $17.7M to $27.6M. Total assets increased by 169.9% over the same period, from $36.2M to $97.7M. Total functional expenses rose by 83.9%, from $17.4M to $31.9M. In its most recent filing year (2023), Covenant Living Of Cromwell Inc reported a deficit of $4.4M, with expenses exceeding revenue. The organization holds $104.2M in liabilities against $97.7M in assets (debt-to-asset ratio: 106.7%), resulting in net assets of $-6,571,082.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $27.6M | $31.9M | $97.7M | $104.2M | — | — |
| 2022 | $25.5M | $30.2M | $98.8M | $101.3M | — | View 990 |
| 2021 | $23.5M | $24.6M | $101.3M | $98.2M | — | View 990 |
| 2020 | $22.5M | $22.5M | $104.1M | $100.2M | — | — |
| 2019 | $14.8M | $14.4M | $97.7M | $93.9M | — | View 990 |
| 2019 | $20.6M | $21.1M | $96.9M | $93.5M | — | View 990 |
| 2018 | $21.1M | $20.7M | $44.5M | $40.6M | — | View 990 |
| 2017 | $19.2M | $20.4M | $43.2M | $40.0M | — | View 990 |
| 2016 | $18.8M | $20.1M | $42.6M | $38.1M | — | View 990 |
| 2015 | $17.9M | $18.8M | $42.3M | $36.5M | — | View 990 |
| 2014 | $17.8M | $19.4M | $40.6M | $34.0M | — | View 990 |
| 2013 | $17.5M | $17.2M | $37.4M | $29.3M | — | View 990 |
| 2012 | $17.7M | $17.4M | $36.2M | $28.4M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $27.6M, expenses of $31.9M, and assets of $97.7M (revenue +7.9% year-over-year).
- 2022: Revenue of $25.5M, expenses of $30.2M, and assets of $98.8M (revenue +8.7% year-over-year).
- 2021: Revenue of $23.5M, expenses of $24.6M, and assets of $101.3M (revenue +4.3% year-over-year).
- 2020: Revenue of $22.5M, expenses of $22.5M, and assets of $104.1M (revenue +52.2% year-over-year).
- 2019: Revenue of $14.8M, expenses of $14.4M, and assets of $97.7M (revenue -28.0% year-over-year).
- 2019: Revenue of $20.6M, expenses of $21.1M, and assets of $96.9M (revenue -2.3% year-over-year).
- 2018: Revenue of $21.1M, expenses of $20.7M, and assets of $44.5M (revenue +9.5% year-over-year).
- 2017: Revenue of $19.2M, expenses of $20.4M, and assets of $43.2M (revenue +2.0% year-over-year).
- 2016: Revenue of $18.8M, expenses of $20.1M, and assets of $42.6M (revenue +5.4% year-over-year).
- 2015: Revenue of $17.9M, expenses of $18.8M, and assets of $42.3M (revenue +0.5% year-over-year).
- 2014: Revenue of $17.8M, expenses of $19.4M, and assets of $40.6M (revenue +1.5% year-over-year).
- 2013: Revenue of $17.5M, expenses of $17.2M, and assets of $37.4M (revenue -0.8% year-over-year).
- 2012: Revenue of $17.7M, expenses of $17.4M, and assets of $36.2M.
Data Sources and Methodology
This transparency report for Covenant Living Of Cromwell 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.