Covenant Living of Cromwell Inc

Analysis

Covenant Living of Cromwell Inc is a registered charity in United States, based in Cromwell, CT. It received its IRS tax-exemption ruling in July 1975, 51 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a church under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Covenant Living of Cromwell Inc reported income of $27.6m and spending of $31.9m, spending 116% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $14.8m to $27.6m (+86%), an average of +17% a year. The sharpest change came in the year to September 2020, when income rose by 52%. Over the whole period it spent 109% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Covenant Living of Cromwell Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 97th percentile within CT. Charities of a similar size with the same main cause include YMCA of Metropolitan Detroit ($27.5m), Rhode Island Community Food Bank Association ($27.6m) and Humangood Arizona Inc ($27.5m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 1.0% and program service revenue 90% of the total. Compensation of current officers, directors and key employees was $236k (0.7% of expenses). Other salaries and wages came to $9.4m. At year end it held assets of $97.7m against liabilities of $104.2m, net assets of -$6.6m. It reported 351 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.