Covenant Housing Corporation

Analysis

Covenant Housing Corporation is a registered charity in United States, based in Neptune, NJ. It received its IRS tax-exemption ruling in April 1995, 31 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Covenant Housing Corporation reported income of $1.2m and spending of $1.1m, spending 94% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $825k to $1.2m (+44%), an average of +9.5% a year. The sharpest change came in the year to June 2023, when income rose by 25%. Over the whole period it spent 118% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Covenant Housing Corporation sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 84th percentile within NJ. Charities of a similar size with the same main cause include Jubilee Homes of Syracuse Inc ($1.2m), Southwest Center for Independence ($1.2m) and Furniture Project Omaha ($1.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 3.4% and program service revenue 96% of the total. Other salaries and wages came to $266k. At year end it held assets of $2.9m against liabilities of $5.3m, net assets of -$2.4m. It reported 6 employees.