Covenant Living at the Holmstad

Analysis

Covenant Living at the Holmstad is a registered charity in United States, based in Batavia, IL. It received its IRS tax-exemption ruling in May 2023, 3 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 September 2023, Covenant Living at the Holmstad reported income of $20.7m and spending of $17.6m, spending 85% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $11.1m to $20.7m (+87%), an average of +17% a year. The sharpest change came in the year to September 2020, when income rose by 50%. Over the whole period it spent 94% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Covenant Living at the Holmstad 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 97th percentile, and in the 97th percentile within IL. Charities of a similar size with the same main cause include Moosehaven Inc ($20.7m), Friendship Place ($20.7m) and Central Union Mission ($20.7m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 2.5% and program service revenue 84% of the total. Compensation of current officers, directors and key employees was $237k (1.3% of expenses). Other salaries and wages came to $3.6m. At year end it held assets of $74.6m against liabilities of $89.7m, net assets of -$15.1m. It reported 434 employees.