Covenant Retirement Communities Inc

Analysis

Covenant Retirement Communities Inc is a registered charity in United States, based in Skokie, IL. 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 Retirement Communities Inc reported income of $50.4m and spending of $43.2m, spending 86% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $24.7m to $50.4m (+104%), an average of +20% a year. The sharpest change came in the year to September 2020, when income rose by 63%. Over the whole period it spent 78% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Covenant Retirement Communities Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 98th percentile within IL. Charities of a similar size with the same main cause include Foodlink Inc ($50.4m), Texas Pregnancy Care Network ($50.5m) and Evangelical Retirement Homes of Greater Chicago Inc ($50.4m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.4% and program service revenue 85% of the total. Compensation of current officers, directors and key employees was $2.7m (6.4% of expenses). Other salaries and wages came to $15.6m. At year end it held assets of $305.7m against liabilities of $199.3m, net assets of $106.4m. It reported 159 employees.