Covenant Ministries of Benevolence

Analysis

Covenant Ministries of Benevolence is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in July 1975, 51 years ago. Its declared purposes cover unknown, which this site groups under other charitable purposes. 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 Ministries of Benevolence reported income of $5.8m and spending of $4.6m, spending 80% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $2.8m to $5.8m (+107%), an average of +20% a year. The sharpest change came in the year to September 2020, when income rose by 749%. Over the whole period it spent 50% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Covenant Ministries of Benevolence sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within IL. Charities of a similar size with the same main cause include Highway Loss Data Institute ($5.8m), National Health Council Inc ($5.8m) and Pool & Hot Tub Foundation ($5.8m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 13% and program service revenue 48% of the total. Compensation of current officers, directors and key employees was $813k (18% of expenses). Other salaries and wages came to $326k. At year end it held assets of $53.9m against liabilities of $6.4m, net assets of $47.5m. It reported 12 employees.