Covenant Foundation

Analysis

Covenant Foundation is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in July 1991, 35 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Covenant Foundation reported income of $5.6m and spending of $5.7m, spending 102% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $4.9m to $5.6m (+14%), an average of +3.4% a year. Over the whole period it spent 98% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Covenant Foundation sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 90th percentile within NY. Charities of a similar size with the same main cause include City Center for Collaborative Learning ($5.6m), Ilan High School Inc ($5.6m) and Miquon School ($5.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $243k (4.3% of expenses). Other salaries and wages came to $1.0m. At year end it held assets of $7.3m against liabilities of $3.6m, net assets of $3.7m. It reported 11 employees.