Covenant Living of the Great Lakes

Analysis

Covenant Living of the Great Lakes is a registered charity in United States, based in Grand Rapids, MI. It received its IRS tax-exemption ruling in July 1975, 51 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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 Living of the Great Lakes reported income of $18.7m and spending of $21.9m, spending 117% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $11.1m to $18.7m (+69%), an average of +14% a year. The sharpest change came in the year to September 2020, when income rose by 53%. Over the whole period it spent 114% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Covenant Living of the Great Lakes 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 MI. Charities of a similar size with the same main cause include European American Association ($18.7m), Sun Health Colonnade ($18.8m) and Beverwyck Inc ($18.7m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 1.4% and program service revenue 90% of the total. Compensation of current officers, directors and key employees was $46k (0.2% of expenses). Other salaries and wages came to $5.7m. At year end it held assets of $49.6m against liabilities of $94.5m, net assets of -$44.9m. It reported 340 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.