Covenant Medical Center Inc

Analysis

Covenant Medical Center Inc is a registered charity in United States, based in Saginaw, MI. It received its IRS tax-exemption ruling in May 1998, 28 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a hospital or medical research organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Covenant Medical Center Inc reported income of $793.3m and spending of $777.5m, spending 98% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $693.1m to $793.3m (+14%), an average of +3.4% a year. Over the whole period it spent 99% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Covenant Medical Center 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 100th percentile, and in the 100th percentile within MI. Charities of a similar size with the same main cause include Tucson Medical Center ($791.6m), Jamaica Hospital Medical Center ($795.1m) and Texas Health Presbyterian Hospital Dallas ($788.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 1.1% and program service revenue 93% of the total. Compensation of current officers, directors and key employees was $7.1m (0.9% of expenses). Other salaries and wages came to $380.9m. At year end it held assets of $811.3m against liabilities of $308.7m, net assets of $502.6m. It reported 5,291 employees.