Covenant Living of Golden Valley

Analysis

Covenant Living of Golden Valley is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in May 2023, 3 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Covenant Living of Golden Valley reported income of $23.9m and spending of $29.0m, spending 121% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $14.8m to $23.9m (+61%), an average of +13% a year. The sharpest change came in the year to September 2020, when income rose by 59%. Over the whole period it spent 117% 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 Golden Valley 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 98th percentile within MN. Charities of a similar size with the same main cause include Army Retirement Residence Supporting Foundation ($23.9m), Three Links Health Services ($23.9m) and Single Room Occupancy Housing Corp ($23.8m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 1.4% and program service revenue 94% of the total. Other salaries and wages came to $10.0m. At year end it held assets of $42.3m against liabilities of $90.7m, net assets of -$48.4m. It reported 303 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.