Covenant Medical Center Inc

Analysis

Covenant Medical Center Inc is a registered charity in United States, based in Waterloo, IA. It received its IRS tax-exemption ruling in March 1946, 80 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 $328.8m and spending of $335.8m, spending 102% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $306.2m to $328.8m (+7.4%), an average of +1.8% a year. Over the whole period it spent 100% 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 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within IA. Charities of a similar size with the same main cause include Banner-University Care Advantage ($327.9m), The American Oncologic Hospital ($329.4m) and Promedica Health System Inc ($327.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 0.1% and program service revenue 96% of the total. Compensation of current officers, directors and key employees was $2.9m (0.9% of expenses). Other salaries and wages came to $145.4m. At year end it held assets of $225.2m against liabilities of $75.4m, net assets of $149.8m. It reported 2,712 employees.