Covenant Foundation Inc

Analysis

Covenant Foundation Inc is a registered charity in United States, based in Waterloo, IA. It received its IRS tax-exemption ruling in January 1988, 38 years ago. 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 June 2023, Covenant Foundation Inc reported income of $830k and spending of $584k, leaving 30% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income fell from $1.1m to $830k (-27%), an average of -7.7% a year. The sharpest change came in the year to June 2021, when income rose by 149%. Over the whole period it spent 112% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Covenant Foundation Inc sits at the 75th percentile: it is larger than about 75% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 80th percentile within IA. Charities of a similar size with the same main cause include Lake Woods Senior Housing Association of Snohomish County ($830k), Boy Scouts of America ($830k) and Sisdgolc LLC ($830k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 58% of the total. Other salaries and wages came to $137k. At year end it held assets of $6.5m against liabilities of $0, net assets of $6.5m.