Covenant Living of Florida Inc

Analysis

Covenant Living of Florida Inc is a registered charity in United States, based in Plantation, FL. It received its IRS tax-exemption ruling in July 1975, 51 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 Florida Inc reported income of $24.0m and spending of $26.6m, spending 111% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $14.8m to $24.0m (+62%), an average of +13% a year. The sharpest change came in the year to September 2020, when income rose by 53%. Over the whole period it spent 106% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Covenant Living of Florida Inc sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 98th percentile within FL. Charities of a similar size with the same main cause include Catholic Charities of the Diocese of St Cloud ($23.9m), Estelle Peabody Memorial Home Inc ($24.0m) and Northern California Congregational Retirement Homes Inc ($23.9m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 1.6% and program service revenue 93% of the total. Compensation of current officers, directors and key employees was $241k (0.9% of expenses). Other salaries and wages came to $8.4m. At year end it held assets of $65.4m against liabilities of $86.6m, net assets of -$21.2m. It reported 313 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.