Covenant Woods

Analysis

Covenant Woods is a registered charity in United States, based in Mechanicsville, VA. It received its IRS tax-exemption ruling in October 1942, 84 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. 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 March 2023, Covenant Woods reported income of $36.8m and spending of $43.6m, spending 119% of what it took in. Across the 5 years on record, from March 2019 to March 2023, income grew from $26.9m to $36.8m (+37%), an average of +8.1% a year. The sharpest change came in the year to March 2021, when income rose by 24%. Over the whole period it spent 109% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Covenant Woods sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within VA. Charities of a similar size with the same main cause include Winn Community Health Center Inc ($36.8m), Childrens Health System Inc ($36.8m) and Boston Mountain Rural Health Center Inc ($36.7m).

On its Form 990 for the period ending March 2023, revenue came from contributions and grants 0.7% and program service revenue 90% of the total. Compensation of current officers, directors and key employees was $696k (1.6% of expenses). Other salaries and wages came to $17.4m. At year end it held assets of $151.8m against liabilities of $145.9m, net assets of $5.9m. It reported 500 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.