Covenant Place Inc

Analysis

Covenant Place Inc is a registered charity in United States, based in Smithfield, VA. It received its IRS tax-exemption ruling in August 1990, 36 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 December 2023, Covenant Place Inc reported income of $329k and spending of $338k, spending 103% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $299k to $329k (+9.9%), an average of +2.4% a year. Over the whole period it spent 101% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Covenant Place Inc sits at the 48th percentile: it is larger than about 48% of them. Against every charity in United States with reported income it ranks in the 63rd percentile, and in the 63rd percentile within VA. Charities of a similar size with the same main cause include Nu-Dimensions - West Hickory Inc ($329k), Five Graham St ($329k) and Beatrice S Hogeland Trust Under Will Fbo Pickering Manor Hom ($329k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 54% and program service revenue 46% of the total. At year end it held assets of $554k against liabilities of $1.7m, net assets of -$1.1m.