Covenant Homes Inc

Analysis

Covenant Homes Inc is a registered charity in United States, based in Rocky Mount, NC. It received its IRS tax-exemption ruling in August 1978, 48 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Covenant Homes Inc reported income of $977k and spending of $878k, spending 90% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $690k to $977k (+41%), an average of +9.1% a year. The sharpest change came in the year to September 2022, when income rose by 26%. Over the whole period it spent 92% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Covenant Homes Inc sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 80th percentile within NC. Charities of a similar size with the same main cause include Neary Lagoon Senior Housing Inc ($976k), Chattanooga Room in the Inn Inc ($977k) and Beaumont Senior Citizens Housing Inc ($975k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 66% and program service revenue 34% of the total. Other salaries and wages came to $158k. At year end it held assets of $762k against liabilities of $2.1m, net assets of -$1.3m. It reported 8 employees.