Covenant Homecare

Analysis

Covenant Homecare is a registered charity in United States, based in Knoxville, TN. It received its IRS tax-exemption ruling in July 1997, 29 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 December 2023, Covenant Homecare reported income of $22.8m and spending of $23.3m, spending 102% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $17.0m to $22.8m (+34%), an average of +7.6% a year. The sharpest change came in the year to December 2022, when income rose by 16%. Over the whole period it spent 104% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Covenant Homecare sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 98th percentile within TN. Charities of a similar size with the same main cause include Access to Advanced Health Institute ($22.8m), Phoenix Multisport Inc ($22.8m) and Endless Mountains Health Systems Inc ($22.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 1.4% and program service revenue 99% of the total. Compensation of current officers, directors and key employees was $342k (1.5% of expenses). Other salaries and wages came to $14.0m. At year end it held assets of $3.4m against liabilities of $5.4m, net assets of -$2.0m. It reported 254 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.