Covenant Health

Analysis

Covenant Health is a registered charity in United States, based in Knoxville, TN. It received its IRS tax-exemption ruling in October 1996, 30 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Covenant Health reported income of $207.1m and spending of $191.5m, spending 92% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $259.4m to $207.1m (-20%), an average of -5.5% a year. The sharpest change came in the year to December 2020, when income dropped by 28%. Over the whole period it spent 80% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Covenant Health 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 100th percentile, and in the 100th percentile within TN. Charities of a similar size with the same main cause include Lsu Health Sciences Center - Shreveport Faculty Group Practice ($207.0m), El Paso Childrens Hospital Corporation ($207.4m) and Waccamaw Community Hospital ($206.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.3% and program service revenue 76% of the total. Compensation of current officers, directors and key employees was $11.6m (6.1% of expenses). Other salaries and wages came to $71.4m. At year end it held assets of $1.80bn against liabilities of $1.11bn, net assets of $690.8m. It reported 1,527 employees.