Covenant Medical Group

Analysis

Covenant Medical Group is a registered charity in United States, based in Lubbock, TX. It received its IRS tax-exemption ruling in May 1998, 28 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a hospital or medical research organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Covenant Medical Group reported income of $187.1m and spending of $187.1m, spending 100% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $166.9m to $187.1m (+12%), an average of +2.9% a year. Over the whole period it spent 100% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Covenant Medical Group 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 TX. Charities of a similar size with the same main cause include Henry Heywood Memorial Hospital ($186.6m), Beacon Medical Group Inc ($187.6m) and Lakeview Memorial Hospital Association Inc ($186.5m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $10.7m (5.7% of expenses). Other salaries and wages came to $124.7m. At year end it held assets of $66.3m against liabilities of $110.0m, net assets of -$43.7m. It reported 1,234 employees.