Covenant Medical Center

Analysis

Covenant Medical Center is a registered charity in United States, based in Lubbock, TX. It received its IRS tax-exemption ruling in September 2018, 8 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 Center reported income of $510.1m and spending of $578.5m, spending 113% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $479.6m to $510.1m (+6.4%), an average of +1.6% a year. Over the whole period it spent 111% 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 Center sits at the 98th percentile: it is larger than about 98% 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 Devereux Foundation ($509.3m), Alegent Creighton Health ($510.7m) and High Point Regional Health ($508.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.0% and program service revenue 94% of the total. Other salaries and wages came to $141.4m. At year end it held assets of $894.6m against liabilities of $635.0m, net assets of $259.6m. It reported 2,728 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.