Covenant Health Foundation Inc C/o Covenant Health Inc

Nonprofit profile at a glance

EIN
800199674
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-N 2017
Location
Andover, MA, USA
Phone
9786546363
Rating
55
Verdict
MIXED
Rating confidence
Moderate
Sector
Senior Centers

Official website

Reported finances

Revenue
$3,419,785
Expenses
$10,963
Assets
$32,616,272
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • Stephen Grubbs (President & CEO)
  • James Coffey (CH SVP; President, CH Foundation)

Highest reported compensation

  • Stephen Grubbs (President & CEO): $1,276,101 total reported compensation
  • Stephen Forney (SVP and Chief Financial Officer): $853,861 total reported compensation
  • James Coffey (CH SVP; President, CH Foundation): $349,630 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Covenant Health Foundation provides support and grants to the other not-for-profit organizations in the Covenant Health System.

What it reported doing in 2024

The Covenant Health Foundation provides support and grants to the other not-for-profit in the Covenant Health System.

Operating model

Revenue model
Investment-supported. 97% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 23
  • Transparency & Controls: 65
  • Accountability: 86
  • Sustainability: 88
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0.2%; rating input score 0
  • Program expense ratio: 69.1%; rating input score 69
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 92.3%; rating input score 92; 23rd percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 99.7%; rating input score 100; 100th percentile among comparable filings
  • Total-asset coverage ratio: 2,975.12; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 97; 97th percentile among comparable filings
  • Officer compensation ratio: 1,138.6%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: 43.4% per year; rating input score 100; 96th percentile among comparable filings
  • Revenue growth: 7.1% per year; rating input score 100; 55th percentile among comparable filings
  • Asset growth: 11.6% per year; rating input score 100; 64th percentile among comparable filings

Details

  • Where the money goes: 0.2% of revenue deployed · 69.1% of spending went to programs
  • Governance: 12 of 13 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $8K in reported program spending
  • Leadership: top reported pay $1.3M · 17 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 14 of 14 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 8 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 42 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Officer compensation ratio scored 0/100.