Covenant Homes Incorporated

Nonprofit profile at a glance

EIN
581327162
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Rocky Mount, NC, USA
Phone
2524432323
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Senior Citizens' Housing/Retirement Communities

Reported finances

Revenue
$1,053,645
Expenses
$954,575
Assets
$939,867
Liabilities
$1,965,200

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

Leadership & pay

13 people listed

Executive titles in this filing

  • NANCY RICHARDSON (PRESIDENT)
  • DEE WHITLEY (VICE PRESIDENT)

People named in this filing

  • NANCY RICHARDSON (PRESIDENT)
  • DEE WHITLEY (VICE PRESIDENT)
  • LAURA DUDLEY (SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

Housing for the elderly and handicapped.

What it reported doing in 2024

Provide low-income housing for the elderly and handicapped.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - The filed numbers largely add up and a large share of available resources goes toward mission work. Assets have declined or grown slowly and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 66
  • Transparency & Controls: 92
  • Accountability: 100
  • Sustainability: 50
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 71.2%; rating input score 71
  • Program expense ratio: 78.6%; rating input score 79
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 7 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 9.4%; rating input score 60; 60th percentile among comparable filings
  • Total-asset coverage ratio: 0.98; rating input score 42; 42nd percentile among comparable filings
  • Liabilities to assets ratio: 2.09; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 3.3% per year; rating input score 100; 33rd percentile among comparable filings
  • Revenue growth: 5.4% per year; rating input score 100; 46th percentile among comparable filings
  • Asset growth: -3.3% per year; rating input score 0; 9th percentile among comparable filings

Details

  • Where the money goes: 71.2% of revenue deployed · 78.6% of spending went to programs
  • Governance: 13 of 13 board members independent · 7 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $750K in reported program spending
  • Leadership: top reported pay $0 · 13 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 14 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 42/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.