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.