Covenant Medical Center Inc

Nonprofit profile at a glance

EIN
421264647
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Waterloo, IA, USA
Phone
3192728000
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Hospital, General

Official website

Reported finances

Revenue
$436,425,740
Expenses
$406,563,697
Assets
$443,097,341
Liabilities
$227,049,243

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

Leadership & pay

20 people listed

Highest reported compensation

  • KURT ANDERSEN MD (DIRECTOR AS OF 1/25; PRES CENTRAL IA): $1,931,294 total reported compensation
  • AHSAN MAQSOOD MD (PHYSICIAN - CARDIOLOGY): $1,883,442 total reported compensation
  • RICHARD NAYLOR DO (PHYSICIAN - ORTHOPEDICS): $1,878,624 total reported compensation

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

Overview

Mission

We, covenant medical center and trinity health, serve together in the spirit of the gospel as a compassionate and transforming healing presence within our communities. Covenant medical center is a member of trinity health.

What it reported doing in 2024

Covenant medical center in waterloo, Iowa (mercyone waterloo) is a 346-bed, full-service, multi-specialty hospital that provides inpatient and outpatient health care services to support the community's health care needs. Services provided include intensive care; operating and recovery rooms for both inpatient and outpatient surgeries and procedures; an accredited rehabilitation program serving inpatients; accredited cancer and breast care centers; women's health care services including ob/gyn and midwifery, birth center, and the area's only level ii neonatal intensive care program; comprehensive imaging and radiology services; laboratory; respiratory therapy; cardiovascular services, including general interventional cardiology and electrophysiology and an accredited chest pain center; and inpatient and outpatient behavioral health services.mercyone waterloo also has physician practices with primary care and specialty physicians, physician assistants, nurse practitioners and numerous health care professionals who share the common goal of providing quality integrated health care services to individuals throughout northeast Iowa. Please see schedule h and visit our website for additional information about our services and specialties: www.mercyone.org/location/mercyone-waterloo-medical-center-0

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
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

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

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 76
  • Accountability: 64
  • Sustainability: 51
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 81.8%; rating input score 82
  • Program expense ratio: 88.1%; rating input score 88
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th 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: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 37.5%; rating input score 38; 11th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 6.8%; rating input score 63; 63rd percentile among comparable filings
  • Total-asset coverage ratio: 1.09; rating input score 42; 42nd percentile among comparable filings
  • Liabilities to assets ratio: 0.51; rating input score 35; 35th percentile among comparable filings
  • Officer compensation ratio: 2.6%; rating input score 43; 43rd percentile among comparable filings

Growth

  • Program expense growth: 2.7% per year; rating input score 100; 20th percentile among comparable filings
  • Revenue growth: 2.8% per year; rating input score 100; 21st percentile among comparable filings
  • Asset growth: 3.4% per year; rating input score 100; 23rd percentile among comparable filings

Details

  • Where the money goes: 81.8% of revenue deployed · 88.1% of spending went to programs
  • Governance: 3 of 8 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $358.3M in reported program spending
  • Leadership: top reported pay $1.9M · 20 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $9.2M reported
  • Consistency: 38 of 38 current checks pass
  • Schedules: 11 filed schedules · includes major donors, grants, executive pay, and related organizations
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 15 filed money-flow records
  • Related organizations: 311 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.

  • Moderate — Accountability: Independent voting board scored 38/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 42/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 35/100.
  • Moderate — Sustainability: Officer compensation ratio scored 43/100.