Covenant Way (Formerly Due West Retirement Center)

Nonprofit profile at a glance

EIN
570699335
IRS 990 coverage
2010–2013
Forms available
Form 990 2013
Location
Due West, SC, USA
Phone
8643792570
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Supportive Housing for Older Adults

Official website

Reported finances

Revenue
$1,016,708
Expenses
$836,732
Assets
$3,431,350
Liabilities
$1,938,758

Source: IRS Form 990. Selected filing: tax year 2013. Amounts in USD.

Leadership & pay

6 people listed

People named in this filing

  • DONALD G CHAPMAN (CHAIRMAN OF BOARD)
  • BOB CLARKE (BOARD MEMBER)
  • JOE ELLIS (BOARD MEMBER)

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 2013. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Covenant way was founded to establish, maintain, and operate, on a non-profit basis, a christian retirement community with housing and related services to meet residents needs and to contribute to their health, security, happiness, and usefulness in life.

What it reported doing in 2013

The organization operated a christian retirement community as its primary exempt activity. Due to fiscal restraints the organization deterimined that it had to sell and dissolve so that the residents could continue living within the community. The organization began the process of selling operations in the 2013 tax period. The assets of the organizations were not sold in the 2013 period.

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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Revenue has declined or grown slowly and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 94
  • Accountability: 88
  • Sustainability: 74
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69.3%; rating input score 69
  • Program expense ratio: 84.2%; rating input score 84
  • Fundraising efficiency: $12.13 raised per $1 spent on fundraising; rating input score 48; 48th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 19th 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; 64th percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 17.7%; rating input score 80; 80th percentile among comparable filings
  • Total-asset coverage ratio: 4.1; rating input score 81; 81st percentile among comparable filings
  • Liabilities to assets ratio: 0.57; rating input score 20; 20th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 85; 85th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -29.9% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: -12.5% per year; rating input score 0; 9th percentile among comparable filings

Details

  • Where the money goes: 69.3% of revenue deployed · 84.2% of spending went to programs
  • Governance: 5 of 5 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $705K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 29 of 30 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors
  • Filing history: 4 filing years from 2010 to 2013
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: 1 filed related-organization link
  • 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 — Growth: Revenue growth scored 0/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 48/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 20/100.