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Nonprofiteer
← COVENANT HEALTH

Form 990 for tax year 2023

Filed by COVENANT HEALTH.

Totals

Total revenue
$207,141,823
Total expenses
$191,450,181
Contributions and grants received
$618,272
Grants paid
$437,010
Program service revenue
$156,638,883
Investment income
$49,728,780
Other revenue
$155,888
Total assets, end of year
$1,801,246,321
Total liabilities, end of year
$1,110,403,934
Net assets or fund balances, end of year
$690,842,387
Program services expenses (Part IX)
$170,755,998
Management and general expenses
$20,258,252
Fundraising expenses
$435,932
Program service expenses (Part III)
$170,755,998

Program services were 89.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • Gerald Boyd

    Director

    Total calculated
    $977
    From this org
    $977
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Willard Campbell MD

    Director

    Total calculated
    $0
    Hours/week
    1

  • Michael Casey MD

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ronni Chandler

    Fmr Director (through June 2023)

    Total calculated
    $0
    Hours/week
    1

  • Mitchell Dickson MD

    Director

    Total calculated
    $796
    From this org
    $796
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Stephanie Flood

    Director

    Total calculated
    $808
    From this org
    $808
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • James Gibson

    Director

    Total calculated
    $1,008
    From this org
    $1,008
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Edgar Gray

    Director

    Total calculated
    $1,054
    From this org
    $1,054
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Leslye Hartsell

    Director

    Total calculated
    $1,027
    From this org
    $1,027
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Donald Hickman

    Director

    Total calculated
    $1,498
    From this org
    $1,498
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Timothy Matthews

    Director

    Total calculated
    $1,196
    From this org
    $1,196
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Janice McKinley

    Director

    Total calculated
    $1,222
    From this org
    $1,222
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dave Miller

    Director

    Total calculated
    $1,044
    From this org
    $1,044
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Bill Myers

    Director

    Total calculated
    $0
    Hours/week
    1

  • Alvin Nance

    Director

    Total calculated
    $1,044
    From this org
    $1,044
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Linda Ogle

    Director

    Total calculated
    $0
    Hours/week
    1

  • King Purnell

    Director/Chair

    Total calculated
    $1,630
    From this org
    $1,630
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jorge Sanabria

    Director

    Total calculated
    $1,234
    From this org
    $1,234
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • William Seale

    Director

    Total calculated
    $1,321
    From this org
    $1,321
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Cosby Stone

    Director

    Total calculated
    $1,595
    From this org
    $1,595
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Joe Sutter

    Director

    Total calculated
    $1,462
    From this org
    $1,462
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • James Tramontana MD

    Director

    Total calculated
    $1,196
    From this org
    $1,196
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • James D VanderSteeg

    President & CEO

    Total calculated
    $3,115,259
    From this org
    $2,762,691
    From related orgs
    $0
    Other
    $352,568
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $1,523,002
    Bonus
    $1,039,500
    Other
    $200,189
    Deferred
    $322,565
    Nontaxable benefits
    $30,003
    Filer's total
    $3,115,259

  • John T Geppi

    Fmr EVP/CFO (through June 2023)

    Total calculated
    $995,771
    From this org
    $971,426
    From related orgs
    $0
    Other
    $24,345
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $349,550
    Bonus
    $292,063
    Other
    $329,813
    Deferred
    $12,200
    Nontaxable benefits
    $12,145
    Filer's total
    $995,771

  • Joseph C Dolan

    EVP/CFO

    Total calculated
    $397,454
    From this org
    $358,890
    From related orgs
    $0
    Other
    $38,564
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $284,875
    Bonus
    $60,000
    Other
    $14,015
    Deferred
    $29,667
    Nontaxable benefits
    $8,897
    Filer's total
    $397,454

  • Kathleen F Zitzman

    Chief Compliance Officer

    Total calculated
    $431,614
    From this org
    $388,360
    From related orgs
    $0
    Other
    $43,254
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $252,172
    Bonus
    $86,000
    Other
    $50,188
    Deferred
    $12,200
    Nontaxable benefits
    $31,054
    Filer's total
    $431,614

  • Philip V Schmidt

    Director - Internal Audit

    Total calculated
    $150,871
    From this org
    $114,854
    From related orgs
    $0
    Other
    $36,017
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $114,324
    Bonus
    $0
    Other
    $530
    Deferred
    $6,625
    Nontaxable benefits
    $29,392
    Filer's total
    $150,871

  • Michael R Belbeck Jr

    EVP-Hosp Ops

    Total calculated
    $1,046,251
    From this org
    $939,140
    From related orgs
    $0
    Other
    $107,111
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $587,930
    Bonus
    $239,587
    Other
    $111,623
    Deferred
    $74,059
    Nontaxable benefits
    $33,052
    Filer's total
    $1,046,251

  • M Douglas Campbell Jr

    General Counsel

    Total calculated
    $882,896
    From this org
    $796,852
    From related orgs
    $0
    Other
    $86,044
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $508,989
    Bonus
    $208,735
    Other
    $79,128
    Deferred
    $65,735
    Nontaxable benefits
    $20,309
    Filer's total
    $882,896

  • Debra A Welch

    SVP - Human Resources

    Total calculated
    $625,802
    From this org
    $590,477
    From related orgs
    $0
    Other
    $35,325
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $393,689
    Bonus
    $126,000
    Other
    $70,788
    Deferred
    $12,200
    Nontaxable benefits
    $23,125
    Filer's total
    $625,802

  • Amanda G Halford MD

    SVP - Chief Medical Officer

    Total calculated
    $615,075
    From this org
    $573,583
    From related orgs
    $0
    Other
    $41,492
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $401,078
    Bonus
    $118,500
    Other
    $54,005
    Deferred
    $12,200
    Nontaxable benefits
    $29,292
    Filer's total
    $615,075

  • William M Ward

    SVP - Chief Information Officer

    Total calculated
    $586,432
    From this org
    $540,785
    From related orgs
    $0
    Other
    $45,647
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $367,126
    Bonus
    $97,000
    Other
    $76,659
    Deferred
    $12,335
    Nontaxable benefits
    $33,312
    Filer's total
    $586,432

  • Debra R Honey

    SVP - Chief Nursing Officer

    Total calculated
    $538,203
    From this org
    $499,380
    From related orgs
    $0
    Other
    $38,823
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $335,381
    Bonus
    $95,000
    Other
    $68,999
    Deferred
    $15,789
    Nontaxable benefits
    $23,034
    Filer's total
    $538,203

  • William C Clabough

    SVP - Business Development

    Total calculated
    $472,338
    From this org
    $458,959
    From related orgs
    $0
    Other
    $13,379
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $304,181
    Bonus
    $97,000
    Other
    $57,778
    Deferred
    $12,200
    Nontaxable benefits
    $1,179
    Filer's total
    $472,338

  • Teresa A Giles

    SVP - Finance

    Total calculated
    $483,231
    From this org
    $450,424
    From related orgs
    $0
    Other
    $32,807
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $291,184
    Bonus
    $102,000
    Other
    $57,240
    Deferred
    $12,200
    Nontaxable benefits
    $20,607
    Filer's total
    $483,231

  • Mark W Browne MD

    Fmr SVP - CMO (through June 2023)

    Total calculated
    $444,343
    From this org
    $421,387
    From related orgs
    $0
    Other
    $22,956
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $220,310
    Bonus
    $117,000
    Other
    $84,077
    Deferred
    $12,200
    Nontaxable benefits
    $10,756
    Filer's total
    $444,343

  • Jon-David Deeson

    EVP - Physician Enterprise

    Total calculated
    $476,459
    From this org
    $419,835
    From related orgs
    $0
    Other
    $56,624
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $343,979
    Bonus
    $50,000
    Other
    $25,856
    Deferred
    $37,875
    Nontaxable benefits
    $18,749
    Filer's total
    $476,459

  • Lucas D Johnson Sr

    Fmr EVP - Phys Ent(through Jan 2023)

    Total calculated
    $350,029
    From this org
    $337,127
    From related orgs
    $0
    Other
    $12,902
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $221,781
    Other
    $115,346
    Deferred
    $12,200
    Nontaxable benefits
    $702
    Filer's total
    $350,029

  • Keith N Altshuler

    President/CAO - Fort Sanders Reg

    Total calculated
    $672,139
    From this org
    $637,314
    From related orgs
    $0
    Other
    $34,825
    Hours/week
    0 + 50 related

    Schedule J breakdown matched by us

    Base
    $455,233
    Bonus
    $113,000
    Other
    $69,081
    Deferred
    $12,200
    Nontaxable benefits
    $22,625
    Filer's total
    $672,139

  • Jeremy H Biggs

    President/CAO - Methodist Med Ctr

    Total calculated
    $578,698
    From this org
    $536,920
    From related orgs
    $0
    Other
    $41,778
    Hours/week
    0 + 50 related

    Schedule J breakdown matched by us

    Base
    $368,543
    Bonus
    $105,000
    Other
    $63,377
    Deferred
    $12,288
    Nontaxable benefits
    $29,490
    Filer's total
    $578,698

  • Gordon E Lintz

    President/CAO - Morristown-Hamblen

    Total calculated
    $557,832
    From this org
    $534,235
    From related orgs
    $0
    Other
    $23,597
    Hours/week
    0 + 50 related

    Schedule J breakdown matched by us

    Base
    $345,803
    Bonus
    $110,000
    Other
    $78,432
    Deferred
    $12,200
    Nontaxable benefits
    $11,397
    Filer's total
    $557,832

  • Devan C Johnson

    President/CAO - Parkwest

    Total calculated
    $460,181
    From this org
    $429,885
    From related orgs
    $0
    Other
    $30,296
    Hours/week
    0 + 50 related

    Schedule J breakdown matched by us

    Base
    $366,124
    Bonus
    $40,000
    Other
    $23,761
    Deferred
    $0
    Nontaxable benefits
    $30,296
    Filer's total
    $460,181

  • Wesley C Halford

    Medical Director Physician Advisor

    Total calculated
    $398,730
    From this org
    $378,528
    From related orgs
    $0
    Other
    $20,202
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $328,908
    Bonus
    $48,534
    Other
    $1,086
    Deferred
    $18,300
    Nontaxable benefits
    $1,902
    Filer's total
    $398,730

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1a · Discretionary spending account
  • 1a · Personal services (maid, chauffeur, chef)
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Part I, Line 1a
Officers and board members attending official board retreats are offered a discretionary spending allowance that may be used for incidental spending and/or companion travel. Amounts are included in taxable compensation. In addition, board members receive tax indemnification payments related to reportable compensation from the spending allowances, which are also included in taxable compensation. Tax gross-up payments related to deferred compensation and reimbursement of fees for personal services for legal and financial planning are provided to certain executives and managers. Amounts are included in taxable compensation.
Part I, Line 4b
Covenant Health maintains a nonqualified deferred compensation ("NQDC") plan intended to support retention of President and CEO, James D. VanderSteeg, EVP and CFO, Joseph C. Dolan (plan effective 8-1-2023), General Counsel, M. Douglas Campbell, EVP of Hospital Operations, Michael R. Belbeck, and EVP of Physician Enterprises, Jon-David Deeson (plan effective 4-1-2023). Employer contributions of $493,301 are reported as deferred compensation on Schedule J, Part II, Column C. Contributions along with 2023 earnings of $102,864 are subject to a substantial risk of forfeiture. Amounts are combined with other compensation and considered for reasonableness. Compensation procedures are discussed in detail in Schedule O (Form 990, Part VI, Section B, Line 15a). Please note that the amounts included in Part II, Column C as contributions to the NQDC plan for James D. VanderSteeg and other executive leaders are deferred but NOT received during the filing year. We report compensation in both the year earned and the year paid, as required by IRS guidelines; however, wages appear overstated due to dual reporting of compensation earned in one year and distributed in a subsequent year.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • Covenant Ventures LLC

    Develop healthcare software · TN · income $0 · assets $0

    Directly controlled by Covenant Health

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Fortress Corporation

    C · Management company · TN · 100% owned · share of income $20,811,187 · share of assets $197,248,136 · controlled entity

    Directly controlled by Covenant Health

  • Covenant Medical Group Inc

    C · Physician practice management · TN · 100% owned · share of income $196,669,722 · share of assets $64,829,086 · controlled entity

    Directly controlled by Fortress Corp

  • Knoxville Heart Group

    C · Cardiology medical practice · TN · 100% owned · share of income $11,005,786 · share of assets $1,171,102 · controlled entity

    Directly controlled by Covenant Medical Group

  • East TN Cardiovascular Surgery Group Inc

    C · Cardiovascular surgical practice · TN · 100% owned · share of income $10,304,417 · share of assets $1,558,252 · controlled entity

    Directly controlled by Covenant Medical Group

  • TenHats LLC

    C · Data storage · TN · 100% owned · share of income $6,510,632 · share of assets $20,775,965 · controlled entity

    Directly controlled by Fortress Corp

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202433189349303868

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