Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 3 · Investment income

  total $4,275 · excluded $4,275

• 7a · Gross sales of assets other than inventory

  securities $4,141

• 7b · Less cost or other basis and sales expenses

  securities $0

• 7c · Gain or loss

  securities $4,141

• 7d · Net gain or loss

  total $4,141 · excluded $4,141

Functional expenses

Part IX, the statement of functional expenses.

• 24a · Other expenses: OTHER EXPENSES

  total $55 · management and general $55

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $30,777 · end of year $30,722

• 2 · Savings and temporary cash investments

  beginning of year $15,340 · end of year $20,053

• 11 · Investments: publicly traded securities

  beginning of year $124,743 · end of year $150,874

• 12 · Investments: other securities

  beginning of year $12,491,607 · end of year $13,455,857

• 17 · Accounts payable and accrued expenses

  beginning of year $0

• 25 · Other liabilities

  beginning of year $0 · end of year $700,000

• 27 · Net assets without donor restrictions

  beginning of year $12,662,467 · end of year $12,957,506

The filer's explanations (Part III)

PART I, LINE 3

THE FILING ORGANIZATION RELIED ON COVENANT MEDICAL CENTER'S, A RELATED ORGANIZATION, METHODS FOR ESTABLISHING THE COMPENSATION OF THE FILING ORGANIZATION'S OFFICERS: A COMPENSATION COMMITTEE, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

PART I, LINES 4A-B

PART I LINE 4A: DR. IRIS MARTEJA HAD $407,700 & DR. MICHAEL SULLIVAN HAD $371,767 PAID OUT AS SEPARATION PAY FROM JULY-DECEMBER OF 2024 BASED ON THE RESPECTIVE AGREEMENTS SIGNED IN 2024. THESE FIGURES WERE INCLUDED IN THEIR TOTAL COMPENSATION. PART I LINE 4B: THE ORGANIZATION MAINTAINS A NONQUALIFIED SUPPLEMENTAL EXECUTIVE PLAN (SERP) FOR CERTAIN OF ITS EXECUTIVES. THE SERP HAS BEEN ESTABLISHED FOR THESE EXECUTIVES BY THE ORGANIZATION, FOLLOWING APPROPRIATE BOARD LEVEL REVIEW IN A MANNER INTENDED TO COMPLY WITH THE REBUTTABLE PRESUMPTION OF REASONABLENESS PROVISION UNDER IRC SECTION 4958. SOME OF THE INDIVIDUALS LISTED IN PART VII RECEIVED A TAXABLE SERP PAYMENT IN FY24. ALL PAYMENTS WERE INCLUDED AS TAXABLE INCOME.

PART I, LINE 7

THE FILING ORGANIZATION RELIED ON COVENANT MEDICAL CENTER'S, A RELATED ORGANIZATION, METHODS FOR ESTABLISHING THE BONUSES OF THE FILING ORGANIZATION'S OFFICERS: THE BONUSES PAID TO ANY OFFICER LISTED IN SCHEDULE J PART II CAN BE DETERMINED BASED ON WHETHER THREE ORGANIZATION SUCCESS SHARING TARGETS ARE MET; PATIENT SATISFACTION SCORES, QUALITY METRICS, AND FINANCIAL PERFORMACE BASED ON A CUSTOM OPERATING MARGIN.

Related partnerships

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

• MACKINAW SURGERY CENTER

  RENTAL · MI

Related corporations and trusts

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

• COVENANT DEVELOPMENT CORPORATION

  C · HEALTH SERVICES · MI · 100% owned · share of income $1,396,314 · share of assets $5,847,762 · controlled entity

  Directly controlled by COVENANT HEALTHCARE SYSTEM

• COVENANT SERVICES CORP

  C · HEALTHCARE · MI · controlled entity

  Directly controlled by COVENANT HEALTHCARE SYSTEM

• COVENANT MEDICAL CENTER OFFICE CONDO ASSOCIATION

  C · CONDOMINIUM · MI · controlled entity

• COVENANT HEALTH MACKINAW FACILITY CONDO ASSOCIATION

  C · CONDOMINIUM · MI · controlled entity

• COVENANT MEDICAL CTR PROFESSIONAL OFFICE BUILDING CONDOMINIUM

  C · HEALTH SERVICES · MI · controlled entity