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← COVENANT HEALTHCARE FOUNDTION

Form 990 for tax year 2024

Filed by COVENANT HEALTHCARE FOUNDTION.

Totals

Total revenue
$2,368,102
Total expenses
$950,034
Contributions and grants received
$951,907
Grants paid
$380,303
Program service revenue
$0
Investment income
$1,304,049
Other revenue
$112,146
Total assets, end of year
$29,308,767
Total liabilities, end of year
$120,121
Net assets or fund balances, end of year
$29,188,646
Program services expenses (Part IX)
$380,303
Management and general expenses
$569,731
Fundraising expenses
$0
Program service expenses (Part III)
$380,303

Program services were 40.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $193,975

  • 1f · All other contributions, gifts and grants

    $757,932

  • 1g · Noncash contributions included above

    $42,361

  • 3 · Investment income

    total $752,873 · excluded $752,873

  • 7a · Gross sales of assets other than inventory

    securities $1,671,405

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

    securities $1,120,229

  • 7c · Gain or loss

    securities $551,176

  • 7d · Net gain or loss

    total $551,176 · excluded $551,176

  • 8a · Fundraising events: gross income

    $75,715

  • 8a · Fundraising events: contributions included on line 1c

    $193,975

  • 8b · Fundraising events: direct expenses

    $218,962

  • 8c · Net income from fundraising events

    total -$143,247 · excluded -$143,247

  • 9a · Gaming: gross income

    $9,810

  • 9b · Gaming: direct expenses

    $6,390

  • 9c · Net income from gaming

    total $3,420 · excluded $3,420

  • 10a · Gross sales of inventory

    $1,565,809

  • 10b · Cost of goods sold

    $1,433,836

  • 10c · Net income from sales of inventory

    total $131,973 · excluded $131,973

  • 11a · Other revenue: ANCILLARY REVENUE

    total $120,000 · excluded $120,000

  • 11e · Other revenue, total

    $120,000

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $327,332 · program services $327,332

  • 2 · Grants to domestic individuals

    total $52,971 · program services $52,971

  • 7 · Other salaries and wages

    total $348,844 · management and general $348,844

  • 9 · Other employee benefits

    total $54,106 · management and general $54,106

  • 10 · Payroll taxes

    total $24,857 · management and general $24,857

  • 11f · Fees: investment management

    total $37,535 · management and general $37,535

  • 13 · Office expenses

    total $33,849 · management and general $33,849

  • 17 · Travel

    total $3,864 · management and general $3,864

  • 24a · Other expenses: DONOR RECOG/VOLUNTEER

    total $32,505 · management and general $32,505

  • 24b · Other expenses: PURCHASED SERVICES

    total $31,481 · management and general $31,481

  • 24c · Other expenses: DUES/BOOKS

    total $2,140 · management and general $2,140

  • 24e · All other expenses

    total $550 · management and general $550

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,016,781 · end of year $1,589,526

  • 2 · Savings and temporary cash investments

    beginning of year $2,225,825 · end of year $2,913,397

  • 3 · Pledges and grants receivable

    beginning of year $792,225 · end of year $432,064

  • 9 · Prepaid expenses and deferred charges

    beginning of year $195,692 · end of year $195,692

  • 11 · Investments: publicly traded securities

    beginning of year $18,100,241 · end of year $21,920,223

  • 12 · Investments: other securities

    beginning of year $3,919,179 · end of year $2,257,865

  • 17 · Accounts payable and accrued expenses

    beginning of year $179,236 · end of year $120,121

  • 27 · Net assets without donor restrictions

    beginning of year $9,301,983 · end of year $10,192,857

  • 28 · Net assets with donor restrictions

    beginning of year $17,768,724 · end of year $18,995,789

Mission and programs · 2024

Mission

THE FOUNDATION IS ESTABLISHED TO SUPPORT THE COVENANT HEALTHCARE SYSTEM BY ACCEPTING DONATIONS AND PROVIDING STEWARDSHIP OF CHARITABLE FUNDS RECEIVED FROM THE COVENANT HEALTHCARE CONSTITUENCY.

  • GRANTS TO VARIOUS HOSPITAL UNITS TO BE USED FOR THE BENEFIT OF COVENANT HEALTHCARE SYSTEM, A NON-PROFIT ORGANIZATION, AND ITS AFFILIATED HOSPITAL, COVENANT MEDICAL CENTER.

    Expenses $327,332 · Grants $327,332

  • COLLEGE SCHOLARSHIPS TO HIGH SCHOOL STUDENTS, LEGAL DEPENDENTS AND NURSING STUDENTS.

    Expenses $52,971 · Grants $52,971

As filed on the 2024 return.

Listed in Part VII

  • Bethany Charlton

    PRESIDENT/CEO

    Total calculated
    $1,907,478
    From this org
    $0
    From related orgs
    $1,039,656
    Other
    $867,822
    Hours/week
    4 + 55 related

    Schedule J breakdown matched by us

    Base
    $0 + $861,457 related
    Bonus
    $0 + $178,199 related
    Other
    $0
    Deferred
    $0 + $806,880 related
    Nontaxable benefits
    $0 + $60,942 related
    Filer's total
    $0 + $1,907,478 related

  • Kevin Albosta

    VP OF FINANCE

    Total calculated
    $2,242,171
    From this org
    $0
    From related orgs
    $1,930,923
    Other
    $311,248
    Hours/week
    4 + 55 related

    Schedule J breakdown matched by us

    Base
    $0 + $586,257 related
    Bonus
    $0 + $123,571 related
    Other
    $0 + $1,221,095 related
    Deferred
    $0 + $276,149 related
    Nontaxable benefits
    $0 + $35,099 related
    Filer's total
    $0 + $2,242,171 related

  • Jane Hagen

    CHAIR

    Total calculated
    $0
    Hours/week
    4

  • Molly Saputo

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    4

  • John W Shelton

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    4

  • Lyle G Davis Jr

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • Richard J Garber Jr

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • Sharon Rood

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • Kathi Spence

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • Kristin Knoll

    FOUNDATION DIRECTOR

    Total calculated
    $154,754
    From this org
    $0
    From related orgs
    $127,224
    Other
    $27,530
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $120,070 related
    Bonus
    $0 + $7,154 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $27,530 related
    Filer's total
    $0 + $154,754 related

  • Ryan Ratynski

    INTERIM FOUNDATION DIRECTOR - PART YEAR

    Total calculated
    $174,477
    From this org
    $0
    From related orgs
    $147,330
    Other
    $27,147
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $136,358 related
    Bonus
    $0 + $10,972 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $27,147 related
    Filer's total
    $0 + $174,477 related

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

  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
COVENANT MEDICAL CENTER, A RELATED ORGANIZATION, USES THE FOLLOWING METHODS TO ESTABLISH COMPENSATION OF THE CEO/EXECUTIVE DIRECTOR: COMPENSATION COMMITTEE, COMPENSATION SURVEY OR STUDY AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.
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 FY25. 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 FOUR ORGANIZATION SUCCESS SHARING TARGETS ARE MET; PATIENT SATISFACTION SCORES, QUALITY METRICS, EMPLOYEE ENGAGEMENT SCORES AND FINANCIAL PERFORMACE BASED ON A CUSTOM OPERATING MARGIN.

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

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.

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 · controlled entity

  • COVENANT MEDICAL CTR OFFICE CONDO ASSOCIATION

    C · CONDOMINIUM · MI · controlled entity

  • COVENANT HEALTH MACKINAW FACILITY CONDO ASSOCIATION

    C · CONDOMINIUM · MI · controlled entity

  • COVENANT SERVICES CORP

    C · HEALTHCARE · MI · controlled entity

  • COVENANT MEDICAL CTR PROFESSIONAL OFFICE BUILDING CONDOMINIUM

    C · HEALTH SERVICES · MI · controlled entity

Provenance

Return type
form_990
Tax year
2024
Filed
13 May 2026
IRS schema version
2024v5.5
Source object
202601349349309715

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