Form 990 for tax year 2022
Filed by COVENANT COMMUNITY CAPITAL CORPORATION.
Totals
- Total revenue
- $2,093,022
- Total expenses
- $2,400,132
- Contributions and grants received
- $602,601
- Grants paid
- $152,425
- Program service revenue
- $1,432,789
- Investment income
- $57,632
- Other revenue
- $0
- Total assets, end of year
- $9,150,132
- Total liabilities, end of year
- $3,693,805
- Net assets or fund balances, end of year
- $5,456,327
- Program services expenses (Part IX)
- $2,269,090
- Management and general expenses
- $53,125
- Fundraising expenses
- $77,917
- Program service expenses (Part III)
- $2,269,090
Program services were 94.5% 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.
-
1f · All other contributions, gifts and grants
$602,601
-
2a · Program service revenue: Other income
total $165 · related or exempt $165
-
2b · Program service revenue: Partnership Mgmt Fees
total $52,943 · related or exempt $52,943
-
2c · Program service revenue: Rental Income
total $1,337,170 · related or exempt $1,337,170
-
2d · Program service revenue: Social Service Fees
total $42,511 · related or exempt $42,511
-
3 · Investment income
total $57,632 · related or exempt $57,632
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6d · Net rental income or loss
total $0
-
7d · Net gain or loss
total $0
-
8c · Net income from fundraising events
total $0
-
9c · Net income from gaming
total $0
-
10c · Net income from sales of inventory
total $0
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $152,425 · program services $152,425
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $96,541 · program services $54,063 · management and general $9,654 · fundraising $32,824
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $332,114 · program services $332,114
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $170,894 · program services $143,254 · management and general $6,282 · fundraising $21,358
-
10 · Payroll taxes
total $32,935 · program services $29,685 · management and general $739 · fundraising $2,511
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $5,500 · program services $5,500
-
11c · Fees: accounting
total $31,337 · program services $8,950 · management and general $22,387
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $34,356 · program services $13,356 · fundraising $21,000
-
12 · Advertising and promotion
total $900 · program services $900
-
13 · Office expenses
total $55,374 · program services $55,150 · fundraising $224
-
14 · Information technology
total $0
-
15 · Royalties
total $0
-
16 · Occupancy
total $45,468 · program services $45,468
-
17 · Travel
total $7,911 · program services $3,098 · management and general $4,813
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $2,469 · program services $2,469
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $322,076 · program services $318,260 · management and general $3,816
-
23 · Insurance
total $152,657 · program services $147,223 · management and general $5,434
-
24a · Other expenses: MULTIFAMILY SEE SCH O
total $747,032 · program services $747,032
-
24b · Other expenses: Taxes
total $114,557 · program services $114,557
-
24c · Other expenses: Bad Debt
total $95,586 · program services $95,586
-
24e · All other expenses
total $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $832,263 · end of year $937,675
-
2 · Savings and temporary cash investments
end of year $0
-
3 · Pledges and grants receivable
end of year $0
-
4 · Accounts receivable
beginning of year $1,568,482 · end of year $1,557,860
-
5 · Loans and receivables from officers and key people
end of year $0
-
6 · Loans and receivables from disqualified persons
end of year $0
-
7 · Other notes and loans receivable
beginning of year $855,372 · end of year $805,365
-
8 · Inventories for sale or use
end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $24,843 · end of year $40,793
-
10a · Land, buildings and equipment: cost or other basis
$10,491,130
-
10b · Land, buildings and equipment: accumulated depreciation
$5,797,160
-
10c · Land, buildings and equipment, net
beginning of year $4,905,315 · end of year $4,693,970
-
11 · Investments: publicly traded securities
end of year $0
-
12 · Investments: other securities
end of year $0
-
13 · Investments: program-related
end of year $0
-
14 · Intangible assets
end of year $0
-
15 · Other assets
beginning of year $1,176,631 · end of year $1,114,469
-
17 · Accounts payable and accrued expenses
beginning of year $641,293 · end of year $679,831
-
23 · Secured mortgages and notes payable
beginning of year $2,740,166 · end of year $2,655,851
-
25 · Other liabilities
beginning of year $218,010 · end of year $358,123
-
27 · Net assets without donor restrictions
beginning of year $4,313,795 · end of year $4,048,960
-
28 · Net assets with donor restrictions
beginning of year $1,449,642 · end of year $1,407,367
Mission and programs · 2022
Mission
Covenant equips aspirational working families to thrive and secure intergenerational resilience by acquiring affordable homes, accessing quality education, managing risk, and building savings for life.
-
Affordable Family Townhome Rentals In 2010 PNC Bank approached Covenant to do a workout on a distressed 128-unit 2002 apartment community in Baytown known as Townhomes of Bay Forest. Covenant obtained a $5,660,000 0% NSP loan from TDHCA to retire the defaulted mortgage, make capital improvements, build a playground, and lower rents to levels affordable to families earning 50% of the area median income. In 2018, Covenant acquired PNCs limited partner interest in the community. Covenant staff live onsite and provide after school, summer, and holiday family programming.
Expenses $1,409,119 · Revenue $1,432,624
-
Family Asset Building through financial education, coaching, savings prizes, savings matches and 0% loans that equip aspirational working families to secure economic mobility and intergenerational resilience. In 2022 665 families received financial education and coaching, 522 opened savings accounts and built an emergency fund, and 54 families earning an average of $32,043 received a savings match to buy their first home, of whom 70% were Black, 26% Latino, 1% American Indian, and 1% Middle Eastern/North African. Covenant leveraged its saving matches by facilitating an additional $1,761,466 in down payment and closing costs assistance for these clients. Five years after purchase, mean Covenant homebuyer equity was $130,299, or 107% of US median family wealth. Black Covenant homebuyer equity was 511% of the US median Black family wealth.
Expenses $660,769 · Revenue $384,011
-
Community Asset Building through financing and development expertise to create home or job opportunities for low-income families. Since 2000 Covenant has facilitated the creation of 700+ jobs and 2,336 affordable homes, and restoration of 323 storm damaged homes. In 2022: our financing of Grace Freight grew the firm to 22 busy tractor-trailer rigs and 167% of the 24 new jobs sought for ex-offenders; assistance for UP CDC to create the East End Maker Hub continues to bear fruit with their expansion; we completed perm loan conversion of the 112-unit Law Harrington senior-living community and Legacy Clinic for Montrose Center, completed lease-up of the amenity-rich McKee City Living affordable community for 120 working families in Downtown Houston, and neared completion of the 93 unit Sunrise Lofts for youth exiting foster care in EADO.
Expenses $127,160
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Stephan Fairfield
President & CEO
- Total calculated
- $159,360
- From this org
- $96,541
- From related orgs
- $0
- Other
- $62,819
- Hours/week
- 24
Schedule J breakdown matched by us
- Base
- $96,541
- Bonus
- not reported
- Other
- not reported
- Deferred
- $10,550
- Nontaxable benefits
- $52,269
- Filer's total
- $159,360
-
John Cochran
Chairman
- Total calculated
- $0
- Hours/week
- 2
-
Karen Becerra
Director
- Total calculated
- $0
- Hours/week
- 1
-
Eugene Lee
Director
- Total calculated
- $0
- Hours/week
- 1
-
Gloria Sanderson
Director
- Total calculated
- $0
- Hours/week
- 1
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
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 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
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
No itemized grants to organizations on this return.
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.
-
Kingwood Senior Management LLC
Affordable Housing · TX · assets $9,372
Directly controlled by Covenant Community Capital Corp
-
Affordable Housing · TX · income $13,327 · assets $660,252
Directly controlled by Covenant Community Capital Corp
-
Camelia Development LLC
Affordable Housing · TX
Directly controlled by Covenant Community Capital Corp
Related partnerships
Part III: related organizations taxable as a partnership, with the filer's share.
-
Related · Low Income Housing · TX · 100% owned · share of income $1,341,548 · share of assets $5,478,743 · general or managing partner
Directly controlled by Covenant Community C
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
Kingwood Senior Village GP LLC
C Corp · Affordable Housing · TX · 100% owned · share of income $52,868 · share of assets $510,054 · controlled entity
Directly controlled by Covenant Community
-
C Corp · Affordable Housing · TX · 100% owned · share of income $49,832 · share of assets $50,822 · controlled entity
Directly controlled by Covenant Community
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 15 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202333199349314473
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