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← COVENANT HEALTH FOUNDATION INC

Form 990 for tax year 2022

Filed by COVENANT HEALTH FOUNDATION INC.

Totals

Total revenue
-$178,418
Total expenses
$7,115
Contributions and grants received
$205,000
Grants paid
$6,118
Program service revenue
$0
Investment income
-$383,418
Other revenue
$0
Total assets, end of year
$25,676,535
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$25,676,535
Program services expenses (Part IX)
$7,115
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$7,115

Program services were 100.0% 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.

  • 1f · All other contributions, gifts and grants

    $205,000

  • 3 · Investment income

    total $305,815 · excluded $305,815

  • 7a · Gross sales of assets other than inventory

    securities $812,993

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

    securities $1,502,226

  • 7c · Gain or loss

    securities -$689,233

  • 7d · Net gain or loss

    total -$689,233 · excluded -$689,233

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,500 · program services $1,500

  • 2 · Grants to domestic individuals

    total $4,618 · program services $4,618

  • 13 · Office expenses

    total $462 · program services $462

  • 16 · Occupancy

    total $535 · program services $535

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $33,216 · end of year $4,944

  • 12 · Investments: other securities

    beginning of year $30,791,816 · end of year $25,671,591

  • 15 · Other assets

    beginning of year $10,000 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $7,010 · end of year $6,803

  • 28 · Net assets with donor restrictions

    beginning of year $30,828,022 · end of year $25,669,732

Mission and programs · 2022

Mission

The Covenant Health Foundation provides support and grants to the other not-for-profit organizations in the Covenant Health System.

  • The Covenant Health Foundation provides support and grants to the other not-for-profit in the Covenant Health System.

    Expenses $7,115 · Grants $6,118

As filed on the 2022 return.

Listed in Part VII

  • Stephen Grubbs

    President & CEO

    Total calculated
    $890,263
    From this org
    $0
    From related orgs
    $853,102
    Other
    $37,161
    Hours/week
    1 + 44.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $775,120 related
    Bonus
    $0 + $50,000 related
    Other
    $0 + $27,982 related
    Deferred
    $0 + $9,150 related
    Nontaxable benefits
    $0 + $28,011 related
    Filer's total
    $0 + $890,263 related

  • Lesley Adkinson E PhD RN

    Director

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Mark W Anthoine Sr

    Director

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Bruce Bonnell MD MPH

    Director

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Aisha Barlatier-Bonny

    Director

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Kathy Connerton JD MBA

    Director

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Catherine P Lovecchio PhD RN

    Director

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • William P Lucy

    Director

    Total calculated
    $0
    Hours/week
    1 + 3.5 related

  • Thomas Mortimer

    Director

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Cherie Noe MD

    Director

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Sr Catherine O'Connor

    Director

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Gino J Pazzaglini

    Director

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Louise Trottier

    Director

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • John Oliverio

    Chair

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Kenneth E Arnold

    Vice Chair

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Stephen Forney

    SVP and Chief Financial Officer

    Total calculated
    $556,000
    From this org
    $0
    From related orgs
    $512,632
    Other
    $43,368
    Hours/week
    1 + 40.6 related

    Schedule J breakdown matched by us

    Base
    $0 + $486,569 related
    Bonus
    $0 + $20,000 related
    Other
    $0 + $6,063 related
    Deferred
    $0 + $9,150 related
    Nontaxable benefits
    $0 + $34,218 related
    Filer's total
    $0 + $556,000 related

  • James Coffey

    CH SVP; President, CH Foundation

    Total calculated
    $336,290
    From this org
    $0
    From related orgs
    $291,264
    Other
    $45,026
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $0 + $272,843 related
    Bonus
    $0 + $15,000 related
    Other
    $0 + $3,421 related
    Deferred
    $0 + $7,481 related
    Nontaxable benefits
    $0 + $37,545 related
    Filer's total
    $0 + $336,290 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

None.

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

The filer's explanations (Part III)

Part I, Line 3
Any compensation paid to the trustees, directors, officers or key employees of the Organization is subject to the oversight and decisions of Covenant Health, a related tax-exempt organization. Every two-to-three years the Compensation Committee of the Covenant Health Board of Directors engages an external consultant to provide competitive market data from various survey sources, which is then used to develop recommendations for changes to the compensation program. Since 2003, the Compensation Committee has engaged a human resources consultant to conduct this analysis. Objectives of the analysis are to assess the compositeness of the total cash compensation levels of the senior leadership team, develop market based competitive salary ranges for all executive positions, and ensure that the annual incentive opportunities, if there are any, are competitive and reasonable. Any compensation paid to the trustees, directors, officers or key employees of the Organization is subject to the oversight and decisions of Covenant Health, a related tax-exempt organization. Every two-to-three years the Compensation Committee of the Covenant Health Board of Directors engages an external consultant to provide competitive market data from various survey sources, which is then used to develop recommendations for changes to the compensation program. Since 2003, the Compensation Committee has engaged a human resources consultant to conduct this analysis. Objectives of the analysis are to assess the compositeness of the total cash compensation levels of the senior leadership team, develop market based competitive salary ranges for all executive positions, and ensure that the annual incentive opportunities, if there are any, are competitive and reasonable.

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.

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 corporations and trusts

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

  • Campus Holding

    C · Holding company · ME

  • Covenant Health Insurance LTD

    C · Self-insurance company · CJ

  • GNM Corporation

    C · Real estate holding company · NH

  • SJ Physicians Services

    C · Physician practice · NH

  • St Joseph Corporate Services Inc

    C · Holding company · NH

  • Strauss Incorporated

    C · Repairs and transcriptions · ME

Provenance

Return type
form_990
Tax year
2022
Filed
6 November 2023
IRS schema version
2022v5.0
Source object
202313179349301101

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