Skip to content
Nonprofiteer
← COVENANT LIVING AT THE HOLMSTAD

Form 990 for tax year 2022

Filed by COVENANT LIVING AT THE HOLMSTAD.

Totals

Total revenue
$20,745,346
Total expenses
$17,595,026
Contributions and grants received
$524,088
Grants paid
$0
Program service revenue
$17,373,378
Investment income
$2,612,811
Other revenue
$235,069
Total assets, end of year
$74,559,524
Total liabilities, end of year
$89,698,129
Net assets or fund balances, end of year
-$15,138,605
Program services expenses (Part IX)
$10,972,409
Management and general expenses
$6,383,902
Fundraising expenses
$238,715
Program service expenses (Part III)
$10,972,409

Program services were 62.4% 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

    $524,088

  • 2a · Program service revenue: ROUTINE SERVICES

    total $12,194,433 · related or exempt $12,194,433

  • 2b · Program service revenue: ENTRANCE FEE

    total $4,781,924 · related or exempt $4,781,924

  • 2c · Program service revenue: MEALS

    total $282,423 · related or exempt $282,423

  • 2d · Program service revenue: ANCILLARY SERVICES

    total $114,598 · related or exempt $114,598

  • 3 · Investment income

    total $2,137,139 · excluded $2,137,139

  • 7a · Gross sales of assets other than inventory

    securities $466,068 · other assets $9,604

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $466,068 · other assets $9,604

  • 7d · Net gain or loss

    total $475,672 · excluded $475,672

  • 11a · Other revenue: SUPPORT SERVICES

    total $133,379 · related or exempt $133,379

  • 11b · Other revenue: SERVICES TO RESIDENTS

    total $33,007 · related or exempt $33,007

  • 11c · Other revenue: APARTMENT UPGRADES

    total $26,708 · related or exempt $26,708

  • 11d · All other revenue

    total $41,975 · related or exempt $41,975

  • 11e · Other revenue, total

    $235,069

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $237,234 · management and general $237,234

  • 7 · Other salaries and wages

    total $3,570,720 · program services $2,529,590 · management and general $941,122 · fundraising $100,008

  • 8 · Pension plan contributions

    total $68,958 · program services $44,178 · management and general $24,267 · fundraising $513

  • 9 · Other employee benefits

    total $132,498 · program services $64,785 · management and general $67,713

  • 10 · Payroll taxes

    total $233,794 · program services $177,675 · management and general $48,752 · fundraising $7,367

  • 11a · Fees: management

    total $57,131 · program services $57,131

  • 11b · Fees: legal

    total $74,831 · management and general $74,831

  • 11c · Fees: accounting

    total $4,842 · management and general $4,842

  • 11d · Fees: lobbying

    total $916 · management and general $916

  • 11g · Fees: other

    total $759,451 · program services $741,030 · management and general $18,421

  • 12 · Advertising and promotion

    total $158,481 · program services $3,572 · management and general $152,895 · fundraising $2,014

  • 13 · Office expenses

    total $503,290 · program services $386,543 · management and general $105,886 · fundraising $10,861

  • 14 · Information technology

    total $406,771 · management and general $406,771

  • 16 · Occupancy

    total $1,502,385 · program services $1,164,417 · management and general $337,968

  • 17 · Travel

    total $20,252 · program services $19,605 · management and general $647

  • 19 · Conferences, conventions and meetings

    total $51,701 · program services $1,681 · management and general $49,455 · fundraising $565

  • 20 · Interest

    total $3,172,590 · program services $1,978,454 · management and general $1,151,093 · fundraising $43,043

  • 22 · Depreciation, depletion and amortization

    total $3,627,783 · program services $2,262,317 · management and general $1,316,247 · fundraising $49,219

  • 23 · Insurance

    total $348,429 · program services $348,429

  • 24a · Other expenses: RELATED PARTY ACTIVITY

    total $1,136,862 · program services $0 · management and general $1,136,862

  • 24b · Other expenses: DINING SERVICES

    total $744,169 · program services $744,169

  • 24c · Other expenses: MAINT. FOR RESIDENTS

    total $287,285 · program services $287,285

  • 24d · Other expenses: TRAINING

    total $12,988 · management and general $12,988

  • 24e · All other expenses

    total $481,665 · program services $161,548 · management and general $294,992 · fundraising $25,125

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,896 · end of year $7,216

  • 3 · Pledges and grants receivable

    beginning of year $172,049 · end of year $446,903

  • 4 · Accounts receivable

    beginning of year $1,203,465 · end of year $1,069,026

  • 9 · Prepaid expenses and deferred charges

    beginning of year $18,199 · end of year $4,158

  • 10a · Land, buildings and equipment: cost or other basis

    $87,195,119

  • 10b · Land, buildings and equipment: accumulated depreciation

    $50,413,662

  • 10c · Land, buildings and equipment, net

    beginning of year $37,257,448 · end of year $36,781,457

  • 11 · Investments: publicly traded securities

    beginning of year $19,228,467 · end of year $20,133,868

  • 12 · Investments: other securities

    beginning of year $15,473,042 · end of year $15,397,624

  • 15 · Other assets

    beginning of year $723,827 · end of year $719,272

  • 17 · Accounts payable and accrued expenses

    beginning of year $944,473 · end of year $590,554

  • 19 · Deferred revenue

    beginning of year $19,737,876 · end of year $20,720,816

  • 20 · Tax-exempt bond liabilities

    beginning of year $37,355,470 · end of year $35,795,528

  • 21 · Escrow or custodial account liability

    beginning of year $306,030 · end of year $183,770

  • 25 · Other liabilities

    beginning of year $34,735,276 · end of year $32,407,461

  • 27 · Net assets without donor restrictions

    beginning of year -$19,929,006 · end of year -$16,040,777

  • 28 · Net assets with donor restrictions

    beginning of year $936,274 · end of year $902,172

Mission and programs · 2022

Mission

AS A MINISTRY OF THE EVANGELICAL COVENANT CHURCH, COVENANT LIVING COMMUNITIES AND SERVICES CELEBRATES GOD'S GIFT OF LIFE IN CHRISTIAN COMMUNITY. WE FOLLOW THE GREAT COMMANDMENT TO LOVE AND SERVE GOD AND ONE ANOTHER AS TAUGHT BY JESUS CHRIST. (SEE SCHEDULE O)

Activities or mission (Part I)

CARE FOR SENIOR ADULTS.

  • RESIDENTIAL AND CATERED LIVING:THE NUMBER OF PERSONS WHO BENEFITED FROM THE SERVICES WE PROVIDED FOR THE YEAR ENDED SEPTEMBER 30, 2023 WERE AS FOLLOWS:THERE WERE A TOTAL OF 390 RESIDENTS, OCCUPYING 267 APARTMENTS AT 09/30/2023. RESIDENCY FOR THE FISCAL YEAR TOTALED 136,582 RESIDENT DAYS.

    Expenses $10,972,409 · Revenue $17,608,447

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • TERRI S CUNLIFFE

    DIRECTOR/CLCS PRESIDENT/CEO

    Total calculated
    $969,233
    From this org
    $0
    From related orgs
    $934,218
    Other
    $35,015
    Hours/week
    1 + 59 related

    Schedule J breakdown matched by us

    Base
    $0 + $572,627 related
    Bonus
    $0 + $184,727 related
    Other
    $0 + $176,864 related
    Deferred
    $0 + $9,150 related
    Nontaxable benefits
    $0 + $25,982 related
    Filer's total
    $0 + $969,350 related

  • JEAN E JUSTIE

    CFO/TREASURER/ASST SECRETARY

    Total calculated
    $492,891
    From this org
    $0
    From related orgs
    $410,044
    Other
    $82,847
    Hours/week
    1 + 59 related

    Schedule J breakdown matched by us

    Base
    $0 + $289,279 related
    Bonus
    $0 + $58,752 related
    Other
    $0 + $62,013 related
    Deferred
    $0 + $48,359 related
    Nontaxable benefits
    $0 + $42,790 related
    Filer's total
    $0 + $501,193 related

  • DAVID G ERICKSON

    SR VP & GEN COUNSEL/ASST SECRETARY

    Total calculated
    $491,537
    From this org
    $0
    From related orgs
    $388,258
    Other
    $103,279
    Hours/week
    1 + 59 related

    Schedule J breakdown matched by us

    Base
    $0 + $329,475 related
    Bonus
    $0
    Other
    $0 + $58,783 related
    Deferred
    $0 + $69,031 related
    Nontaxable benefits
    $0 + $40,985 related
    Filer's total
    $0 + $498,274 related

  • WILLIAM RABE

    SR VP ENTERPRISE OPS/ASST SECRETARY

    Total calculated
    $471,649
    From this org
    $0
    From related orgs
    $414,211
    Other
    $57,438
    Hours/week
    1 + 59 related

    Schedule J breakdown matched by us

    Base
    $0 + $268,100 related
    Bonus
    $0 + $62,715 related
    Other
    $0 + $83,396 related
    Deferred
    $0 + $44,342 related
    Nontaxable benefits
    $0 + $18,757 related
    Filer's total
    $0 + $477,310 related

  • AMY LACROIX

    FORMER SVP COMMUNITY OPS

    Total calculated
    $397,970
    From this org
    $0
    From related orgs
    $348,336
    Other
    $49,634
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $229,927 related
    Bonus
    $0 + $55,080 related
    Other
    $0 + $63,329 related
    Deferred
    $0 + $35,170 related
    Nontaxable benefits
    $0 + $20,269 related
    Filer's total
    $0 + $403,775 related

  • TODD SLECHTA

    DIRECTOR/EX-OFFICIO

    Total calculated
    $336,198
    From this org
    $0
    From related orgs
    $288,273
    Other
    $47,925
    Hours/week
    0.1 + 42 related

    Schedule J breakdown matched by us

    Base
    $0 + $240,108 related
    Bonus
    $0 + $17,175 related
    Other
    $0 + $30,990 related
    Deferred
    $0 + $24,368 related
    Nontaxable benefits
    $0 + $24,636 related
    Filer's total
    $0 + $337,277 related

  • ANDREW REESE-CLAUSON

    ASSOCIATE VICE PRESIDENT, OPERATIONS

    Total calculated
    $287,989
    From this org
    $0
    From related orgs
    $257,250
    Other
    $30,739
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $208,889 related
    Bonus
    $0 + $10,350 related
    Other
    $0 + $38,011 related
    Deferred
    $0 + $30,739 related
    Nontaxable benefits
    $0 + $387 related
    Filer's total
    $0 + $288,376 related

  • HILDE SAGER

    ASSOCIATE VICE PRESIDENT, OPERATIONS

    Total calculated
    $274,368
    From this org
    $0
    From related orgs
    $228,615
    Other
    $45,753
    Hours/week
    1 + 47 related

    Schedule J breakdown matched by us

    Base
    $0 + $159,220 related
    Bonus
    $0 + $31,773 related
    Other
    $0 + $37,622 related
    Deferred
    $0 + $22,446 related
    Nontaxable benefits
    $0 + $23,639 related
    Filer's total
    $0 + $274,700 related

  • TANDERIA BROWN

    SVP OF HUMAN RESOURCES

    Total calculated
    $272,415
    From this org
    $0
    From related orgs
    $224,975
    Other
    $47,440
    Hours/week
    1 + 59 related

    Schedule J breakdown matched by us

    Base
    $0 + $194,086 related
    Bonus
    $0
    Other
    $0 + $30,889 related
    Deferred
    $0 + $29,447 related
    Nontaxable benefits
    $0 + $18,019 related
    Filer's total
    $0 + $272,441 related

  • CORY STERN

    FORMER INTERIM FINANCE LEAD/TREAS.

    Total calculated
    $257,294
    From this org
    $0
    From related orgs
    $226,287
    Other
    $31,007
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $150,599 related
    Bonus
    $0 + $15,548 related
    Other
    $0 + $60,140 related
    Deferred
    $0 + $22,098 related
    Nontaxable benefits
    $0 + $9,215 related
    Filer's total
    $0 + $257,600 related

  • JULIO MACIAS

    EXECUTIVE DIRECTOR

    Total calculated
    $236,850
    From this org
    $204,048
    From related orgs
    $0
    Other
    $32,802
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $152,777
    Bonus
    $14,488
    Other
    $36,783
    Deferred
    $20,930
    Nontaxable benefits
    $12,189
    Filer's total
    $237,167

  • KIMBERLY BOJANOWSKI

    DIRECTOR OF NURSING

    Total calculated
    $142,186
    From this org
    $127,793
    From related orgs
    $0
    Other
    $14,393
    Hours/week
    40

  • RAY WHITSON III

    SALES REPRESENTATIVE

    Total calculated
    $141,994
    From this org
    $122,323
    From related orgs
    $0
    Other
    $19,671
    Hours/week
    40

  • PHILOMENA HORVATH

    NURSE, LPN/LVN

    Total calculated
    $141,662
    From this org
    $125,901
    From related orgs
    $0
    Other
    $15,761
    Hours/week
    40

  • LINDSEY BRUNI

    DIRECTOR OF SALES

    Total calculated
    $135,832
    From this org
    $131,875
    From related orgs
    $0
    Other
    $3,957
    Hours/week
    40

  • STEPHANIE MAREK

    NURSE, RN

    Total calculated
    $133,632
    From this org
    $110,503
    From related orgs
    $0
    Other
    $23,129
    Hours/week
    40

  • TAMMY SWANSON-DRAHEIM

    DIRECTOR/EX-OFFICIO

    Total calculated
    $108,160
    From this org
    $0
    From related orgs
    $62,214
    Other
    $45,946
    Hours/week
    0.1 + 42 related

  • EMILY WARNYGORA

    ASSISTANT SECRETARY

    Total calculated
    $98,313
    From this org
    $0
    From related orgs
    $92,734
    Other
    $5,579
    Hours/week
    1 + 59 related

  • JAY PRINCE

    SVP, COMMUNITY OPS/ASST SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 59 related

  • JANET CREANEY

    DIRECTOR/CHAIR

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • LORENE FLEWELLEN

    DIRECTOR/VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • JANET GOELZ HOFFMAN

    DIRECTOR/SECRETARY

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • SARAH BENTLEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • KATHY BUETTNER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • PAMELA CHRISTENSEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • ARTHUR DEROOY

    DIRECTOR/EX-OFFICIO

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • JOHN FREDRICKSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • KURT KINCANON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • ROBERT MARTIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • JENNIFER MEANS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • LOANN PETERSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • SUSAN POSTON

    DIRECTOR/EX-OFFICIO

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • DIXIE REPPE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • ANDREW VANOVER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • MARY PALMER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 2 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 3
SEE SCHEDULE O EXPLANATION FOR FORM 990 PART VI SECTION B LINE 15 FOR THE METHODS USED TO DETERMINE CEO COMPENSATION. THE REVIEW AND APPROVAL PROCESS IS DESIGNED TO SATISFY AND QUALIFY FOR THE REBUTTABLE PRESUMPTION OF REASONABLENESS UNDER THE INTERNAL REVENUE CODE SECTION 4958.
PART I, LINE 4B
EXECUTIVE BENEFIT PLAN COVENANT MINISTRIES OF BENEVOLENCE (CMB), A RELATED ORGANIZATION, PROVIDES CERTAIN SUPPLEMENTAL RETIREMENT BENEFITS TO ITS OFFICERS AND KEY EMPLOYEES. THESE BENEFITS ARE PROVIDED THROUGH A NONQUALIFIED DEFERRED COMPENSATION PLAN, UNDER WHICH A PORTION OF THE BENEFITS BEING EARNED ARE SUBJECT TO A "SUBSTANTIAL RISK OF FORFEITURE." THE SUPPLEMENTAL RETIREMENT BENEFITS ARE STRUCTURED TO PROVIDE A RETENTION INCENTIVE THAT HAS BEEN DETERMINED BY THE EXECUTIVE COMPENSATION COMMITTEE OF CMB'S BOARD ("COMMITTEE") TO BE OF SUBSTANTIAL VALUE TO THE ORGANIZATION. THE COMMITTEE APPROVES ALL RETIREMENT BENEFITS, TOGETHER WITH ALL OTHER FORMS OF COMPENSATION AND BENEFITS FOR THESE AND OTHER EXECUTIVES, IN A MANNER INTENDED TO QUALIFY FOR THE REBUTTABLE PRESUMPTION OF REASONABLENESS UNDER THE INTERMEDIATE SANCTIONS RULES OF FEDERAL INCOME TAX LAW. THE FOLLOWING ARE PARTICIPANTS IN THE PLAN: JULIO MACIAS KIMBERLY BOJANOWSKI TERRI CUNLIFFE TODD SLECHTA DAVID ERICKSON JEAN JUSTIE WILLIAM RABE CORY STERN AMY LACROIX TANDERIA BROWN ANDREW REESE-CLAUSON HILDE SAGER IN 2022, THESE INDIVIDUALS VESTED IN THE PLAN IN THE FOLLOWING AMOUNTS: TERRI CUNLIFFE - $112,308 DAVID ERICKSON - $32,820 CORY STERN - $14,048 WILLIAM RABE - $26,335 IN 2022, THESE INDIVIDUALS RECEIVED DISTRIBUTIONS FROM THE PLAN IN THE FOLLOWING AMOUNTS: DAVID ERICKSON - $12,779
PART I, LINE 7
THE FOLLOWING APPLIES TO CERTAIN INDIVIDUALS LISTED ON PART VII WHOSE COMPENSATION IS PAID FROM RELATED ORGANIZATIONS: THE EXECUTIVE COMPENSATION COMMITTEE (OF CMB'S BOARD) FOLLOWS A PRESCRIBED METHOD FOR CALCULATING INCENTIVE COMPENSATION AWARDS. THE CALCULATION IS BASED ON MEASURABLE TARGETS DETERMINED AT THE BEGINNING OF THE YEAR. THE COMMITTEE HAS THE ABILITY TO ADJUST THE DOLLAR VALUE OF THE CALCULATED AWARDS BY UP TO 10%. THE ADJUSTMENT CAN BE AN UPWARD OR DOWNWARD ADJUSTMENT BASED ON VARIOUS PERFORMANCE FACTORS OR ON FACTORS THAT WILL ASSURE THAT FINAL INCENTIVE COMPENSATION AWARDS ARE IN THE BEST INTEREST OF THE ORGANIZATION AND APPROPRIATELY REFLECT THE PERFORMANCE OF THE ORGANIZATION. REFER TO ADDITIONAL INFORMATION ON THE COMMITTEE INCLUDED IN SCHEDULE O. PART II, COLUMN B (II): BONUS AND INCENTIVE COMPENSATION - CERTAIN KEY PERSONS EMPLOYED BY COVENANT LIVING AND CMB ARE ELIGIBLE FOR INCENTIVE COMPENSATION AS DETERMINED BY THE EXECUTIVE COMPENSATION COMMITTEE OF EITHER THE COVENANT LIVING OR CMB'S BOARD BASED ON WHERE THESE INDIVIDUALS ARE EMPLOYED. INCENTIVES RELATED TO THE ACHIEVEMENT OF TARGETS FOR THE TWELVE MONTHS ENDED 9/30/21 WERE PAID OUT IN 2022 FOR CLCS AND RELATED ENTITIES. INCENTIVES RELATED TO CMB'S ACHIEVEMENT OF TARGETS FOR THE TWELVE-MONTHS ENDED 9/30/22 WERE PAID OUT IN 2022. PART II, COLUMN D: NONTAXABLE BENEFITS INCLUDE HEALTH INSURANCE PREMIUMS PAID BY THE EMPLOYER AND EMPLOYEE.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
23 July 2024
IRS schema version
2022v5.0
Source object
202402139349301900

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.