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← COVENANT FOUNDATION INC

Form 990 for tax year 2024

Filed by COVENANT FOUNDATION INC.

Totals

Total revenue
$816,171
Total expenses
$1,013,262
Contributions and grants received
$484,166
Grants paid
$728,996
Program service revenue
$0
Investment income
$310,276
Other revenue
$21,729
Total assets, end of year
$6,768,770
Total liabilities, end of year
$27,517
Net assets or fund balances, end of year
$6,741,253
Program services expenses (Part IX)
$728,996
Management and general expenses
$105,054
Fundraising expenses
$179,212
Program service expenses (Part III)
$728,996

Program services were 71.9% 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.

  • 1a · Federated campaigns

    $10,000

  • 1c · Fundraising events

    $18,910

  • 1d · Related organizations

    $221,389

  • 1f · All other contributions, gifts and grants

    $233,867

  • 3 · Investment income

    total $240,213 · excluded $240,213

  • 7a · Gross sales of assets other than inventory

    securities $70,063

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

    securities $0

  • 7c · Gain or loss

    securities $70,063

  • 7d · Net gain or loss

    total $70,063 · excluded $70,063

  • 8a · Fundraising events: gross income

    $62,390

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

    $18,910

  • 8b · Fundraising events: direct expenses

    $40,661

  • 8c · Net income from fundraising events

    total $21,729 · excluded $21,729

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $723,996 · program services $723,996

  • 2 · Grants to domestic individuals

    total $5,000 · program services $5,000

  • 7 · Other salaries and wages

    total $155,689 · management and general $38,922 · fundraising $116,767

  • 9 · Other employee benefits

    total $27,101 · management and general $6,775 · fundraising $20,326

  • 10 · Payroll taxes

    total $11,064 · management and general $2,766 · fundraising $8,298

  • 11f · Fees: investment management

    total $32,829 · management and general $32,829

  • 11g · Fees: other

    total $147 · management and general $37 · fundraising $110

  • 12 · Advertising and promotion

    total $5,783 · fundraising $5,783

  • 13 · Office expenses

    total $3,563 · management and general $891 · fundraising $2,672

  • 16 · Occupancy

    total $11,016 · fundraising $11,016

  • 17 · Travel

    total $259 · fundraising $259

  • 24a · Other expenses: I/C PURCHASED SERVICES

    total $19,968 · management and general $19,968

  • 24b · Other expenses: OTHER MISC EXPENSE

    total $10,383 · management and general $2,596 · fundraising $7,787

  • 24c · Other expenses: OTHER SUPPLIES

    total $5,384 · fundraising $5,384

  • 24d · Other expenses: SUBSCRIPTIONS AND DUES

    total $1,080 · management and general $270 · fundraising $810

Balance sheet

Part X, book values.

  • 11 · Investments: publicly traded securities

    beginning of year $4,567,132 · end of year $4,784,399

  • 12 · Investments: other securities

    beginning of year $1,892,304 · end of year $1,983,051

  • 15 · Other assets

    beginning of year $0 · end of year $1,320

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,461 · end of year $0

  • 25 · Other liabilities

    beginning of year $34,178 · end of year $27,517

  • 27 · Net assets without donor restrictions

    beginning of year $5,751,443 · end of year $5,946,183

  • 28 · Net assets with donor restrictions

    beginning of year $672,354 · end of year $795,070

Mission and programs · 2024

Mission

WE, COVENANT FOUNDATION AND TRINITY HEALTH, SERVE TOGETHER IN THE SPIRIT OF THE GOSPEL AS A COMPASSIONATE AND TRANSFORMING HEALING PRESENCE WITHIN OUR COMMUNITIES. COVENANT FOUNDATION IS A MEMBER OF TRINITY HEALTH.

Activities or mission (Part I)

TO PROVIDE SUPPORT FOR COVENANT MEDICAL CENTER (D/B/A MERCYONE WATERLOO MEDICAL CENTER)

  • SINCE 1986, COVENANT FOUNDATION (MERCYONE WATERLOO FOUNDATION), LOCATED IN WATERLOO, IOWA, HAS SERVED AS THE FUNDRAISING ARM OF COVENANT MEDICAL CENTER (MERCYONE WATERLOO MEDICAL CENTER).IN FISCAL YEAR 2025, THE FOUNDATION RAISED OVER $300,000 FROM INDIVIDUALS, CORPORATIONS, AND PRIVATE FOUNDATIONS WITH ASSISTANCE FROM DEDICATED VOLUNTEERS AND GENEROUS FRIENDS. FUNDING FROM THE FOUNDATION HELPS MERCYONE WATERLOO MEDICAL CENTER MEET THE HEALTH CARE NEEDS OF ITS PATIENTS AND THE COMMUNITY. PLEASE VISIT OUR WEBSITE FOR ADDITIONAL INFORMATION: WWW.MERCYONE.ORG/NORTHEASTIOWA/GIVING/WATERLOO-FOUNDATION

    Expenses $728,996 · Grants $728,996

As filed on the 2024 return.

Listed in Part VII

  • Brian Sims Do

    DIRECTOR; PHYSICIAN - PEDIATRICS

    Total calculated
    $660,442
    From this org
    $0
    From related orgs
    $602,002
    Other
    $58,440
    Hours/week
    0.5 + 49.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $584,252 related
    Bonus
    $0 + $15,000 related
    Other
    $0 + $2,750 related
    Deferred
    $0 + $20,425 related
    Nontaxable benefits
    $0 + $38,015 related
    Filer's total
    $0 + $660,442 related

  • Ryan Meyer

    DIRECTOR; MERCYONE NE IA COO

    Total calculated
    $557,288
    From this org
    $0
    From related orgs
    $452,520
    Other
    $104,768
    Hours/week
    0.5 + 49.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $334,429 related
    Bonus
    $0 + $111,194 related
    Other
    $0 + $6,897 related
    Deferred
    $0 + $74,425 related
    Nontaxable benefits
    $0 + $30,343 related
    Filer's total
    $0 + $557,288 related

  • Timothy Huber

    MERCYONE NORTHEAST IA VP OF FINANCE

    Total calculated
    $397,268
    From this org
    $0
    From related orgs
    $340,743
    Other
    $56,525
    Hours/week
    0.5 + 49.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $262,960 related
    Bonus
    $0 + $75,965 related
    Other
    $0 + $1,818 related
    Deferred
    $0 + $20,425 related
    Nontaxable benefits
    $0 + $36,100 related
    Filer's total
    $0 + $397,268 related

  • Jewell Jones

    DIRECTOR THR 1/25; REGISTERED NURSE

    Total calculated
    $14,046
    From this org
    $0
    From related orgs
    $11,454
    Other
    $2,592
    Hours/week
    0.5 + 39.5 related

  • Tom Nagle

    DIRECTOR; CHAIR THROUGH 12/24

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Brian Sayer

    DIRECTOR; VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • Nancy Weber

    DIRECTOR; CHAIR AS OF 1/25

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Dave Bowling

    DIRECTOR; TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Kim Fettkether

    DIRECTOR; SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Gabe Berger

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • James Coloff

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Sarah Clark

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Shirley Dunlap

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Stacy Folkers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Lisa Gates

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • William Kasten MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Dan Keagle

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Becky Mudd

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Amber Schuchmann

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Tony Thompson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Millisa Tierney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

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

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
COVENANT FOUNDATION IS A SUBSIDIARY IN THE TRINITY HEALTH SYSTEM. COVENANT FOUNDATION'S COO IS PAID DIRECTLY BY THE SYSTEM'S PARENT ENTITY, TRINITY HEALTH CORPORATION. TRINITY HEALTH CORPORATION USED THE FOLLOWING METHODS TO ESTABLISH THE COMPENSATION OF COVENANT FOUNDATION'S COO: - COMPENSATION COMMITTEE - INDEPENDENT COMPENSATION CONSULTANT - FORM 990 OF OTHER ORGANIZATIONS - WRITTEN EMPLOYMENT CONTRACT - COMPENSATION SURVEY OR STUDY, AND - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE
PART I, LINE 4B
THE FOLLOWING IS A PARTICIPANT IN A TRINITY HEALTH SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2024. THE PLAN PROVIDES RETIREMENT BENEFITS TO CERTAIN TRINITY HEALTH EXECUTIVES SUBJECT TO MEETING SPECIFIED VESTING AND EMPLOYMENT DATE REQUIREMENTS. PARTICIPANTS' VESTED BENEFITS WERE PAID OUT IN 2024, AND THEIR NON-VESTED BENEFITS FOR 2024 WERE ACCRUED. THE FOLLOWING ACCRUAL FOR 2024 IS INCLUDED IN COLUMN C OF SCHEDULE J, PART II: RYAN MEYER - $57,750

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.

  • ADVENT REHABILITATION LLC

    REHABILITATION THERAPY SERVICES · MI · general or managing partner

  • BH VENTURE ONE LP

    REAL ESTATE · PA · general or managing partner

  • BIG RUN MEDICAL OFFICE BUILDING LIMITED PARTNERSHIP

    MEDICAL OFFICE BUILDING RENTAL · OH · general or managing partner

  • CENTER FOR DIGESTIVE CARE LLC

    PROVIDE GASTROINTESTINAL SERVICES · MI

  • CONVENIENT CARE LLC

    URGENT CARE CENTER · LA · general or managing partner

  • DIAGNOSTIC IMAGING OF SOUTHBURY LLC

    IMAGING CENTER · CT · general or managing partner

  • EVERETT ROAD ASC LLC

    MEDICAL SERVICES · NY · general or managing partner

  • FOREST PARK IMAGING LLC

    X-RAY AND MAMMOGRAPHY SERVICES · IA · general or managing partner

  • GENGASTRO LLC

    AMBULATORY SURGERY CENTER · IA

  • GENRAD IMAGING ILLINOIS LLC

    DIAGNOSTIC IMAGING CENTER · IL · general or managing partner

  • GENRAD IMAGING LLC

    DIAGNOSTIC IMAGING CENTER · IA · general or managing partner

  • HAWARDEN REGIONAL HEALTH CLINICS LLC

    MEDICAL CLINIC · IA · general or managing partner

  • HEALTHRISE BUSINESS INTELLIGENCE LLC

    REVENUE CYCLE MANAGEMENT · DE

  • HURON GASTRO ENDOSCOPY CENTER LLC

    MEDICAL SERVICES · MI

  • INTERMOUNTAIN MEDICAL IMAGING LLC

    IMAGING CENTER · ID · general or managing partner

  • LANGHORNE MOB PARTNERS LP

    MEDICAL OFFICE BUILDING RENTAL · PA · general or managing partner

  • LCMC URGENT CARE LLC

    URGENT CARE CENTER · DE · general or managing partner

  • LOYOLA AMBULATORY SURGERY CENTER AT OAKBROOK LP

    SURGICAL SERVICES · IL · general or managing partner

  • MAGNETIC RESONANCE SERVICES PARTNERSHIP

    MRI SERVICES · IA · general or managing partner

  • MASON CITY AMBULATORY SURGERY CENTER LLC

    SURGERY-SAME DAY · IA · general or managing partner

  • MCE MOB IV LIMITED PARTNERSHIP

    MEDICAL OFFICE BUILDING RENTAL · OH · general or managing partner

  • MERCY HEART CTR OP SERVICES LLC

    CARDIOVASCULAR SERVICES · IA

  • MERCY REHABILITATION HOSPITAL LLC

    HEALTH CARE SERVICES · IA

  • MERCYMANOR PARTNERSHIP

    NURSING HOME · PA · general or managing partner

  • MERCYUSP HEALTH VENTURES LLC

    OUTPATIENT SURGERY · IA

  • MERCYONE - HFH HOME MEDICAL SHOP LLC

    MEDICAL EQUIPMENT SALES · IA

  • MERCYONE - KRHC HOME MEDICAL SHOP LLC

    MEDICAL EQUIPMENT SALES · IA

  • NAUGATUCK VALLEY MRI LLC

    IMAGING CENTER · CT

  • NAZARETH MEDICAL OFFICE BUILDING ASSOCIATES LP

    MEDICAL OFFICE BUILDING · PA · general or managing partner

  • NUCO HEALTH LLC

    REVENUE CYCLE MANAGEMENT · DE

  • PHYSICIANS OUTPATIENT SURGERY CENTER LLC

    AMBULATORY SURGERY CENTER · FL · general or managing partner

  • PREMIER HEALTH HOLDINGS LLC

    URGENT CARE CENTERS · DE

  • PRIMARY CARE PHYSICIAN CENTER LLC

    OFFICE BUILDING RENTAL · IL · general or managing partner

  • RAPIDES AFTER HOURS CLINIC LLC

    URGENT CARE CENTER · LA · general or managing partner

  • SAINT AGNESDIGNITYUSP SURGERY CENTERS LLC

    OUTPATIENT SURGERY · CA

  • SAINT ALPHONSUS CALDWELL CANCER CENTER LLC

    HEALTH CARE SERVICES · ID · general or managing partner

  • SIXTY FOURTH STREET LLC

    PROVIDE OUTPATIENT SURGICAL CARE · MI

  • SJLS LLC

    HEALTH CARE SERVICES · NY

  • SMMC MOB II LP

    INVESTMENT AND OPERATION OF A MEDICAL BUILDING · PA

  • ST ANN'S MEDICAL OFFICE BLDG II LIMITED PARTNERSHIP

    MEDICAL OFFICE BUILDING RENTAL · OH · general or managing partner

  • ST JOSEPH'S IMAGING ASSOCIATES PLLC

    HEALTH CARE SERVICES · NY · general or managing partner

  • ST MARY REHABILITATION HOSPITAL LLP

    HEALTH CARE SERVICES · DE

  • ST PETER'S AMBULATORY SURGERY CENTER LLC

    OUTPATIENT SURGERY · NY · general or managing partner

  • TEN MILE SURGERY CENTER LLC

    OUTPATIENT SURGERY · ID

  • THE AMBULATORY SURGERY CENTER AT ST MARY LLC

    OUTPATIENT SURGERY · PA · general or managing partner

  • THPH URGENT CARE LLC

    URGENT CARE CENTERS · DE

  • WEST LAKES SURGERY CENTER LLC

    OUTPATIENT SURGERY · IA

  • WOODLAND PARTNERS REAL ESTATE LLC

    REAL ESTATE · CT

Related corporations and trusts

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

  • BH VENTURE MGMT LLC

    C · ASSET MANAGEMENT COMPANY · PA · controlled entity

  • CENTRAL VALLEY HEALTH PLAN INC

    C · HEALTH INSURANCE · CA · controlled entity

  • DES MOINES MEDICAL CENTER INC

    C · REAL ESTATE · IA · controlled entity

  • FHS SERVICES INC

    C · MEDICAL SERVICES · NY · controlled entity

  • FRANCISCAN ASSOCIATES INC

    C · MEDICAL SERVICES · NY · controlled entity

  • FRANCISCAN HEALTH SUPPORT INC

    C · MEDICAL SERVICES · NY · controlled entity

  • FRANCISCAN MANAGEMENT SERVICES INC

    C · MANAGEMENT SERVICES · NY · controlled entity

  • GENESIS HEART INSTITUTE OWNER'S ASSOCIATION INC

    C · PROPERTY MANAGEMENT · IA · controlled entity

  • GENVENTURES INC

    C · HOSPITAL SERVICES · IA · controlled entity

  • HACKLEY HEALTH VENTURES INC

    C · OTHER MEDICAL SERVICES · MI · controlled entity

  • HACKLEY PROFESSIONAL PHARMACY INC

    C · PHARMACY · MI · controlled entity

  • HEALTH CARE MANAGEMENT ADMINISTRATORS INC

    C · HEALTH CARE MANAGEMENT · NY · controlled entity

  • HURON ARBOR CORPORATION

    C · OFFICE RENTAL · MI · controlled entity

  • IHA AFFILIATION CORPORATION

    C · MEDICAL MANAGEMENT · MI · controlled entity

  • LANGHORNE SERVICES II INC

    C · GENERAL PARTNER OF LMOB PARTNERS, II · PA · controlled entity

  • LANGHORNE SERVICES INC

    C · GENERAL PARTNER OF LMOB PARTNERS · PA · controlled entity

  • MACNEAL HEALTH PROVIDERS INC

    C · MEDICAL SERVICES · IL · controlled entity

  • MARYLAND CARE GROUP INC

    C · HEALTH CARE HOLDING · MD · controlled entity

  • MAXIS HEALTH TRENTON INC

    C · PROPERTY HOLDINGS · NJ · controlled entity

  • MEDNOW INC

    C · MEDICAL SERVICES · ID · controlled entity

  • MERCY EASTWICK INC

    C · MEDICAL OFFICE BUILDINGS · PA · controlled entity

  • MERCY INPATIENT MEDICAL ASSOCIATES INC

    C · MEDICAL SERVICES · MA · controlled entity

  • MERCY MEDICAL SERVICES

    C · PRIMARY CARE PHYSICIANS · IA · controlled entity

  • MOB 1 OWNERS' ASSOCIATION

    C · PROPERTY MANAGEMENT · IA · controlled entity

  • MOUNT CARMEL HEALTHPROVIDERS INC

    C · MEDICAL SERVICES · OH · controlled entity

  • NURSING NETWORK INC

    C · MEDICAL SERVICES · FL · controlled entity

  • SAINT ALPHONSUS HEALTH ALLIANCE INC

    C · ACCOUNTABLE CARE ORGANIZATION · ID · controlled entity

  • SAINT FRANCIS CARE MEDICAL GROUP PC

    C · MEDICAL SERVICES · CT · controlled entity

  • SAINT JOSEPH'S MCAULEY PARK I LLC

    C · PROPERTY MANAGEMENT · GA · controlled entity

  • SAMARITAN MEDICAL OFFICE BUILDING INC

    C · REAL ESTATE · NY · controlled entity

  • SCOVILL STREET MEDICAL BUILDING ASSOCIATION INC

    C · PROPERTY MANAGEMENT · CT · controlled entity

  • SJM PROPERTIES INC

    C · PROPERTY HOLDINGS · NY · controlled entity

  • SJPE PRACTICE MANAGEMENT SERVICES INC

    C · MANAGEMENT SERVICES · NY · controlled entity

  • SJRMC HOLDINGS INC

    C · PROPERTY HOLDINGS · IN · controlled entity

  • ST ELIZABETH HEALTH SUPPORT SERVICES INC

    C · MEDICAL SERVICES · NY · controlled entity

  • SYNANON INC

    C · URGENT CARE · MI · controlled entity

  • SYSTEM COORDINATED SERVICES INC

    C · LAB SERVICES · MA · controlled entity

  • THRE SERVICES LLC

    C · REAL ESTATE BROKERAGE SERVICES · MI · controlled entity

  • TRINITY ASSURANCE LTD

    C · SELF-INSURANCE · CJ · controlled entity

  • TRINITY HEALTH ACO INC

    C · ACCOUNTABLE CARE ORGANIZATION · DE · controlled entity

  • TRINITY HEALTH EMPLOYEE BENEFIT TRUST

    T · GRANTOR TRUST · MI · controlled entity

  • TRINITY SENIOR SERVICES MANAGEMENT INC

    C · SENIOR SERVICES · PA · controlled entity

Provenance

Return type
form_990
Tax year
2024
Filed
12 May 2026
IRS schema version
2024v5.5
Source object
202611329349300036

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