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← COVENANT COLLEGE FOUNDATION INC

Form 990 for tax year 2022

Filed by COVENANT COLLEGE FOUNDATION INC.

Totals

Total revenue
$1,928,825
Total expenses
$980,505
Contributions and grants received
$1,670,691
Grants paid
$757,533
Program service revenue
$0
Investment income
$243,553
Other revenue
$14,581
Total assets, end of year
$20,239,671
Total liabilities, end of year
$49
Net assets or fund balances, end of year
$20,239,622
Program services expenses (Part IX)
$757,533
Management and general expenses
$107,846
Fundraising expenses
$115,126
Program service expenses (Part III)
$757,533

Program services were 77.3% 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

    $1,670,691

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $706,552 · unrelated business $66,448 · excluded $640,104

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $719,831

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

    securities $1,182,830

  • 7c · Gain or loss

    securities -$462,999 · other assets $0

  • 7d · Net gain or loss

    total -$462,999 · excluded -$462,999

  • 11d · All other revenue

    total $14,581 · related or exempt $0 · unrelated business $0 · excluded $14,581

  • 11e · Other revenue, total

    $14,581

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $757,533 · program services $757,533

  • 11b · Fees: legal

    total $994 · management and general $994

  • 11c · Fees: accounting

    total $3,950 · management and general $3,950

  • 11f · Fees: investment management

    total $62,672 · management and general $62,672

  • 11g · Fees: other

    total $6,225 · program services $0 · management and general $0 · fundraising $6,225

  • 13 · Office expenses

    total $41,123 · management and general $185 · fundraising $40,938

  • 14 · Information technology

    total $5,500 · fundraising $5,500

  • 17 · Travel

    total $29,873 · fundraising $29,873

  • 19 · Conferences, conventions and meetings

    total $12,619 · fundraising $12,619

  • 23 · Insurance

    total $10,000 · fundraising $10,000

  • 24a · Other expenses: Unrelated business income tax

    total $40,904 · management and general $40,045 · fundraising $859

  • 24e · All other expenses

    total $9,112 · program services $0 · management and general $0 · fundraising $9,112

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $933,006 · end of year $1,236,156

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

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

    $2,015,000

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $2,015,000 · end of year $2,015,000

  • 11 · Investments: publicly traded securities

    beginning of year $11,502,137 · end of year $13,016,740

  • 12 · Investments: other securities

    beginning of year $3,703,844 · end of year $3,937,775

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $34,000 · end of year $34,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,344 · end of year $49

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $5,917,311 · end of year $6,301,594

  • 28 · Net assets with donor restrictions

    beginning of year $12,253,332 · end of year $13,938,028

Mission and programs · 2022

Mission

The Covenant College Foundation is the planned-giving arm of Covenant College. The primary purpose is to grow the College's endowment, which helps ensure the future of the College and the pursuit of its mission to explore and express the preeminence of Jesus Christ in all things.

Activities or mission (Part I)

Covenant College Foundation provides funds to support Covenant College.

  • The Covenant College Foundation exists to support Covenant College in its mission to provide members of the Presbyterian Church in America as well as the wider public with a Christ-centered college education. The Foundation achieves this mission by receiving gifts from donors that are then given to the College in the form of grants and scholarships to support the College's operations and fund students' education.

    Expenses $757,533 · Grants $757,533

As filed on the 2022 return.

Listed in Part VII

  • Michael Kramer

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Richard Bowser

    Chairman

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Robert Wilkinson

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Beth Nedelisky

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Bob Beck

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Bob Curtis

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Craig Wood

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Dr J Derek Halvorson

    Trustee

    Total calculated
    $301,917
    From this org
    $0
    From related orgs
    $270,382
    Other
    $31,535
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $260,242 related
    Bonus
    $0
    Other
    $0 + $10,140 related
    Deferred
    $0 + $5,052 related
    Nontaxable benefits
    $0 + $26,483 related
    Filer's total
    $0 + $301,917 related

  • J Allen Wright

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • James Grauley

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • John Truschel

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Martin Moore

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Sam Smartt Jr

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Sarina Sharp

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • William Burdette

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Fred Verwoerd

    Assistant Treasurer (part year)

    Total calculated
    $143,687
    From this org
    $0
    From related orgs
    $122,033
    Other
    $21,654
    Hours/week
    1 + 40 related

  • Marc Erickson

    President/Executive Director

    Total calculated
    $211,166
    From this org
    $0
    From related orgs
    $189,095
    Other
    $22,071
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $154,903 related
    Bonus
    $0 + $24,758 related
    Other
    $0 + $9,434 related
    Deferred
    $0 + $3,135 related
    Nontaxable benefits
    $0 + $18,936 related
    Filer's total
    $0 + $211,166 related

  • Mark Huffines

    Controller

    Total calculated
    $0
    Hours/week
    1 + 40 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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
26 March 2024
IRS schema version
2022v5.0
Source object
202420869349301342

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