Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 3 · Investment income

  total $25,683 · excluded $25,683

• 7a · Gross sales of assets other than inventory

  securities $26,453

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

  securities $0

• 7c · Gain or loss

  securities $26,453

• 7d · Net gain or loss

  total $26,453 · excluded $26,453

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $30,777 · end of year $30,777

• 2 · Savings and temporary cash investments

  beginning of year $242,954 · end of year $15,340

• 11 · Investments: publicly traded securities

  beginning of year $2,627,185 · end of year $124,743

• 12 · Investments: other securities

  beginning of year $12,802,224 · end of year $12,491,607

• 27 · Net assets without donor restrictions

  beginning of year $15,703,140 · end of year $12,662,467

The filer's explanations (Part III)

PART I, LINE 3

THE FILING ORGANIZATION RELIED ON COVENANT MEDICAL CENTER'S, A RELATED ORGANIZATION, METHODS FOR ESTABLISHING THE COMPENSATION OF THE FILING ORGANIZATION'S OFFICERS: A COMPENSATION COMMITTEE, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

PART I, LINES 4A-B

PART I LINE 4A: DR. IRIS MARTEJA HAD $97,848 & DR. MICHAEL SULLIVAN HAD $88,516 PAID OUT AS SEPARATION PAY FROM OCTOBER-DECEMBER OF 2023 BASED ON THE RESPECTIVE AGREEMENTS SIGNED OCTOBER 2023. THESE FIGURES WERE INCLUDED IN THEIR TOTAL COMPENSATION. PART I LINE 4B: THE ORGANIZATION MAINTAINS A NONQUALIFIED SUPPLEMENTAL EXECUTIVE PLAN (SERP) FOR CERTAIN OF ITS EXECUTIVES. THE SERP HAS BEEN ESTABLISHED FOR THESE EXECUTIVES BY THE ORGANIZATION, FOLLOWING APPROPRIATE BOARD LEVEL REVIEW IN A MANNER INTENDED TO COMPLY WITH THE REBUTTABLE PRESUMPTION OF REASONABLENESS PROVISION UNDER IRC SECTION 4958. SOME OF THE INDIVIDUALS LISTED IN PART VII RECEIVED A TAXABLE SERP PAYMENT IN FY24. ALL PAYMENTS WERE INCLUDED AS TAXABLE INCOME.

PART I, LINE 7

THE FILING ORGANIZATION RELIED ON COVENANT MEDICAL CENTER'S, A RELATED ORGANIZATION, METHODS FOR ESTABLISHING THE BONUSES OF THE FILING ORGANIZATION'S OFFICERS: THE BONUSES PAID TO ANY OFFICER LISTED IN SCHEDULE J PART II CAN BE DETERMINED BASED ON WHETHER THREE ORGANIZATION SUCCESS SHARING TARGETS ARE MET; PATIENT SATISFACTION SCORES, QUALITY METRICS, AND FINANCIAL PERFORMACE BASED ON A CUSTOM OPERATING MARGIN.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• MACKINAW SURGERY CENTER

  RENTAL · MI

Related corporations and trusts

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

• COVENANT DEVELOPMENT CORPORATION

  C · HEALTH SERVICES · MI · 100% owned · share of income $107,592 · share of assets $4,417,888 · controlled entity

  Directly controlled by COVENANT HEALTHCARE SYSTEM

• COVENANT SERVICES CORP

  C · HEALTHCARE · MI · controlled entity

  Directly controlled by COVENANT HEALTHCARE SYSTEM

• COVENANT MEDICAL CENTER OFFICE CONDO ASSOCIATION

  C · CONDOMINIUM · MI · controlled entity

• COVENANT HEALTH MACKINAW FACILITY CONDO ASSOCIATION

  C · CONDOMINIUM · MI · controlled entity

• COVENANT MEDICAL CTR PROFESSIONAL OFFICE BUILDING CONDOMINIUM

  C · HEALTH SERVICES · MI · controlled entity