Covenant Health Investment Trust (EIN 046835128) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1996

Legal Domicile

Principal Officer

Stephen Grubbs

Phone

9786546363

Tax Period

2023-01-01 to 2023-12-31

Covenant Health Investment Trust, founded in 1996, is a micro nonprofit in the Health Care sector that reported $4.6M in total revenue in fiscal year 2023.

Mission

Covenant Health Investment Trust (formerly Providentia Prima Trust) was established to hold and manage pooled investments of various organizations exempt from Federal income tax under Section 501(c)(3)

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $-4,632,096

Other Revenue $0

TOTAL REVENUE $-4,632,096

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $1,079,411

TOTAL EXPENSES $1,079,411

Year-over-Year Comparison

	2023	2022	Change
Revenue	$-4,632,096	$-914,895	+4.1%
Expenses	$1,079,411	N/A	N/A
Net Income	$-5,711,507	$-914,895	+5.2%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,375,165

Total Directors

$841,706

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Stephen Grubbs	President & CEO	1.00	Officer Director	$0	$38,604	$841,706
Lesley Adkinson E PhD RN	Director	1.00	Director	$0	$0	$0
Mark W Anthoine Sr	Director	1.00	Director	$0	$0	$0
Bruce Bonnell MD MPH	Director	1.00	Director	$0	$0	$0
Aisha Barlatier-Bonny	Director (end 6/2023)	1.00	Director	$0	$0	$0
Robert A Clark	Director	1.00	Director	$0	$0	$0
Kathy Connerton JD MBA	Director	1.00	Director	$0	$0	$0
Ralph Jenkins	Director	1.00	Director	$0	$0	$0
Catherine P Lovecchio PhD RN	Director	1.00	Director	$0	$0	$0
William P Lucy	Director (end 6/2023)	1.00	Director	$0	$0	$0
Thomas Mortimer	Director	1.00	Director	$0	$0	$0
Cherie Noe MD	Director	1.00	Director	$0	$0	$0
Sr Catherine O'Connor	Director	1.00	Director	$0	$0	$0
Gino J Pazzaglini	Director	1.00	Director	$0	$0	$0
Louise Trottier	Director	1.00	Director	$0	$0	$0
John Oliverio	Chair	1.00	Officer Director	$0	$0	$0
Kenneth E Arnold	Vice Chair	1.00	Officer Director	$0	$0	$0
Stephen Forney	SVP and Chief Financial Officer	1.00	Officer	$0	$38,300	$533,459

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$-4,632,096	$1,079,411	$265,170,840	$-5,711,507
2022	$-914,895	No data	$244,447,441	No data
2021	$68,215,808	No data	$352,819,682	No data
2019	$20,875,840	$694,840	$269,001,472	$20,181,000
2018	$9,895,750	$772,064	$223,818,120	$9,123,686

Covenant Health Investment Trust