Covenant Health Inc

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

1983

Legal Domicile

Principal Officer

Stephen Grubbs

Phone

9786546363

Tax Period

2023-01-01 to 2023-12-31

Covenant Health Inc, founded in 1983, is a mid-sized nonprofit in the Health Care sector that reported $78.5M in total revenue in fiscal year 2023. Expenses of $74.2M left a modest 5% surplus.

Mission

Covenant Health is an innovative Catholic health organization committed to advancing the healing ministry of Jesus.

Program Service Accomplishments

Program 1

Expenses: $60,654,594 Revenue: $73,787,814

Sponsoring and operating a Catholic health care system consisting of hospitals, nursing homes, assisted living residences, and other health and elder services, as well as furthering the delivery of health and human services consistent with the teachings and law of the Roman Catholic Church.

🔒

Trantor Score

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

Sign in to view Trantor Score and financial metrics

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

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $201,361

Program Service Revenue $73,787,814

Investment Income $14,770

Other Revenue $4,485,843

TOTAL REVENUE $78,489,788

Expense Breakdown

Grants Paid $72,141

Salaries & Benefits $19,508,874

Fundraising Expenses $0

Program Expenses $60,654,594

Other Expenses $54,629,582

TOTAL EXPENSES $74,210,597

Year-over-Year Comparison

	2023	2022	Change
Revenue	$78,489,788	$80,912,625	0.0%
Expenses	$74,210,597	$79,496,874	-0.1%
Net Income	$4,279,191	$1,415,751	+2.0%

Key Indicators

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

🔒

Financial Health Indicators

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

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

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

Governance

Voting Members

Independent Members

Employees

230

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

$2,210,566

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Stephen Grubbs	President & CEO	40.00	Officer Director	$803,102	$38,604	$841,706
Lesley Adkinson E PhD RN	Director	2.00	Director	$0	$0	$0
Mark W Anthoine Sr	Director	2.00	Director	$0	$0	$0
Bruce Bonnell MD MPH	Director	2.00	Director	$0	$0	$0
Aisha Barlatier-Bonny	Director (end 6/2023)	2.00	Director	$0	$0	$0
Robert A Clark	Director	2.00	Director	$0	$0	$0
Kathy Connerton JD MBA	Director	2.00	Director	$0	$0	$0
Ralph Jenkins	Director	2.00	Director	$0	$0	$0
Catherine P Lovecchio PhD RN	Director	2.00	Director	$0	$0	$0
William P Lucy	Director (end 6/2023)	2.00	Director	$0	$0	$0
Thomas Mortimer	Director	2.00	Director	$0	$0	$0
Cherie Noe MD	Director	2.00	Director	$0	$0	$0
Sr Catherine O'Connor	Director	2.00	Director	$0	$0	$0
Gino J Pazzaglini	Director	2.00	Director	$0	$0	$0
Louise Trottier	Director	2.00	Director	$0	$0	$0
John Oliverio	Chair	2.00	Officer Director	$0	$0	$0
Kenneth E Arnold	Vice Chair	2.00	Officer Director	$0	$0	$0
Stephen Forney	SVP and Chief Financial Officer	40.00	Officer	$495,159	$38,300	$533,459
Douglas Waite	SVP and Chief Medical Officer	40.00	Key Emp	$496,578	$41,103	$537,681
John Newman	SVP General Counsel	40.00	Key Emp	$466,023	$32,340	$498,363
John Emerson	SVP Integrated Medical Group	40.00	Key Emp	$410,808	$31,679	$442,487
James Coffey	CH SVP; President, CH Foundation	1.00	Key Emp	$276,264	$46,726	$322,990
Ivan Ip	System VP & Chief Med Info Officer	40.00	Key Emp	$366,705	$42,340	$409,045
Steven Jorgensen	SVP & President SMHS Lewiston	0.00	Highest	$772,789	$22,615	$795,404
John Jurczyk	SVP & President SJH Nashua	0.00	Highest	$760,347	$38,184	$798,531
Mary Prybylo	SVP & President SJH Bangor	0.00	Highest	$408,701	$40,615	$449,316
Richard Plamondon	VP Finance/CFO SJH Nashua (end 6/23)	0.00	Highest	$331,044	$18,116	$349,160
Eric Hardy	VP Finance Provider Enterprise/PAC	40.00	Highest	$269,720	$29,591	$299,311
Karen Bowling	Former SVP & CIO	0.00		$279,507	$9,041	$288,548

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	$78,489,788	$74,210,597	$364,146,367	$4,279,191
2022	$80,912,625	$79,496,874	$348,125,512	$1,415,751
2021	$73,583,328	$72,373,910	$339,773,281	$1,209,418
2020	$66,693,555	$68,789,200	$176,504,110	$-2,095,645
2019	$73,480,164	$71,923,258	$196,795,806	$1,556,906
2018	$73,273,956	$72,847,912	$195,385,071	$426,044