COVENANT ACADEMY (EIN 300152850) - 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

2003

Legal Domicile

Principal Officer

MICHAEL GAINES

Phone

2813732233

Tax Period

2023-07-01 to 2024-06-30

COVENANT ACADEMY, founded in 2003, is a community nonprofit in the Education sector that reported $2.7M in total revenue in fiscal year 2023. Revenue grew 17% year-over-year, indicating healthy expansion. Expenses of $3.0M exceeded revenue, resulting in a 11% operating deficit.

Mission

COVENANT ACADEMY, A CLASSICAL CHRISTIAN SCHOOL, EXISTS TO SERVE CHRIST AND HIS KINGDOM BY SHARING THE GOSPEL AND PARTNERING WITH PARENTS TO TRAIN PRE-K TO 12 STUDENTS BY WAY OF SCRIPTURE AND THE CLASSICAL LIBERAL ARTS.

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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 $131,991

Program Service Revenue $2,529,085

Investment Income $10,419

Other Revenue $12,413

TOTAL REVENUE $2,683,908

Expense Breakdown

Grants Paid $196,259

Salaries & Benefits $1,857,674

Fundraising Expenses $9,897

Program Expenses $2,694,606

Other Expenses $918,158

TOTAL EXPENSES $2,972,091

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,683,908	$2,289,533	+0.2%
Expenses	$2,972,091	$2,347,089	+0.3%
Net Income	$-288,183	$-57,556	+4.0%

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

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

$118,167

Total Directors

$750

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LESLIE COLLINS	HEAD OF SCHO	60.00	Officer	$85,147	$32,270	$117,417
MICHAEL GAINES	PRESIDENT	4.00	Officer Director	$0	$0	$0
ROB GROOMS	TREASURER	4.00	Officer Director	$750	$0	$750
CHRIS NOELL	SECRETARY	4.00	Officer Director	$0	$0	$0
JACKIE MARQUEZ	BOARD MEMBER	4.00	Director	$0	$0	$0
DAVID BROOKES	BOARD MEMBER	4.00	Director	$0	$0	$0

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
2025	No data	No data	No data	No data
2024	$2,683,908	$2,972,091	$3,710,354	$-288,183
2023	$2,289,533	$2,347,089	$3,225,297	$-57,556
2022	$1,973,572	$2,155,148	$3,150,156	$-181,576
2021	$1,984,987	$1,819,941	$3,144,207	$165,046
2020	$1,746,482	$1,937,103	$2,879,840	$-190,621
2019	$1,662,160	$1,923,010	$2,818,770	$-260,850
2018	$2,480,836	$2,303,577	$3,078,785	$177,259

COVENANT ACADEMY