COVENANT HOME OF CHICAGO

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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

1980

Legal Domicile

Principal Officer

DAVID ERICKSON

Phone

7735066900

Tax Period

2023-10-01 to 2024-09-30

COVENANT HOME OF CHICAGO, founded in 1980, is a community nonprofit in the Health Care sector that reported $3.1M in total revenue in fiscal year 2023. Revenue fell 25% from the prior year — a significant decline worth monitoring. Expenses of $3.7M exceeded revenue, resulting in a 19% operating deficit.

Mission

AS A MINISTRY OF THE EVANGELICAL COVENANT CHURCH, COVENANT LIVING COMMUNITIES AND SERVICES CELEBRATES GOD'S GIFT OF LIFE IN CHRISTIAN COMMUNITY. WE FOLLOW THE GREAT COMMANDMENT TO LOVE AND SERVE GOD AND ONE ANOTHER AS TAUGHT BY JESUS CHRIST. (SEE SCHEDULE O)

Program Service Accomplishments

Program 1

Expenses: $2,775,912 Revenue: $2,926,901

ASSISTED LIVING:THE NUMBER OF PERSONS WHO BENEFITED FROM THE SERVICES WE PROVIDED FOR THE YEAR ENDED SEPTEMBER 30, 2024 WERE AS FOLLOWS:THERE WERE A TOTAL OF 40 ASSISTED LIVING RESIDENTS AT...

ASSISTED LIVING:THE NUMBER OF PERSONS WHO BENEFITED FROM THE SERVICES WE PROVIDED FOR THE YEAR ENDED SEPTEMBER 30, 2024 WERE AS FOLLOWS:THERE WERE A TOTAL OF 40 ASSISTED LIVING RESIDENTS AT 09/30/2024. ASSISTED LIVING RESIDENCY FOR THE FISCAL YEAR TOTALED 16,100 RESIDENT DAYS.

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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 $3,025

Program Service Revenue $2,913,156

Investment Income $154,257

Other Revenue $13,745

TOTAL REVENUE $3,084,183

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,060,839

Fundraising Expenses $44,735

Program Expenses $2,775,912

Other Expenses $1,602,757

TOTAL EXPENSES $3,663,596

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,084,183	$4,103,400	-0.2%
Expenses	$3,663,596	$3,176,954	+0.2%
Net Income	$-579,413	$926,446	-1.6%

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

202

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

$3,161,302

Total Directors

$2,095,747

Key Employees

$673,723

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TERRI S CUNLIFFE	DIRECTOR/CLCS PRESIDENT/CEO-PART YR	1.00	Officer Director	$0	$33,657	$961,812
DAVID G ERICKSON	GEN COUNSEL PART YR/ASST SEC/CEO	1.00	Officer Director	$0	$122,066	$554,672
JEAN E JUSTIE	CFO/TREASURER/ASST SECRETARY	1.00	Officer	$0	$90,531	$550,215
WILLIAM RABE	CHIEF INFO & TECH OFFICER/ASST SEC.	1.00	Officer	$0	$60,892	$424,704
TANDERIA BROWN	CHIEF HUMAN RESOURCES OFFICER	1.00	Key Emp	$0	$65,889	$370,604
TODD SLECHTA	DIRECTOR/EX-OFFICIO	0.10	Director	$0	$59,996	$365,122
CORY KALLHEIM	GENERAL COUNSEL/ASST SECRETARY	1.00	Officer	$0	$70,455	$325,787
HILDE SAGER	EXECUTIVE DIRECTOR/ASSOC VP, OPS	1.00	Key Emp	$0	$52,452	$303,119
CORY STERN	FORMER INTERIM FINANCE LEAD/TREAS.	0.00		$0	$34,904	$268,486
JAY PRINCE	SVP, COMMUNITY OPS/ASST SECRETARY	1.00	Officer	$0	$24,248	$235,346
TAMMY SWANSON-DRAHEIM	DIRECTOR/EX-OFFICIO	0.10	Director	$0	$105,500	$214,141
EMILY WARNYGORA	SR. EXEC. ASST TO CEO/ASST SECRETARY	1.00	Officer	$0	$13,095	$108,766
JANET CREANEY	DIRECTOR/CHAIR	0.10	Officer Director	$0	$0	$0
LORENE FLEWELLEN	DIRECTOR/VICE CHAIR	0.10	Officer Director	$0	$0	$0
JANET GOELZ HOFFMAN	DIRECTOR/SECRETARY	0.10	Officer Director	$0	$0	$0
ALLAN ANDERSON	DIRECTOR	0.10	Director	$0	$0	$0
SARAH BENTLEY	DIRECTOR	0.10	Director	$0	$0	$0
KATHY BUETTNER	DIRECTOR	0.10	Director	$0	$0	$0
PAMELA CHRISTENSEN	DIRECTOR	0.10	Director	$0	$0	$0
ARTHUR DEROOY	DIRECTOR/EX-OFFICIO - PART YEAR	0.10	Director	$0	$0	$0
JOHN FREDRICKSON	DIRECTOR	0.10	Director	$0	$0	$0
KURT KINCANON	DIRECTOR	0.10	Director	$0	$0	$0
MATTHEW MANLOVE	DIRECTOR	0.10	Director	$0	$0	$0
ROBERT MARTIN	DIRECTOR	0.10	Director	$0	$0	$0
JENNIFER MEANS	DIRECTOR	0.10	Director	$0	$0	$0
MARY PALMER	DIRECTOR/EX-OFFICIO	0.10	Director	$0	$0	$0
LOANN PETERSON	DIRECTOR - PART YEAR	0.10	Director	$0	$0	$0
DIXIE REPPE	DIRECTOR - PART YEAR	0.10	Director	$0	$0	$0
RICK SHEPARD	DIRECTOR	0.10	Director	$0	$0	$0
ANDREW VANOVER	DIRECTOR	0.10	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
2024	$3,084,183	$3,663,596	$9,682,676	$-579,413
2023	$4,103,400	$3,176,954	$9,375,897	$926,446
2022	$2,673,849	$3,017,070	$9,366,682	$-343,221
2021	$2,813,221	$3,379,991	$9,144,843	$-566,770
2019	$2,982,890	$3,024,672	$9,630,109	$-41,782