COVENANT MEDICAL CENTER INC

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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

1997

Legal Domicile

Principal Officer

BETHANY CHARLTON

Phone

9895836006

Tax Period

2023-07-01 to 2024-06-30

COVENANT MEDICAL CENTER INC, founded in 1997, is a major nonprofit in the Health Care sector that reported $830.6M in total revenue in fiscal year 2023.

Mission

TO PROVIDE DIVERSE MEDICAL CARE TO MEET THE HEATLH CARE NEEDS OF THE 14 COUNTIES IN EAST CENTRAL MICHIGAN WE SERVE.

Program Service Accomplishments

Program 1

Expenses: $713,018,106 Revenue: $804,218,878

ONE OF THE LARGEST, MOST COMPREHENSIVE HEALTH CARE FACILITIES NORTH OF METRO DETROIT, COVENANT HEALTHCARE IS PREPARED TO RESPOND TO THE DIVERSE MEDICAL NEEDS OF OUR REGION. WE OFFER A BROAD SPECTRUM OF PROGRAMS AND SERVICES RANGING FROM OBSTETRICS, NEONATAL AND PEDIATRIC CARE, TO ACUTE CARE INCLUDING CARDIOLOGY, ONCOLOGY, SURGERY AND MANY OTHER SERVICES ON THE LEADING EDGE OF MEDICINE. ALL OF OUR PROGRAMS AND SERVICES EXEMPLIFY OUR COMMITMENT TO PROVIDING QUALITY, COMPASSIONATE CARE. AS A MEDICAL FACILITY WITH MORE THAN 600 BEDS AND A COMPLETE RANGE OF MEDICAL SERVICES, COVENANT HEALTHCARE STANDS READY TO MEET THE NEEDS OF THE 14 COUNTIES IN EAST CENTRAL MICHIGAN WE SERVE. WITH MORE THAN 20 INPATIENT AND OUTPATIENT FACILITIES, COVENANT HEALTHCARE OFFERS CONVENIENCE AND EASY ACCESS TO HIGH QUALITY CARE. THE MEDICAL CENTER PROVIDED THE FOLLOWING FOR THE FISCAL YEAR 2024: 5,860 WOMEN'S AND CHILDREN'S CASES, 3,570 CARDIOLOGY CASES, 3,898 GENERAL MEDICAL CASES, 2,641 PULMONARY CASES, 1,850 NEURO CASES, AND 1,795 GI MED CASES.

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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 $3,052,066

Program Service Revenue $804,438,469

Investment Income $15,516,690

Other Revenue $7,566,344

TOTAL REVENUE $830,573,569

Expense Breakdown

Grants Paid $0

Salaries & Benefits $473,764,393

Fundraising Expenses $0

Program Expenses $713,018,106

Other Expenses $332,338,483

TOTAL EXPENSES $806,102,876

Year-over-Year Comparison

	2023	2022	Change
Revenue	$830,573,569	$793,294,499	+0.0%
Expenses	$806,102,876	$777,451,585	+0.0%
Net Income	$24,470,693	$15,842,914	+0.5%

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

5249

Volunteers

326

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

$5,650,145

Total Directors

$1,914,811

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BETHANY CHARLTON	PRESIDENT	54.00	Officer Director	$850,284	$596,516	$1,446,800
JAMES MILROY	CHAIRMAN	4.00	Officer Director	$0	$0	$0
DWIGHT MCNALLY	VICE CHAIRMAN	4.00	Officer Director	$0	$0	$0
JOHN SHELTON	SECRETARY	4.00	Officer Director	$0	$0	$0
JONATHAN GARDEY	TREASURER	4.00	Officer Director	$0	$0	$0
MARK BASSET - PART YEAR	BOARD MEMBER	4.00	Director	$0	$0	$0
AMY BUBEN - PART YEAR	BOARD MEMBER	4.00	Director	$0	$0	$0
ELLEN CRANE	BOARD MEMBER	4.00	Director	$0	$0	$0
PATRICK CURRY	BOARD MEMBER	4.00	Director	$0	$0	$0
MICHAEL FIORE MD	BOARD MEMBER/PHYSICIAN	50.00	Director	$441,520	$26,491	$468,011
CRAIG GOSLIN	BOARD MEMBER	4.00	Director	$0	$0	$0
TIM HAUSBECK	BOARD MEMBER	4.00	Director	$0	$0	$0
RENEE JOHNSTON	BOARD MEMBER	4.00	Director	$0	$0	$0
HERB SPENCE	BOARD MEMBER	4.00	Director	$0	$0	$0
KEVIN ALBOSTA	VICE PRESIDENT	55.00	Officer	$569,523	$238,197	$807,720
KEVIN BIRCHMEIER	VICE PRESIDENT	50.00	Officer	$472,407	$201,930	$674,337
FRANK FEAR	VICE PRESIDENT	50.00	Officer	$313,025	$30,336	$343,361
PATRICE LANCZAK	VICE PRESIDENT	50.00	Officer	$302,062	$9,735	$311,797
DR IRIS MARTEJA	VICE PRESIDENT	50.00	Officer	$502,224	$18,804	$521,028
DAVID NALL	VICE PRESIDENT	50.00	Officer	$280,251	$112,933	$393,184
DR MICHAEL SULLIVAN	VICE PRESIDENT	50.00	Officer	$502,350	$26,279	$528,629
JACKIE TINNIN	VICE PRESIDENT	50.00	Officer	$230,707	$26,123	$256,830
ADAM TOMPA	VICE PRESIDENT	50.00	Officer	$264,535	$24,811	$289,346
MATTHEW DEIBEL	VICE PRESIDENT	50.00	Officer	$77,113	$0	$77,113
BAKRI KAAKEH	PHYSICIAN	40.00	Highest	$2,054,538	$23,340	$2,077,878
MARK ZAKI	PHYSICIAN	40.00	Highest	$1,609,942	$8,977	$1,618,919
JAMES FUGAZZI	PHYSICIAN	40.00	Highest	$1,565,094	$23,340	$1,588,434
GEORGE MALLIARAS	PHYSICIAN	40.00	Highest	$1,551,464	$23,340	$1,574,804
FRANK SCHINCO	PHYSICIAN	40.00	Highest	$1,379,094	$22,710	$1,401,804

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	$830,573,569	$806,102,876	$867,284,470	$24,470,693
2023	$793,294,499	$777,451,585	$811,272,319	$15,842,914
2022	$787,096,091	$790,478,715	$806,735,551	$-3,382,624
2021	$776,913,978	$806,671,919	$1,038,790,282	$-29,757,941
2020	$702,795,000	$684,540,078	$897,582,436	$18,254,922
2019	$693,118,114	$660,785,506	$762,269,811	$32,332,608
2018	$707,117,045	$657,045,666	$731,378,507	$50,071,379