Covenant College (EIN 430719506) - 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

1955

Legal Domicile

Phone

7068201560

Tax Period

2023-07-01 to 2024-06-30

Covenant College, founded in 1955, is a mid-sized nonprofit in the Education sector that reported $55.5M in total revenue in fiscal year 2023. Revenue grew 12% year-over-year, indicating healthy expansion.

Mission

To provide Christ-centered higher educational services.

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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 $8,945,058

Program Service Revenue $45,864,688

Investment Income $655,375

Other Revenue $23,914

TOTAL REVENUE $55,489,035

Expense Breakdown

Grants Paid $21,562,162

Salaries & Benefits $19,984,379

Fundraising Expenses $3,135,499

Program Expenses $49,778,106

Other Expenses $16,243,534

TOTAL EXPENSES $57,790,075

Year-over-Year Comparison

	2023	2022	Change
Revenue	$55,489,035	$49,689,611	+0.1%
Expenses	$57,790,075	$53,240,912	+0.1%
Net Income	$-2,301,040	$-3,551,301	-0.4%

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

950

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

$316,936

Total Directors

Key Employees

$223,461

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Bob Wilkinson	Secretary	1.0	Officer Director	$0	$0	$0
Craig Wood	Vice Chairman	1.0	Officer Director	$0	$0	$0
John Truschel	Chairman	1.0	Officer Director	$0	$0	$0
Martin Moore	Treasurer	1.0	Officer Director	$0	$0	$0
Bob Curtis	Trustee	1.0	Director	$0	$0	$0
David Caines	Trustee	1.0	Director	$0	$0	$0
Don Mellott	Trustee	1.0	Director	$0	$0	$0
Dr Bradley Harris	Trustee	1.0	Director	$0	$0	$0
Dr Gordon Sluis	Trustee	1.0	Director	$0	$0	$0
Dr Render Caines	Trustee	1.0	Director	$0	$0	$0
Dr Robert Rayburn	Trustee	1.0	Director	$0	$0	$0
Drew Jelgerhuis	Trustee	1.0	Director	$0	$0	$0
Duncan Highmark	Trustee	1.0	Director	$0	$0	$0
Ken Smith	Trustee	1.0	Director	$0	$0	$0
Mark Griggs	Trustee	1.0	Director	$0	$0	$0
Mike Kramer	Trustee	1.0	Director	$0	$0	$0
Rev Alexander Brown	Trustee	1.0	Director	$0	$0	$0
Rev Bradley Barnes	Trustee	1.0	Director	$0	$0	$0
Rev Lance Lewis	Trustee	1.0	Director	$0	$0	$0
Rev Matt Fray	Trustee	1.0	Director	$0	$0	$0
Rev Omari Hill	Trustee	1.0	Director	$0	$0	$0
Rev Scott Seaton	Trustee	1.0	Director	$0	$0	$0
Rev Tom Groelsema	Trustee	1.0	Director	$0	$0	$0
Richard Bowser	Trustee	1.0	Director	$0	$0	$0
Sam R Smartt Jr	Trustee	1.0	Director	$0	$0	$0
Sean McGowan	Trustee	1.0	Director	$0	$0	$0
Steve Sligh	Trustee	1.0	Director	$0	$0	$0
Towner Scheffler	Trustee	1.0	Director	$0	$0	$0
Wills Ryan	Trustee	1.0	Director	$0	$0	$0
Dr Brad Voyles	President	40.0	Officer	$205,995	$29,734	$235,729
Mark Huffines	Controller	30.0	Officer	$74,883	$6,324	$81,207
Marc Erickson	VP for Development/CCF Pres.	20.0	Key Emp	$196,943	$26,518	$223,461
Brian Fikkert	Professor of Econ. & Community Dev.	40.0	Highest	$112,330	$26,871	$139,201
Dr J Derek Halvorson	Former President	40.0	Highest	$261,694	$32,050	$293,744
Hugh Messer	Vice President Academic Affairs	40.0	Highest	$166,992	$19,684	$186,676
Jeff Sandhoff	Major Gift Officer	40.0	Highest	$158,910	$24,727	$183,637
Marshall Rowe	Regional Director of Development	40.0	Highest	$124,953	$22,777	$147,730

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	$55,489,035	$57,790,075	$102,174,408	$-2,301,040
2023	$49,689,611	$53,240,912	$99,704,112	$-3,551,301
2022	$54,082,557	$51,842,194	$101,474,646	$2,240,363
2021	$47,383,629	$47,497,943	$105,869,402	$-114,314
2020	$50,724,767	$48,119,813	$98,255,603	$2,604,954
2019	$52,053,076	$50,634,403	$98,973,141	$1,418,673
2018	$56,270,730	$50,621,128	$100,341,114	$5,649,602

Covenant College