COVENANT LIVING OF FLORIDA 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

1978

Legal Domicile

Principal Officer

DAVID ERICKSON

Phone

9544722860

Tax Period

2023-10-01 to 2024-09-30

COVENANT LIVING OF FLORIDA INC, founded in 1978, is a mid-sized nonprofit in the Human Services sector that reported $25.1M in total revenue in fiscal year 2023. Expenses of $27.8M exceeded revenue, resulting in a 11% 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: $10,640,427 Revenue: $12,871,028

RESIDENTIAL 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 288 RESIDENTS, OCCUPYING 246...

RESIDENTIAL 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 288 RESIDENTS, OCCUPYING 246 APARTMENTS AT 09/30/2024. RESIDENCY FOR THE FISCAL YEAR TOTALED 102,302 RESIDENT DAYS.

Program 2

Expenses: $1,921,375 Revenue: $2,944,095

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 27 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 27 ASSISTED LIVING RESIDENTS AT 09/30/2024. ASSISTED LIVING RESIDENCY FOR THE FISCAL YEAR TOTALED 9,576 RESIDENT DAYS.ASSISTED LIVING MEMORY SUPPORT: 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 14 ASSISTED LIVING MEMORY SUPPORT RESIDENTS AT 09/30/2024. ASSISTED LIVING MEMORY SUPPORT RESIDENCY FOR THE FISCAL YEAR TOTALED 4,760 RESIDENT DAYS.

Program 3

Expenses: $7,349,714 Revenue: $7,918,971

SKILLED NURSING: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 59 SKILLED CARE RESIDENTS AT 09/30/2024...

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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 $298,456

Program Service Revenue $23,495,723

Investment Income $997,810

Other Revenue $280,454

TOTAL REVENUE $25,072,443

Expense Breakdown

Grants Paid $0

Salaries & Benefits $11,264,522

Fundraising Expenses $42,017

Program Expenses $19,911,516

Other Expenses $16,550,116

TOTAL EXPENSES $27,814,638

Year-over-Year Comparison

	2023	2022	Change
Revenue	$25,072,443	$23,988,980	+0.0%
Expenses	$27,814,638	$26,649,608	+0.0%
Net Income	$-2,742,195	$-2,660,628	+0.0%

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

323

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

$3,161,302

Total Directors

$2,095,747

Key Employees

$939,841

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
TODD SLECHTA	DIRECTOR/EX-OFFICIO	0.10	Director	$0	$59,996	$365,122
TAMMY SWANSON-DRAHEIM	DIRECTOR/EX-OFFICIO	0.10	Director	$0	$105,500	$214,141
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
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
CORY KALLHEIM	GENERAL COUNSEL/ASST SECRETARY	1.00	Officer	$0	$70,455	$325,787
EMILY WARNYGORA	SR. EXEC. ASST TO CEO/ASST SECRETARY	1.00	Officer	$0	$13,095	$108,766
JAY PRINCE	SVP, COMMUNITY OPS/ASST SECRETARY	1.00	Officer	$0	$24,248	$235,346
ANDREW REESE-CLAUSON	ASSOCIATE VICE PRESIDENT, OPERATIONS	1.00	Key Emp	$0	$31,036	$281,920
BRADLEY BODIE	EXECUTIVE DIRECTOR	40.00	Key Emp	$263,500	$23,817	$287,317
TANDERIA BROWN	CHIEF HUMAN RESOURCES OFFICER	1.00	Key Emp	$0	$65,889	$370,604
MYKELLE HENRY	HEALTHCARE ADMINISTRATOR	40.00	Highest	$141,881	$20,274	$162,155
FRANCESCA VITTORIA	REGIONAL DIRECTOR, HUMAN RESOURCES	40.00	Highest	$121,403	$13,257	$134,660
KIMBERLY ITURRIOZ	DIRECTOR OF SALES	40.00	Highest	$129,209	$16,579	$145,788
KELLY MCCRATER	SENIOR MANAGER, HEALTHCARE NAVIGATOR AND ADMISSION	40.00	Highest	$134,812	$16,777	$151,589
JERELENE THOMPSON-GRAHAM	DIRECTOR OF NURSING	40.00	Highest	$119,264	$38,998	$158,262
CORY STERN	FORMER INTERIM FINANCE LEAD/TREAS.	0.00		$0	$34,904	$268,486

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	$25,072,443	$27,814,638	$66,215,744	$-2,742,195
2023	$23,988,980	$26,649,608	$65,393,074	$-2,660,628
2022	$22,198,437	$25,018,062	$63,931,598	$-2,819,625
2021	$22,741,571	$23,370,017	$63,536,371	$-628,446
2020	$22,678,608	$22,536,927	$53,391,759	$141,681
2019	$20,899,930	$22,001,385	$52,916,086	$-1,101,455