COVENANT WOODS (EIN 540524902) - Form 990 Financial Analysis & Trantor Score

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Tuckman-Chang Vulnerability Assessment

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1901

Legal Domicile

Principal Officer

DR THOMAS WRIGHT

Phone

8045698000

Tax Period

2023-04-01 to 2024-03-31

COVENANT WOODS, founded in 1901, is a mid-sized nonprofit in the Health Care sector that reported $27.6M in total revenue in fiscal year 2017. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $25.4M left a modest 8% surplus.

Mission

NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY.

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $358,066

Program Service Revenue $35,721,570

Investment Income $1,421,245

Other Revenue $1,582,276

TOTAL REVENUE $39,083,157

Expense Breakdown

Grants Paid $434,371

Salaries & Benefits $22,744,257

Fundraising Expenses $151,646

Program Expenses $32,106,592

Other Expenses $23,181,483

TOTAL EXPENSES $46,360,111

Year-over-Year Comparison

	2023	2022	Change
Revenue	$39,083,157	$36,760,268	+0.1%
Expenses	$46,360,111	$43,566,569	+0.1%
Net Income	$-7,276,954	$-6,806,301	+0.1%

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

455

Volunteers

211

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

$734,001

Total Directors

Key Employees

$238,405

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRANDON ARMOR	CHAIR	1.00	Officer Director	$0	$0	$0
KYLE RUSSELL	VICE CHAIR	1.00	Officer Director	$0	$0	$0
ROGER BOWERS	SECRETARY	1.00	Officer Director	$0	$0	$0
JOE O'CONNOR	BOARD MEMBER	1.00	Director	$0	$0	$0
JENNIFER GENTRY	BOARD MEMBER	1.00	Director	$0	$0	$0
CHARLES GRAVES	BOARD MEMBER	1.00	Director	$0	$0	$0
NATALIE KENT	BOARD MEMBER	1.00	Director	$0	$0	$0
MICHELE SATTERLUND	BOARD MEMBER	1.00	Director	$0	$0	$0
MELISSA BALL	BOARD MEMBER	1.00	Director	$0	$0	$0
MARJORIE COOK	BOARD MEMBER	1.00	Director	$0	$0	$0
RICHARD ADAMS	BOARD MEMBER	1.00	Director	$0	$0	$0
ED CLINGMAN	BOARD MEMBER	1.00	Director	$0	$0	$0
KELSEY BEAULIEU	BOARD MEMBER	1.00	Director	$0	$0	$0
LINDA PEARSON	BOARD MEMBER	1.00	Director	$0	$0	$0
JOHN SCHOLER	BOARD MEMBER (UNTIL 4/23)	1.00	Director	$0	$0	$0
DR THOMAS WRIGHT	PRESIDENT/CEO	40.00	Officer	$371,501	$47,664	$419,165
ERIK MAURITSEN	CHIEF FINANCIAL OFFICER	40.00	Officer	$277,861	$36,975	$314,836
JILL MCMILLIN	EX DIRECTOR HOME HEALTH (UNTIL 12/23)	40.00	Key Emp	$225,634	$12,771	$238,405
CARRIE DAVIS	ADMINISTRATOR	40.00	Highest	$147,842	$18,557	$166,399
MICHAEL SCHEFF	DIRECTOR OF DINING	40.00	Highest	$148,168	$18,525	$166,693
EMILY ENDERT	DIRECTOR OF HR	40.00	Highest	$157,230	$31,321	$188,551
THOMAS DIEHL	IT DIRECTOR (UNTIL 12/23)	40.00	Highest	$154,041	$17,780	$171,821
NORMAN DAVIS	DIR BUSINESS DEVELOP (UNTIL 12/23)	40.00	Highest	$183,677	$14,314	$197,991

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	$39,083,157	$46,360,111	$149,123,886	$-7,276,954
2023	$36,760,268	$43,566,569	$151,782,906	$-6,806,301
2022	$38,635,107	$42,541,914	$166,902,923	$-3,906,807
2021	$38,290,198	$39,506,115	$176,119,723	$-1,215,917
2020	$30,881,699	$33,554,325	$173,785,224	$-2,672,626
2019	$26,886,991	$28,456,276	$179,240,016	$-1,569,285
2018	$27,599,792	$25,422,737	$171,623,927	$2,177,055

COVENANT WOODS