COVENANT PLACE INC (EIN 541549760) - 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

1993

Legal Domicile

Principal Officer

BARBARA P WIGGINS

Phone

3367650424

Tax Period

2024-01-01 to 2024-12-31

COVENANT PLACE INC, founded in 1993, is a small nonprofit in the Housing & Shelter sector that reported $293K in total revenue in fiscal year 2018.

Mission

THE NOT FOR PROFIT CORPORATION WAS ORGANIZED TO OWN AND OPERATE A 40 UNIT APARTMENT COMMUNITY IN SMITHFIELD, VA KNOWN AS COVENANT PLACE APARTMENTS. IT WAS ORGANIZED PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT AS AMENDED AND HAS ENTERED INTO THE STANDARD FHA REGULATORY AGREEMENTS, WHICH GOVERN THE OPERATION OF THE COMMUNITY, WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC) PROVIDES RENT ASSISTANCE FOR LOW INCOME FAMILIES (OR PERSONS), WHILE HUD PAYS THE BALANCE OF THE RENT.

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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 (2024)

Revenue Breakdown

Contributions & Grants $182,540

Program Service Revenue $151,942

Investment Income $6,341

Other Revenue $1,784

TOTAL REVENUE $342,607

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $180,453

Other Expenses $323,369

TOTAL EXPENSES $323,369

Year-over-Year Comparison

	2024	2023	Change
Revenue	$342,607	$328,918	+0.0%
Expenses	$323,369	$338,366	0.0%
Net Income	$19,238	$-9,448	-3.0%

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

N/A

Volunteers

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BARBARA P WIGGINS	PRESIDENT	20.00	Officer Director	$0	$0	$0
DEA E CHARLES WOODSON	VICE PRESIDENT	20.00	Officer Director	$0	$0	$0
PHYLLIS WHITE	MEMBER	20.00	Director	$0	$0	$0
LOIS GWALTNEY	MEMBER	20.00	Director	$0	$0	$0
MARJORIE WOODARD	MEMBER	20.00	Director	$0	$0	$0
ELLEN RUSH	MEMBER	20.00	Director	$0	$0	$0
ADRIAN FOSTER	MEMBER	20.00	Director	$0	$0	$0
REV JAMES HARRISON	MEMBER	20.00	Director	$0	$0	$0
HAZEL EDWARDS	MEMBER	20.00	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	$342,607	$323,369	$575,268	$19,238
2023	$328,918	$338,366	$553,883	$-9,448
2022	$340,118	$329,963	$561,790	$10,155
2021	$317,279	$326,050	$550,810	$-8,771
2020	$325,117	$319,916	$563,317	$5,201
2019	$299,389	$315,061	$552,628	$-15,672
2018	$293,297	$304,949	$568,794	$-11,652

COVENANT PLACE INC