COVENANT LIVING AT SHANNONDALE

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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

1968

Legal Domicile

Principal Officer

DAVID ERICKSON

Phone

8656903411

Tax Period

2024-01-01 to 2024-09-30

COVENANT LIVING AT SHANNONDALE, founded in 1968, is a mid-sized nonprofit in the Human Services sector that reported $22.1M in total revenue in fiscal year 2024. Revenue fell 24% from the prior year — a significant decline worth monitoring. Expenses of $34.8M exceeded revenue, resulting in a 57% operating deficit.

Mission

AS A MINISTRY OF THE EVANGELICAL COVENANT CHURCH, COVENANT LIVING AT SHANNONDALE 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: $32,358,478 Revenue: $20,549,992

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 418 RESIDENTS, OCCUPYING 309...

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 418 RESIDENTS, OCCUPYING 309 APARTMENTS AT 09/30/2024. 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 63 ASSISTED LIVING RESIDENTS AT 09/30/2024. 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 39 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 (2024)

Revenue Breakdown

Contributions & Grants $164,393

Program Service Revenue $20,473,783

Investment Income $1,388,787

Other Revenue $76,209

TOTAL REVENUE $22,103,172

Expense Breakdown

Grants Paid $0

Salaries & Benefits $11,430,556

Fundraising Expenses $0

Program Expenses $32,358,478

Other Expenses $23,362,768

TOTAL EXPENSES $34,793,324

Year-over-Year Comparison

	2024	2023	Change
Revenue	$22,103,172	$28,942,212	-0.2%
Expenses	$34,793,324	$40,968,001	-0.2%
Net Income	$-12,690,152	$-12,025,789	+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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID G ERICKSON	GEN COUNSEL PART YR/ASST SEC/CEO	1.00	Officer Director	$0	$0	$0
TODD SLECHTA	DIRECTOR/EX-OFFICIO	0.10	Director	$0	$0	$0
MELINDA BOOKER	VICE CHAIR - PART YEAR	1.00	Officer Director	$0	$0	$0
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
SANDRA MARTIN	SECRETARY - PART YEAR	1.00	Officer Director	$0	$0	$0
RICK SHEPARD	BOARD CHAIRMAN	1.00	Officer Director	$0	$0	$0
JOE COLQUITT	BOARD MEMBER - PART YEAR	1.00	Director	$0	$0	$0
REBECCA CRISWELL	BOARD MEMBER - PART YEAR	1.00	Director	$0	$0	$0
ROY MICHAEL DALTON	BOARD MEMBER	1.00	Director	$0	$0	$0
JOHN HINKLE	BOARD MEMBER - PART YEAR	1.00	Director	$0	$0	$0
CRAIG JARVIS	BOARD MEMBER - PART YEAR	1.00	Director	$0	$0	$0
DEBORAH JONES	BOARD MEMBER	1.00	Director	$0	$0	$0
RUFUS KING	BOARD MEMBER - PART YEAR	1.00	Director	$0	$0	$0
ALICE ANN MOORE	BOARD MEMBER - PART YEAR	1.00	Director	$0	$0	$0
CHARLES WEST	BOARD MEMBER - PART YEAR	1.00	Director	$0	$0	$0
JEAN E JUSTIE	CFO/TREASURER/ASST SECRETARY	1.00	Officer	$0	$0	$0
WILLIAM RABE	CHIEF INFO & TECH OFFICER/ASST SEC. - PART YEAR	1.00	Officer	$0	$0	$0
CORY KALLHEIM	GENERAL COUNSEL/ASST SECRETARY	1.00	Officer	$0	$0	$0
EMILY WARNYGORA	SR. EXEC. ASST TO CEO/ASST SECRETARY	1.00	Officer	$0	$0	$0
ERIK HOCKMAN	CHIEF FINANCIAL OFFICER - PART YEAR	40.00	Officer	$0	$0	$0
DAVID MAXWELL	VICE PRESIDENT - PART YEAR	40.00	Officer	$0	$0	$0
KEITH MCCORD	VICE PRESIDENT - PART YEAR	40.00	Officer	$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	$22,103,172	$34,793,324	$115,294,091	$-12,690,152
2023	$28,942,212	$40,968,001	$95,903,221	$-12,025,789
2022	$31,846,714	$40,569,436	$97,078,876	$-8,722,722
2021	$32,362,942	$36,285,958	$109,320,590	$-3,923,016
2020	$31,104,381	$36,845,060	$95,883,685	$-5,740,679
2019	$33,713,974	$36,629,545	$68,518,973	$-2,915,571
2018	$33,499,140	$35,409,698	$63,299,603	$-1,910,558