COVENANT LIVING AT SHANNONDALE

EIN: 620698709 501(c)(3) Human Services

KNOXVILLE, TN

Total Revenue
$22,103,172
Total Expenses
$34,793,324
Total Assets
$115,294,091
Net Assets
$-8,225,826
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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
TN
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

CARE FOR SENIOR ADULTS.

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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%)

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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

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Governance

Voting Members
8
Independent Members
6
Employees
N/A
Volunteers
18

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
14
$0
Total Directors
17
$0
Key Employees
0
$0
Highest Compensated
0
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
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