Covenant HomeCare (EIN 621623114) - Form 990 Financial Analysis & Trantor Score

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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

1995

Legal Domicile

Principal Officer

James D VanderSteeg

Phone

8653745329

Tax Period

2023-01-01 to 2023-12-31

Covenant HomeCare, founded in 1995, is a mid-sized nonprofit in the Health Care sector that reported $22.8M in total revenue in fiscal year 2023. Revenue grew 10% year-over-year, indicating healthy expansion.

Mission

Covenant HomeCare provides home care services to help patients maintain their independence and stay at home. It is a member of Covenant Health system.

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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 $315,119

Program Service Revenue $22,464,549

Investment Income $21,304

Other Revenue $0

TOTAL REVENUE $22,800,972

Expense Breakdown

Grants Paid $350

Salaries & Benefits $17,783,161

Fundraising Expenses $0

Program Expenses $20,301,499

Other Expenses $5,482,021

TOTAL EXPENSES $23,265,532

Year-over-Year Comparison

	2023	2022	Change
Revenue	$22,800,972	$20,781,294	+0.1%
Expenses	$23,265,532	$22,797,414	+0.0%
Net Income	$-464,560	$-2,016,120	-0.8%

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

254

Volunteers

109

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

$5,025,362

Total Directors

$3,135,371

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Gerald Boyd	Director	0.00	Director	$0	$0	$977
Willard Campbell MD	Director	0.00	Director	$0	$0	$0
Michael Casey MD	Director	0.00	Director	$0	$0	$0
Ronni Chandler	Fmr Director (through June 2023)	0.00	Director	$0	$0	$0
Mitchell Dickson MD	Director	0.00	Director	$0	$0	$796
Stephanie Flood	Director	0.00	Director	$0	$0	$808
James Gibson	Director	0.00	Director	$0	$0	$1,008
Edgar Gray	Director	0.00	Director	$0	$0	$1,054
Leslye Hartsell	Director	0.00	Director	$0	$0	$1,027
Donald Hickman	Director	0.00	Director	$0	$0	$1,498
Timothy Matthews	Director	0.00	Director	$0	$0	$1,196
Janice McKinley	Director	0.00	Director	$0	$0	$1,222
Dave Miller	Director	0.00	Director	$0	$0	$1,044
Bill Myers	Director	0.00	Director	$0	$0	$0
Alvin Nance	Director	0.00	Director	$0	$0	$1,044
Linda Ogle	Director	0.00	Director	$0	$0	$0
King Purnell	Director/Chair	0.00	Officer Director	$0	$0	$1,630
Jorge Sanabria	Director	0.00	Director	$0	$0	$1,234
William Seale	Director	0.00	Director	$0	$0	$1,321
Cosby Stone	Director	0.00	Director	$0	$0	$1,595
Joe Sutter	Director	0.00	Director	$0	$0	$1,462
James Tramontana MD	Director	0.00	Director	$0	$0	$1,196
James D VanderSteeg	President & CEO	0.00	Officer Director	$0	$352,568	$3,115,259
John T Geppi	Fmr EVP/CFO (through June 2023)	0.00	Officer	$0	$24,345	$995,771
Joseph C Dolan	EVP/CFO	0.00	Officer	$0	$38,564	$397,454
Mitzi F Anderson	VP - Financial Services	8.00	Officer	$0	$27,391	$173,002
John L Huskey	President & CAO	50.00	Officer	$302,962	$39,284	$342,246
Erin E Kipp	Medical Director	50.00	Highest	$304,876	$11,191	$316,067
Mary Seal	Rehab Therapy Asst	50.00	Highest	$115,840	$16,226	$132,066
Gina W Hollenbeck	Director HomeCare Hospice	50.00	Highest	$109,509	$29,466	$138,975
Pamela S Kirkland	Clinical Supervisor	50.00	Highest	$106,917	$35,470	$142,387
Stephen J Sexton	Occupational Therapist	50.00	Highest	$105,358	$36,618	$141,976

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	No data	No data	No data	No data
2023	$22,800,972	$23,265,532	$3,413,244	$-464,560
2022	$20,781,294	$22,797,414	$2,738,390	$-2,016,120
2021	$17,855,047	$19,637,169	$2,451,607	$-1,782,122
2020	$18,602,209	$18,549,675	$3,407,115	$52,534
2019	$17,040,461	$17,191,257	$3,040,786	$-150,796
2018	$15,000,872	$15,937,333	$2,902,513	$-936,461

Covenant HomeCare