Covenant Health (EIN 621646734) - 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

1996

Legal Domicile

Principal Officer

James D VanderSteeg

Phone

8653745329

Tax Period

2024-01-01 to 2024-12-31

Covenant Health, founded in 1996, is a major nonprofit in the Health Care sector that reported $235.7M in total revenue in fiscal year 2024. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $203.0M left a modest 14% surplus.

Mission

Covenant Health is the parent organization in a community-owned health care system in East Tenn.

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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 $300,000

Program Service Revenue $172,183,053

Investment Income $63,042,227

Other Revenue $141,670

TOTAL REVENUE $235,666,950

Expense Breakdown

Grants Paid $377,488

Salaries & Benefits $112,878,925

Fundraising Expenses $549,590

Program Expenses $178,069,437

Other Expenses $89,748,387

TOTAL EXPENSES $203,004,800

Year-over-Year Comparison

	2024	2023	Change
Revenue	$235,666,950	$207,141,823	+0.1%
Expenses	$203,004,800	$191,450,181	+0.1%
Net Income	$32,662,150	$15,691,642	+1.1%

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

1587

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

$4,811,716

Total Directors

$3,253,624

Key Employees

$6,561,053

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Mitchell Dickson MD	Director	1.00	Director	$0	$0	$0
Stephanie Flood	Director	1.00	Director	$964	$0	$964
James Gibson	Director	1.00	Director	$0	$0	$0
Edgar Gray	Director	1.00	Director	$844	$0	$844
Leslye Hartsell	Director	1.00	Director	$1,124	$0	$1,124
Donald Hickman	Director	1.00	Director	$675	$0	$675
Timothy Matthews	Director	1.00	Director	$657	$0	$657
Janice McKinley	Director	1.00	Director	$0	$0	$0
Cletus McMahon MD	Director	1.00	Director	$0	$0	$0
Dave Miller	Director	1.00	Director	$0	$0	$0
Bill Myers	Director	1.00	Director	$0	$0	$0
Alvin Nance	Director	1.00	Director	$648	$0	$648
Linda Ogle	Director	1.00	Director	$0	$0	$0
King Purnell	Director/Chair	1.00	Officer Director	$935	$0	$935
Jorge Sanabria	Director	1.00	Director	$807	$0	$807
William Seale	Director	1.00	Director	$1,060	$0	$1,060
Cosby Stone	Director	1.00	Director	$1,113	$0	$1,113
Joe Sutter	Director	1.00	Director	$881	$0	$881
James Tramontana MD	Director	1.00	Director	$1,086	$0	$1,086
James D VanderSteeg	President & CEO	50.00	Officer Director	$2,880,556	$362,274	$3,242,830
Joseph C Dolan	EVP/CFO	50.00	Officer	$861,693	$105,608	$967,301
Kathleen F Zitzman	Chief Compliance Officer	50.00	Officer	$396,574	$46,864	$443,438
Philip V Schmidt	Director - Internal Audit	50.00	Officer	$118,339	$38,873	$157,212
Michael R Belbeck Jr	EVP-Hosp Ops	50.00	Key Emp	$976,075	$113,223	$1,089,298
M Douglas Campbell Jr	General Counsel	50.00	Key Emp	$874,804	$124,126	$998,930
Jon-David Deeson	EVP - Physician Enterprises	50.00	Key Emp	$693,902	$92,036	$785,938
Amanda G Halford MD	SVP - Chief Medical Officer	50.00	Key Emp	$685,012	$44,785	$729,797
Debra A Welch	SVP - Human Resources	50.00	Key Emp	$629,172	$37,337	$666,509
William C Clabough	SVP - Chief Development Officer	50.00	Key Emp	$595,648	$55,012	$650,660
William M Ward	SVP - Chief Information Officer	50.00	Key Emp	$546,146	$46,120	$592,266
Debra R Honey	SVP - Chief Nursing Officer	50.00	Key Emp	$529,114	$38,502	$567,616
Teresa A Giles	Fmr SVP - Finance (through May 2024)	50.00	Key Emp	$458,845	$21,194	$480,039
Keith N Altshuler	President/CAO - Fort Sanders Reg	0.00	Highest	$659,599	$36,837	$696,436
Gordon E Lintz	President/CAO - Morristown-Hamblen	0.00	Highest	$564,436	$26,089	$590,525
Devan C Johnson	President/CAO - Parkwest	0.00	Highest	$562,166	$50,375	$612,541
Jeremy H Biggs	President/CAO - Methodist Med Ctr	0.00	Highest	$530,098	$45,244	$575,342
Wesley C Halford MD	Medical Director Physician	50.00	Highest	$389,543	$22,159	$411,702

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	$235,666,950	$203,004,800	$1,956,038,753	$32,662,150
2023	$207,141,823	$191,450,181	$1,801,246,321	$15,691,642
2022	$220,269,899	$180,206,350	$1,741,953,217	$40,063,549
2021	$188,217,463	$163,022,804	$1,927,401,864	$25,194,659
2020	$186,599,540	$160,638,163	$1,756,557,265	$25,961,377
2019	$259,416,121	$153,436,488	$1,638,320,485	$105,979,633
2018	$193,250,266	$166,435,527	$1,386,644,162	$26,814,739

Covenant Health