COVANTAGE CARES FOUNDATION INC (EIN 811056981) - 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

2016

Legal Domicile

Principal Officer

CHARLES ZANAYED

Phone

7156274336

Tax Period

2024-01-01 to 2024-12-31

COVANTAGE CARES FOUNDATION INC, founded in 2016, is a small nonprofit in the Philanthropy & Grantmaking sector that reported $683K in total revenue in fiscal year 2024. Revenue surged 94% from the prior year, signaling strong growth momentum. Expenses of $751K exceeded revenue, resulting in a 10% operating deficit.

Mission

PROVIDE FINANCIAL ASSISTANCE TO INDIVIDUALS, ESPECIALLY THOSE EXPERIENCING SIGNIFICANT FINANCIAL CHALLENGES, AND TO ORGANIZATIONS WORKING TO ENHANCE THE QUALITY OF LIFE OF RESIDENTS LIVING IN THE COMMUNITIES SERVED BY COVANTAGE CREDIT UNION.

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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 $688,395

Program Service Revenue $0

Investment Income $727

Other Revenue $-6,076

TOTAL REVENUE $683,046

Expense Breakdown

Grants Paid $749,828

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $749,828

Other Expenses $1,616

TOTAL EXPENSES $751,444

Year-over-Year Comparison

	2024	2023	Change
Revenue	$683,046	$352,505	+0.9%
Expenses	$751,444	$597,087	+0.3%
Net Income	$-68,398	$-244,582	-0.7%

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

$1,436,132

Total Directors

$1,436,132

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHARLES ZANAYED	PRESIDENT	1.00	Officer Director	$0	$50,544	$846,549
JOAN FARRELL	VICE PRESIDENT	3.00	Officer Director	$0	$48,370	$357,994
JANEL THOUNE	TREASURER	1.00	Officer Director	$0	$38,072	$231,589
SHEILA ROSSMILLER	SECRETARY	1.00	Officer Director	$0	$0	$0
SHANE LATHROP	DIRECTOR	1.00	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	$683,046	$751,444	$57,091	$-68,398
2023	$352,505	$597,087	$126,358	$-244,582
2022	$503,456	$610,722	$370,940	$-107,266
2021	$862,609	$432,685	$478,206	$429,924
2020	$603,331	$581,719	$48,282	$21,612
2019	$481,469	$482,358	$26,670	$-889
2018	$314,629	$364,712	$27,559	$-50,083

COVANTAGE CARES FOUNDATION INC