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Covenant Homes Incorporated

Tax-deductible

Rocky Mount, NC501(c)(3)Since 1978HousingEIN 58-1327162Revenue $1.1M in FY2024

On file with the IRS135 Covenant CT, 27804-1719 · Rocky Mount, NCTax-exempt since Aug 1978Publicly supported charity — 170(b)(1)(A)(vi)

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Housing for the elderly and handicapped.

501(c)(3) charity; gifts are tax-deductible.
79¢ of each $1 spent went to programs.
Run by 13 volunteers and 12 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $87K a year · 11% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
79%
of spending
Looks good: 79% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.8 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $10K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$2.0M
209% of total assets
Concern: liabilities are 209% of assets; over 80%.
Pt X · Ln 26
Independent board members
13
of 13 voting members
Looks good: 13 of 13 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.1M
+0.4% vs prior year
Spent
$955K
To programs
79%
Net assets
−$1.0M
By yearFY2020–FY2024
Revenue
$1.1M
FY2024+0.4%
Tap a bar for its year
Revenue by fiscal year
FY2020$603K
FY2021$673K
FY2022$849K
FY2023$977K
FY2024$1.0M
FY2024$1.1M
Expenses
$955K
FY2024▲ +8%
Tap a bar for its year
Expenses by fiscal year
FY2020$608K
FY2021$620K
FY2022$727K
FY2023$878K
FY2024$883K
FY2024$955K
Net assets
−$1.0M
FY2024▲ +9%
Tap a bar for its year
Net assets by fiscal year
FY2020−$1.6M
FY2021−$1.5M
FY2022−$1.4M
FY2023−$1.3M
FY2024−$1.1M
FY2024−$1.0M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 1978.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

79 cents of each dollar spent went to programs.

Program services 79% · $750K Management & general 21% · $204K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

13 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Dee Whitley
Vice President
$0Pt VII · Sec A
Laura Dudley
Secretary
$0Pt VII · Sec A
Jack Gurganus
Treasurer
$0Pt VII · Sec A
Ally Pexa
Minister
$0Pt VII · Sec A
$0Pt VII · Sec A
John Turnage
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Covenant Homes Incorporated executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides affordable housing for seniors and people with disabilities.

Provided by the organization

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1 program · $750K · in their own filed words · FY2024
01

Provide low-income housing for the elderly and handicapped.

$750Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Southern Bank FoundationFY2024$10K
Total grants receivedfrom 1 funder$10K

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.1M
Ln 12
Gifts and grantsLn 1h$636K
Fees for servicesLn 2g$418K
Investment incomeLn 3$87
Money outPt IX
$955K
Ln 25
Programscol B$750K
Managementcol C$204K
Owns and owesPt X
−$1.0M
net assets · Ln 32
Cash and savingsLn 1–2$66K
Total assetsLn 16$940K
LiabilitiesLn 26$2.0M
PeoplePt VI, VII
13
listed · VII A
PaidVII A0
Voting boardVI 1a13
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$636K
Government grantsLn 1e$618K
Fees for servicesLn 2g$418K
Investment incomeLn 3$87
Total revenueLn 12$1.1M
Assets in detailPt X, end of year
CashLn 1$66K
Cash and savings togetherLn 1–2$66K
InvestmentsLn 11–13$188K
Land, buildings, equipmentLn 10c$638K
Other assetsLn 15$32K
Total assetsLn 16$940K
LiabilitiesLn 26$2.0M
Net assetsLn 32−$1.0M
OperationsPt I, VI
EmployeesI 512
VolunteersI 613
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$18K$66K
InvestmentsLn 11–13$188K
Land, buildings, equipmentLn 10c$647K$638K
Total assetsLn 16$886K$940K
LiabilitiesLn 26$2.0M$2.0M
Net assetsLn 32−$1.1M−$1.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$183K$55K$128K
Pension plan contributionsLn 8$88$88
Other employee benefitsLn 9$24K$24K
Payroll taxesLn 10$22K$22K
Accounting feesLn 11c$30K$30K
Other fees for servicesLn 11g$233K$233K
Office expensesLn 13$35K$35K
OccupancyLn 16$116K$116K
Conferences, conventions and meetingsLn 19$12K$12K
InterestLn 20$64K$64K
Depreciation, depletion and amortizationLn 22$51K$51K
Other expenses (24a–d)Ln 24$186K$186K
Total functional expensesLn 25$955K$750K$204K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $1.0M$883K$167K−$1.1M 990 PDF
FY2023 $977K$878K$99K−$1.3M 990 PDF
FY2022 $849K$727K$122K−$1.4M 990 PDF
FY2021 $673K$620K$53K−$1.5M 990 PDF
FY2020 $603K$608K−$4K−$1.6M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $1,053,645 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $665,681$636,001
I-9 Program service revenuePrior year $383,379$417,557
I-10 Investment incomePrior year $69$87
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $1,049,129$1,053,645
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $219,743$228,835
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $662,851$725,740
I-18 Total expensesPrior year $882,594$954,575
I-19 Revenue less expensesPrior year $166,535$99,070
Part VI · Governance 13 of 13 board members independent, no flags
VI-1a Voting members of the governing body13
VI-1b Independent voting members13
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $1,053,645 across 6 lines filed
VIII-1e Government grants$617,801
VIII-1f All other contributions, gifts and grants$18,200
VIII-1h Total contributions, gifts and grants$636,001
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $417,557$417,557
VIII-3 Investment incomeExcluded from tax $87$87
VIII-12 Total revenueRelated to mission $417,557 · Unrelated business $0 · Excluded from tax $87$1,053,645
Part IX · Statement of functional expenses $954,575 across 12 lines filed
IX-7 Other salaries and wagesPrograms $54,806 · Management $127,873$182,679
IX-8 Pension plan contributionsPrograms $88$88
IX-9 Other employee benefitsPrograms $23,697$23,697
IX-10 Payroll taxesPrograms $22,371$22,371
IX-11c Accounting feesManagement $30,100$30,100
IX-11g Other fees for servicesPrograms $232,828$232,828
IX-13 Office expensesManagement $34,582$34,582
IX-16 OccupancyPrograms $115,969$115,969
IX-19 Conferences, conventions and meetingsManagement $11,703$11,703
IX-20 InterestPrograms $63,979$63,979
IX-22 Depreciation, depletion and amortizationPrograms $50,927$50,927
IX-24 Other expenses (24a–d)Programs $185,652$185,652
IX-25 Total functional expensesPrograms $750,317 · Management $204,258 · Fundraising $0$954,575
Part X · Balance sheet $939,867 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $18,247$66,069
X-9 Prepaid expenses and deferred chargesStart of year $15,174$15,984
X-10c Land, buildings and equipment, netStart of year $647,019$637,739
X-13 Program-related investments$187,620
X-15 Other assetsStart of year $205,797$32,455
X-16 Total assetsStart of year $886,237$939,867
X-17 Accounts payable and accrued expensesStart of year $68,168$76,964
X-25 Other liabilitiesStart of year $31,894$0
X-26 Total liabilitiesStart of year $2,010,640$1,965,200
X-27 Net assets without donor restrictionsStart of year −$1,124,403−$1,025,333
X-32 Total net assets or fund balancesStart of year −$1,124,403−$1,025,333
X-33 Total liabilities and net assetsStart of year $886,237$939,867
Part XI · Reconciliation of net assets −$1,025,333 net assets at year end
XI-1 Total revenue$1,053,645
XI-2 Total expenses$954,575
XI-3 Revenue less expenses$99,070
XI-4 Net assets at start of year−$1,124,403
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$1,025,333

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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