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Covenant Housing Corporation

Learn about this cause: What are the reviews? Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 223340968 ✦ Neptune, NJ ✦ Designated as a 501(c)(3)

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Overview

What is Covenant Housing Corporation?

Covenant Housing Corporation is a nonprofit organization situated in Neptune, New Jersey. The corporation houses 57 apartments, primarily for senior and handicapped individuals, which were financed through the HUD. With an average occupancy rate of 99%, the organization demonstrates a significant commitment to providing suitable living spaces. The organization's mission, as described, is dedicated to compassionately serving the community, enabling individuals to pursue fulfilling lives. With a staff of six employees, Covenant Housing Corporation plays an essential role in supporting the needs of its residents.


Official website here: www.umcommunities.org

What are the reviews and ratings of this charity?

Charity Navigator Rating: Needs Improvement

Covenant Housing Corporation received a two-star rating from Charity Navigator, with an overall score of 72%. The organization demonstrates strong governance practices, including a fully independent board and comprehensive financial oversight mechanisms. However, its financial health raises concerns, particularly with a liabilities to assets ratio of 183.32%, which significantly impacts its rating.

While the nonprofit adheres to many accountability standards, including a conflict of interest policy and whistleblower protections, it lacks transparency in certain areas. Specifically, the organization did not post its tax form on its website, which is a requirement for nonprofits to maintain public accountability. Additionally, a program expense ratio of 62.43% indicates that while a majority of funds are allocated to its programs, there is room for improvement in operational efficiency.

Overall, while Covenant Housing Corporation exhibits strong governance and accountability, its financial challenges and transparency issues suggest that potential donors should consider these factors when evaluating their support.


This AI summary has been generated from information found on Charity Navigator.

Is Covenant Housing Corporation legitimate?

Covenant Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Covenant Housing Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.


Heare are some key statistics you may want to consider:

Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $269,963

For more financial information, click here


Official website here: www.umcommunities.org

What is the mission statement of Covenant Housing Corporation?

The mission of Covenant Housing Corporation, as stated, is centered around compassionately serving the community. This mission aims to ensure that all individuals, particularly seniors and those with disabilities, are given the freedom to pursue a fulfilling life. The corporation operates 57 apartments, funded through HUD, and maintains an average occupancy rate of 99%.


Official website here: www.umcommunities.org

Who is the CEO of Covenant Housing Corporation?

Lawrence D Carlson is the Secretary of Covenant Housing Corporation.


Official website here: www.umcommunities.org

What is the revenue of Covenant Housing Corporation?

Covenant Housing Corporation's revenue in 2022 was $947,363.


Official website here: www.umcommunities.org

Who are the executives of Covenant Housing Corporation and what are their salaries?

The average compensation at Covenant Housing Corporation during 2022 was $44,994. There are 6 employees and 35 volunteers at Covenant Housing Corporation.


Here are 6 key members and their salaries:


Lawrence D Carlson (Secretary)
  • Compensation: $0
  • Related: $449,305
  • Other: $0
Rev Edward Carll (Chairman)
  • Compensation: $0
  • Related: $0
  • Other: $0
Jana Purkis-Brash (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Gavin Stobie (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Lawrence E Johnson Iii (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Alicia Grey (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0


Official website here: www.umcommunities.org

Where can I find the form 990 for Covenant Housing Corporation?

Covenant Housing Corporation's most recent form 990 was submitted in 2022 and can be accessed here.


Official website here: www.umcommunities.org

Learn more at the official website: www.umcommunities.org

Mission Statement of Covenant Housing Corporation

Covenant Housing Corporation, a nonprofit organization, is dedicated to compassionately serving the community. Their mission is to create an environment where all individuals, particularly seniors and those with disabilities, are empowered to pursue a life of abundance. By offering 57 apartments financed through HUD, the corporation ensures that a significant number of eligible individuals have access to secure and comfortable housing, maintaining an average occupancy rate of 99%. The corporation's actions reflect their commitment to enhancing the quality of life for its residents, offering them the freedom to choose their own path towards prosperity.

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Impact




October, 2024

Covenant Housing Corporation significantly impacts the community by providing affordable housing to senior and handicapped individuals in Neptune, NJ. With 57 apartment units, it ensures stable and secure living conditions, boasting an impressive occupancy rate of 99%. This high demand reflects the essential role Covenant Housing plays in fostering a community where residents can thrive and embrace an abundant life, free from the burdens of housing insecurity. By focusing on compassion and community service, Covenant Housing helps enhance the quality of life for its residents, empowering them to live independently while fostering a supportive community environment.




This information is meant to be a general summary of Covenant Housing Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.


Financials

This financial information is from Propublica.

Revenue
$947,363 (2022)
Expenses
$1,333,872 (2022)
Efficiency

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Investment Income: $86
  • Program Service Revenue: $932,155
  • Gross Receipts: $947,363

Assets and Liabilities:

  • Total Assets: $2,932,500
  • Total Liabilities: $5,406,093
  • Net Assets: -$2,473,593

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Programs

Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

Fees & contracts gov agen

Revenue

$681,461

Other Revenue

Revenue

$2,051

Rent from Residents

Revenue

$248,643

Organization Details

Founding Year

1994

Principal Officer

Lawrence D Carlson

Main Address

3311 State Route 33, Neptune, NJ, 07753

NTEE Category

Code: L22 - Housing

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