Overview
What is Covenant Foundation Inc?
Covenant Foundation Inc, located in Waterloo, Iowa, is a charitable organization that supports MercyOne Northeast Iowa, a comprehensive healthcare provider. The foundation raises funds and manages endowments to further the charitable objectives of MercyOne's affiliated entities, including Covenant Medical Center Inc. The foundation's activities contribute to various healthcare services, such as cardiology, orthopedics, neurosurgery, maternity services, and cancer treatment. It also supports community health improvement initiatives, philanthropic foundations, and subsidized health services, totalling over $24 million in community benefits in FY2022. The foundation is committed to the healing ministry of the Judeo-Christian tradition, providing exceptional and compassionate healthcare services that promote the dignity and well-being of patients and communities.
Official website here: www.mercyone.org/northeastiowa
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96%
Covenant Foundation Inc has received an impressive Four-Star out of Four Star rating from Charity Navigator, reflecting its strong commitment to accountability and financial health. The organization achieved a perfect score in key areas such as independent board membership and financial statements oversight, indicating effective governance practices. The high accountability and finance score of 96% underscores the foundation's transparent operations and sound management.
The majority of the board members are independent, which enhances the integrity of its decision-making processes. The foundation also demonstrates strict adherence to policies regarding conflict of interest and whistleblower protections, which are crucial for maintaining trust and accountability within the organization. With a program expense ratio of 75.69%, the foundation allocates a significant portion of its resources directly to its mission-driven activities, further showcasing its dedication to serving its community.
One notable strength is the absence of material diversion of assets, as reported, signifying that the organization maintains its focus on its core mission without mismanagement of funds. Overall, Covenant Foundation Inc presents a robust operational framework and solid financial standing, making it a reliable choice for donors looking to support a well-managed nonprofit.
This AI summary has been generated from information found on Charity Navigator.
Is Covenant Foundation Inc legitimate?
Covenant Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Covenant Foundation Inc 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: $134,815
For more financial information, click here
Official website here: www.mercyone.org/northeastiowa
What is the mission statement of Covenant Foundation Inc?
Covenant Foundation Inc, as part of MercyOne Northeast Iowa, is committed to embodying the healing ministry of the Judeo-Christian tradition. Their mission is to provide exceptional and compassionate healthcare services, promoting the dignity and well-being of the patients and communities they serve. They strive to be recognized for their superior healthcare service, clinical excellence, and to be the preferred employer for healthcare professionals. Additionally, Covenant Foundation Inc manages funds, endowment, and other resources, all contributing to furthering the charitable goals of Covenant Medical Center Inc, their affiliated 501(c)(3) entity.
Official website here: www.mercyone.org/northeastiowa
Who is the CEO of Covenant Foundation Inc?
Jack Dusenbery is the Director of Covenant Foundation Inc.
Official website here: www.mercyone.org/northeastiowa
What is the revenue of Covenant Foundation Inc?
Covenant Foundation Inc's revenue in 2022 was -$417,229.
Official website here: www.mercyone.org/northeastiowa
Who are the executives of Covenant Foundation Inc and what are their salaries?
There 19 volunteers at Covenant Foundation Inc.
Here are 24 key members and their salaries:
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- Other: $29,632
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- Other: $24,552
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- Other: $2,740
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Official website here: www.mercyone.org/northeastiowa
Where can I find the form 990 for Covenant Foundation Inc?
Covenant Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mercyone.org/northeastiowa
Learn more at the official website: www.mercyone.org/northeastiowa
Mission Statement of Covenant Foundation Inc
Covenant Foundation Inc, as a contributing entity, raises funds and manages endowments to support the charitable objectives of Covenant Medical Center Inc, a 501(c)(3) organization. Aligned with MercyOne Northeast Iowa, Covenant Foundation Inc's mission is to embody the healing ministry of the Judeo-Christian tradition. This mission is demonstrated through the provision of exceptional and compassionate healthcare services that prioritize the dignity and well-being of patients and the communities they serve. Their ultimate vision is to be distinguished for superior healthcare services, clinical excellence, and to be recognized as the preferred employer for healthcare professionals and the chosen partner of physicians.
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Impact
October, 2024
Covenant Foundation Inc significantly strengthens community health and well-being in Northeast Iowa through a range of impactful activities. By raising and managing funds, it supports Covenant Medical Center and its affiliated facilities, ensuring the provision of essential medical services across the region.
In fiscal year 2022 alone, the foundation contributed over $24 million in community benefits. This includes providing $2.6 million in charity care, assisting those who cannot afford medical expenses, and covering $13.9 million in unreimbursed costs for public programs like Medicaid. Furthermore, the foundation invested in community health improvement services amounting to $2.1 million, which are vital in addressing local health challenges.
Additional investments include $1.7 million for health profession education, cultivating the next generation of healthcare providers, and subsidizing health services to the tune of $3.4 million, which allows for the continuation of critical health services despite financial losses. Additionally, the foundation engages in community building activities and financial contributions to local organizations, reinforcing its commitment to tackling health disparities and promoting overall well-being.
Through its comprehensive support and programs, Covenant Foundation Inc plays a crucial role in enhancing healthcare access, improving community health, and fostering a culture of compassion and generosity in the Northeast Iowa region.
This information is meant to be a general summary of Covenant Foundation Inc. 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.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$937,027
- Gross Receipts: $1,000,270
Assets and Liabilities:
- Total Assets: $5,921,895
- Total Liabilities: $0
- Net Assets: $5,921,895
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Organization Details
Founding Year
1986
Phone
(319) 272-8000Principal Officer
Jack Dusenbery
Main Address
3421 West Ninth Street, Waterloo, IA, 507025499
NTEE Category
Code: T30 - Philanthropy
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