Civic Intelligence

Covenant College Inc.

990 • Fiscal year 2024 • EIN 43-0719506

Jul 01, 2023 to Jun 30, 2024 • Filed on May 06, 2025

Refreshing map…

14049 Scenic HighwayLookout Mountain, GA 30750

(706) 820-1560

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

15th percentile

0.02x

Higher debt load relative to assets than 15% of similar nonprofits.

2024 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2024

Liabilities / Revenue

9th percentile

0.04x

Higher debt load relative to revenue than 9% of similar nonprofits.

2024 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2024

Net Margin

22nd percentile

-4.1%

Higher net margin than 22% of similar nonprofits.

2024 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2024

Top Officer Pay

24th percentile

$293,744

Higher top officer pay than 24% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2024 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2024

Asset Growth

31st percentile

2.5%

Faster asset growth than 31% of similar nonprofits.

2024 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Revenue Growth

58th percentile

12%

Faster revenue growth than 58% of similar nonprofits.

2024 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Assets

Up

$102,174,408

Up $2,470,296 (+2.5%) from 2023

Net Assets

Up

$99,853,478

Up $2,837,444 (+2.9%) from 2023

Liabilities

Down

$2,320,930

Down $367,148 (-14%) from 2023

Revenue

Up

$55,489,035

Up $5,799,424 (+12%) from 2023

Expenses

Up

$57,790,075

Up $4,549,163 (+8.5%) from 2023

Net Income

Up

-$2,301,040

Up $1,250,261 (+35%) from 2023

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2011: $67,115,603Liabilities 2011: $3,973,230Net Assets 2011: $63,142,3732011Assets 2012: $67,775,515Liabilities 2012: $4,231,737Net Assets 2012: $63,543,7782012Assets 2013: $70,853,344Liabilities 2013: $4,059,526Net Assets 2013: $66,793,8182013Assets 2014: $74,123,183Liabilities 2014: $4,066,282Net Assets 2014: $70,056,9012014Assets 2015: $80,798,124Liabilities 2015: $5,003,201Net Assets 2015: $75,794,9232015Assets 2016: $87,274,598Liabilities 2016: $9,582,322Net Assets 2016: $77,692,2762016Assets 2017: $98,285,174Liabilities 2017: $14,049,860Net Assets 2017: $84,235,3142017Assets 2018: $100,341,114Liabilities 2018: $9,808,416Net Assets 2018: $90,532,6982018Assets 2019: $98,973,141Liabilities 2019: $6,486,700Net Assets 2019: $92,486,4412019Assets 2020: $98,255,603Liabilities 2020: $3,691,914Net Assets 2020: $94,563,6892020Assets 2021: $105,869,402Liabilities 2021: $3,241,267Net Assets 2021: $102,628,1352021Assets 2022: $101,474,646Liabilities 2022: $3,250,181Net Assets 2022: $98,224,4652022Assets 2023: $99,704,112Liabilities 2023: $2,688,078Net Assets 2023: $97,016,0342023Assets 2024: $102,174,408Liabilities 2024: $2,320,930Net Assets 2024: $99,853,4782024

Highlighted filing

2024

Assets$102,174,408
Liabilities$2,320,930
Net Assets$99,853,478

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0-$20MExpenses 2011: $38,974,7592011Expenses 2012: $40,689,7672012Expenses 2013: $42,140,8262013Revenue 2014: $45,412,056Expenses 2014: $44,254,080Net Income 2014: $1,157,9762014Revenue 2015: $50,092,230Expenses 2015: $44,137,620Net Income 2015: $5,954,6102015Revenue 2016: $46,733,774Expenses 2016: $43,974,923Net Income 2016: $2,758,8512016Revenue 2017: $50,276,314Expenses 2017: $46,896,266Net Income 2017: $3,380,0482017Revenue 2018: $56,270,730Expenses 2018: $50,621,128Net Income 2018: $5,649,6022018Revenue 2019: $52,053,076Expenses 2019: $50,634,403Net Income 2019: $1,418,6732019Revenue 2020: $50,724,767Expenses 2020: $48,119,813Net Income 2020: $2,604,9542020Revenue 2021: $47,383,629Expenses 2021: $47,497,943Net Income 2021: -$114,3142021Revenue 2022: $54,082,557Expenses 2022: $51,842,194Net Income 2022: $2,240,3632022Revenue 2023: $49,689,611Expenses 2023: $53,240,912Net Income 2023: -$3,551,3012023Revenue 2024: $55,489,035Expenses 2024: $57,790,075Net Income 2024: -$2,301,0402024

Highlighted filing

2024

Revenue$55,489,035
Expenses$57,790,075
Net Income-$2,301,040
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 6, 2025
Return Version
2023v6.0
Gross Receipts
$57,589,293
Mission and Program Overview

Mission

To explore and express the preeminence of Jesus Christ in all things; to educate Christians to engage culture and cultures; to examine and unfold creation; and to pursue biblical justice and mercy in community with the student-faculty relationship, (continued on Schedule O) strong teaching, and scholarship at the foundation. Our Christ-centered community seeks to help students mature in three primary areas: identity in Christ, Biblical frame of reference, and service that is Christ-like.

To provide Christ-centered higher educational services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$54,486,109$52,683,695▼ $1,802,414
Investments in Publicly Traded Securities$24,747,529$26,245,318▲ $1,497,789
Investments Other Securities$16,091,666$20,143,534▲ $4,051,868
Savings and Temporary Cash Investments$2,169,306$1,443,871▼ $725,435
Accounts Receivable$1,182,605$954,110▼ $228,495
Prepaid Expenses and Deferred Charges$520,094$387,138▼ $132,956
Investments Program Related$413,098$244,925▼ $168,173
Inventories for Sale or Use$75,645$49,205▼ $26,440
Cash and Non-Interest-Bearing Accounts$18,060$22,612▲ $4,552
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$99,704,112$102,174,408▲ $2,470,296
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$1,817,570$1,662,618▼ $154,952
Escrow Account Liability$299,986$295,563▼ $4,423
Deferred Revenue$289,937$272,770▼ $17,167
Other Liabilities$280,585$89,979▼ $190,606
Total Liabilities$2,688,078$2,320,930▼ $367,148
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$59,699,926$56,347,529▼ $3,352,397
Net Assets With Donor Restrictions$37,316,108$43,505,949▲ $6,189,841
Total Net Assets Fund Balance$97,016,034$99,853,478▲ $2,837,444
Total Liabilities and Net Assets / Fund Balance$99,704,112$102,174,408▲ $2,470,296

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$46,758,123$49,595,265$96,353,388
Equipment$3,584,901$10,432,282$14,017,183
Land$2,037,883-$2,037,883
Other Land Buildings$302,788-$302,788
Other Securities$92,194--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$57,543,710$2,315,071▲ $8,043,103$646,373$64,939,767
2022$53,641,234$2,471,067▲ $4,000,242$798,220$57,543,710
2021$58,567,097$3,156,180▼ $5,353,703$1,032,698$53,641,234
2020$43,363,592$4,969,972▲ $12,367,641$594,155$58,567,097
2019$42,680,820$2,163,974▲ $585,227$546,774$43,363,592
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr J Derek HalvorsonFormer PresidentFT$246,669$47,075$293,744
Dr Brad VoylesPresidentFT$193,316$42,413$235,729
Marc EricksonVP for Development/CCF Pres.PT$166,877$56,584$223,461
Hugh MesserVice President Academic AffairsFT$146,737$39,939$186,676
Jeff SandhoffMajor Gift OfficerFT$82,694$100,943$183,637
Marshall RoweRegional Director of DevelopmentFT$124,953$22,777$147,730
Brian FikkertProfessor of Econ. & Community Dev.FT$112,330$26,871$139,201
Mark HuffinesControllerPT$74,883$6,324$81,207

Highest Paid Contractors

ContractorServicesLocationCompensation
Creative Dining Services IncDining Services1 Royal Park Drive, Zeeland, MI 49464$3,535,373
Southern Wall Systems II LLCConstruction Services3405 Martin Farm Road, Suwanee, GA 30024$271,470
Iroof LLCRoofing Services404 West 4th Street, Prattville, AL 36067$218,547
Premier Transportation LLCTransportation Services1500 Breda Drive, Knoxville, TN 37918$199,428
Mechanical Resource Group LLCHvac750 Melrose Avenue, Nashville, TN 37211$192,110
Revenue and Support

Revenue Composition

Contributions and Grants
$8,945,058
Program Service Revenue
$45,864,688
Investment Income
$655,375
Other Revenue
$23,914
All Other Contributions
$7,627,939
Change in Net Assets
$-2,301,040

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded7$397,954Selling cost
Total Noncash Contributions7$397,954-

Audited Revenue Reconciliation

Revenue per Audited Statements
$33,718,996
Revenue Not Reported on Financial Statements
$21,770,039
Revenue Not Reported on Form 990
$5,209,480
Other Revenue Adjustments
$21,560,625
Total Revenue per Audited Statements
$38,928,476
Total Revenue per Form 990
$55,489,035
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$21,562,162
Salaries, Compensation, and Employee Benefits$19,984,379
Other Expenses$16,243,534
Total Fundraising Expense$3,135,499
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$21,560,625--$21,560,625
Other Salaries and Wages$12,026,855$1,153,994$1,705,949$14,886,798
Other Expenses$3,697,796$54,075$30,529$3,782,400
Depreciation Depletion$3,179,045$154,392$22,999$3,356,436
Other Employee Benefits$1,947,922$358,406$399,675$2,706,003
Travel$1,586,830$79,258$197,253$1,863,341
Fees for Services Other$1,201,781$413,616$186,182$1,801,579
Occupancy$1,440,318$221,779$27,403$1,689,500
Office Expenses$850,624$325,871$101,501$1,277,996
Payroll Taxes$797,810$125,793$115,751$1,039,354
Information Technology$296,213$421,197$2,338$719,748
Current Officers, Directors, Trustees, and Key Employees$115,932$483,948$115,932$715,812
All Other Expenses$339,880$213,164$19,867$572,911
Comp Disqual Persons$336,627$70,098$33,897$440,622
Advertising$94,240$168,271$111,418$373,929
Fees for Service Investment Mgmnt Fees-$209,414-$209,414
Pension Plan Contributions$156,267$17,672$21,851$195,790
Conferences and Meetings$104,996$39,805$42,954$187,755
Interest-$172,810-$172,810
Fees for Services Accounting-$136,046-$136,046
Fees for Services Legal$2,473$56,861-$59,334
Insurance$40,335--$40,335
Grants to Domestic Orgs$1,537--$1,537
Total Functional Expenses$49,778,106$4,876,470$3,135,499$57,790,075

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$57,790,075
Total Expenses per Audited Statements$36,091,032
Expenses per Audited Statements$36,020,036
Expenses Not Reported on Financial Statements$21,770,039
Other Expense Adjustments$21,560,625
Expenses Not Reported on Form 990$70,996
International Activity

International Summary

Offices
0
Employees
0
Spending
$5,165,332

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments-00$4,853,427
Europe (Including Iceland and Greenland)Program ServicesStudy abroad program00$258,930
South AmericaProgram ServicesStudy abroad program00$31,000
Central America and the CaribbeanProgram ServicesStudy Abroad Program00$12,425
East Asia and the PacificProgram ServicesStudy Abroad Program00$9,550
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$24,347
Fundraising Gross Income$20,755
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Highlander Cup$33,940$20,755$5,061$15,694
Event 2-$0-$0
Total Events$33,940$20,755$24,347$-3,592
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Family member of Mark Huffines, OfficerSalaryNo$87,061
-Family member of David Caines, TrusteeSalaryNo$46,596

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Funds Held in Federal Loans Programs$89,979
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
Yes
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 1A Delegate broad authority to A committee

The Executive Committee is composed of the four officers of the Board, the Chair of the Trustee Development/Spiritual Life Committee, and five other trustees as determined by the Board Chairman, the College President, and the Trustee Development/Spiritual Life Committee Chairman. The Board of Trustees may delegate to the Executive Committee any of the powers and authority of the Board in the management of the business affairs of the Corporation. The Executive Committee transactions shall be reported regularly to the Board of Trustees and are subject to ratification.

Form 990, Part VI, Line 2 Family/business relationships amongst interested persons

Dr. Render Caines and David Caines - Family relationship, Sam Smartt, Jr. and David Caines - Family relationship

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

The General Assembly of the Presbyterian Church in America elects members to the Board of Trustees and fills vacancies. The Assembly may, at its discretion, increase or decrease the number of Trustees.

Form 990, Part VI, Line 11B Review of form 990 by governing body

Form 990 is prepared by an independent CPA firm and reviewed in detail by the organization's top management. The reviewed Form 990 is then provided to the board of directors prior to filing with the IRS.

Form 990, Part VI, Line 12C Conflict of interest policy

The officers, directors, key employees and committee members with Board delegated powers are required to sign a disclosure form annually. The Executive Committee reviews the signed statements and enforces compliance with the conflict of interest policy. Any board member with a conflict of interest abstains from voting on matters in which there could be a conflict of interest.

Form 990, Part VI, Line 15A Process to establish compensation of top management official

Annually, the independent Executive Committee reviews the President's salary in comparison with salary studies before submitting the proposed salary to the governing Board of Trustees for approval. This review and approval is documented in the Executive Committee meeting minutes.

Form 990, Part VI, Line 15B Process to establish compensation of other employees

The independent President uses comparability data to determine compensation for the College's officers and executives. This process is documented.

Form 990, Part VI, Line 19 Required documents available to the public

The College's governing documents, conflict of interest policy, and financial statements are made available upon request.

Form 990, Part VIII, Line 2F Other Program Service Revenue

Other Program Revenue - Total Revenue: 165072, Related or Exempt Function Revenue: 165072, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ;

Form 990, Part VIII, Line 11D Other Miscellaneous Revenue

Misc. Income - Total Revenue: 29642, Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: 29642;

Filing and Contact Details

Filer

Filer Name
Covenant College
EIN
43-0719506
Phone
7068201560
Address
14049 Scenic Highway, Lookout Mountain, GA 30750

Signing Officer

Name
Mark Huffines
Title
Controller
Phone
7068201560
Signed
2025-05-06
Discuss with paid preparer
Yes

Organization Details

Formed
1955
Legal Domicile
Ga
Voting Board Members
29
Independent Board Members
29
Employees
950
Volunteers
29

Preparer

Firm
CRI Capin Crouse Advisors LLC
Address
345 Massachusetts Ave Suite 300, Indianapolis, IN 46204
Preparer
Daren Daiga
Phone
5055022746
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D Description of other program services

(Expenses $ 2,110,648 including grants of $) Academic support: The College works to provide students with academic support at every stage of their Covenant education. In addition to highly qualified staff, the Covenant library is networked with more than 18,000 other institutions worldwide, providing interlibrary loan access and document delivery services to over 1.3 billion library items. Our library was eleventh in the world to go live with the Online Computer Library Center's new cloud-based operating system, Web-scale Management Service. Covenant's writing center is located in the library, providing students one-on-one tutoring for essays, research papers, and any writing-related assignments. The Office of Academic Affairs at Covenant works to provide support for deans and faculty members as they seek to provide a rigorous education to Covenant students. Covenant's master of education and master of arts in teaching degrees offered by the graduate school of education at Covenant provide students with the exceptional opportunity of completing a master's degree in one year. Covenant's Maclellan Scholars program offers courses designed to encourage critical thinking and develop the skills of potential Christian leaders. Students in the program travel internationally while at Covenant and demonstrate leadership through student-initiated projects.

Schedule F, Part IV

Part IV, Lines 1, 3, 4, and 5 The College has ownership in foreign investments as indicated in Schedule F, Part I. The College analyzed its ownership in foreign organizations, both through partnership investments and directly, and has determined that it does not meet the reporting thresholds for Forms 8621 and 5471. The College does meet the reporting thresholds for Form 926 and Form 8865 and those forms have been prepared and filed accordingly.

Financial Statement Notes

Schedule D, Part III, Line 4 Collections of art - description of collections

The College was gifted a collection of Audubon art prints, which promote the arts to students and the public.

Schedule D, Part IV, Line 2B Explanation of escrow agreement

Deposits held in custody represent amounts held as agency accounts for various College clubs and activities.

Schedule D, Part V, Line 4 Intended uses of endowment funds

Endowment funds are invested to produce income, which is used to fund scholarships, pay for salary and general operation expenses, and maintain facilities.

Schedule D, Part XI, Line 2(D) Other revenues in audited financial statements not in form 990

Rental Expenses - 46649 Fundraising Event Expenses - 24347

Schedule D, Part XI, Line 4(B) Other revenues in form 990 not in audited financial statements

Student Aid - 21560625

Schedule D, Part XII, Line 2(D) Other expenses in audited financial statements not in form 990

Rental Expenses - 46649 Fundraising Event Expenses - 24347

Schedule D, Part XII, Line 4(B) Other expenses in form 990 not in audited financial statements

Student Aid - 21560625

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IRS990/Desc0Instructional expenses: These expenses relate directly to the academic disciplines of the College. With approximately thirty majors, two master's programs, and more than fifty minors and concentrations, Covenant College provided nearly 900 students with a well-rounded liberal arts education while simultaneously preparing them for careers or advanced degrees in theology, medicine, business, art, music, engineering, education, psychology, international relations, and much more.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$102$2.32$99.9$55.5$57.8$2.30
2023Summary only. Only limited summary data is available for this year.$99.7$2.69$97.0$49.7$53.2$3.55
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$101$3.25$98.2$54.1$51.8$2.24
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$106$3.24$103$47.4$47.5$0.11
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$98.3$3.69$94.6$50.7$48.1$2.60
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$99.0$6.49$92.5$52.1$50.6$1.42
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$100$9.81$90.5$56.3$50.6$5.65
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$98.3$14.0$84.2$50.3$46.9$3.38
2016Detailed filing. Detailed filing data is available for this year.$87.3$9.58$77.7$46.7$44.0$2.76
2015Detailed filing. Detailed filing data is available for this year.$80.8$5.00$75.8$50.1$44.1$5.95
2014Detailed filing. Detailed filing data is available for this year.$74.1$4.07$70.1$45.4$44.3$1.16
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$70.9$4.06$66.8$42.1
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$67.8$4.23$63.5$40.7
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$67.1$3.97$63.1$39.0