Civic Intelligence

Covenant Academies Foundation

990 • Fiscal year 2021 • EIN 47-5613722

Jul 01, 2020 to Jun 30, 2021 • Filed on Mar 22, 2022

Organization ProfileCOVENANTACADEMIESFOUNDATION.ORG
125 Catherine AvenueMuskegon, MI 49442

(231) 720-3100

Siviq Scores

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

Liabilities / Assets

82nd percentile

0.45x

Higher debt load relative to assets than 82% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

86th percentile

0.93x

Higher debt load relative to revenue than 86% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

75th percentile

32%

Higher net margin than 75% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

72nd percentile

$106,169

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 7.9% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

59th percentile

14%

Faster asset growth than 59% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

40th percentile

4.7%

Faster revenue growth than 40% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets82nd percentile

Assets

Up

$2,790,053

Up $337,609 (+14%) from 2020

Net Assets

Up

$1,546,182

Up $423,133 (+38%) from 2020

Liabilities

Down

$1,243,871

Down $85,524 (-6.4%) from 2020

Revenue And Expenses
Liabilities / Revenue86th percentileNet Margin75th percentile

Revenue

Up

$1,341,997

Up $60,135 (+4.7%) from 2020

Expenses

Down

$918,864

Down $234,042 (-20%) from 2020

Net Income

Up

$423,133

Up $294,177 (+228%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth59th percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2016: $36,610Liabilities 2016: $50,0002016Assets 2017: $1,465,852Liabilities 2017: $866,781Net Assets 2017: $599,0712017Assets 2018: $2,527,261Liabilities 2018: $1,484,333Net Assets 2018: $1,042,9282018Assets 2019: $2,607,722Liabilities 2019: $1,613,629Net Assets 2019: $994,0932019Assets 2020: $2,452,444Liabilities 2020: $1,329,395Net Assets 2020: $1,123,0492020Assets 2021: $2,790,053Liabilities 2021: $1,243,871Net Assets 2021: $1,546,1822021Assets 2022: $2,847,877Liabilities 2022: $1,007,831Net Assets 2022: $1,840,0462022Assets 2023: $3,152,315Liabilities 2023: $963,072Net Assets 2023: $2,189,2432023Assets 2024: $3,494,021Liabilities 2024: $929,278Net Assets 2024: $2,564,7432024

Highlighted filing

2021

Assets$2,790,053
Liabilities$1,243,871
Net Assets$1,546,182
Open 2021 Filing

Operations Trend

Revenue Growth40th percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2016: $0Expenses 2016: $13,390Net Income 2016: -$13,3902016Revenue 2017: $896,417Expenses 2017: $283,956Net Income 2017: $612,4612017Revenue 2018: $1,086,428Expenses 2018: $642,571Net Income 2018: $443,8572018Revenue 2019: $1,148,868Expenses 2019: $1,197,703Net Income 2019: -$48,8352019Revenue 2020: $1,281,862Expenses 2020: $1,152,906Net Income 2020: $128,9562020Revenue 2021: $1,341,997Expenses 2021: $918,864Net Income 2021: $423,1332021Revenue 2022: $1,154,910Expenses 2022: $861,046Net Income 2022: $293,8642022Revenue 2023: $1,128,682Expenses 2023: $788,314Net Income 2023: $340,3682023Revenue 2024: $1,404,523Expenses 2024: $1,029,023Net Income 2024: $375,5002024

Highlighted filing

2021

Revenue$1,341,997
Expenses$918,864
Net Income$423,133
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Mar 22, 2022
Return Version
2020v4.0
Gross Receipts
$1,341,997
Mission and Program Overview

Mission

Covenant academies foundation provides support for the operation of charter schools.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,540,365$1,514,390▼ $25,975
Cash and Non-Interest-Bearing Accounts$523,869$968,578▲ $444,709
Other Notes and Loans Receivable, Net$300,000$250,000▼ $50,000
Accounts Receivable$74,760$41,607▼ $33,153
Prepaid Expenses and Deferred Charges$1,201$15,177▲ $13,976
Savings and Temporary Cash Investments$12,249$301▼ $11,948
Total Assets$2,452,444$2,790,053▲ $337,609
Liabilities
Unsecured Notes Loans Payable$1,284,125$1,232,055▼ $52,070
Accounts Payable and Accrued Expenses$45,270$11,816▼ $33,454
Total Liabilities$1,329,395$1,243,871▼ $85,524
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,006,316$1,342,446▲ $336,130
Net Assets With Donor Restrictions$116,733$203,736▲ $87,003
Total Net Assets Fund Balance$1,123,049$1,546,182▲ $423,133
Total Liabilities and Net Assets / Fund Balance$2,452,444$2,790,053▲ $337,609

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,503,890$166,359$1,670,249
Land$10,500-$10,500
Compensation and Service Providers
Top Officer Pay72nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Gretchen LahaieChief Oper OFT$81,963$24,206$106,169
Amanda AckerChief AcademFT$78,742$18,059$96,801
Sam JosephFounderFT$76,035$9,197$85,232

Board Members and Trustees

NameTitle
Edd SnyderPresident
Jim TylerDirector
Judge Greg PittmanDirector
Sam BealsDirector
Sandi JonesDirector
Jim WolohanSecretary
Jim HeathTreasurer
Joe KaplanVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$316,935
Program Service Revenue
$721,649
Investment Income
$1,682
Other Revenue
$301,731
All Other Contributions
$258,792
Change in Net Assets
$423,133

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,341,997
Total Revenue per Audited Statements
$1,341,997
Total Revenue per Form 990
$1,341,997
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$492,065
Other Expenses$296,914
Grants and Similar Amounts Paid$129,885
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$272,876$22,219-$295,095
Grants to Domestic Orgs$129,885--$129,885
Other Salaries and Wages$115,813$10,637-$126,450
Occupancy$71,761--$71,761
Fees for Services Other$52,738$3,621-$56,359
Depreciation Depletion$54,717--$54,717
Other Employee Benefits$37,347$1,089-$38,436
Interest$34,426--$34,426
Payroll Taxes$24,094$7,990-$32,084
Fees for Services Legal$22,044$5,949-$27,993
Travel$17,405--$17,405
Fees for Services Accounting$11,350--$11,350
Information Technology$1,269$141-$1,410
Other Expenses$198$588-$198
Total Functional Expenses$852,285$66,579$0$918,864

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$918,864
Total Expenses per Audited Statements$918,864
Total Expenses per Form 990$918,864
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Saginaw Covenant AcademySaginaw, MI-Education/administra$99,285
Kalamazoo Covenant AcademyKalamazoo, MI-Education/administra$30,600
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Management reviews form 990 prior to signing. The ceo and board chairman reviews form 990 prior to filing.”

Form 990, Page 6, Part VI, Line 19

“The organization's governing documents and financial statements are available upon request. Contact information is provided on the organization's website. Additionally, the articles of nonprofit incorporation and annual reports are available from michigan dept of energy, labor & economic growth at www.dleg.state.mi.us/bcs_corp.”

Form 990, Part VII

“The organization pays axios charter hr llc for contract personnel services for jon felske as chief executive officer, sam joseph as founder and gretchen lahaie as chief operating officer. The amount paid for those services is disclosed in part vii and part ix, line 5.”

Filing and Contact Details

Filer

Filer Name
Covenant Academies Foundation
EIN
47-5613722
Phone
2317203100
Address
125 CATHERINE AVENUE, MUSKEGON, MI 49442

Signing Officer

Name
Edd Snyder
Title
President
Phone
2317203100
Signed
2022-03-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Edd Snyder
Formed
2015
Legal Domicile
Mi
Voting Board Members
9
Independent Board Members
9
Employees
0

Preparer

Firm
Brickley Delong Pc
Address
PO BOX 999, MUSKEGON, MI 49443-0999
Preparer
Brian M Mcfarren CPA
Phone
2317265800
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“In the preparation of tax returns, tax positions are taken based on interpretation of federal and state income tax laws. Management periodically reviews and evaluates the status of uncertain tax positions and makes estimates of amounts, including interest and penalties, ultimately due or owed. No amounts have been identified, or recorded, as uncertain tax positions. Federal and state tax returns generally remain open for examination by the various taxing authorities for a period of three or four years.”

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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0115813
IRS990/OtherSalariesAndWagesGrp/TotalAmt0126450
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IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt07990
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IRS990/ProgSrvcAccomActy2Grp/Desc0COVENANT HALL - PROVIDES A HOME-LIKE ENVIRONMENT FOR STUDENTS WHO DO NOT HAVE A STABLE PLACE TO LIVE. THE HALL HAS 30 BEDS AND A STAFF TO HELP THE STUDENTS TAKE CARE OF THEMSELVES AND TEACH THEM HOW TO LIVE IN THE COMMUNITY.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0120831
IRS990/ProgSrvcAccomActy3Grp/Desc0SCHOLARSHIPS - SCHOLARSHIPS ARE PROVIDED TO ELIGIBLE GRADUATES WHO ENROLL AND ATTEND POST-SECONDARY EDUCATION.
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IRS990/SavingsAndTempCashInvstGrp/BOYAmt012249
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0301
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0OTHER REVENUE 3,465
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART III, LINE 12
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt0597367
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt02778
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt06012
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt01015
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt017072
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0696193
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0712366
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0412022
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0298000
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt03143643
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt06012
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt01015
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IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt03010
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt035
IRS990ScheduleA/OtherIncome509Grp/TotalAmt03465
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
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IRS990ScheduleA/PublicSupportPY509Pct00.99580
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt01086428
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IRS990ScheduleA/Total509Grp/TotalAmt05862230
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt01095450
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0896417
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt05882767
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt01503890
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0166359
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IRS990ScheduleD/ExpensesSubtotalAmt0918864
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt010500
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt010500
IRS990ScheduleD/RevenueSubtotalAmt01341997
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0IN THE PREPARATION OF TAX RETURNS, TAX POSITIONS ARE TAKEN BASED ON INTERPRETATION OF FEDERAL AND STATE INCOME TAX LAWS. MANAGEMENT PERIODICALLY REVIEWS AND EVALUATES THE STATUS OF UNCERTAIN TAX POSITIONS AND MAKES ESTIMATES OF AMOUNTS, INCLUDING INTEREST AND PENALTIES, ULTIMATELY DUE OR OWED. NO AMOUNTS HAVE BEEN IDENTIFIED, OR RECORDED, AS UNCERTAIN TAX POSITIONS. FEDERAL AND STATE TAX RETURNS GENERALLY REMAIN OPEN FOR EXAMINATION BY THE VARIOUS TAXING AUTHORITIES FOR A PERIOD OF THREE OR FOUR YEARS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0EDUCATION/ADMINISTRA
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1EDUCATION/ADMINISTRA
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0KALAMAZOO COVENANT ACADEMY
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1SAGINAW COVENANT ACADEMY
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1508 S WASHINGTON AVE
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IRS990ScheduleI/RecipientTable/USAddress/CityNm1SAGINAW
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT REVIEWS FORM 990 PRIOR TO SIGNING. THE CEO AND BOARD CHAIRMAN REVIEWS FORM 990 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. CONTACT INFORMATION IS PROVIDED ON THE ORGANIZATION'S WEBSITE. ADDITIONALLY, THE ARTICLES OF NONPROFIT INCORPORATION AND ANNUAL REPORTS ARE AVAILABLE FROM MICHIGAN DEPT OF ENERGY, LABOR & ECONOMIC GROWTH AT WWW.DLEG.STATE.MI.US/BCS_CORP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION PAYS AXIOS CHARTER HR LLC FOR CONTRACT PERSONNEL SERVICES FOR JON FELSKE AS CHIEF EXECUTIVE OFFICER, SAM JOSEPH AS FOUNDER AND GRETCHEN LAHAIE AS CHIEF OPERATING OFFICER. THE AMOUNT PAID FOR THOSE SERVICES IS DISCLOSED IN PART VII AND PART IX, LINE 5.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VII
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IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
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IRS990/TotalAssetsBOYAmt02452444
IRS990/TotalAssetsEOYAmt02790053

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,790,053
Liabilities
$1,243,871
Net assets
$1,546,182
Revenue
$1,341,997
Expenses
$918,864
Net income
$423,133
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.49$0.93$2.56$1.40$1.03$0.38
2023Detailed filing. Detailed filing data is available for this year.$3.15$0.96$2.19$1.13$0.79$0.34
2022Detailed filing. Detailed filing data is available for this year.$2.85$1.01$1.84$1.15$0.86$0.29
2021Detailed filing. Detailed filing data is available for this year.$2.79$1.24$1.55$1.34$0.92$0.42
2020Detailed filing. Detailed filing data is available for this year.$2.45$1.33$1.12$1.28$1.15$0.13
2019Detailed filing. Detailed filing data is available for this year.$2.61$1.61$0.99$1.15$1.20$0.05
2018Detailed filing. Detailed filing data is available for this year.$2.53$1.48$1.04$1.09$0.64$0.44
2017Detailed filing. Detailed filing data is available for this year.$1.47$0.87$0.60$0.90$0.28$0.61
2016Summary only. Only limited summary data is available for this year.$0.04$0.05$0.00$0.01$0.01