Civic Intelligence

Covenant Woods

990 • Fiscal year 2023 • EIN 54-0524902

Apr 01, 2022 to Mar 31, 2023 • Filed on Feb 12, 2024

Organization ProfileWWW.COVENANTWOODS.COM

View Organization Page

7090 Covenant Woods DriveMechanicsville, VA 23111

(804) 569-8000

Siviq Scores

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

Liabilities / Assets

89th percentile

0.96x

Higher debt load relative to assets than 89% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Liabilities / Revenue

89th percentile

3.97x

Higher debt load relative to revenue than 89% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Net Margin

12th percentile

-19%

Higher net margin than 12% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Top Officer Pay

43rd percentile

$415,859

Higher top officer pay than 43% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Asset Growth

6th percentile

-9.1%

Faster asset growth than 6% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Revenue Growth

30th percentile

-4.9%

Faster revenue growth than 30% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets89th percentile

Assets

Down

$151,782,906

Down $15,120,017 (-9.1%) from 2022

Net Assets

Down

$5,929,082

Down $15,653,875 (-73%) from 2022

Liabilities

Up

$145,853,824

Up $533,858 (+0.4%) from 2022

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin12th percentile

Revenue

Down

$36,760,268

Down $1,874,839 (-4.9%) from 2022

Expenses

Up

$43,566,569

Up $1,024,655 (+2.4%) from 2022

Net Income

Down

-$6,806,301

Down $2,899,494 (-74%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth6th percentile

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

$200M$150M$100M$50M$0Assets 2010: $83,102,976Liabilities 2010: $55,171,216Net Assets 2010: $27,931,7602010Assets 2011: $84,714,451Liabilities 2011: $56,315,931Net Assets 2011: $28,398,5202011Assets 2012: $84,521,573Liabilities 2012: $55,478,978Net Assets 2012: $29,042,5952012Assets 2013: $127,638,235Liabilities 2013: $97,341,007Net Assets 2013: $30,297,2282013Assets 2014: $148,712,532Liabilities 2014: $116,919,445Net Assets 2014: $31,793,0872014Assets 2015: $153,310,386Liabilities 2015: $123,310,950Net Assets 2015: $29,999,4362015Assets 2016: $150,591,437Liabilities 2016: $123,064,822Net Assets 2016: $27,526,6152016Assets 2017: $157,661,956Liabilities 2017: $125,365,229Net Assets 2017: $32,296,7272017Assets 2018: $171,623,927Liabilities 2018: $136,713,409Net Assets 2018: $34,910,5182018Assets 2019: $179,240,016Liabilities 2019: $151,744,295Net Assets 2019: $27,495,7212019Assets 2020: $173,785,224Liabilities 2020: $153,996,316Net Assets 2020: $19,788,9082020Assets 2021: $176,119,723Liabilities 2021: $147,700,857Net Assets 2021: $28,418,8662021Assets 2022: $166,902,923Liabilities 2022: $145,319,966Net Assets 2022: $21,582,9572022Assets 2023: $151,782,906Liabilities 2023: $145,853,824Net Assets 2023: $5,929,0822023Assets 2024: $149,123,886Liabilities 2024: $146,719,326Net Assets 2024: $2,404,5602024Assets 2025: $151,719,126Liabilities 2025: $149,141,530Net Assets 2025: $2,577,5962025

Highlighted filing

2023

Assets$151,782,906
Liabilities$145,853,824
Net Assets$5,929,082
Open 2023 Filing

Operations Trend

Revenue Growth30th percentile

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

$60M$40M$20M$0-$20MExpenses 2010: $12,963,0052010Expenses 2011: $12,984,3592011Expenses 2012: $13,005,3222012Revenue 2013: $13,571,865Expenses 2013: $14,499,697Net Income 2013: -$927,8322013Revenue 2014: $16,180,680Expenses 2014: $16,230,110Net Income 2014: -$49,4302014Revenue 2015: $21,143,071Expenses 2015: $19,740,533Net Income 2015: $1,402,5382015Revenue 2016: $21,726,383Expenses 2016: $23,030,008Net Income 2016: -$1,303,6252016Revenue 2017: $25,156,020Expenses 2017: $23,888,295Net Income 2017: $1,267,7252017Revenue 2018: $27,599,792Expenses 2018: $25,422,737Net Income 2018: $2,177,0552018Revenue 2019: $26,886,991Expenses 2019: $28,456,276Net Income 2019: -$1,569,2852019Revenue 2020: $30,881,699Expenses 2020: $33,554,325Net Income 2020: -$2,672,6262020Revenue 2021: $38,290,198Expenses 2021: $39,506,115Net Income 2021: -$1,215,9172021Revenue 2022: $38,635,107Expenses 2022: $42,541,914Net Income 2022: -$3,906,8072022Revenue 2023: $36,760,268Expenses 2023: $43,566,569Net Income 2023: -$6,806,3012023Revenue 2024: $39,083,157Expenses 2024: $46,360,111Net Income 2024: -$7,276,9542024Revenue 2025: $38,798,410Expenses 2025: $39,151,734Net Income 2025: -$353,3242025

Highlighted filing

2023

Revenue$36,760,268
Expenses$43,566,569
Net Income-$6,806,301
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Apr 1, 2022 to Mar 31, 2023
Signed
Feb 12, 2024
Return Version
2022v5.0
Gross Receipts
$51,867,463
Mission and Program Overview

Mission

It is the mission of covenant woods, a not-for-profit continuing careretirement community, to provide our residents with exceptional care,quality of life, and security and comfort in keeping with the benevolent vision of our methodist and presbyterian founders in 1883.

Not-for-profit continuing care retirement community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$114,715,132$109,497,280▼ $5,217,852
Investments in Publicly Traded Securities$28,754,100$30,286,805▲ $1,532,705
Investments Other Securities$11,227,897$3,301,541▼ $7,926,356
Investments Program Related$2,596,473$2,363,516▼ $232,957
Savings and Temporary Cash Investments$1,983,693$2,002,046▲ $18,353
Accounts Receivable$1,078,139$1,655,896▲ $577,757
Intangible Assets-$1,481,436-
Prepaid Expenses and Deferred Charges$553,746$476,489▼ $77,257
Cash and Non-Interest-Bearing Accounts$340,147$219,619▼ $120,528
Inventories for Sale or Use$31,969$32,336▲ $367
Pledges and Grants Receivable$4,470$4,470→ $0
Total Assets$166,902,923$151,782,906▼ $15,120,017
Other Assets Total$5,617,157$461,472▼ $5,155,685
Liabilities
Tax Exempt Bond Liabilities$85,630,453$86,281,539▲ $651,086
Deferred Revenue$51,652,245$52,861,079▲ $1,208,834
Other Liabilities$2,842,518$3,937,483▲ $1,094,965
Accounts Payable and Accrued Expenses$5,108,244$2,770,223▼ $2,338,021
Escrow Account Liability$86,506$3,500▼ $83,006
Total Liabilities$145,319,966$145,853,824▲ $533,858
Net Assets / Fund Balance
Net Assets With Donor Restrictions$4,540,854$4,094,958▼ $445,896
Net Assets Without Donor Restrictions$17,042,103$1,834,124▼ $15,207,979
Total Net Assets Fund Balance$21,582,957$5,929,082▼ $15,653,875
Total Liabilities and Net Assets / Fund Balance$166,902,923$151,782,906▼ $15,120,017

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$97,764,049$44,614,568$142,378,617
Equipment$3,800,229$9,069,944$12,870,173
Other Land Buildings$3,082,646$4,267,939$7,350,585
Land$4,734,221-$4,734,221
Leasehold Improvements$116,135$38,443$154,578
Compensation and Service Providers
Top Officer Pay43rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Thomas WrightPresident/CEOFT$367,481$48,378$415,859
Erik MauritsenChief Financial OfficerFT$267,855$34,158$302,013
Jill McmillinEx Director Home HealthFT$174,574$16,603$191,177
Emily EndertDirector of HrFT$146,871$43,306$190,177
Michael ScheffDirector of DiningFT$147,394$31,478$178,872
Thomas DiehlIt DirectorFT$141,410$31,668$173,078
Carrie DavisAdministratorFT$146,302$25,200$171,502
Erin MeltonDirector of MarketingFT$134,309$28,517$162,826
Sarah ThompsonCorporate ControllerFT$132,723$29,682$162,405
Norman DavisDirector Business DevelopmentFT$141,258$17,279$158,537

Board Members and Trustees

NameTitle
Brandon ArmorChair
Karen CookVice Chair
Charles GravesBoard Member
Ed ClingmanBoard Member
JOE O'CONNORBoard Member
John ScholerBoard Member
Kelsey BeaulieuBoard Member
Kyle RussellBoard Member
Linda PearsonBoard Member
Melissa BallBoard Member
Michele SatterlundBoard Member
Natalie KentBoard Member
Richard AdamsBoard Member
Roger BowersBoard Member
David W FullerSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Performance Foodservice GroupFood Services7420 RANCO RD, Richmond, VA 23226$1,135,432
Criterion ChemistriesCovid Testing1000 GRAVEL PIKE STE 100, Schwenksville, PA 19473$549,315
Ths Contruction Company INCResident Unit ConstructionPO BOX 218, Oilville, VA 23129$460,790
Dma Floors INCResident Unit ConstructionPO BOX 7893, Richmond, VA 23231$276,750
Admiral Security ServicesCampus SecurityPO BOX 79776, Baltimore, MD 21279$245,532
Revenue and Support

Revenue Composition

Contributions and Grants
$256,305
Program Service Revenue
$33,259,421
Investment Income
$2,205,573
Other Revenue
$1,038,969
All Other Contributions
$256,305
Change in Net Assets
$-6,806,301
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$22,046,767
Other Expenses$21,130,546
Grants and Similar Amounts Paid$389,256
Total Fundraising Expense$143,520
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$13,438,138$3,805,568$113,228$17,356,934
Depreciation Depletion$4,354,929$2,344,961-$6,699,890
Interest$2,411,073$1,298,270-$3,709,343
Occupancy$1,716,201$978,446-$2,694,647
Other Employee Benefits$1,624,185$459,955$13,284$2,097,424
All Other Expenses$658,544$743,891$980$1,403,415
Payroll Taxes$1,012,479$254,779$8,241$1,275,499
Fees for Services Other$508,578$279,908-$788,486
Office Expenses$648,044$93,400$1,505$742,949
Current Officers, Directors, Trustees, and Key Employees$542,258$153,563-$695,821
Pension Plan Contributions$436,676$183,025$1,388$621,089
Other Expenses$567,342$3,484$3,756$570,826
Grants to Domestic Individuals$389,256--$389,256
Insurance$1,593$384,533-$386,126
Advertising$257,600$15,722-$273,322
Travel$200,246$25,400$40$225,686
Information Technology$96,701--$96,701
Fees for Service Investment Mgmnt Fees$757$79,429-$80,186
Fees for Services Accounting-$68,058-$68,058
Fees for Services Legal-$44,442-$44,442
Conferences and Meetings$9,596$15,456-$25,052
Fees for Services Lobbying-$558-$558
Total Functional Expenses$31,314,351$12,108,698$143,520$43,566,569
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
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Advance Fee$1,981,799
Refundable Deposits$781,607
Other Liabilities$698,632
Lease Liability$475,445

Bond Issues

BondIssuerIssuedIssue PricePurpose
BEconomic Development Authority of Hanover County2022-04-06$57,105,368SEE PART VI
AEconomic Development Authority of Hanover County2018-07-31$30,200,000SEE PART VI

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$57,105,368$52,188,512$205,000$1,142,100
A$30,200,000$18,778,516$585,000$638,182

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
Yes
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, Section A, Line 4

“The organization removed the religion requirement of the board members.”

Form 990, Part VI, Section B, Line 11B

“A copy of the form 990 was reviewed by management and sent to each board member prior to filing with the irs.”

Form 990, Part VI, Section B, Line 12C

“The board is polled annually for any potential conflicts of interest, and surveys are collected by the executive secretary and checked for compliance with the policy. In connection with any actual or possible conflicts of interest, a representative must disclose the existence and nature of his or her financial interest to the directors and members of committees with board-delegated powers considering the proposed transaction or arrangement. Relationships with competing organizations or self interest groups must also be disclosed. After disclosure of the conflict of interest, the representative shall leave the board or committee meeting while the conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists.”

Form 990, Part VI, Section B, Line 15

“The executive committee of the board annually evaluates the ceo's compensation. Each committee member does an independent evaluation, and the committee chairman compiles the score. The ceo evaluates the cfo with feedback from the board. The board chair requests comparative salary data that the hr director acquires from various long-term care groups, which is used to determine base wage increases for the officers. The cfo and director of hr review comparative salary data that the hr director acquires from various long-term care groups, which is used to determine base wage increases.”

Form 990, Part VI, Section C, Line 19

“The organization does not make its governing documents and conflict of interest policy available for public inspection at this time. Financial statements are provided to www.emma.org.”

Filing and Contact Details

Filer

Filer Name
Covenant Woods
EIN
54-0524902
Phone
8045698000
Address
7090 COVENANT WOODS DRIVE, MECHANICSVILLE, VA 23111

Signing Officer

Name
Erik Mauritsen
Title
CFO
Phone
8045698000
Signed
2024-02-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Thomas Wright
Formed
1901
Legal Domicile
Va
Voting Board Members
15
Independent Board Members
15
Employees
500
Volunteers
176

Preparer

Firm
Baker Tilly US Llp
Address
1570 FRUITVILLE PIKE SUITE 400, LANCASTER, PA 17601
Preparer
Kerri N Bogda CPA
Phone
7177404863
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Change in fair value of perpetual trusts -222,680. Loss of debt extinguishment -1,727,751.”

Financial Statement Notes

PART IV, LINE 2B:

“Funds held by escrow agent are all advanced fee deposits from potential future residents for units that are not yet available for occupancy. These deposited funds are kept and maintained in an account separate from the organization's business account as required by law.”

PART X, LINE 2:

“Income tax returns of covenant woods are subject to review and examination by federal and state authorities. Management is not aware of any activities that would jeopardize its tax-exempt status or any activities that are subject to tax on unrelated business income, excise or other taxes for covenant woods. Covenant woods follows the income tax standard for uncertain tax positions. This standard clarifies the accounting for uncertainty in income taxes recognized in an organization's consolidated financial statements. This standard prescribes recognition and measurement of tax positions taken or expected to be taken on a tax return that are not certain to be realized. This standard had no material impact on the consolidated financial statements for the years ended march 31, 2023 and 2022.”

Raw XML AppendixShowing 400 of 1,085 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0COVENANT WOODS (CW), A VIRGINIA NONSTOCK CORPORATION FOUNDED IN OCTOBER 1883, IS A NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY IN MECHANICSVILLE, VA. CW CONSISTS OF 231 INDEPENDENT LIVING UNITS, 60 ASSISTED LIVING UNITS, AND 62 LICENSED NURSING BEDS. THE COST TO OPERATE CW DURING FY2023 WAS APPROXIMATELY $34 MILLION. CW IS A NOT-FOR-PROFIT SENIOR LIVING COMMUNITY OFFERING ACTIVE LIFESTYLES, PERSONAL FREEDOM IN DAILY LIFE, AND FINANCIAL AND PHYSICAL SECURITY WITHIN AN EXTENSIVE CONTINUUM OF CARE. LOCATED ON 90 PRIVATE ACRES, COVENANT WOODS' HANOVER COUNTY CAMPUS FACILITATES A BROAD WELLNESS PROGRAM INCLUDING EXTENSIVE WALKING TRAILS AND OUTDOOR ACTIVITY SPACES, AS WELL AS MUSICAL PERFORMANCES, LECTURES, CLASSES, AND SOCIAL GATHERINGS. "CONTINUED ON SCH. O"COVENANT WOODS PROVIDES MAINTENANCE-FREE LIVING WITH INTERIOR AND EXTERIOR MAINTENANCE, LAWN CARE AND SNOW REMOVAL, AND HOUSEKEEPING INCLUDED. NUMEROUS RESOURCES ARE AVAILABLE TO RESIDENTS INCLUDING FOUR DIFFERENT DINING VENUE CHOICES IN INDEPENDENT LIVING, PRIVATE DINING ROOMS, A FITNESS CENTER AND INDOOR SALTWATER SWIMMING POOL, GAME AND EVENT SPACES, BILLIARDS ROOM, ART STUDIO, GARDENING AREAS, WOOD WORKING AND POTTERY SHOPS, AND A PAVED WALKING TRAIL SURROUNDING A STOCKED POND. COVENANT WOODS OFFERS TRANSPORTATION SERVICES, 24-HOUR SECURITY AND A PERSONAL EMERGENCY ALERT SYSTEM, THERAPY, AND CLINIC SERVICES.
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IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR OF DINING
IRS990/Form990PartVIISectionAGrp/TitleTxt19EX DIRECTOR HOME HEALTH
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR OF HR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR OF MARKETING
IRS990/Form990PartVIISectionAGrp/TitleTxt22CORPORATE CONTROLLER
IRS990/Form990PartVIISectionAGrp/TitleTxt23IT DIRECTOR
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IRS990/MissionDesc0IT IS THE MISSION OF COVENANT WOODS, A NOT-FOR-PROFIT CONTINUING CARE RETIREMENT COMMUNITY, TO PROVIDE OUR RESIDENTS WITH EXCEPTIONAL CARE, QUALITY OF LIFE, AND SECURITY AND COMFORT IN KEEPING WITH THE BENEVOLENT VISION OF OUR METHODIST AND PRESBYTERIAN FOUNDERS IN 1883.
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$151,782,906
Liabilities
$145,853,824
Net assets
$5,929,082
Revenue
$36,760,268
Expenses
$43,566,569
Net income
-$6,806,301
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$152$149$2.58$38.8$39.2$0.35
2024Detailed filing. Detailed filing data is available for this year.$149$147$2.40$39.1$46.4$7.28
2023Detailed filing. Detailed filing data is available for this year.$152$146$5.93$36.8$43.6$6.81
2022Detailed filing. Detailed filing data is available for this year.$167$145$21.6$38.6$42.5$3.91
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$176$148$28.4$38.3$39.5$1.22
2020Detailed filing. Detailed filing data is available for this year.$174$154$19.8$30.9$33.6$2.67
2019Detailed filing. Detailed filing data is available for this year.$179$152$27.5$26.9$28.5$1.57
2018Detailed filing. Detailed filing data is available for this year.$172$137$34.9$27.6$25.4$2.18
2017Detailed filing. Detailed filing data is available for this year.$158$125$32.3$25.2$23.9$1.27
2016Detailed filing. Detailed filing data is available for this year.$151$123$27.5$21.7$23.0$1.30
2015Detailed filing. Detailed filing data is available for this year.$153$123$30.0$21.1$19.7$1.40
2014Detailed filing. Detailed filing data is available for this year.$149$117$31.8$16.2$16.2$0.05
2013Summary only. Only limited summary data is available for this year.$128$97.3$30.3$13.6$14.5$0.93
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$84.5$55.5$29.0$13.0
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$84.7$56.3$28.4$13.0
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$83.1$55.2$27.9$13.0