Civic Intelligence

Covenant Village Inc

EIN 56-1210103 • 501(c)3 • Gastonia, NC

View Organization Page

Profile

Owns and operates a continuing care retirement community and provides nursing care, assisted living, and services for the independent elderly.

1351 Robinwood RoadGastonia, NC 28054

www.covenantvillagenc.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

87th percentile

0.75x

Higher debt load relative to assets than 87% of similar nonprofits.

NTEE P • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

91st percentile

1.41x

Higher debt load relative to revenue than 91% of similar nonprofits.

NTEE P • $25M-$50M nonprofits • Source year 2024

Net Margin

20th percentile

-2.2%

Higher net margin than 20% of similar nonprofits.

NTEE P • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

62nd percentile

$330,981

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 1.9% of source-year revenue.

NTEE P • $25M-$50M nonprofits • Source year 2024

Asset Growth

90th percentile

30%

Faster asset growth than 90% of similar nonprofits.

NTEE P • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

78th percentile

20%

Faster revenue growth than 78% of similar nonprofits.

NTEE P • $25M-$50M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$32,416,398

Up $7,423,097 (+30%) from 2023

Liabilities

Up

$24,341,080

Up $6,746,828 (+38%) from 2023

Net Assets

Up

$8,075,318

Up $676,269 (+9.1%) from 2023

Operations
Liabilities / Revenue91st percentileNet Margin20th percentile

Revenue

Up

$17,245,206

Up $2,878,788 (+20%) from 2023

Expenses

Up

$17,626,652

Up $194,882 (+1.1%) from 2023

Net Income

Up

-$381,446

Up $2,683,906 (+88%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth90th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2010: $21,621,061Liabilities 2010: $12,438,132Net Assets 2010: $9,182,9292010Assets 2011: $21,056,445Liabilities 2011: $12,637,420Net Assets 2011: $8,419,0252011Assets 2012: $21,211,481Liabilities 2012: $12,852,188Net Assets 2012: $8,359,2932012Assets 2013: $21,382,948Liabilities 2013: $13,182,879Net Assets 2013: $8,200,0692013Assets 2014: $20,849,619Liabilities 2014: $12,847,095Net Assets 2014: $8,002,5242014Assets 2015: $21,163,448Liabilities 2015: $13,091,100Net Assets 2015: $8,072,3482015Assets 2016: $21,140,849Liabilities 2016: $11,728,061Net Assets 2016: $9,412,7882016Assets 2017: $21,364,350Liabilities 2017: $13,285,804Net Assets 2017: $8,078,5462017Assets 2018: $21,000,186Liabilities 2018: $12,961,390Net Assets 2018: $8,038,7962018Assets 2019: $21,898,549Liabilities 2019: $14,003,344Net Assets 2019: $7,895,2052019Assets 2020: $23,579,147Liabilities 2020: $15,448,327Net Assets 2020: $8,130,8202020Assets 2021: $23,561,338Liabilities 2021: $13,916,538Net Assets 2021: $9,644,8002021Assets 2022: $24,815,314Liabilities 2022: $14,809,427Net Assets 2022: $10,005,8872022Assets 2023: $24,993,301Liabilities 2023: $17,594,252Net Assets 2023: $7,399,0492023Assets 2024: $32,416,398Liabilities 2024: $24,341,080Net Assets 2024: $8,075,3182024

Highlighted filing

2024

Assets$32,416,398
Liabilities$24,341,080
Net Assets$8,075,318
Open 2024 Filing

Operations Trend

Revenue Growth78th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$20M$10M$0-$10MExpenses 2010: $9,841,3932010Expenses 2011: $10,164,2712011Expenses 2012: $10,318,0912012Expenses 2013: $10,782,1242013Revenue 2014: $10,800,334Expenses 2014: $11,184,766Net Income 2014: -$384,4322014Revenue 2015: $11,614,899Expenses 2015: $11,309,297Net Income 2015: $305,6022015Revenue 2016: $12,937,333Expenses 2016: $11,843,206Net Income 2016: $1,094,1272016Revenue 2017: $11,789,135Expenses 2017: $12,071,744Net Income 2017: -$282,6092017Revenue 2018: $11,696,678Expenses 2018: $11,906,181Net Income 2018: -$209,5032018Revenue 2019: $12,405,828Expenses 2019: $12,549,419Net Income 2019: -$143,5912019Revenue 2020: $13,615,774Expenses 2020: $13,380,159Net Income 2020: $235,6152020Revenue 2021: $15,543,339Expenses 2021: $14,029,359Net Income 2021: $1,513,9802021Revenue 2022: $14,664,679Expenses 2022: $14,303,592Net Income 2022: $361,0872022Revenue 2023: $14,366,418Expenses 2023: $17,431,770Net Income 2023: -$3,065,3522023Revenue 2024: $17,245,206Expenses 2024: $17,626,652Net Income 2024: -$381,4462024

Highlighted filing

2024

Revenue$17,245,206
Expenses$17,626,652
Net Income-$381,446
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$32,416,398
Liabilities
$24,341,080
Net assets
$8,075,318
Revenue
$17,245,206
Expenses
$17,626,652
Net income
-$381,446
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$32.4$24.3$8.08$17.2$17.6$0.38
2023Detailed filing. Detailed filing data is available for this year.$25.0$17.6$7.40$14.4$17.4$3.07
2022Detailed filing. Detailed filing data is available for this year.$24.8$14.8$10.0$14.7$14.3$0.36
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.6$13.9$9.64$15.5$14.0$1.51
2020Detailed filing. Detailed filing data is available for this year.$23.6$15.4$8.13$13.6$13.4$0.24
2019Detailed filing. Detailed filing data is available for this year.$21.9$14.0$7.90$12.4$12.5$0.14
2018Detailed filing. Detailed filing data is available for this year.$21.0$13.0$8.04$11.7$11.9$0.21
2017Detailed filing. Detailed filing data is available for this year.$21.4$13.3$8.08$11.8$12.1$0.28
2016Detailed filing. Detailed filing data is available for this year.$21.1$11.7$9.41$12.9$11.8$1.09
2015Detailed filing. Detailed filing data is available for this year.$21.2$13.1$8.07$11.6$11.3$0.31
2014Detailed filing. Detailed filing data is available for this year.$20.8$12.8$8.00$10.8$11.2$0.38
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.4$13.2$8.20$10.8
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.2$12.9$8.36$10.3
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.1$12.6$8.42$10.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.6$12.4$9.18$9.84
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2023 to Sep 30, 2024
Signed
Jun 5, 2025
Return Version
2023v6.0
Gross Receipts
$17,269,505
Mission and Program Overview

Mission

Owns and operates a continuing care retirement community and provides nursing care, assisted living, and services for the independent elderly.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$17,112,073$20,112,274▲ $3,000,201
Investments Other Securities$7,125,682$9,121,551▲ $1,995,869
Savings and Temporary Cash Investments$322,876$1,792,911▲ $1,470,035
Pledges and Grants Receivable-$891,660-
Intangible Assets$178,169$170,273▼ $7,896
Prepaid Expenses and Deferred Charges$51,289$115,712▲ $64,423
Accounts Receivable$76,119$96,112▲ $19,993
Total Assets$24,993,301$32,416,398▲ $7,423,097
Other Assets Total$127,093$115,905▼ $11,188
Liabilities
Deferred Revenue$14,936,823$17,799,273▲ $2,862,450
Unsecured Notes Loans Payable$1,300,000$3,406,617▲ $2,106,617
Accounts Payable and Accrued Expenses$1,088,419$1,893,152▲ $804,733
Other Liabilities$269,010$1,242,038▲ $973,028
Total Liabilities$17,594,252$24,341,080▲ $6,746,828
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,254,363$6,704,285▼ $550,078
Net Assets With Donor Restrictions$144,686$1,371,033▲ $1,226,347
Total Net Assets Fund Balance$7,399,049$8,075,318▲ $676,269
Total Liabilities and Net Assets / Fund Balance$24,993,301$32,416,398▲ $7,423,097

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$12,823,420$29,836,766$42,660,186
Other Land Buildings$4,460,015$378,868$4,838,883
Equipment$1,384,342$3,313,367$4,697,709
Land$1,444,497-$1,444,497
Other Securities$9,121,551--
Compensation and Service Providers
Top Officer Pay62nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
E Dale MeltonCEOFT$211,028$119,953$330,981
Kevin StewartHealth Center AdministratoFT$151,426$25,188$176,614
Pamela PaigeSenior Director of MarketiFT$133,691$26,816$160,507
Jennifer BarkerSenior Director of Human RFT$117,010$20,302$137,312
Stephanie WellmanDirector of Nursing, RnFT$109,265$21,367$130,632
Russell CraigSr. Director, Property SerFT$124,069$3,669$127,738
Kimberly KlingSenior Director of FinanceFT$112,152$15,540$127,692

Board Members and Trustees

NameTitle
Nancy PaschallChair
William Current JrVice-chair
Adrian MillerDirector
Christy GliddonDirector
H Timothy EfirdDirector
John Mcdonald JrDirector
Kelly Shedd MdDirector
Rev Lauren Sease VanacoreDirector
Rick CraigDirector
Wes StyersDirector
Carol CarstarphenSecretary
Rob CollisTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Carpet One Floor And HomeFlooring Installation2757 E OZARK AVE, Gastonia, NC 28054$608,203
Cjmw Architecture PaArchitectural Services525 VINE STREET SUITE 350, Winstonsalem, NC 27101$463,612
Straight Edge Painting ProsPainting5401 SPARROW DAIRY ROAD, Gastonia, NC 28056$380,275
Jason Rumfelt Dba Rumfelt Residential LlContractor - Replacement Of Cottage Sidi433 HIGHWAY 324 W, Rockhill, SC 29730$253,700
Stimmel Associates PaCivil Engineer Services601 N TRADE ST STE 200, Winstonsalem, NC 27101$182,658
Revenue and Support

Revenue Composition

Contributions and Grants
$1,365,513
Program Service Revenue
$15,775,716
Investment Income
$103,977
Other Revenue
$0
All Other Contributions
$1,365,513
Change in Net Assets
$-381,446

Audited Revenue Reconciliation

Revenue per Audited Statements
$16,009,398
Revenue Not Reported on Financial Statements
$1,235,808
Revenue Not Reported on Form 990
$37,192
Other Revenue Adjustments
$1,235,808
Total Revenue per Audited Statements
$16,046,590
Total Revenue per Form 990
$17,245,206
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$11,311,695
Other Expenses$6,314,957
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$8,611,305$402,940-$9,014,245
Depreciation Depletion$1,965,310--$1,965,310
Other Employee Benefits$1,034,534$110,967-$1,145,501
Occupancy$746,226--$746,226
Payroll Taxes$645,492$48,512-$694,004
Current Officers, Directors, Trustees, and Key Employees-$457,945-$457,945
Other Expenses$336,983$28,347-$365,330
Insurance-$321,582-$321,582
Information Technology$247,343--$247,343
Fees for Services Accounting-$214,806-$214,806
All Other Expenses$181,743--$181,743
Fees for Services Other$60,000--$60,000
Interest$52,723--$52,723
Office Expenses$33,066--$33,066
Fees for Services Legal-$26,136-$26,136
Total Functional Expenses$15,658,329$1,968,323$0$17,626,652

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$17,626,652
Total Expenses per Audited Statements$17,626,652
Total Expenses per Form 990$17,626,652
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deposits on Units$1,121,453
Right of Use Liability$120,585
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 4

“The ogranization's bylaws were updated to combine the executive committee and the finance committee into one committee called the executive-finance committee.”

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

“The organization emails the form 990 to members of the executive-finance committee for review and approval before it is filed.”

Form 990, Part VI, Section B, Line 15

“Compensation of the ceo is set by the board using comparable data. The ceo determines compensation of other key employees using comparable data from leading age and other organizations. Annual reviews are completed for all key employees by the ceo. The ceo receives an annual review by the board. The process described here was last completed in 2024.”

Form 990, Part VI, Section C, Line 19

“Documents are made available to the public upon written request, either mailed or emailed.”

Filing and Contact Details

Filer

Filer Name
Covenant Village Inc
EIN
56-1210103
Phone
7048672319
Address
1351 ROBINWOOD ROAD, GASTONIA, NC 28054

Signing Officer

Name
E Dale Melton
Title
CEO
Phone
7048672319
Signed
2025-06-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
E Dale Melton
Formed
1977
Legal Domicile
Nc
Voting Board Members
12
Independent Board Members
12
Employees
329
Volunteers
12

Preparer

Firm
Cliftonlarsonallen Llp
Address
227 WEST TRADE STREET SUITE 800, CHARLOTTE, NC 28202
Preparer
Kathrine a Warlick
Phone
7049985200
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“The audit review process and auditor selection process are unchanged from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“Covenant is exempt from federal and state income taxes under section 501(c)(3) of the internal revenue code and similar state provisions. Covenant files as a tax-exempt organization. Management is not aware of any activities that would jeopardize the tax-exempt status of covenant. Management is not aware of any signficiant activities that are subject to tax on unrelated business income or excise or other taxes for covenant. Covenant follows guidance in the income tax standard regarding recognition and measurement of uncertain tax positions. The guidance has no impact on covenant's financial statements.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Net assets released from restriction 37,192.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Loss on disposal of property and equipment -3,749. Restricted contributions 1,237,421. Restricted investment income 2,136.”

Raw XML AppendixShowing 400 of 657 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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