Covenant Health Investment Trust
Only 0% goes to programs Strong reserves Declining revenue
Covenant Health Investment Trust is a 501(c)(3) organization based in Andover, Massachusetts, registered in 1946, with $10,513,988 in FY2024 revenue. CharityIndex grades it C, and it directs about 0% of spending to programs.
40 Shattuck Rd Ste 317, Andover, MA, 01810 EIN 04-6835128 Since 1946
Revenue (FY2024)
$10.5M
▲ 327.0% vs prior year
Health median: $840K
Expenses (FY2024)
$939K
Net assets
$260.2M
Employees
0
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
C
★★★★
Rated on 4 of 4 criteria.
Held down by its weakest criterion — a strong score on one criterion can't hide a weak one.
How the rating works →FProgram efficiency40% of the rating0% to programs
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For Covenant Health Investment Trust: 0% to programs earns a F on this criterion. See the exact thresholds →
B+Financial health25% of the rating3326 mo reserves · +91% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Covenant Health Investment Trust: 3326 mo reserves · +91% margin earns a B+ on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Covenant Health Investment Trust: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
ATransparency10% of the rating4 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Covenant Health Investment Trust: 4 of 5 disclosure signals earns a A on this criterion. See the exact thresholds →
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Mission
Covenant health investment trust (formerly providentia prima trust) was established to hold and manage pooled investments of various organizations exempt from federal income tax under section 501(c)(3)
Contact & location
- Address
- 40 Shattuck Rd Ste 317, Andover, MA, 01810
- City
- Andover
- State
- Massachusetts
- Category
- Health Care
- Subcategory
- Support Foundations & Fundraising
- Phone
- …
- Website
- …
Financial trends
Revenue declined from $12.4M (FY2013) to $10.5M (FY2024) across 11 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $0Net assets $260.2M
Operating margin
91.1%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$260.2M
Total liabilities
$0
Net assets
$260.2M
Salaries & benefits
$0
0% of expenses
Board members
13
12 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $10,513,988▲327% | $938,821▼13.0% | $260,230,079▼1.9% | $260,230,079▼1.9% | 990 |
| 2023 | -$4,632,096▼406% | $1,079,411 | $265,170,840▲8.5% | $265,170,840▲8.5% | 990 |
| 2022 | -$914,895▼101% | $0 | $244,447,441▼30.7% | $244,447,441▼30.7% | 990 |
| 2021 | $68,215,808▲227% | $0▼100% | $352,819,682▲31.3% | $352,819,682▲31.2% | 990 |
| 2019 | $20,875,840▲111% | $694,840▼10.0% | $268,812,635▲20.2% | $269,001,472▲20.2% | 990 |
| 2018 | $9,895,750▲52.3% | $772,064▲3.2% | $223,650,645▼24.4% | $223,818,120▼24.4% | 990 |
| 2017 | $6,497,552▲17.3% | $748,224▲6.8% | $295,890,724▲23.5% | $296,055,490▲23.5% | 990 |
| 2016 | $5,538,253▼46.5% | $700,464▼16.4% | $239,630,673▲0.7% | $239,803,223▲0.7% | 990 |
| 2015 | $10,343,213▼22.7% | $838,319▼3.7% | $238,007,071▼3.1% | $238,250,753▼4.2% | 990 |
| 2014 | $13,388,378▲7.8% | $870,581▲6.3% | $245,521,586▲6.8% | $248,792,972▲6.8% | 990 |
| 2013 | $12,418,420 | $818,648▼3.8% | $229,981,037▲30.3% | $232,932,602▲30.0% | 990 |
| 2012 | — | $851,295▲7.3% | $176,539,250▲21.5% | $179,178,125▲21.5% | 990 |
| 2011 | — | $793,693▲13.4% | $145,295,564▲12.6% | $147,469,529▲14.2% | 990 |
| 2010 | — | $700,050 | $128,992,181 | $129,137,949 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Bruce Bonnell Md Mph | Director | 2 | — |
| Catherine P Lovecchio Phd Rn | Director | 2 | — |
| Cherie Noe Md | Director (end 2/2024) | 2 | — |
| Gino J Pazzaglini | Director | 2 | — |
| John Oliverio | Chair | 2 | — |
| Kathy Connerton Jd Mba | Treasurer | 2 | — |
| Kenneth E Arnold | Vice Chair (end 6/2024) | 2 | — |
| Lesley Adkinson E Phd Rn | Director | 2 | — |
| Louise Trottier | Director | 2 | — |
| Mark W Anthoine Sr | Director | 2 | — |
| Ralph Jenkins | Director; Vice Chair (start 6/2024) | 2 | — |
| Robert A Clark | Director | 2 | — |
| Sr Catherine O'connor | Director | 2 | — |
| Stephen Forney | Svp and Chief Financial Officer | 1 | — |
| Stephen Grubbs | President & Ceo | 1 | — |
| Thomas Mortimer | Director | 2 | — |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Us Bank | Investment Management | $938,821 |
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Frequently asked questions
- Is Covenant Health Investment Trust a legitimate nonprofit?
- Yes. Covenant Health Investment Trust is a 501(c)(3) organization registered with the U.S. Internal Revenue Service under EIN 04-6835128, based in Andover, Massachusetts. Donations are tax-deductible.
- What is Covenant Health Investment Trust's EIN?
- Covenant Health Investment Trust's Employer Identification Number (EIN) is 04-6835128.
- How much revenue does Covenant Health Investment Trust report?
- Covenant Health Investment Trust reported $10,513,988 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much of Covenant Health Investment Trust's spending goes to programs?
- Covenant Health Investment Trust spends about 0% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does Covenant Health Investment Trust have?
- CharityIndex grades Covenant Health Investment Trust C, based on program efficiency and fundraising cost.
- How much does Covenant Health Investment Trust's highest-paid employee make?
- The highest reported compensation on Covenant Health Investment Trust's latest Form 990 is $0, paid to Bruce Bonnell Md Mph (Director).
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Data for Covenant Health Investment Trust (EIN 04-6835128) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.