Covenant Medical Center Inc
88% goes to programs $0 to raise $100 Growing revenue
Covenant Medical Center Inc is a 501(c)(3) organization based in Waterloo, Iowa, registered in 1946, with $401,603,286 in FY2023 revenue. CharityIndex grades it A+, and it directs about 88% of spending to programs.
3421 W 9th St, Waterloo, IA, 50702 EIN 42-1264647 Since 1946
Revenue (FY2023)
$401.6M
▲ 22.1% vs prior year
Health median: $840K
Expenses (FY2023)
$375.2M
Net assets
$182.4M
Employees
2,704
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A+
A+Program efficiency40% of the rating88% to programs · $0 to raise $100
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 Medical Center Inc: 88% to programs · $0 to raise $100 earns a A+ on this criterion. See the exact thresholds →
AFinancial health25% of the rating6 mo reserves · +7% 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 Medical Center Inc: 6 mo reserves · +7% margin earns a A 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 Medical Center Inc: 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 Medical Center Inc: 4 of 5 disclosure signals earns a A on this criterion. See the exact thresholds →
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Mission
To provide health care and hospital services
Contact & location
- Address
- 3421 W 9th St, Waterloo, IA, 50702
- City
- Waterloo
- State
- Iowa
- Category
- Health Care
- Subcategory
- Hospitals
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $286.9M (FY2013) to $401.6M (FY2023) across 11 reported years.
Financial snapshot
Financial health & position (FY2023)
Liabilities $62.6MNet assets $182.4M
Operating margin
6.6%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$245.0M
Total liabilities
$62.6M
Net assets
$182.4M
Salaries & benefits
$191.5M
51% of expenses
Board members
7
4 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2023 | $401,603,286▲22.1% | $375,191,522▲11.7% | $182,370,923▲21.7% | $244,970,247▲8.8% | 990 |
| 2022 | $328,841,980▲3.0% | $335,820,032▲0.1% | $149,814,534▲1.5% | $225,227,682▼3.1% | 990 |
| 2021 | $319,111,884▼0.6% | $335,364,281▲9.1% | $147,569,064▼14.5% | $232,340,664▼13.3% | 990 |
| 2020 | $320,935,164▲3.6% | $307,341,404▲3.0% | $172,675,613▲5.9% | $267,916,696▲11.9% | 990 |
| 2019 | $309,717,984▲1.1% | $298,323,347▼1.1% | $163,075,732▲12.5% | $239,485,789▲14.9% | 990 |
| 2018 | $306,203,478▲2.8% | $301,569,303▼3.3% | $144,994,204▲3.0% | $208,407,389▲8.2% | 990 |
| 2017 | $297,895,870▲2.1% | $311,939,119▲6.7% | $140,777,949▲3.0% | $192,573,835▼3.8% | 990 |
| 2016 | $291,669,450▼1.1% | $292,252,228▼0.1% | $136,729,859▼6.6% | $200,143,588▲4.1% | 990 |
| 2015 | $294,847,040▲1.2% | $292,517,793▲7.9% | $146,380,044▼36.4% | $192,344,731▼25.0% | 990 |
| 2014 | $291,361,688▲1.6% | $271,164,288▲1.6% | $230,001,287▲8.6% | $256,525,416▲6.6% | 990 |
| 2013 | $286,883,108 | $267,002,929▲2.5% | $211,781,196▲14.1% | $240,573,113▲7.5% | 990 |
| 2012 | — | $260,447,880▲2.4% | $185,659,263▲12.6% | $223,704,308▲10.2% | 990 |
| 2011 | — | $254,373,102▲7.8% | $164,874,727▲15.9% | $203,081,146▲10.8% | 990 |
| 2010 | — | $235,946,310▲1.9% | $142,258,662▲8.6% | $183,332,174▲9.1% | 990 |
| 2009 | — | $231,465,511 | $131,011,079 | $168,102,666 | 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 (FY2023)
Highest-paid: Ahsan Maqsood Md — $1,666,715 (0.44% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Ahsan Maqsood Md | Physician - Cardiology | 50 | $1,666,715 |
| Richard Naylor Do | Physician - Orthopedics | 50 | $1,605,978 |
| Victor Mujica Md | Physician - Gastroenterology | 50 | $1,275,186 |
| Jason Stanford Do | Physician - Orthopedics | 50 | $1,165,853 |
| Gary Knudson Md | Physician - Orthopedics | 50 | $1,138,987 |
| Jack Dusenbery | Former Officer | 0 | $764,091 |
| Matthew Sojka Md | Vp, Medical Affairs | 40 | $501,683 |
| Rachelle Makinde Md | Director; Physician | 47 | $464,239 |
| Brian Burnett Md | Director; Physician | 47 | $394,031 |
| Kelly Richards | Chief Nursing Officer | 40 | $337,146 |
| Timothy Huber | Assistant Treasurer; Vp of Finance | 40 | $312,625 |
| Ryan Meyer | Coo | 40 | $125,643 |
| Nancy Schaefer | Assistant Secretary; Exec Assistant | 37 | $68,374 |
| Alan Kruger | Director | 1 | — |
| Carol Tousley | Director | 1 | — |
| David Deaver | Director; Chair | 1 | — |
| Michael Wegner | Dir 8-12/23; Pres Mercy Ia Thr 12/23 | 1 | — |
| Sandra Benak | Director | 1 | — |
| Timothy Boettger | Director | 1 | — |
Top vendors & contractors (FY2023)
| Contractor | Services | Paid |
|---|---|---|
| Hallmark Healthcare Solutions | Staffing Services | $2,777,208 |
| Health Carousel LLC | Staffing Services | $2,117,795 |
| Hayes Locums LLC | Staffing Services | $1,419,325 |
| Iowa Emergency Physicians LLP | Staffing Services | $1,350,664 |
| Lucidsolutions Inc | Health Services | $1,341,611 |
Grants received · $133K total
5 grants to Covenant Medical Center Inc totaling $133K, reported by foundations on their Schedule I filings.
| Grantmaker | Purpose | Year | Amount |
|---|---|---|---|
| American Heart Association Inc | Stroke prevention programs | 2024 | $31,000 |
| American Heart Association Inc | Stroke education & awareness | 2023 | $31,000 |
| American Heart Association Inc | Stroke education & awareness | 2022 | $31,000 |
| Allen Memorial Hospital Corporation | Program support | 2015 | $16,841 |
| March of Dimes Inc | Pub & prof education | 2014 | $22,843 |
Grants made · $241K in FY2023
3 grants totaling $241K in FY2023. All grants made by Covenant Medical Center Inc →
| Recipient | Purpose | Amount |
|---|---|---|
| Covenant Foundation Inc | Program support | $223,811 |
| Cedar Falls Community Schoolsfoundation | Student and staff opportunities | $10,000 |
| University of Northern Iowa Foundation | Health improvement | $7,000 |
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Frequently asked questions
- Is Covenant Medical Center Inc a legitimate nonprofit?
- Yes. Covenant Medical Center Inc is a 501(c)(3) organization registered with the U.S. Internal Revenue Service under EIN 42-1264647, based in Waterloo, Iowa. Donations are tax-deductible.
- What is Covenant Medical Center Inc's EIN?
- Covenant Medical Center Inc's Employer Identification Number (EIN) is 42-1264647.
- How much revenue does Covenant Medical Center Inc report?
- Covenant Medical Center Inc reported $401,603,286 in total revenue on its fiscal year 2023 IRS Form 990 filing.
- How much of Covenant Medical Center Inc's spending goes to programs?
- Covenant Medical Center Inc spends about 88% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does Covenant Medical Center Inc have?
- CharityIndex grades Covenant Medical Center Inc A+, based on program efficiency and fundraising cost.
- How much does Covenant Medical Center Inc's highest-paid employee make?
- The highest reported compensation on Covenant Medical Center Inc's latest Form 990 is $1,666,715, paid to Ahsan Maqsood Md (Physician - Cardiology).
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Data for Covenant Medical Center Inc (EIN 42-1264647) 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.