2024-05-14T08:50:39-05:00 2023-06-30 381357951 PLANTE & MORAN PLLC 3000 TOWN CENTER SUITE 100 SOUTHFIELD MI 48075 990 2022-07-01 382572154 COVENANT HEALTHCARE FOUNDATION COVE 9895836006 1447 N HARRISON SAGINAW MI 48602 KEVIN ALBOSTA VP OF FINANCE 9895836006 2024-05-09 1 KEVIN ALBOSTA 999009999 1 DAVID LOWENTHAL P00378651 2483522500 2024-05-09 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z KEVIN ALBOSTA 1447 N HARRISON SAGINAW MI 48602 5021131 0 X WWW.COVENANTHEALTHCARE.COM X 1984 MI THE FOUNDATION IS ESTABLISHED TO SUPPORT THE COVENANT HEALTHCARE SYSTEM BY ACCEPTING DONATIONS AND PROVIDING STEWARDSHIP OF CHARITABLE FUNDS RECEIVED FROM THE COVENANT HEALTHCARE CONSTITUENCY. 12 10 0 337 0 0 1301459 993234 0 0 1378184 2074095 254952 145393 2934595 3212722 4216688 449343 0 0 511577 366312 0 0 0 130602 145939 4858867 961594 -1924272 2251128 25418869 25253338 109602 94082 25309267 25159256 THE FOUNDATION IS ESTABLISHED TO SUPPORT THE COVENANT HEALTHCARE SYSTEM BY ACCEPTING DONATIONS AND PROVIDING STEWARDSHIP OF CHARITABLE FUNDS RECEIVED FROM THE COVENANT HEALTHCARE CONSTITUENCY. 0 0 416417 416417 0 GRANTS TO VARIOUS HOSPITAL UNITS TO BE USED FOR THE BENEFIT OF COVENANT HEALTHCARE SYSTEM, A NON-PROFIT ORGANIZATION, AND ITS AFFILIATED HOSPITAL, COVENANT MEDICAL CENTER. 32926 32926 0 COLLEGE SCHOLARSHIPS TO HIGH SCHOOL STUDENTS, LEGAL DEPENDENTS AND NURSING STUDENTS. 449343 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 1 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 15 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 12 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 X KEVIN S ALBOSTA 9895836006 1447 N HARRISON SAGINAW MI 48602 BETHANY CHARLTON PRESIDENT/CEO 4.00 55.00 X X 0 812741 697897 KEVIN ALBOSTA VP/CFO 4.00 55.00 X X 0 551926 388630 AMY BUBEN CHAIR 4.00 0.00 X X 0 0 0 JANE HAGEN VICE-CHAIR 4.00 0.00 X X 0 0 0 RICHARD J GARBER JR BOARD MEMBER 4.00 0.00 X 0 0 0 DONALD J CARLYON BOARD MEMBER 4.00 0.00 X 0 0 0 LYLE G DAVIS JR BOARD MEMBER 4.00 0.00 X 0 0 0 BRENT GAERTNER BOARD MEMBER 4.00 0.00 X 0 0 0 BJ HUMPHREYS BOARD MEMBER 4.00 0.00 X 0 0 0 MOLLY SAPUTO BOARD MEMBER 4.00 0.00 X 0 0 0 JOHN W SHELTON BOARD MEMBER 4.00 0.00 X 0 0 0 KATHI SPENCE BOARD MEMBER 4.00 0.00 X 0 0 0 CAROL COTTRELL FOUNDATION DIRECTOR 40.00 0.00 X 167157 0 6653 EDWARD BRUFF FORMER PRESIDENT 4.00 54.00 X 0 684329 39734 167157 2048996 1132914 1 1 1 0 0 151603 841631 32206 993234 472776 472776 2019790 418471 1601319 1601319 1601319 86647 151603 116013 -29366 -29366 16920 5878 11042 11042 1311764 1268047 43717 43717 ANCILLARY REVENUE 900099 120000 120000 120000 3212722 0 0 2219488 416417 416417 32926 32926 287712 287712 54850 54850 23750 23750 28695 28695 25 25 16735 16735 2888 2888 2132 2132 DONOR RECOG/VOLUNTEER 59654 59654 PURCHASED SERVICES 31004 31004 DUES/BOOKS 2286 2286 2520 2520 961594 449343 512251 0 3109051 2111734 1062665 1488834 2182919 1326820 170648 170648 15110537 16099491 3783049 4055811 25418869 25253338 109602 94082 109602 94082 X 7195152 8273597 18114115 16885659 25309267 25159256 25418869 25253338 X 2251128 -375068 -2026071 X 0 1 X 1 0 X 694402 3583105 2834495 1301459 1026160 9439621 694402 3583105 2834495 1301459 1026160 9439621 1508992 7930629 779414 510445 388076 547275 472776 2697986 12137607 7380253 0.65340 0.65550 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 LIMITED PARTNERSHIPS 22900 F HEDGE FUNDS 2650339 F COMMON TRUST FUNDS 1382572 F 4055811 CENTRAL AMERICA/CARIBBEAN 0 0 INVESTMENTS, PROGRAM-RELATED INVESTMENTS 131722 0 0 0 0 0 0 131722 0 131722 0 0 0 0 0 0 PART III ACCOUNTING METHOD: GOLF OUTING 238250 151603 86647 13100 10011 70048 13095 2480 7279 238250 151603 86647 13100 10011 70048 13095 2480 7279 116013 -29366 16920 3500 1619 759 1 1.00000 16920 3500 1619 759 5878 11042 MI 1 0 1 0 0.00000 1.00000 CAROL COTTRELL 1447 N HARRISON SAGINAW MI 48602 0 CAROL COTTRELL CAROL DIRECTS THE RAFFLE WHICH IS RUN BY VOLUNTEERS. X 0 1 COVENANT MEDICAL CENTER 1447 N HARRISON SAGINAW MI 48602 383369438 501(C)(3) 0 416417 FMV EQUIPMENT SUPPORT 1 0 SCHOLARSHIPS 16 32926 PART I, LINE 2: GRANTS MADE TO RELATED TAX EXEMPT ORGANIZATIONS ARE NOT MONITORED BECAUSE FUNDS ARE USED TO FURTHER EXEMPT PURPOSES. SCHOLARSHIPS THE FOUNDATION AWARDS NONRENEWABLE SCHOLARSHIPS TO GRADUATING SENIORS ATTENDING LOCAL HIGH SCHOOLS. APPLICANTS MUST HAVE AT LEAST A 3.75 GPA AND BE PURSUING AN UNDERGRADUATE DEGREE IN THE HUMAN MEDICAL SCIENCES FIELD. THE FOUNDATION HAS A SCHOLARSHIP COMMITTEE WHO DETERMINES THE RECIPIENTS FROM THE APPLICATION PROCESS. 0 1 0 0 0 0 0 1 0 BETHANY CHARLTON PRESIDENT/CEO 0 769241 0 43500 0 0 0 639037 0 58860 0 1510638 0 0 KEVIN ALBOSTA VP/CFO 0 517486 0 34440 0 0 0 355957 0 32673 0 940556 0 0 EDWARD BRUFF FORMER PRESIDENT 0 153387 0 0 0 530942 0 38053 0 1681 0 724063 0 530942 CAROL COTTRELL FOUNDATION DIRECTOR 162629 0 4528 0 0 0 0 0 6653 0 173810 0 0 0 PART I, LINE 1A COVENANT MEDICAL CENTER, A RELATED ORGANIZATION, USES THE FOLLOWING METHODS TO ESTABLISH COMPENSATION OF THE CEO/EXECUTIVE DIRECTOR: COMPENSATION COMMITTEE, COMPENSATION SURVEY OR STUDY AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE. PART I, LINE 4B THE ORGANIZATION MAINTAINS A NONQUALIFIED SUPPLEMENTAL EXECUTIVE PLAN (SERP) FOR CERTAIN OF ITS EXECUTIVES. THE SERP HAS BEEN ESTABLISHED FOR THESE EXECUTIVES BY THE ORGANIZATION, FOLLOWING APPROPRIATE BOARD LEVEL REVIEW IN A MANNER INTENDED TO COMPLY WITH THE REBUTTABLE PRESUMPTION OF REASONABLENESS PROVISION UNDER IRC SECTION 4958. SOME OF THE INDIVIDUALS LISTED IN PART VII RECEIVED A TAXABLE SERP PAYMENT IN FY23. ALL PAYMENTS WERE INCLUDED AS TAXABLE INCOME. PART I, LINE 7 THE FILING ORGANIZATION RELIED ON COVENANT MEDICAL CENTER'S, A RELATED ORGANIZATION, METHODS FOR ESTABLISHING THE BONUSES OF THE FILING ORGANIZATION'S OFFICERS: THE BONUSES PAID TO ANY OFFICER LISTED IN SCHEDULE J PART II CAN BE DETERMINED BASED ON WHETHER FOUR ORGANIZATION SUCCESS SHARING TARGETS ARE MET; PATIENT SATISFACTION SCORES, QUALITY METRICS, EMPLOYEE ENGAGEMENT SCORES AND FINANCIAL PERFORMACE BASED ON A CUSTOM OPERATING MARGIN. X 32206 FMV 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 COVENANT HEALTHCARE SYSTEM IS THE SOLE CORPORATE MEMBER OF COVENANT HEALTHCARE FOUNDATION. FORM 990, PART VI, SECTION A, LINE 7A THE SOLE CORPORATE MEMBER MAY ELECT ONE OR MORE PERSONS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B THE FOLLOWING ACTIONS MAY BE TAKEN BY THIS CORPORATION AND ITS BOARD OF DIRECTORS ONLY UPON PRIOR WRITTEN APPROVAL OF THE CORPORATE MEMBER: A. ADOPTION, AMENDMENT OR OTHER MODIFICATION OF THE BYLAWS OR ARTICLES OF INCORPORATION OF THIS CORPORATION. B. ANY MERGER, CONSOLIDATION, REORGANIZATION, OR OTHER CHANGE IN THE CORPORATE STRUCTURE OF THIS CORPORATION OR THE CREATION OF ANY CORPORATE SUBSIDIARY THEREOF. C. THE PARTICIPATION OF THE CORPORATION IN ANY PARTNERSHIP, LIMITED PARTNERSHIP, CORPORATION, ASSOCIATION OR OTHER FORM OF JOINT VENTURE OR SHARED SERVICE WITH ANY OTHER PARTY OR ORGANIZATION. D. CREATION, INCURRENCE OR ASSUMPTION OF INDEBTEDNESS, COMMITMENTS, OR ANY CONTRACTUAL OBLIGATIONS WITH RESPECT TO BORROWED MONEY, GUARANTEES, ENDORSEMENTS, LEASES OR OTHER TYPE OF DIRECT CONTINGENT LIABILITIES, IN EXCESS OF $50,000 FOR ANY ONE ITEM. E. CREATION, INCURRENCE, OR ASSUMPTION OF ANY MORTGAGE, PLEDGE, SECURITY, ENCUMBRANCE, OR OTHER LIEN OF ANY KIND IN ANY PROPERTY OF ASSETS OF THIS CORPORATION. F. ACQUISITION, BY PURCHASE, LEASE, OR ANY OTHER METHOD, OF ANY REAL ESTATE, CAPITAL IMPROVEMENTS, OR EQUIPMENT IN EXCESS OF A VALUE OF $50,000 FOR ANY ONE SUCH ITEM. G. ANY CONTRIBUTIONS OF ENDOWMENT PRINCIPAL. H. ANY CONTRIBUTIONS OF EARNED INCOME, EXCLUSIVE OF CONTRIBUTIONS, IN EXCESS OF FIVE (5%) PERCENT OF SUCH INCOME IN ANY FISCAL YEAR, TO ANY ORGANIZATION OR FOR ANY PURPOSE OTHER THAN COVENANT HEALTHCARE SYSTEM OR THE CORPORATE MEMBER. I. ANY CHANGE IN SERVICES OR PROGRAMS OF THE CORPORATION, INCLUDING THE TERMINATION OF EXISTING SERVICES, THE ADDITION OF NEW SERVICES, OR ANY MAJOR EXPANSION OR CONTRACTION OF EXISTING SERVICES OR PROGRAMS. J. ADOPTION, OR FORMAL AMENDMENT OR MODIFICATION OF THE ANNUAL OPERATING AND CAPITAL BUDGETS OF THE CORPORATION. K. ADOPTION, AMENDMENT, OR MODIFICATION OF THE MISSION AND GOALS OF THE CORPORATION, AND ITS LONG RANGE OR SHORT RANGE STRATEGIC PLANS. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT PRESENTS AND REVIEWS THE 990 WITH THE BOARD FOR ITS APPROVAL PRIOR TO FILING. THE BOARD IS PROVIDED FINAL COPIES FOR REVIEW VIA THE INTERNET. ONCE APPROVED BY THE BOARD, THE FINAL 990 IS ULTIMATELY FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST DISCLOSURE STATEMENT TO ITS OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES. EACH PERSON COVERED BY THE POLICY IS REQUIRED TO SUBMIT AND AFFIRM IN WRITING TO THE CHIEF EXECUTIVE OFFICER AN ANNUAL CONFLICT OF INTEREST DISCLOSURE STATEMENT LISTING ALL FINANCIAL INTERESTS, FAMILY AND BUSINESS RELATIONSHIPS, AND POTENTIAL CONFLICTS OF INTEREST AND PROVIDE UPDATES TO THIS AS NECESSARY. IN ADDITION, SUCH PERSONS HAVE AN OBLIGATION TO DISCLOSE THE EXISTENCE OF ANY FINANCIAL INTEREST AND ALL MATERIAL FACTS TO THE BOARD AND MEMBERS OF THE COMMITTEES WITH BOARD DELEGATED POWERS. POTENTIAL CONFLICTS THAT ARE IDENTIFIED ARE BROUGHT TO THE ATTENTION OF THE CHAIRMAN AND VICE CHAIRMAN OF THE BOARD. THE CHAIRMAN OF THE BOARD IS REQUIRED TO BE AWARE OF SUCH POTENTIAL CONFLICTS SO AS TO BE ABLE TO DETERMINE THE PROPER COURSE OF ACTION SHOULD A MATTER INVOLVING SUCH SITUATION ARISE THAT WOULD REQUIRE ACTION. AFTER DISCLOSURE OF A POTENTIAL CONFLICT TO THE BOARD OR COMMITTEE, SUCH PERSON IS EXCUSED AND ALL OTHER REMAINING BOARD MEMBERS OR COMMITTEE MAKE A DETERMINATION OF WHETHER A CONFLICT EXISTS. ANY PERSON WITH A POTENTIAL CONFLICT CAN MAKE A PRESENTATION TO THE BOARD OR COMMITTEE ON THE PROPOSED TRANSACTION, BUT MUST RECUSE HIMSELF FROM DELIBERATION AND VOTING ON THE PROPOSED TRANSACTION OR ARRANGEMENT. THE BOARD OR COMMITTEE SHALL EXPLORE WHETHER A MORE ADVANTAGEOUS TRANSACTION OR AGREEMENT WITH REASONABLE EFFORTS CAN BE ENTERED INTO WITH A PERSON OR ENTITY THAT DOES NOT HAVE A CONFLICT OF INTEREST. IF NO REASONABLE ALTERNATIVE EXIST, THE BOARD OR COMMITTEE SHALL DECIDE WHETHER SUCH TRANSACTION IS IN THE BEST INTERESTS OF THE ORGANIZATION AND IS FAIR AND REASONABLE BEFORE MAKING ITS DECISION ON WHETHER OR NOT TO ENTER INTO THE TRANSACTION. IF THE BOARD HAS REASONABLE CAUSE TO BELIEVE THAT AN OFFICER, DIRECTOR, KEY EMPLOYEE, OR TRUSTEE FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTERESTS, IT SHALL INFORM THE OFFICER, DIRECTOR, TRUSTEE, OR KEY EMPLOYEE OF THE BASIS FOR SUCH BELIEF AND AFFORD SAID PERSON AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. CORRECTIVE ACTION WILL BE TAKEN IF IT IS DETERMINED THAT A CONFLICT THAT WAS NOT DISCLOSED DOES EXIST. FORM 990, PART VI, SECTION B, LINE 15 COVENANT MEDICAL CENTER, A RELATED NOT-FOR-PROFIT ENTITY, PAYS ALL SALARIES AND UNDERTAKES THE FOLLOWING PROCESS. EXECUTIVE SALARY RANGES ARE ESTABLISHED THROUGH IN DEPTH EXTERNAL MARKET STUDIES AND APPROVED BY THE COMPENSATION COMMITTEE. THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS AND APPROVES COMPENSATION CHANGES FOR VICE PRESIDENTS, AS RECOMMENDED BY THE CEO. THE COMPENSATION COMMITTEE RECOMMENDS ANNUALLY TO THE BOARD OF DIRECTORS A PERFORMANCE RATING AND COMPENSATION CHANGES FOR THE CEO. THE BOARD OF DIRECTORS ACTS ON ALL RECOMMENDATIONS FROM THE COMPENSATION COMMITTEE. COVENANT MEDICAL CENTER, AND NOT COVENANT HEALTHCARE FOUNDATION, IS THE ENTITY THAT IS COMPENSATING THE TOP OFFICIALS. THIS PROCESS IS CONDUCTED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS ORGANIZING DOCUMENTS, CONFLICT OF INTEREST POLICIES AND FINANCIAL STATEMENTS AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: TRANSFER TO CMC -2,026,071. COVENANT HEALTHCARE SYSTEM 1447 N HARRISON SAGINAW MI 48602 383369443 HEALTHCARE MI 501(C)(3) 11B-TYPE II N/A 0 COVENANT MEDICAL CENTER 1447 N HARRISON SAGINAW MI 48602 383369438 HEALTHCARE MI 501(C)(3) 3 COVENANT HEALTHCARE SYSTEM 1 VISITING NURSE ASSOCIATION OF SAGINAW 500 S HAMILTON SAGINAW MI 48602 454929618 HOME CARE MI 501(C)(3) 3 COVENANT HEALTHCARE SYSTEM 1 MACKINAW SURGERY CENTER 11221 ROE LEAWOOD KS 66211 205257296 RENTAL MI N/A 0 0 COVENANT DEVELOPMENT CORPORATION 1447 N HARRISON SAGINAW MI 48602 382640101 HEALTH SERVICES MI N/A C 1 COVENANT MEDICAL CTR OFFICE CONDO ASSOCIATION 1447 N HARRISON SAGINAW MI 48602 371477767 CONDOMINIUM MI N/A C 1 COVENANT HEALTH MACKINAW FACILITY CONDO ASSOCIATION 1447 N HARRISON SAGINAW MI 48602 453327179 CONDOMINIUM MI N/A C 1 COVENANT SERVICES CORP 1447 N HARRISON SAGINAW MI 48602 HEALTHCARE MI N/A C 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 COVENANT MEDICAL CENTER B 416417 FMV COVENANT MEDICAL CENTER O 287712 FMV COVENANT MEDICAL CENTER P 667598 FMV