COVENANT MEDICAL CENTER INC
3421 W 9TH ST, WATERLOO, IA · IRS data through FY2025
Revenue, expenses and net assets
Revenue Expenses Net assets
| Tax year | Revenue | Expenses | Net assets |
|---|---|---|---|
| FY2025 | $436,425,740 | $406,563,697 | $216,048,098 |
| FY2024 | $401,603,286 | $375,191,522 | $182,370,923 |
| FY2023 | $328,841,980 | $335,820,032 | $149,814,534 |
| FY2022 | $319,111,884 | $335,364,281 | $147,569,064 |
| FY2021 | $320,935,164 | $307,341,404 | $172,675,613 |
| FY2020 | $309,717,984 | $298,323,347 | $163,075,732 |
| FY2019 | $306,203,478 | $301,569,303 | $144,994,204 |
| FY2018 | $297,895,870 | $311,939,119 | $140,777,949 |
| FY2017 | $291,669,450 | $292,252,228 | $136,729,859 |
| FY2016 | $294,847,040 | $292,517,793 | $146,380,044 |
| FY2015 | $291,361,688 | $271,164,288 | $230,001,287 |
| FY2014 | $286,883,108 | $267,002,929 | $211,781,196 |
| FY2013 | $274,018,759 | $260,447,880 | $185,659,263 |
| FY2012 | $269,544,890 | $254,373,102 | $164,874,727 |
Where the revenue came from
| Source | Amount | % of revenue |
|---|---|---|
| Contributions & grants | $1,922,650 | 0% |
| Program service revenue | $426,863,616 | 100% |
Where the money was spent
| Category | Amount | % of expenses |
|---|---|---|
| Program services | $358,316,631 | 88% |
| Management & general | $48,247,066 | 12% |
| Fundraising | $0 | 0% |
What the numbers show
- Program service revenue made up 100% of total revenue in FY2025.
- Program services accounted for 88% of functional expenses, management & general 12%, and fundraising 0%.
- 88% of functional expenses went to program services in FY2025. That is higher than 58.8% of 68 Health Care organizations in IA.
- Net assets covered about 6.4 months of expenses at the end of the reporting year. That puts it in the 27th percentile among 268 Health Care organizations in IA.
- Total revenue was higher than 97.8% of 273 Health Care organizations in IA.
- Total revenue rose from $269,544,890 in FY2012 to $436,425,740 in FY2025, Revenue increased in 11 and decreased in 2 of 13 year-over-year comparisons.
- Expenses exceeded revenue in 4 of 14 reported years (FY2017, FY2018, FY2022, FY2023).
- Net assets grew from $164,874,727 to $216,048,098 between FY2012 and FY2025.
Figures compared against other organizations of the same NTEE program area in the same state. See the methodology page for how these are calculated and the guide to reading nonprofit financials for their limits.
About this organization
TO PROVIDE HEALTH CARE AND HOSPITAL SERVICES
IRS status
| Ruling year | 1946 |
| Subsection | 501(c)(3) |
| Classification | Public charity |
| Program area (NTEE) | E220 — Health Care (in IA) |
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Source: Internal Revenue Service — Exempt Organizations Business Master File (downloaded September 20, 2026), Statistics of Income extracts, Form 990 e-file data, Publication 78 and the Automatic Revocation list. Figures are as reported by the organization; IRS processing may adjust them. This is not a charity rating and not tax advice. Confirm deductibility in IRS Tax Exempt Organization Search.
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