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COVENANT HEALTH INVESTMENT TRUST: Form 990, tax year 2024

View the entire original 990 at ProPublica ↗

Organization
COVENANT HEALTH INVESTMENT TRUST (EIN 04-6835128)
Tax period
2024-01-01 to 2024-12-31
Filed
2025-11-05
IRS object ID
202523099349303707
Schema version
2024v5.2
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2025-11-05T15:41:37-06:00ReturnTs
Tax Period End2024-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN010494526PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Baker Newman Noyes LLCBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line1650 Elm Street Suite 302AddressLine1Txt
CityManchesterCityNm
State AbbreviationNHStateAbbreviationCd
ZIP03101ZIPCd
FieldValueIRS element (for citing)
Return Type990ReturnTypeCd
Tax Period Begin2024-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN046835128EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Covenant Health Investment TrustBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlCOVEBusinessNameControlTxt
Phone9786546363PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line140 Shattuck Road 317AddressLine1Txt
CityAndoverCityNm
State AbbreviationMAStateAbbreviationCd
ZIP01810ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonStephen GrubbsPersonNm
Person TitlePresident & CEOPersonTitleTxt
Phone9786546363PhoneNum
Signature2025-10-23SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info Curr0IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonConnor SmartPreparerPersonNm
PTINP02285543PTIN
Phone8002447444PhoneNum
Preparation2025-10-24PreparationDt
FieldValueIRS element (for citing)
Tax2024TaxYr
Build TS2025-03-06 01:10:19ZBuildTS

Form 990 IRS990

Doing Business As Name DoingBusinessAsName

FieldValueIRS element (for citing)
Business Name Line1Providentia Prima TrustBusinessNameLine1Txt
FieldValueIRS element (for citing)
Principal OfficerStephen GrubbsPrincipalOfficerNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line140 Shattuck Road 317AddressLine1Txt
CityAndoverCityNm
State AbbreviationMAStateAbbreviationCd
ZIP01810ZIPCd
FieldValueIRS element (for citing)
Gross Receipts$80,999,250GrossReceiptsAmt
Group Return For Affiliates0GroupReturnForAffiliatesInd
Organization501c3Yes (X)Organization501c3Ind
Website Addresscovenantheath.netWebsiteAddressTxt
Type Of Organization TrustYes (X)TypeOfOrganizationTrustInd
Formation1996FormationYr
Legal Domicile StateMALegalDomicileStateCd
Activity Or MissionCovenant 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)ActivityOrMissionDesc
Voting Members Governing Body13VotingMembersGoverningBodyCnt
Voting Members Independent12VotingMembersIndependentCnt
Total Employee0TotalEmployeeCnt
Total Volunteers14TotalVolunteersCnt
Total Gross UBI$0TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm$0NetUnrelatedBusTxblIncmAmt
PY Contributions Grants$0PYContributionsGrantsAmt
CY Contributions Grants$0CYContributionsGrantsAmt
PY Program Service Revenue$0PYProgramServiceRevenueAmt
CY Program Service Revenue$0CYProgramServiceRevenueAmt
PY Investment Income-$4,632,096PYInvestmentIncomeAmt
CY Investment Income$10,513,988CYInvestmentIncomeAmt
PY Other Revenue$0PYOtherRevenueAmt
CY Other Revenue$0CYOtherRevenueAmt
PY Total Revenue-$4,632,096PYTotalRevenueAmt
CY Total Revenue$10,513,988CYTotalRevenueAmt
PY Grants And Similar Paid$0PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid$0CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members$0PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid$0PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid$0CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns$0PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$1,079,411PYOtherExpensesAmt
CY Other Expenses$938,821CYOtherExpensesAmt
PY Total Expenses$1,079,411PYTotalExpensesAmt
CY Total Expenses$938,821CYTotalExpensesAmt
PY Revenues Less Expenses-$5,711,507PYRevenuesLessExpensesAmt
CY Revenues Less Expenses$9,575,167CYRevenuesLessExpensesAmt
Total Assets BOY$265,170,840TotalAssetsBOYAmt
Total Assets EOY$260,230,079TotalAssetsEOYAmt
Total Liabilities BOY$0TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$265,170,840NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$260,230,079NetAssetsOrFundBalancesEOYAmt
MissionCovenant 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)MissionDesc
Significant New Program Srvc0SignificantNewProgramSrvcInd
Significant Change0SignificantChangeInd
Expense$0ExpenseAmt
Grant$0GrantAmt
Revenue$0RevenueAmt
DescCovenant 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).Desc
Described In Section501c3Yes (1)DescribedInSection501c3Ind
Schedule B Required0ScheduleBRequiredInd
Political Campaign Acty0PoliticalCampaignActyInd
Lobbying Activities0LobbyingActivitiesInd
Subject To Proxy Tax0SubjectToProxyTaxInd
Donor Advised Fund0DonorAdvisedFundInd
Conservation Easements0ConservationEasementsInd
Collections Of Art0CollectionsOfArtInd
Credit Counseling0CreditCounselingInd
Donor Rstr Or Quasi Endowments0DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment0ReportLandBuildingEquipmentInd
Report Investments Other SecYes (1)ReportInvestmentsOtherSecInd
Report Program Related Invst0ReportProgramRelatedInvstInd
Report Other Assets0ReportOtherAssetsInd
Report Other Liabilities0ReportOtherLiabilitiesInd
Include FIN48 FootnoteYes (1)IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt0IndependentAuditFinclStmtInd
Consolidated Audit Fincl StmtYes (1)ConsolidatedAuditFinclStmtInd
School Operating0SchoolOperatingInd
Foreign Office0ForeignOfficeInd
Foreign ActivitiesYes (1)ForeignActivitiesInd
More Than5000 K To Org0MoreThan5000KToOrgInd
More Than5000 K To Individuals0MoreThan5000KToIndividualsInd
Professional Fundraising0ProfessionalFundraisingInd
Fundraising Activities0FundraisingActivitiesInd
Gaming Activities0GamingActivitiesInd
Operate Hospital0OperateHospitalInd
Grants To Organizations0GrantsToOrganizationsInd
Grants To Individuals0GrantsToIndividualsInd
Schedule J RequiredYes (1)ScheduleJRequiredInd
Tax Exempt Bonds0TaxExemptBondsInd
Engaged In Excess Benefit Trans0EngagedInExcessBenefitTransInd
PY Excess Benefit Trans0PYExcessBenefitTransInd
Loan Outstanding0LoanOutstandingInd
Grant To Related Person0GrantToRelatedPersonInd
Business Rln With Org Mem0BusinessRlnWithOrgMemInd
Business Rln With Fam Mem0BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent0BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri0DeductibleNonCashContriInd
Deductible Art Contribution0DeductibleArtContributionInd
Terminate Operations0TerminateOperationsInd
Partial Liquidation0PartialLiquidationInd
Disregarded Entity0DisregardedEntityInd
Related EntityYes (1)RelatedEntityInd
Related Organization Ctrl Ent0RelatedOrganizationCtrlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org0TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp0ActivitiesConductedPrtshpInd
Schedule O RequiredYes (1)ScheduleORequiredInd
IRP Document0IRPDocumentCnt
IRP Document W2 G0IRPDocumentW2GCnt
Backup Wthld ComplianceYes (1)BackupWthldComplianceInd
Employee0EmployeeCnt
Unrelated Bus Incm Over Limit0UnrelatedBusIncmOverLimitInd
Foreign Financial Account0ForeignFinancialAccountInd
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd
Taxable Party Notification0TaxablePartyNotificationInd
Nondeductible Contributions0NondeductibleContributionsInd
Quid Pro Quo Contributions0QuidProQuoContributionsInd
Form8282 Property Disposed Of0Form8282PropertyDisposedOfInd
Rcv Fnds To Pay Prsnl Bnft Cntrct0RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct0PayPremiumsPrsnlBnftCntrctInd
Indoor Tanning Services0IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt0SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc0SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VIYes (X)InfoInScheduleOPartVIInd
Governing Body Voting Members13GoverningBodyVotingMembersCnt
Independent Voting Member12IndependentVotingMemberCnt
Family Or Business Rln0FamilyOrBusinessRlnInd
Delegation Of Mgmt DutiesYes (1)DelegationOfMgmtDutiesInd
Change To Org Documents0ChangeToOrgDocumentsInd
Material Diversion Or Misuse0MaterialDiversionOrMisuseInd
Members Or StockholdersYes (1)MembersOrStockholdersInd
Election Of Board MembersYes (1)ElectionOfBoardMembersInd
Decisions Subject To ApprovaYes (1)DecisionsSubjectToApprovaInd
Minutes Of Governing BodyYes (1)MinutesOfGoverningBodyInd
Minutes Of CommitteesYes (1)MinutesOfCommitteesInd
Officer Mailing Address0OfficerMailingAddressInd
Local Chapters0LocalChaptersInd
Form990 Provided To Gvrn BodyYes (1)Form990ProvidedToGvrnBodyInd
Conflict Of Interest PolicyYes (1)ConflictOfInterestPolicyInd
Annual Disclosure Covered PrsnYes (1)AnnualDisclosureCoveredPrsnInd
Regular Monitoring EnfrcYes (1)RegularMonitoringEnfrcInd
Whistleblower PolicyYes (1)WhistleblowerPolicyInd
Document Retention PolicyYes (1)DocumentRetentionPolicyInd
Compensation Process CEO0CompensationProcessCEOInd
Compensation Process Other0CompensationProcessOtherInd
Investment In Joint Venture0InvestmentInJointVentureInd
Other WebsiteYes (X)OtherWebsiteInd
Upon RequestYes (X)UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Stephen Grubbs President & CEOBusinessNameLine1Txt
FieldValueIRS element (for citing)
Phone9786546363PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line140 Shattuck Road 317AddressLine1Txt
CityAndoverCityNm
State AbbreviationMAStateAbbreviationCd
ZIP01810ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (16 entries)

TitleTitleTxtAverage Hours Per WeekAverageHoursPerWeekRtAverage Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRtIndividual Trustee Or DirectorIndividualTrusteeOrDirectorIndOfficerOfficerIndReportable Comp From OrgReportableCompFromOrgAmtReportable Comp From Rltd OrgReportableCompFromRltdOrgAmtOther CompensationOtherCompensationAmt
Stephen Grubbs
President & CEO1.0044.50Yes (X)Yes (X)$0$1,235,937$40,164
Lesley Adkinson E PhD RN
Director2.003.00Yes (X)$0$0$0
Mark W Anthoine Sr
Director2.002.00Yes (X)$0$0$0
Bruce Bonnell MD MPH
Director2.001.00Yes (X)$0$0$0
Robert A Clark
Director2.001.00Yes (X)$0$0$0
Catherine P Lovecchio PhD RN
Director2.001.00Yes (X)$0$0$0
Thomas Mortimer
Director2.003.00Yes (X)$0$0$0
Cherie Noe MD
Director (end 2/2024)2.001.00Yes (X)$0$0$0
Sr Catherine O'Connor
Director2.001.00Yes (X)$0$0$0
Gino J Pazzaglini
Director2.001.00Yes (X)$0$0$0
Louise Trottier
Director2.002.00Yes (X)$0$0$0
John Oliverio
Chair2.002.00Yes (X)Yes (X)$0$0$0
Kenneth E Arnold
Vice Chair (end 6/2024)2.001.00Yes (X)Yes (X)$0$0$0
Ralph Jenkins
Director; Vice Chair (start 6/2024)2.001.00Yes (X)Yes (X)$0$0$0
Kathy Connerton JD MBA
Treasurer2.001.00Yes (X)Yes (X)$0$0$0
Stephen Forney
SVP and Chief Financial Officer1.0040.60Yes (X)$0$817,738$36,123
FieldValueIRS element (for citing)
Total Reportable Comp From Org$0TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org$2,053,675TotReportableCompRltdOrgAmt
Total Other Compensation$76,287TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K0IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed0FormerOfcrEmployeesListedInd
Total Comp Greater Than150 KYes (1)TotalCompGreaterThan150KInd
Compensation From Other Srcs0CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp

Contractor Name ContractorName

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1US BankBusinessNameLine1Txt

Contractor Address ContractorAddress

US Address USAddress

FieldValueIRS element (for citing)
Address Line160 Livingston AvenueAddressLine1Txt
CitySt PaulCityNm
State AbbreviationMNStateAbbreviationCd
ZIP55107ZIPCd
FieldValueIRS element (for citing)
ServicesInvestment managementServicesDesc
Compensation$938,821CompensationAmt
FieldValueIRS element (for citing)
Cntrct Rcvd Greater Than100 K1CntrctRcvdGreaterThan100KCnt

Investment Income InvestmentIncomeGrp

FieldValueIRS element (for citing)
Total Revenue Column$5,242,636TotalRevenueColumnAmt
Exclusion$5,242,636ExclusionAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

FieldValueIRS element (for citing)
Securities$75,756,614SecuritiesAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

FieldValueIRS element (for citing)
Securities$70,485,262SecuritiesAmt

Gain Or Loss GainOrLossGrp

FieldValueIRS element (for citing)
Securities$5,271,352SecuritiesAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

FieldValueIRS element (for citing)
Total Revenue Column$5,271,352TotalRevenueColumnAmt
Exclusion$5,271,352ExclusionAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$10,513,988TotalRevenueColumnAmt
Related Or Exempt Func Income$0RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue$0UnrelatedBusinessRevenueAmt
Exclusion$10,513,988ExclusionAmt

Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp

FieldValueIRS element (for citing)
Total$938,821TotalAmt
Management And General$938,821ManagementAndGeneralAmt

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$938,821TotalAmt
Program Services$0ProgramServicesAmt
Management And General$938,821ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

FieldValueIRS element (for citing)
BOY$3,330,295BOYAmt
EOY$4,078,230EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

FieldValueIRS element (for citing)
BOY$98,894,735BOYAmt
EOY$75,337,353EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

FieldValueIRS element (for citing)
BOY$162,945,810BOYAmt
EOY$180,814,496EOYAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$265,170,840BOYAmt
EOY$260,230,079EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$0BOYAmt
EOY$0EOYAmt
FieldValueIRS element (for citing)
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind

Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp

FieldValueIRS element (for citing)
BOY$0BOYAmt
EOY$0EOYAmt

Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp

FieldValueIRS element (for citing)
BOY$0BOYAmt
EOY$0EOYAmt

Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp

FieldValueIRS element (for citing)
BOY$265,170,840BOYAmt
EOY$260,230,079EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$265,170,840BOYAmt
EOY$260,230,079EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$265,170,840BOYAmt
EOY$260,230,079EOYAmt
FieldValueIRS element (for citing)
Info In Schedule O Part XIYes (X)InfoInScheduleOPartXIInd
Reconcilation Revenue Expnss$9,575,167ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst$14,669,343NetUnrlzdGainsLossesInvstAmt
Other Changes In Net Assets-$29,185,271OtherChangesInNetAssetsAmt
Info In Schedule O Part XIIYes (X)InfoInScheduleOPartXIIInd
Method Of Accounting AccrualYes (X)MethodOfAccountingAccrualInd
Accountant Compile Or Review0AccountantCompileOrReviewInd
FS AuditedYes (1)FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

FieldValueIRS element (for citing)
Consolidated Basis Fincl StmtYes (X)ConsolidatedBasisFinclStmtInd
FieldValueIRS element (for citing)
Audit CommitteeYes (1)AuditCommitteeInd
Federal Grant Audit RequiredYes (1)FederalGrantAuditRequiredInd
Federal Grant Audit PerformedYes (1)FederalGrantAuditPerformedInd

Schedule A IRS990ScheduleA

FieldValueIRS element (for citing)
Supporting Organization509a3Yes (X)SupportingOrganization509a3Ind
Supporting Org Type1Yes (X)SupportingOrgType1Ind
Supported Organizations1SupportedOrganizationsCnt

Supported Org Information SupportedOrgInformationGrp

Supported Organization Name SupportedOrganizationName

FieldValueIRS element (for citing)
Business Name Line1Covenant Health IncBusinessNameLine1Txt
FieldValueIRS element (for citing)
EIN222484505EIN
Organization Type10OrganizationTypeCd
Governing Document Listed0GoverningDocumentListedInd
Support$10,003,000SupportAmt
Other Support$938,821OtherSupportAmt
FieldValueIRS element (for citing)
Supported Organizations Total1SupportedOrganizationsTotalCnt
Support Sum$10,003,000SupportSumAmt
Other Support Sum$938,821OtherSupportSumAmt

Form990 Sch A Supporting Org Form990SchASupportingOrgGrp

FieldValueIRS element (for citing)
Listed By Name Governing Doc0ListedByNameGoverningDocInd
Suprt Org No IRS Determination0SuprtOrgNoIRSDeterminationInd
Supported Org Section C4560SupportedOrgSectionC456Ind
Supported Org Not Organized US0SupportedOrgNotOrganizedUSInd
Organization Change Suprt Org0OrganizationChangeSuprtOrgInd
Support Non Supported OrgYes (1)SupportNonSupportedOrgInd
Payment Substantial Contribtr0PaymentSubstantialContribtrInd
Loan Disqualified Person0LoanDisqualifiedPersonInd
Controlled Disqualified Prsn0ControlledDisqualifiedPrsnInd
Disqualified Prsn Controll Int0DisqualifiedPrsnControllIntInd
Disqualified Prsn Ownr Int0DisqualifiedPrsnOwnrIntInd
Excess Business Holdings Rules0ExcessBusinessHoldingsRulesInd
Contribution Controller0ContributionControllerInd
Contribution Family0ContributionFamilyInd
Contribution35 Controlled0Contribution35ControlledInd

Form990 Sch A Type1 Suprt Org Form990SchAType1SuprtOrgGrp

FieldValueIRS element (for citing)
Power Appoint Majority Dir TrstYes (1)PowerAppointMajorityDirTrstInd
Operate Benefit Non Suprt Org0OperateBenefitNonSuprtOrgInd

Form990 Schedule A Part VI Form990ScheduleAPartVIGrp (3 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
Part IV, Section A, Line 1:While the Trust's supported organizations are not specifically named in the governing documents, they are limited to those qualifying tax-exempt affiliates within the Covenant Health System that are also qualifying and active shareholders, as explained below. The Trust serves as a pooled investment fund for Shareholders that are exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code, are not a private foundation under Section 509(a) of the Code, in connection with which such Shareholders may arrange for the investment through the Trust of funds which such Shareholders would otherwise be permitted to invest on their own. The Trust's governing documents make clear that no private individual, except for the compensation of direct-services, may benefit from the Trust's net assets. The Trust exists to provide pooled investment services and support to its shareholding-members. Shareholders must satisfy the conditions set forth above, but must additionally be members of the Covenant Health Affiliated System. Covenant Health Inc. must retains either a directly or indirect ownership interest in all of the Trust's shareholding, supported organizations. Additionally, shareholding, supported organizations of the Trust are designated and supported based on their class and percentage of ownership; shares are divided into Class A and Class B categories, which bestow various rights and privileges. It is the discretion of the Trustees to change these class-designations and the beneficial interests they carry.
Part IV, Section A, Line 6:The Trust exists to provide pooled-investment support-services to its Shareholders, which are required by the Trust's governing documents to be organizations exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code and to also be affiliated organizations under the Covenant Health System. Covenant Health, Inc., a Massachusetts based non-profit, is the parent of the System, and either directly controls all affiliated organizations within the System; Covenant Health, Inc. is also the principal shareholder of the Trust and is the named Supported Organization on the Trust's Schedule A, Part I, Line 12g. While the Trust may provide investment support-services to these affiliated organizations which are not themselves the named Supported Organization, all of these affiliated organizations are part of the Covenant Health System, and therefore services rendered on their behalf either directly or indirectly benefits Covenant Health, Inc.
Part I, Line 12g(vi), Other Support: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). Accordingly, in furtherance of this charitable mission, and as a result of its investment management activities, the Trust incurs investment management, advisory, fund custody, and transaction costs. These and other general operating expenses are incurred and paid for by the Trust, but are ultimately for the advancement and betterment of Covenant Health, Inc., and other support organizations within the Covenant Health System. Accordingly, these administrative and investment expenses have been reported on this Form 990, Schedule A, Part I, Line 12g(vi) as Other Support.

Schedule D IRS990ScheduleD

FieldValueIRS element (for citing)
Total Book Value Land Buildings$0TotalBookValueLandBuildingsAmt

Other Securities OtherSecuritiesGrp (5 entries)

DescDescBook ValueBookValueAmtMethod ValuationMethodValuationCd
Government Bonds$49,523,551F
Corporate Bonds$25,028,967F
IR&M Socially Responsible Core Bond$26,706,025F
Catholic Responsible Investment Equity$72,387,633F
SSGA Real Asset NI CTF$7,168,320F
FieldValueIRS element (for citing)
Total Book Value Securities$180,814,496TotalBookValueSecuritiesAmt
Footnote TextYes (X)FootnoteTextInd

Supplemental Information Detail SupplementalInformationDetail

FieldValueIRS element (for citing)
Form And Line ReferencePart X, Line 2:FormAndLineReferenceDesc
ExplanationCovenant and its member organizations are considered not-for-profit corporations as described in Section 501(c)(3) of the Internal Revenue Code and are exempt from federal income taxes on related income pursuant to Section 501(a) of the Code. Tax-exempt organizations could be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items including unrelated business income or tax status. Under guidance issued by the Financial Accounting Standards Board, assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the "more-likely-than-not" threshold, based upon the technical merits of the position. Estimated interest and penalties, if applicable, related to uncertain tax positions are included as a component of income tax expense. The System has evaluated the position taken on its filed tax returns. The System has concluded no uncertain income tax positions exist at December 31, 2024.ExplanationTxt

Schedule F IRS990ScheduleF

Account Activities Outside US AccountActivitiesOutsideUSGrp (7 entries)

RegionRegionTxtOfficesOfficesCntEmployeeEmployeeCntType Of Activities ConductedTypeOfActivitiesConductedTxtRegion Total ExpendituresRegionTotalExpendituresAmt
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,00Investment in funds domiciled in foreign jurisdictions$1,302,730
East Asia and the Pacific - Australia, Brunei, Burma, Cambodia,00Investment in funds domiciled in foreign jurisdictions$10,011,278
Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium00Investment in funds domiciled in foreign jurisdictions$33,519,766
Middle East and North Africa - Algeria, Bahrain, Djibouti, Egypt,00Investment in funds domiciled in foreign jurisdictions$713,383
North America - Canada and Mexico, but not the United States00Investment in funds domiciled in foreign jurisdictions$4,360,596
South Asia - Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal,00Investment in funds domiciled in foreign jurisdictions$817,477
South America00Investment in funds domiciled in foreign jurisdictions$586,697
FieldValueIRS element (for citing)
Subtotal Offices0SubtotalOfficesCnt
Subtotal Employees0SubtotalEmployeesCnt
Continuation Total Office0ContinuationTotalOfficeCnt
Continuation Total Employee0ContinuationTotalEmployeeCnt
Total Office0TotalOfficeCnt
Total Employee0TotalEmployeeCnt
Subtotal Spent$51,311,927SubtotalSpentAmt
Continuation Spent$0ContinuationSpentAmt
Total Spent$51,311,927TotalSpentAmt
Transfer To Foreign Corp0TransferToForeignCorpInd
Interest In Foreign Trust0InterestInForeignTrustInd
Foreign Corp OwnershipYes (1)ForeignCorpOwnershipInd
Passive Foreign Investmest Co0PassiveForeignInvestmestCoInd
Foreign Partnership0ForeignPartnershipInd
Boycott Countries0BoycottCountriesInd

Supplemental Information Detail SupplementalInformationDetail

FieldValueIRS element (for citing)
Form And Line ReferenceSchedule F, Part IV, Line 3:FormAndLineReferenceDesc
ExplanationThe organization did not have an ownership interest in any foreign corporation that is greater than the 10% filing threshold. Accordingly, IRS Form(s) 5471 is not required to be filed.ExplanationTxt

Schedule J IRS990ScheduleJ

FieldValueIRS element (for citing)
Severance Payment0SeverancePaymentInd
Supplemental Nonqual Rtr Plan0SupplementalNonqualRtrPlanInd
Equity Based Comp Arrngm0EquityBasedCompArrngmInd
Comp Based On Revenue Of Flng Org0CompBasedOnRevenueOfFlngOrgInd
Comp Bsd On Rev Related Orgs0CompBsdOnRevRelatedOrgsInd
Comp Bsd Net Earns Flng Org0CompBsdNetEarnsFlngOrgInd
Comp Bsd Net Earns Rltd Orgs0CompBsdNetEarnsRltdOrgsInd
Any Non Fixed Payments0AnyNonFixedPaymentsInd
Initial Contract Exception0InitialContractExceptionInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)

TitleTitleTxtBase Compensation Filing OrgBaseCompensationFilingOrgAmtCompensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmtBonus Filing OrganizationBonusFilingOrganizationAmountBonus Related OrganizationsBonusRelatedOrganizationsAmtOther Compensation Filing OrgOtherCompensationFilingOrgAmtOther Compensation Rltd OrgsOtherCompensationRltdOrgsAmtDeferred Compensation Flng OrgDeferredCompensationFlngOrgAmtDeferred Comp Rltd OrgsDeferredCompRltdOrgsAmtNontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmtNontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmtTotal Compensation Filing OrgTotalCompensationFilingOrgAmtTotal Compensation Rltd OrgsTotalCompensationRltdOrgsAmtComp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmtComp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt
Stephen Grubbs
President & CEO$0$805,455$0$400,000$0$30,482$0$10,350$0$29,814$0$1,276,101$0$0
Stephen Forney
SVP and Chief Financial Officer$0$511,279$0$300,000$0$6,459$0$0$0$36,123$0$853,861$0$0

Supplemental Information Detail SupplementalInformationDetail

FieldValueIRS element (for citing)
Form And Line ReferencePart I, Line 3FormAndLineReferenceDesc
ExplanationAny compensation paid to the trustees, directors, officers or key employees of the Organization is subject to the oversight and decisions of Covenant Health, a related tax-exempt organization. Every two-to-three years the Compensation Committee of the Covenant Health Board of Directors engages an external consultant to provide competitive market data from various survey sources, which is then used to develop recommendations for changes to the compensation program. Since 2003, the Compensation Committee has engaged a human resources consultant to conduct this analysis. Objectives of the analysis are to assess the compositeness of the total cash compensation levels of the senior leadership team, develop market based competitive salary ranges for all executive positions, and ensure that the annual incentive opportunities, if there are any, are competitive and reasonable.ExplanationTxt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (10 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
Form 990, Part VI, Section A, line 3The Board of Trustees delegated management duties to Cardinal Investment Management, Inc. (EIN 04-3391257).
Form 990, Part VI, Section A, line 6The interest in and membership of the Trust is divided into units referred to as "Shares" in the Trust's governing documents and Bylaws. The number of Shares that the Trust may have outstanding at any time is unlimited, but may be divided and grouped into different series of ownership. Each share of any particular series represents an equal proportionate share in the net assets (that is, the assets, liabilities, and cumulative income) of the Trust, as is assigned to such series. An entity may become a shareholder of the Trust if the prospective shareholder meets a number of conditions: 1. Is exempt from federal income tax under Section 501(c)(3) of the Code, and is not a private foundation under Section 509(a) of the Code; 2. Is affiliated with the Sisters of Charity of Montreal ("Grey Nuns"), a member of the health care system operated by Covenant Health Systems, or otherwise approved by the Board of Trustees; 3. Executes an investment agreement with the Trust, as prescribed by the Board of Trustees; and 4. Satisfies all other requirements for shareholders as may be set forth by the Board of Trustees from time to time. A shareholder of the Trust must be an affiliated organization of the Covenant Health System; and as Covenant Health, Inc. retains either direct or indirect control and membership over all of the Covenant Health affiliates, Covenant Health Inc. effectively serves as the Trust's principal shareholder.
Form 990, Part VI, Section A, line 7aIn the Trust's governing documents, Covenant Health, Inc., a Massachusetts non-profit corporation, is designated as the "Settlor". It is the power and responsibility of the Settlor to determine the number of Trustees serving on the Trust's Board, as well as to elect the Trustees to their position. Additionally, the Settlor retains the right and power to alter the terms of office of the Trustees, as well as lengthen or shorten the Trustees' terms of office. Covenant Health, Inc. is also a majority shareholder of the Trust.
Form 990, Part VI, Section A, line 7bShareholders may only vote on the Trust's governing decisions as such decisions relate to the net assets to which Shareholders' Series of Shares pertains. However, the Board of Trustees retains the power to change the voting privileges held by the Shareholders and their Series. Additionally, the ownership of Trust Property, and the right to conduct business with that property, is vested exclusively by the Trustees. Shareholders have no right to call for a division of property, profits, or other transactions except as it pertains to the beneficial interest bestowed on them by their ownership interest. However, Shareholders do retain the power to vote on the following issues, if certain circumstances and specific situations occur. Such decisions are also subject to the approval of the Board of Trustees and the Majority Shareholder; these decisions are listed in the governing documents as follows: (1) Termination of the Trust (2) Amendments to the Trust's Bylaws (3) Mergers, consolidations, and the sale of assets (4) Incorporation of the Trust (5) The handling of a court action and lawsuit (6) Other matters as allowed by the Trust from time to time
Form 990, Part VI, Section B, line 11bThe Form 990 is provided to the governing body for their review and approval prior to filing.
Form 990, Part VI, Section B, line 12cThis process is the responsibility of the Compliance Officer. A conflict of interest disclosure form is submitted to all leadership, board members, board committee members, employed physicians, medical directors and certain employees in key positions annually to be completed. Reminders are sent to all persons of interest to ensure that all conflict of interest disclosure forms are completed and collected.
Form 990, Part VI, Section B, line 15Any compensation paid to the trustees, directors, officers or key employees of the Organization is subject to the oversight and decisions of Covenant Health, a related tax-exempt organization. Every two-to-three years the Compensation Committee of the Covenant Health Board of Directors engages an external consultant to provide competitive market data from various survey sources, which is then used to develop recommendations for changes to the compensation program. Since 2003, the Compensation Committee has engaged a human resources consultant to conduct this analysis. Objectives of the analysis are to assess the compositeness of the total cash compensation levels of the senior leadership team, develop market based competitive salary ranges for all executive positions, and ensure that the annual incentive opportunities, if there are any, are competitive and reasonable.
Form 990, Part VI, Section C, line 19The Organization's Form 990, governing documents, conflict of interest policy, and financial statements are made available to the public upon request. The Organization's Form 990 is also made available on the website of its parent organization, Covenant Health, at the following web address: https://covenanthealth.net/financials/
Form 990, Part XI, line 9:Net transfers to affiliates -29,185,271.
Form 990, Part XII, Line 2c:The audit process has not changed from the previous year.

Schedule R IRS990ScheduleR

Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (37 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdEINEINPrimary ActivitiesPrimaryActivitiesTxtLegal Domicile StateLegalDomicileStateCdExempt Code SectionExemptCodeSectionTxtPublic Charity StatusPublicCharityStatusTxtBusiness Name Line1DirectControllingEntityName/BusinessNameLine1TxtControlled OrganizationControlledOrganizationIndDirect Controlling NADirectControllingNACd
Alternative Health Services
360 BroadwayBangorME04402010422885Home health and hospiceME501(c)(3)Line 10St Joseph Healthcare Foundation0
Bangor Nursing & Rehabilitation Center
103 Texas AvenueBangorME04401010538534Nursing home and restorative facilityME501(c)(3)Line 10Covenant Health Inc0
CHS of Waltham Inc dba Maristhill Nursing & Rehab Center
66 Newton StreetWalthamMA02453043333609Nursing home and restorative facilityMA501(c)(3)Line 10Covenant Health Inc0
CHS of Worcester Inc dba St Mary Care Center
39 Queen StreetWorchesterMA01610043419625Nursing home and restorative facilityMA501(c)(3)Line 10Covenant Health Inc0
Community Clinical Services
PO Box 7291LewistonME04243010409788Physician practiceME501(c)(3)Line 10St Mary's Health System0
Covenant Health Foundation Inc
40 Shattuck Road 317AndoverMA01810800199674Charitable foundationMA501(c)(3)Line 12a, ICovenant Health Inc0
Covenant Health Inc
40 Shattuck Road 317AndoverMA01810222484505Health care management and resource organizationMA501(c)(3)Line 100N/A
Fanny Allen Corporation Inc
40 Shattuck Road 317AndoverMA01810222495808Charitable foundationVT501(c)(3)Line 12a, ICovenant Health Inc0
Fanny Allen Holdings Inc
40 Shattuck Road 317AndoverMA01810030181052Real estate holding companyVT501(c)(3)Line 12a, ICovenant Health Inc0
Helping Hands of St Marguerite Inc
799 Concord AvenueCambridgeMA02138800199674Private home-care health servicesMA501(c)(3)Line 10Covenant Health Inc0
M & J Company
360 BroadwayBangorME04402222480150Lease holding companyME501(c)(2)St Joseph Healthcare Foundation0
Mary Immaculate Guild Inc
172 Lawrence StreetLawrenceMA01841463073987Supporting grants and donationsMA501(c)(3)Line 12a, ICovenant Health Inc0
MI Adult Day Health Care Center Inc
189 Maple StreetLawrenceMA01841042921888Adult day care servicesMA501(c)(3)Line 10Covenant Health Inc0
MI Management Inc
172 Lawrence StreetLawrenceMA01841042857794Assisted living servicesMA501(c)(3)Line 12a, ICovenant Health Inc0
MI Nursing Restorative Center Inc
172 Lawrence StreetLawrenceMA01841042104851Nursing home and restorative facilityMA501(c)(3)Line 10Covenant Health Inc0
MI Residential Community Inc
189 Maple StreetLawrenceMA01841042647207HUD low income housingMA501(c)(3)Line 10Covenant Health Inc0
MI Transportation Inc
189 Maple StreetLawrenceMA01841042921889Elderly transportation servicesMA501(c)(3)Line 10Covenant Health Inc0
Mount St Rita Health Centre
15 Sumner Brown RoadCumberlandRI02864050342330Nursing homeRI501(c)(3)Line 10Covenant Health Inc0
Neighborhood Housing Initiative
PO Box 7291LewistonME04243010539730Affordable housing servicesME501(c)(3)Line 10St Mary's Health System0
Penacook Place Inc
150 Water StreetHaverhillMA01830237090088Nursing homeMA501(c)(3)Line 10Covenant Health Inc0
Souhegan Nursing Association
24 North River RoadMilfordNH03055020222795Home health and hospiceNH501(c)(3)Line 10St Joseph Hospital of Nashua NH Inc0
St Joseph Ambulatory Care Inc
360 BroadwayBangorME04402222480373Physician practiceME501(c)(3)Line 10St Joseph Healthcare Foundation0
St Andre Health Care
407 Pool StreetBiddefordME04005010342399Nursing home and restorative facilityME501(c)(3)Line 10Covenant Health Inc0
St Joseph Healthcare Foundation
360 BroadwayBangorME04402222480149Healthcare foundationME501(c)(3)Line 10Covenant Health Inc0
St Joseph Hospital
360 BroadwayBangorME04402010212435Hospital and health care facilityME501(c)(3)Line 3St Joseph Healthcare Foundation0
St Joseph Manor Health Care
215 Thatcher StreetBrocktonMA02302042565937Nursing home and restorative facilityMA501(c)(3)Line 10Covenant Health Inc0
St Joseph's Hospital of Nashua NH Inc
172 Kinsley StreetNashuaNH03061020222215Hospital and health care facilityNH501(c)(3)Line 3Covenant Health Inc0
St Mary's D'Youville Pavilion
PO Box 7291LewistonME04243010211558Nursing home and restorative facilityME501(c)(3)Line 10St Mary's Health System0
St Mary's Health system
PO Box 7291LewistonME04243222504349Hospital and health care facilityME501(c)(3)Line 12a, ICovenant Health Inc0
St Mary's Regional Medical Center
PO Box 7291LewistonME04243010211551Hospital and health care facilityME501(c)(3)Line 3St Mary's Health System0
St Mary's Residences
PO Box 7291LewistonME04243222504356Low income housingME501(c)(3)Line 10St Mary's Health System0
St Mary's Villa Nursing Home Inc
675 St Marys Villa RoadMoscowPA18444232057177Nursing home and restorative facilityPA501(c)(3)Line 10Covenant Health Inc0
The Surgicenter at St Joseph Hospital Inc
172 Kinsley StreetNashuaNH03061020222215Healthcare and surgery centerNH501(c)(3)Line 10St Joseph Hospital of Nashua NH Inc0
Youville Hospital and Rehabilitation Center Inc
1575 Cambridge StreetCambridgeMA02138043239563Hospital and health care facilityMA501(c)(3)Line 10Youville Lifecare Inc0
Youville House Inc
1573 Cambridge StreetCambridgeMA02138043239593Assisted living servicesMA501(c)(3)Line 10Youville Lifecare Inc0
Youville Lifecare Inc
1575 Cambridge StreetCambridgeMA02138042103582Hospital and health care facilityMA501(c)(3)Line 10Covenant Health Inc0
Youville Place
10 Pelham RoadLexingtonMA02421043297834Assisted living servicesMA501(c)(3)Line 10Covenant Health Inc0

Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp (6 entries)

Address Line1ForeignAddress/AddressLine1TxtCityForeignAddress/CityNmCountryForeignAddress/CountryCdForeign PostalForeignAddress/ForeignPostalCdEINEINPrimary ActivitiesPrimaryActivitiesTxtLegal Domicile Foreign CountryLegalDomicileForeignCountryCdDirect Controlling NADirectControllingNACdEntity TypeEntityTypeTxtControlled OrganizationControlledOrganizationIndAddress Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdLegal Domicile StateLegalDomicileStateCd
Covenant Health Insurance LTD
PO Box 69Grand CaymanCJKY1-1102043360127Self-insurance companyCJN/AC0
Campus Holding
010406049Holding companyN/AC0PO Box 7291LewistonME04240ME
St Joseph Corporate Services Inc
020405197Holding companyN/AC0172 Kinsley StreetNashuaNH03060NH
Strauss Incorporated
010391369Repairs and transcriptionsN/AC0360 BroadwayBangorME04402ME
GNM Corporation
020400550Real estate holding companyN/AC0172 Kinsley StreetNashuaNH03060NH
SJ Physicians Services
020522234Physician practiceN/AC0172 Kinsley StreetNashuaNH03060NH
FieldValueIRS element (for citing)
Receipt Of Int Annts Rnts Rylts0ReceiptOfIntAnntsRntsRyltsInd
Gift Grnt Or Cap Contri To Oth Org0GiftGrntOrCapContriToOthOrgInd
Gift Grnt Cap Contri From Oth Org0GiftGrntCapContriFromOthOrgInd
Loans Or Guarantees To Other Org0LoansOrGuaranteesToOtherOrgInd
Loans Or Guarantees From Oth Org0LoansOrGuaranteesFromOthOrgInd
Div Related Organization0DivRelatedOrganizationInd
Asset Sale To Other Org0AssetSaleToOtherOrgInd
Asset Purchase From Other Org0AssetPurchaseFromOtherOrgInd
Asset Exchange0AssetExchangeInd
Rental Of Facilities To Oth Org0RentalOfFacilitiesToOthOrgInd
Rental Of Fclts From Oth Org0RentalOfFcltsFromOthOrgInd
Perform Of Services For Oth OrgYes (1)PerformOfServicesForOthOrgInd
Perform Of Services By Other Org0PerformOfServicesByOtherOrgInd
Sharing Of Facilities0SharingOfFacilitiesInd
Paid Employees Sharing0PaidEmployeesSharingInd
Reimbursement Paid To Other Org0ReimbursementPaidToOtherOrgInd
Reimbursement Paid By Other Org0ReimbursementPaidByOtherOrgInd
Transfer To Other OrgYes (1)TransferToOtherOrgInd
Transfer From Other OrgYes (1)TransferFromOtherOrgInd