2025-11-05T15:41:37-06:00 2024-12-31 010494526 Baker Newman Noyes LLC 650 Elm Street Suite 302 Manchester NH 03101 990 2024-01-01 046835128 Covenant Health Investment Trust COVE 9786546363 40 Shattuck Road 317 Andover MA 01810 Stephen Grubbs President & CEO 9786546363 2025-10-23 1 0 Connor Smart P02285543 8002447444 2025-10-24 2024 2025-03-06 01:10:19Z Providentia Prima Trust Stephen Grubbs 40 Shattuck Road 317 Andover MA 01810 80999250 0 X covenantheath.net X 1996 MA 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) 13 12 0 14 0 0 0 0 0 0 -4632096 10513988 0 0 -4632096 10513988 0 0 0 0 0 0 0 0 0 1079411 938821 1079411 938821 -5711507 9575167 265170840 260230079 0 0 265170840 260230079 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) 0 0 0 0 0 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). 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 13 12 0 1 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 X X Stephen Grubbs President & CEO 9786546363 40 Shattuck Road 317 Andover MA 01810 Stephen Grubbs President & CEO 1.00 44.50 X X 0 1235937 40164 Lesley Adkinson E PhD RN Director 2.00 3.00 X 0 0 0 Mark W Anthoine Sr Director 2.00 2.00 X 0 0 0 Bruce Bonnell MD MPH Director 2.00 1.00 X 0 0 0 Robert A Clark Director 2.00 1.00 X 0 0 0 Catherine P Lovecchio PhD RN Director 2.00 1.00 X 0 0 0 Thomas Mortimer Director 2.00 3.00 X 0 0 0 Cherie Noe MD Director (end 2/2024) 2.00 1.00 X 0 0 0 Sr Catherine O'Connor Director 2.00 1.00 X 0 0 0 Gino J Pazzaglini Director 2.00 1.00 X 0 0 0 Louise Trottier Director 2.00 2.00 X 0 0 0 John Oliverio Chair 2.00 2.00 X X 0 0 0 Kenneth E Arnold Vice Chair (end 6/2024) 2.00 1.00 X X 0 0 0 Ralph Jenkins Director; Vice Chair (start 6/2024) 2.00 1.00 X X 0 0 0 Kathy Connerton JD MBA Treasurer 2.00 1.00 X X 0 0 0 Stephen Forney SVP and Chief Financial Officer 1.00 40.60 X 0 817738 36123 0 2053675 76287 0 0 1 0 US Bank 60 Livingston Avenue St Paul MN 55107 Investment management 938821 1 5242636 5242636 75756614 70485262 5271352 5271352 5271352 10513988 0 0 10513988 938821 938821 938821 0 938821 0 3330295 4078230 98894735 75337353 162945810 180814496 265170840 260230079 0 0 X 0 0 0 0 265170840 260230079 265170840 260230079 265170840 260230079 X 9575167 14669343 -29185271 X X 0 1 X 1 1 1 X X 1 Covenant Health Inc 222484505 10 0 10003000 938821 1 10003000 938821 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 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. 0 Government Bonds 49523551 F Corporate Bonds 25028967 F IR&M Socially Responsible Core Bond 26706025 F Catholic Responsible Investment Equity 72387633 F SSGA Real Asset NI CTF 7168320 F 180814496 X Part X, Line 2: Covenant 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. Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 0 0 Investment in funds domiciled in foreign jurisdictions 1302730 East Asia and the Pacific - Australia, Brunei, Burma, Cambodia, 0 0 Investment in funds domiciled in foreign jurisdictions 10011278 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 0 0 Investment in funds domiciled in foreign jurisdictions 33519766 Middle East and North Africa - Algeria, Bahrain, Djibouti, Egypt, 0 0 Investment in funds domiciled in foreign jurisdictions 713383 North America - Canada and Mexico, but not the United States 0 0 Investment in funds domiciled in foreign jurisdictions 4360596 South Asia - Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, 0 0 Investment in funds domiciled in foreign jurisdictions 817477 South America 0 0 Investment in funds domiciled in foreign jurisdictions 586697 0 0 0 0 0 0 51311927 0 51311927 0 0 1 0 0 0 Schedule F, Part IV, Line 3: The 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. 0 0 0 0 0 0 0 0 0 Stephen Grubbs President & CEO 0 805455 0 400000 0 30482 0 10350 0 29814 0 1276101 0 0 Stephen Forney SVP and Chief Financial Officer 0 511279 0 300000 0 6459 0 0 0 36123 0 853861 0 0 Part I, Line 3 Any 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 A, line 3 The Board of Trustees delegated management duties to Cardinal Investment Management, Inc. (EIN 04-3391257). Form 990, Part VI, Section A, line 6 The 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 7a In 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 7b Shareholders 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 11b The Form 990 is provided to the governing body for their review and approval prior to filing. Form 990, Part VI, Section B, line 12c This 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 15 Any 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 19 The 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. Alternative Health Services 360 Broadway Bangor ME 04402 010422885 Home health and hospice ME 501(c)(3) Line 10 St Joseph Healthcare Foundation 0 Bangor Nursing & Rehabilitation Center 103 Texas Avenue Bangor ME 04401 010538534 Nursing home and restorative facility ME 501(c)(3) Line 10 Covenant Health Inc 0 CHS of Waltham Inc dba Maristhill Nursing & Rehab Center 66 Newton Street Waltham MA 02453 043333609 Nursing home and restorative facility MA 501(c)(3) Line 10 Covenant Health Inc 0 CHS of Worcester Inc dba St Mary Care Center 39 Queen Street Worchester MA 01610 043419625 Nursing home and restorative facility MA 501(c)(3) Line 10 Covenant Health Inc 0 Community Clinical Services PO Box 7291 Lewiston ME 04243 010409788 Physician practice ME 501(c)(3) Line 10 St Mary's Health System 0 Covenant Health Foundation Inc 40 Shattuck Road 317 Andover MA 01810 800199674 Charitable foundation MA 501(c)(3) Line 12a, I Covenant Health Inc 0 Covenant Health Inc 40 Shattuck Road 317 Andover MA 01810 222484505 Health care management and resource organization MA 501(c)(3) Line 10 N/A 0 Fanny Allen Corporation Inc 40 Shattuck Road 317 Andover MA 01810 222495808 Charitable foundation VT 501(c)(3) Line 12a, I Covenant Health Inc 0 Fanny Allen Holdings Inc 40 Shattuck Road 317 Andover MA 01810 030181052 Real estate holding company VT 501(c)(3) Line 12a, I Covenant Health Inc 0 Helping Hands of St Marguerite Inc 799 Concord Avenue Cambridge MA 02138 800199674 Private home-care health services MA 501(c)(3) Line 10 Covenant Health Inc 0 M & J Company 360 Broadway Bangor ME 04402 222480150 Lease holding company ME 501(c)(2) St Joseph Healthcare Foundation 0 Mary Immaculate Guild Inc 172 Lawrence Street Lawrence MA 01841 463073987 Supporting grants and donations MA 501(c)(3) Line 12a, I Covenant Health Inc 0 MI Adult Day Health Care Center Inc 189 Maple Street Lawrence MA 01841 042921888 Adult day care services MA 501(c)(3) Line 10 Covenant Health Inc 0 MI Management Inc 172 Lawrence Street Lawrence MA 01841 042857794 Assisted living services MA 501(c)(3) Line 12a, I Covenant Health Inc 0 MI Nursing Restorative Center Inc 172 Lawrence Street Lawrence MA 01841 042104851 Nursing home and restorative facility MA 501(c)(3) Line 10 Covenant Health Inc 0 MI Residential Community Inc 189 Maple Street Lawrence MA 01841 042647207 HUD low income housing MA 501(c)(3) Line 10 Covenant Health Inc 0 MI Transportation Inc 189 Maple Street Lawrence MA 01841 042921889 Elderly transportation services MA 501(c)(3) Line 10 Covenant Health Inc 0 Mount St Rita Health Centre 15 Sumner Brown Road Cumberland RI 02864 050342330 Nursing home RI 501(c)(3) Line 10 Covenant Health Inc 0 Neighborhood Housing Initiative PO Box 7291 Lewiston ME 04243 010539730 Affordable housing services ME 501(c)(3) Line 10 St Mary's Health System 0 Penacook Place Inc 150 Water Street Haverhill MA 01830 237090088 Nursing home MA 501(c)(3) Line 10 Covenant Health Inc 0 Souhegan Nursing Association 24 North River Road Milford NH 03055 020222795 Home health and hospice NH 501(c)(3) Line 10 St Joseph Hospital of Nashua NH Inc 0 St Joseph Ambulatory Care Inc 360 Broadway Bangor ME 04402 222480373 Physician practice ME 501(c)(3) Line 10 St Joseph Healthcare Foundation 0 St Andre Health Care 407 Pool Street Biddeford ME 04005 010342399 Nursing home and restorative facility ME 501(c)(3) Line 10 Covenant Health Inc 0 St Joseph Healthcare Foundation 360 Broadway Bangor ME 04402 222480149 Healthcare foundation ME 501(c)(3) Line 10 Covenant Health Inc 0 St Joseph Hospital 360 Broadway Bangor ME 04402 010212435 Hospital and health care facility ME 501(c)(3) Line 3 St Joseph Healthcare Foundation 0 St Joseph Manor Health Care 215 Thatcher Street Brockton MA 02302 042565937 Nursing home and restorative facility MA 501(c)(3) Line 10 Covenant Health Inc 0 St Joseph's Hospital of Nashua NH Inc 172 Kinsley Street Nashua NH 03061 020222215 Hospital and health care facility NH 501(c)(3) Line 3 Covenant Health Inc 0 St Mary's D'Youville Pavilion PO Box 7291 Lewiston ME 04243 010211558 Nursing home and restorative facility ME 501(c)(3) Line 10 St Mary's Health System 0 St Mary's Health system PO Box 7291 Lewiston ME 04243 222504349 Hospital and health care facility ME 501(c)(3) Line 12a, I Covenant Health Inc 0 St Mary's Regional Medical Center PO Box 7291 Lewiston ME 04243 010211551 Hospital and health care facility ME 501(c)(3) Line 3 St Mary's Health System 0 St Mary's Residences PO Box 7291 Lewiston ME 04243 222504356 Low income housing ME 501(c)(3) Line 10 St Mary's Health System 0 St Mary's Villa Nursing Home Inc 675 St Marys Villa Road Moscow PA 18444 232057177 Nursing home and restorative facility PA 501(c)(3) Line 10 Covenant Health Inc 0 The Surgicenter at St Joseph Hospital Inc 172 Kinsley Street Nashua NH 03061 020222215 Healthcare and surgery center NH 501(c)(3) Line 10 St Joseph Hospital of Nashua NH Inc 0 Youville Hospital and Rehabilitation Center Inc 1575 Cambridge Street Cambridge MA 02138 043239563 Hospital and health care facility MA 501(c)(3) Line 10 Youville Lifecare Inc 0 Youville House Inc 1573 Cambridge Street Cambridge MA 02138 043239593 Assisted living services MA 501(c)(3) Line 10 Youville Lifecare Inc 0 Youville Lifecare Inc 1575 Cambridge Street Cambridge MA 02138 042103582 Hospital and health care facility MA 501(c)(3) Line 10 Covenant Health Inc 0 Youville Place 10 Pelham Road Lexington MA 02421 043297834 Assisted living services MA 501(c)(3) Line 10 Covenant Health Inc 0 Covenant Health Insurance LTD PO Box 69 Grand Cayman CJ KY1-1102 043360127 Self-insurance company CJ N/A C 0 Campus Holding PO Box 7291 Lewiston ME 04240 010406049 Holding company ME N/A C 0 St Joseph Corporate Services Inc 172 Kinsley Street Nashua NH 03060 020405197 Holding company NH N/A C 0 Strauss Incorporated 360 Broadway Bangor ME 04402 010391369 Repairs and transcriptions ME N/A C 0 GNM Corporation 172 Kinsley Street Nashua NH 03060 020400550 Real estate holding company NH N/A C 0 SJ Physicians Services 172 Kinsley Street Nashua NH 03060 020522234 Physician practice NH N/A C 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1