Nonprofit · EIN 42-1264647
COVENANT MEDICAL CENTER INC
Tax-exempt · WATERLOO, IA 50702
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $436,425,740 | $406,563,697 | $29,862,043 | $443,097,341 | $227,049,243 | $216,048,098 |
| June 30, 2024 | 990 | $401,603,286 | $375,191,522 | $26,411,764 | $244,970,247 | $62,599,324 | $182,370,923 |
| June 30, 2023 | 990 | $328,841,980 | $335,820,032 | -$6,978,052 | $225,227,682 | $75,413,148 | $149,814,534 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $1,922,650
- of which government grants
- $881,583
- Program service revenue
- $426,863,616
- Investment income
- $2,702,608
- Net rental income
- $133,488
- Net gain from sales of assets
- $557,089
- Net income from fundraising events
- $9,525
- Net income from sales of inventory
- $122,062
- Other revenue
- $4,936,866
Expenses
- Grants and similar amounts paid
- $269,324
- Compensation of officers, directors and key employees
- $3,157,228
- Other salaries and wages
- $164,971,907
- Salaries, compensation and benefits (total)
- $203,239,875
- Professional fundraising fees
- $0
- Legal fees
- $3,460
- Occupancy
- $5,269,267
- Travel
- $344,454
- Depreciation
- $10,258,953
- Program services (functional)
- $358,316,631
- Management and general (functional)
- $48,247,066
Balance sheet and other
- Total assets, start of year
- $244,970,247
- Total assets, end of year
- $443,097,341
- Total liabilities, end of year
- $227,049,243
- Net assets, end of year
- $216,048,098
- Land, buildings and equipment
- $106,941,084
- Publicly traded securities
- $110,886,601
- Net assets without donor restrictions
- $216,048,098
- Gross unrelated business income
- $2,081,365
- Gross receipts
- $436,745,460
- Employees
- 2,987
- Volunteers
- 140
- Year formed
- 1985
- State of legal domicile
- IA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| KURT ANDERSEN MD | DIRECTOR AS OF 1/25; PRES CENTRAL IA Trustee or director | 1 | $0 | $1,685,852 | $245,442 |
| AHSAN MAQSOOD MD | PHYSICIAN - CARDIOLOGY Highest-paid employee | 50 | $1,822,907 | $0 | $60,535 |
| RICHARD NAYLOR DO | PHYSICIAN - ORTHOPEDICS Highest-paid employee | 50 | $1,825,436 | $0 | $53,188 |
| VICTOR MUJICA MD | PHYSICIAN - GASTROENTEROLOGY Highest-paid employee | 50 | $1,370,823 | $0 | $60,326 |
| GARY KNUDSON MD | PHYSICIAN - ORTHOPEDICS Highest-paid employee | 50 | $1,349,355 | $0 | $50,688 |
| JASON STANFORD DO | PHYSICIAN - ORTHOPEDICS Highest-paid employee | 50 | $1,291,625 | $0 | $49,353 |
| JACK DUSENBERY | FORMER OFFICER Former | 0 | $706,410 | $0 | $21,700 |
| MATTHEW SOJKA MD | VP, MEDICAL AFFAIRS Key employee | 40 | $80,567 | $521,425 | $51,050 |
| RYAN MEYER | COO Officer | 40 | $0 | $452,520 | $104,768 |
| RACHELLE MAKINDE MD | DIR; V CHAIR AS OF 12/24; PHYSICIAN Trustee or director, Officer | 47 | $489,105 | $0 | $55,526 |
| KELLY RICHARDS | CHIEF NURSING OFFICER Key employee | 40 | $58,939 | $397,725 | $48,284 |
| BRIAN BURNETT MD | DIRECTOR; PHYS - FAMILY MEDICINE Trustee or director | 47 | $418,705 | $0 | $61,569 |
| TIMOTHY HUBER | ASSISTANT TREASURER; VP OF FINANCE Officer | 40 | $340,743 | $0 | $56,525 |
| NANCY SCHAEFER | ASSISTANT SECRETARY; EXEC ASSISTANT Officer | 37 | $72,333 | $0 | $5,194 |
| DAVID DEAVER | DIRECTOR; CHAIR Trustee or director, Officer | 1 | $0 | $0 | $0 |
5 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| SANDRA BENAK | DIRECTOR Trustee or director | 1 | $0 |
| BRYAN BURTON | DIRECTOR AS OF 1/25 Trustee or director | 1 | $0 |
| NANCY KERTZ | DIRECTOR AS OF 1/25 Trustee or director | 1 | $0 |
| ALAN KRUGER | DIRECTOR THROUGH 12/24 Trustee or director | 1 | $0 |
| CAROL TOUSLEY | DIRECTOR Trustee or director | 1 | $0 |
990 for the year ended June 30, 2024: 19 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| JACK DUSENBERY | FORMER OFFICER Former | 0 | $764,091 | $0 | $974,659 |
| AHSAN MAQSOOD MD | PHYSICIAN - CARDIOLOGY Highest-paid employee | 50 | $1,666,715 | $0 | $60,085 |
| RICHARD NAYLOR DO | PHYSICIAN - ORTHOPEDICS Highest-paid employee | 50 | $1,605,978 | $0 | $56,483 |
| VICTOR MUJICA MD | PHYSICIAN - GASTROENTEROLOGY Highest-paid employee | 50 | $1,275,186 | $0 | $62,792 |
| JASON STANFORD DO | PHYSICIAN - ORTHOPEDICS Highest-paid employee | 50 | $1,165,853 | $0 | $58,220 |
| GARY KNUDSON MD | PHYSICIAN - ORTHOPEDICS Highest-paid employee | 50 | $1,138,987 | $0 | $52,914 |
| MICHAEL WEGNER | DIR 8-12/23; PRES MERCY IA THR 12/23 Trustee or director | 1 | $0 | $1,018,938 | $65,930 |
| MATTHEW SOJKA MD | VP, MEDICAL AFFAIRS Key employee | 40 | $501,683 | $0 | $48,997 |
| RACHELLE MAKINDE MD | DIRECTOR; PHYSICIAN Trustee or director | 47 | $464,239 | $0 | $49,506 |
| BRIAN BURNETT MD | DIRECTOR; PHYSICIAN Trustee or director | 47 | $394,031 | $0 | $63,806 |
| RYAN MEYER | COO Officer | 40 | $125,643 | $229,614 | $70,530 |
| KELLY RICHARDS | CHIEF NURSING OFFICER Key employee | 40 | $337,146 | $0 | $56,270 |
| TIMOTHY HUBER | ASSISTANT TREASURER; VP OF FINANCE Officer | 40 | $312,625 | $0 | $64,341 |
| NANCY SCHAEFER | ASSISTANT SECRETARY; EXEC ASSISTANT Officer | 37 | $68,374 | $0 | $5,616 |
| DAVID DEAVER | DIRECTOR; CHAIR Trustee or director, Officer | 1 | $0 | $0 | $0 |
| SANDRA BENAK | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| TIMOTHY BOETTGER | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| ALAN KRUGER | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| CAROL TOUSLEY | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
990 for the year ended June 30, 2023: 23 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| ROBERT RITZ | DIRECTOR; CEO MERCY HEALTH NETWORK Trustee or director | 1 | $0 | $1,923,691 | $64,471 |
| RICHARD NAYLOR DO | PHYSICIAN - ORTHOPEDICS Highest-paid employee | 50 | $1,467,750 | $0 | $52,460 |
| AHSAN MAQSOOD MD | PHYSICIAN - CARDIOLOGY Highest-paid employee | 50 | $1,374,513 | $0 | $56,103 |
| VICTOR MUJICA MD | PHYSICIAN - GASTROENTEROLOGY Highest-paid employee | 50 | $1,244,546 | $0 | $58,700 |
| SANGEETA SHAH MD | PHYSICIAN - NEUROLOGY Highest-paid employee | 50 | $1,070,110 | $0 | $58,645 |
| GARY KNUDSON MD | PHYSICIAN - ORTHOPEDICS Highest-paid employee | 50 | $1,031,690 | $0 | $49,449 |
| JACK DUSENBERY | DIR & PRES, MERCYONE NE IA THR 4/23 Trustee or director, Officer | 46 | $705,049 | $0 | $45,779 |
| MATTHEW SOJKA MD | VP, MEDICAL AFFAIRS Key employee | 48 | $460,897 | $0 | $43,906 |
| RACHELLE MAKINDE MD | DIRECTOR; PHYSICIAN Trustee or director | 47 | $449,922 | $0 | $45,723 |
| BRIAN BURNETT MD | DIRECTOR; PHYSICIAN Trustee or director | 47 | $363,552 | $0 | $59,266 |
| TIMOTHY HUBER | ASSISTANT TREASURER; VP OF FINANCE Officer | 47 | $288,515 | $0 | $59,758 |
| KELLY RICHARDS | CHIEF NURSING OFFICER Key employee | 48 | $261,858 | $0 | $44,208 |
| RYAN MEYER | VP SITE ADMINISTRATOR Key employee | 48 | $13,614 | $183,801 | $36,058 |
| JEFFREY HALVERSON | FRMR KE; VP PHYS NETWORK THR 5/22 Former | 0 | $139,056 | $0 | $15,537 |
| NANCY SCHAEFER | ASSISTANT SECRETARY; EXEC ASSISTANT Officer | 37 | $65,485 | $0 | $5,395 |
| DAVID DEAVER | DIRECTOR; CHAIR Trustee or director, Officer | 1 | $0 | $0 | $0 |
| SANDRA BENAK | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| TIM BOETTGER | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| SHIRLEY DUNLAP | DIRECTOR THROUGH 12/22 Trustee or director | 1 | $0 | $0 | $0 |
| ALAN KRUGER | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| CASEY MCLAUGHLIN | DIRECTOR THROUGH 12/22 Trustee or director | 1 | $0 | $0 | $0 |
| GREGORY SCHMITZ | DIRECTOR THROUGH 12/22 Trustee or director | 1 | $0 | $0 | $0 |
| CAROL TOUSLEY | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 3421 W 9TH ST, WATERLOO, IA 50702-5401
- In care of
- % TIMOTHY HUBER
- Principal officer (990 for 2024)
- RYAN MEYER, 3421 WEST NINTH STREET, WATERLOO, IA 50702
- Signed the 990
- TIMOTHY HUBER, VP OF FINANCE
- Phone
- (319) 272-8000
Mission
WE, COVENANT MEDICAL CENTER AND TRINITY HEALTH, SERVE TOGETHER IN THE SPIRIT OF THE GOSPEL AS A COMPASSIONATE AND TRANSFORMING HEALING PRESENCE WITHIN OUR COMMUNITIES. COVENANT MEDICAL CENTER IS A MEMBER OF TRINITY HEALTH.
Program accomplishments
- COVENANT MEDICAL CENTER IN WATERLOO, IOWA (MERCYONE WATERLOO) IS A 346-BED, FULL-SERVICE, MULTI-SPECIALTY HOSPITAL THAT PROVIDES INPATIENT AND OUTPATIENT HEALTH CARE SERVICES TO SUPPORT THE COMMUNITY'S HEALTH CARE NEEDS. SERVICES PROVIDED INCLUDE INTENSIVE CARE; OPERATING AND RECOVERY ROOMS FOR BOTH INPATIENT AND OUTPATIENT SURGERIES AND PROCEDURES; AN ACCREDITED REHABILITATION PROGRAM SERVING INPATIENTS; ACCREDITED CANCER AND BREAST CARE CENTERS; WOMEN'S HEALTH CARE SERVICES INCLUDING OB/GYN AND MIDWIFERY, BIRTH CENTER, AND THE AREA'S ONLY LEVEL II NEONATAL INTENSIVE CARE PROGRAM; COMPREHENSIVE IMAGING AND RADIOLOGY SERVICES; LABORATORY; RESPIRATORY THERAPY; CARDIOVASCULAR SERVICES, INCLUDING GENERAL INTERVENTIONAL CARDIOLOGY AND ELECTROPHYSIOLOGY AND AN ACCREDITED CHEST PAIN CENTER; AND INPATIENT AND OUTPATIENT BEHAVIORAL HEALTH SERVICES.MERCYONE WATERLOO ALSO HAS PHYSICIAN PRACTICES WITH PRIMARY CARE AND SPECIALTY PHYSICIANS, PHYSICIAN ASSISTANTS, NURSE PRACTITIONERS AND NUMEROUS HEALTH CARE PROFESSIONALS WHO SHARE THE COMMON GOAL OF PROVIDING QUALITY INTEGRATED HEALTH CARE SERVICES TO INDIVIDUALS THROUGHOUT NORTHEAST IOWA. PLEASE SEE SCHEDULE H AND VISIT OUR WEBSITE FOR ADDITIONAL INFORMATION ABOUT OUR SERVICES AND SPECIALTIES:WWW.MERCYONE.ORG/LOCATION/MERCYONE-WATERLOO-MEDICAL-CENTER-0Expenses $358,316,631 · grants $269,324 · revenue $429,454,042
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 42-1264647
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Hospital or medical research organization
- Exempt since
- 1946
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Health care (E220)
- Group exemption
- 0928: UNITED STATES CATHOLIC CONFERENCE
- Assets (IRS master file)
- $443,097,341
- Income (IRS master file)
- $436,745,460
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $436,425,740 | $406,563,697 | $443,097,341 | IRS |
| 990-T | June 2025 | – | – | – | IRS |
| 990 | June 2024 | $401,603,286 | $375,191,522 | $244,970,247 | IRS |
| 990-T | June 2024 | – | – | – | IRS |
| 990 | June 2023 | $328,841,980 | $335,820,032 | $225,227,682 | XML |
| 990-T | June 2023 | – | – | – | IRS |
| 990 | June 2022 | $319,111,884 | $335,364,281 | $232,340,664 | IRS |
| 990-T | June 2022 | – | – | – | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990-T | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 42-1264647).
Questions about COVENANT MEDICAL CENTER INC
- What is the EIN of COVENANT MEDICAL CENTER INC?
- The employer identification number (EIN) of COVENANT MEDICAL CENTER INC is 42-1264647.
- Is COVENANT MEDICAL CENTER INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1946.
- Which annual return does COVENANT MEDICAL CENTER INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of COVENANT MEDICAL CENTER INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did COVENANT MEDICAL CENTER INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of COVENANT MEDICAL CENTER INC?
- The 990 for the year ended June 30, 2025 names RYAN MEYER.
- Who are the officers and directors of COVENANT MEDICAL CENTER INC?
- The 990 for the year ended June 30, 2025 lists 20 people; 12 received compensation from the organization.
- How much revenue does COVENANT MEDICAL CENTER INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $436,425,740, expenses of $406,563,697 and total assets of $443,097,341 at year end.
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