Covenant Ministries of Benevolence 
The information on this page was last updated 7/23/2026. If you see errors or omissions, please email: [email protected]
Summary
From 1886 to the present, our mission has been to make a difference in the lives of others.
Contact information
Mailing address:
Covenant Ministries of Benevolence
4055 W Peterson Avenue # 106
Chicago, IL 60646
Website: cmb.org
Phone: (773) 938-4508
Email: [email protected]
Organization details
EIN: 363486813
CEO/President: Todd Schlecta
Chairman: Mary Palmer
Board size: 22
Founder:
Ruling year: 1975
Tax deductible: Yes
Fiscal year end: 09/30
Member of ECFA: No
Member of ECFA since:
Purpose
Covenant Ministries of Benevolence (CMB) is known for its solid and strategic connections to the conferences, churches, clergy and other institutions of the Evangelical Covenant Church. It is known as a strong, healthy, financially viable and innovatively parallel ministry.
Mission statement
The mission of Covenant Ministries of Benevolence is to partner with the Evangelical Covenant Church to advance the ministry of Jesus Christ through development and support services to promote life-enhancing ministries.
Statement of faith
Donor confidence score
Show donor confidence score details
To understand our donor confidence score, click here.
Transparency grade
D
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Community Development
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 1222 of 1435 | 118 of 148 |
| Fund acquisition rating | | 537 of 1435 | 47 of 148 |
| Resource allocation rating | | 1285 of 1435 | 133 of 148 |
| Asset utilization rating | | 1264 of 1436 | 128 of 148 |
To understand our financial efficiency ratings, click here.
Financial ratios
| Funding ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 6% | 0% | 0% | 0% | 0% | 0% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 4% | 0% | 0% | 0% | 0% | 0% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 91% | 14% | 13% | 4% | 10% | 3% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 5% | 0% | 0% | 0% | 0% | 0% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 9% | 86% | 87% | 96% | 90% | 97% |
| Operating ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Program expense ratio Program expense ratio = Program services / Total expenses | 83% | 68% | 70% | 71% | 71% | 64% |
Spending ratio Spending ratio = Total expenses / Total revenue | 96% | 81% | 80% | 79% | 59% | 25% |
Program output ratio Program output ratio = Program services / Total revenue | 79% | 55% | 56% | 56% | 42% | 16% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 4% | 19% | 20% | 21% | 41% | 75% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 4% | 2% | 2% | 3% | 5% | 37% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 11% | 32% | 30% | 29% | 29% | 36% |
| Investing ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 1.02 | 0.09 | 0.09 | 0.09 | 0.07 | 0.11 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 1.89 | 2.00 | 1.92 | 1.90 | 1.46 | 1.46 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 2.14 | 0.17 | 0.16 | 0.18 | 0.10 | 0.16 |
| Liquidity ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Current ratio Current ratio = Total current assets / Total current liabilities | 12.56 | 816.69 | 3592.58 | 634.43 | 1193.08 | 505.24 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 4.79 | 70.19 | 73.01 | 67.43 | 119.73 | 76.58 |
| Solvency ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 10% | 9% | 12% | 16% | 14% | 14% |
Debt ratio Debt ratio = Debt / Total assets | 0% | 0% | 0% | 0% | 0% | 0% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 77% | 1061% | 1029% | 901% | 1250% | 805% |
Financials
| Balance sheet | |||||
| Assets | 2024 | 2023 | 2022 | 2021 | 2020 |
| Cash | $1,060,733 | $2,233,374 | $2,244,261 | $1,538,369 | $747,880 |
| Receivables, inventories, prepaids | $2,375,839 | $1,834,932 | $1,705,239 | $1,813,484 | $1,767,775 |
| Short-term investments | $26,432,269 | $24,014,890 | $23,675,489 | $38,334,242 | $35,479,687 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $29,868,841 | $28,083,196 | $27,624,989 | $41,686,095 | $37,995,342 |
| Long-term investments | $25,284,215 | $21,224,383 | $22,190,162 | $16,443,308 | $14,873,348 |
| Fixed assets | $795,521 | $801,544 | $808,102 | $836,952 | $866,042 |
| Other long-term assets | $3,797,040 | $3,762,091 | $1,759,244 | $1,905,911 | $1,767,578 |
| Total long-term assets | $29,876,776 | $25,788,018 | $24,757,508 | $19,186,171 | $17,506,968 |
| Total assets | $59,745,617 | $53,871,214 | $52,382,497 | $60,872,266 | $55,502,310 |
| Liabilities | 2024 | 2023 | 2022 | 2021 | 2020 |
| Payables and accrued expenses | $36,573 | $7,817 | $43,543 | $34,940 | $75,203 |
| Other current liabilities | $0 | $0 | $0 | $0 | $0 |
| Total current liabilities | $36,573 | $7,817 | $43,543 | $34,940 | $75,203 |
| Debt | $0 | $0 | $0 | $0 | $0 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $5,597,354 | $6,372,216 | $8,103,146 | $8,675,624 | $7,584,452 |
| Total long-term liabilities | $5,597,354 | $6,372,216 | $8,103,146 | $8,675,624 | $7,584,452 |
| Total liabilities | $5,633,927 | $6,380,033 | $8,146,689 | $8,710,564 | $7,659,655 |
| Net assets | 2024 | 2023 | 2022 | 2021 | 2020 |
| Without donor restrictions | $3,662,452 | $3,562,949 | $3,122,602 | $2,574,934 | $2,317,023 |
| With donor restrictions | $50,449,238 | $43,928,232 | $41,113,206 | $49,586,768 | $45,525,632 |
| Net assets | $54,111,690 | $47,491,181 | $44,235,808 | $52,161,702 | $47,842,655 |
| Revenues and expenses | |||||
| Revenue | 2024 | 2023 | 2022 | 2021 | 2020 |
| Total contributions | $872,368 | $738,050 | $276,275 | $686,643 | $683,659 |
| Program service revenue | $3,159,448 | $2,778,721 | $3,595,149 | $2,773,713 | $3,556,668 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $1,818,301 | $1,819,501 | $1,562,295 | $2,999,044 | $18,613,662 |
| Other revenue | $442,993 | $426,162 | $817,653 | $568,959 | $750,000 |
| Total other revenue | $5,420,742 | $5,024,384 | $5,975,097 | $6,341,716 | $22,920,330 |
| Total revenue | $6,293,110 | $5,762,434 | $6,251,372 | $7,028,359 | $23,603,989 |
| Expenses | 2024 | 2023 | 2022 | 2021 | 2020 |
| Program services | $3,487,528 | $3,245,352 | $3,485,017 | $2,978,157 | $3,786,709 |
| Management and general | $1,612,880 | $1,369,100 | $1,423,340 | $1,196,368 | $2,155,219 |
| Fundraising | $0 | $0 | $0 | $0 | $0 |
| Total expenses | $5,100,408 | $4,614,452 | $4,908,357 | $4,174,525 | $5,941,928 |
| Change in net assets | 2024 | 2023 | 2022 | 2021 | 2020 |
| Surplus (deficit) | $1,192,702 | $1,147,982 | $1,343,015 | $2,853,834 | $17,662,061 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | $1,192,702 | $1,147,982 | $1,343,015 | $2,853,834 | $17,662,061 |
Compensation
| Name | Title | Compensation |
| Linda Stuhmer | Asst. Sec., SVP and General Counsel | $469,419 |
| Todd Slechta | Ex-Officio/President of Cmb & Cic | $365,122 |
| Scott Hanson | SVP of Finance | $240,419 |
| Tammy Swanson-Draheim | Director/Ex-Officio/Ecc Pres | $214,141 |
| Ron Anderson | Accounting Manager | $156,814 |
| David Boggs | Executive Director | $143,470 |
| Marit Johnson Awes | Assistant Secretary | $142,574 |
| Dana Norton | Campus Executive Director | $109,123 |
| Katie Pagani | Assistant Secretary | $85,687 |
Compensation data as of: 9/30/2024
Response from ministry
No response has been provided by this ministry.
The information below was provided to MinistryWatch by the ministry itself. It was last updated 7/23/2026. To update the information below, please email: [email protected]
History
Outreach is fundamental to the Evangelical Covenant Church. Despite meager resources, the Swedish immigrants who founded the denomination in 1886 were determined to live their Christian faith in the streets as well as in the pews. They created the Home of Mercy in Chicago. The all-purpose refuge housed a hospital on the first floor, a home for the aged on the second and an orphanage on the third.
With these three focuses - caring for the sick, the aged, and children in need- the Home of Mercy grew into the wide-ranging family of ministries we support today. This is reflected in a variety of healthcare services; a family of retirement communities; and intellectual developmental services for children and adults
Perhaps more importantly, those ministries established the service imperative that remains the foundation of our mission. Over the years, we transformed our ministries to respond to changing times. We expanded our services and responded to the new demands of society. Yet at the core, our goal is simple: We strive to bring love, comfort and healing to God's family-to follow the Lord's great commandment to serve.
https://cmb.org/wp-content/uploads/2024/02/DOWNLOAD-CMB-History-Book.pdf