Covenant Living Communities & Services

Covenant Living Communities & Services

Covenant Living Communities & Services was founded in 1980 as the senior-living arm of the Evangelical Covenant Church, operating under the administrative parent Covenant Ministries of Benevolence. Its roots trace back over a century of faith-based service to older adults, evolving into one of the nation's largest not-for-profit retirement housing organizations. Today the organization runs 20 communities from Washington to Florida, offering independent living, assisted living, skilled nursing, memory care, and rehabilitation. The organization's investment function flows through a single Combined Investment Fund, fed largely by refundable and non-refundable entrance fees from residents across its CCRCs. Asset-class exposure spans fixed-income instruments to fund operating reserves, real estate holdings tied directly to its 20 owned campuses, and a donated art collection held as a non-traditional store of value. The real-estate footprint reaches 11 states including Illinois, Florida, California, Colorado, and Washington. In 2024 the leadership baton passed from long-time CEO Terri Cunliffe to David Erickson, formerly the organization's General Counsel, signaling a governance transition that keeps strategic oversight within the Covenant Ministries of Benevolence structure. With an estimated $1–10 million in deployable assets according to Altss research, the Combined Investment Fund operates lean and mission-tethered. The leadership structure is deeply integrated with the Church; Covenant Ministries of Benevolence provides administrative oversight and manages the pooled vehicle. The organization maintains a Benevolent Care Fund and donor-advised funds, separating charitable subsidy operations from the investment pool. Erickson's appointment in 2024 marks the most significant recent governance event, bringing legal and operational continuity to the top post. Structural differentiation lies in its capitalized entrance-fee model: instead of soliciting perpetual outside donations, Covenant Living builds its durable capital base from residents' buy-in fees that are pooled, invested, and amortized across decades of service obligations. This creates a closed-loop funding architecture where investment returns directly subsidize the full continuum of on-campus care, blending characteristics of a captive insurance reserve with a real-estate holding company.