Victoria Cool Aid Society is a 4-star, financially transparent charity with a below-average B- results reporting grade. Its reserves are negative due to long-term mortgage debt on its properties. Its 21% overhead means that for every dollar donated, 81 cents are available to go to the cause.

Founded in 1976 and operating in Victoria, Victoria Cool Aid Society (VCAS) builds and operates supportive housing, affordable rental apartments, and an emergency shelter for people in need. The charity also runs a health and dental clinic. According to the charity, 1,665 people live on the streets each night in Victoria, with 45% of the city’s homeless population facing a mental health or other medical conditions.

VCAS runs three programs: Housing, Health & Support Services, and Shelter. It spent $38.9m on its programs in the March 2025 fiscal year (F2025).

Housing was 51% ($19.8m) of VCAS’ program spending. The charity operates 102 subsidized housing units where tenants pay an average $1,600 monthly rent (Victoria’s market rent averages $2,189). In F2025, VCAS completed the Crosstown Affordable Housing project where it expects to add 154 new units to its housing portfolio. The charity also moved 56 residents into The Lily supportive housing community in F2025.

Health & Support Services was 30% ($11.7) of VCAS’ program spending. The charity operates a community medical and dental centre as well as a mobile health clinic. It also provides job training services at this centre. In F2025, VCAS’ medical centre staff reported 52,320 health encounters with 3,310 patients. The charity also recorded 4,351 visits at its dental office, filled out 77,000 pharmacy prescriptions, and provided 223 sets of dentures in F2025.

Shelter was 19% ($7.4m) of VCAS’ program spending. The charity operates a 125-bed emergency shelter where it serves over 25,000 meals to those in need. In F2025, VCAS housed 391 people at its shelter.

Victoria Cool Aid Society’s audited financial statements do not fully separate expenses into program, administrative, and fundraising activities as it uses line-item costing. This means Ci referred to its T3010 filings from the CRA when reporting expense activities.

In F2025, VCAS received $3.6m in donations (7% of total revenue) and $35.8m of government funding (70% of revenue). The charity also earned $8.1m from its rental properties and pharmacy (16% of revenue) in F2025.

Administrative costs are just under 9% of total revenue excluding investment income and fundraising costs are just under 11% of donations. Its 21% overhead means that for every dollar donated, 81 cents are available to go to the cause. This is within Ci’s reasonable range.

VCAS’ fundraising costs are possibly understated in F2025 since its F2025 T3010 filings are not yet available at the time of this profile update.

VCAS spent $38.9m on its programs in F2025 – a 3% increase from $37.7m spent in F2024. In addition to completing the Crosstown Affordable Housing project, the charity is opening a new community health centre situated near newly built housing.

The charity’s ($7.1m) F2025 capital spending reflects funds spent on Crosstown Affordable Housing construction costs, as well as the proceeds from the sale of property to BC Housing.

At the end of F2025, VCAS had $11.9m gross and ($30.2m) net reserve funds, $338k of which was donor endowed. Ci backed out $42.1m of mortgage debt from its gross reserve. Excluding debt, its reserves can cover 30% or just under four months of its annual program spending.

Profile updated by Julian Dranitsaris on August 19, 2025. Comments and corrections may be forthcoming.

Questions? Contact jdranitsaris@charityintelligence.ca