The Food Bank of Waterloo Region
STAR RATINGCi's Star Rating is calculated based on the following independent metrics: |
✔+
FINANCIAL TRANSPARENCY
Audited financial statements for current and previous years available on the charity’s website.
A
RESULTS REPORTING
Grade based on the charity's public reporting of the work it does and the results it achieves.
n/r
DEMONSTRATED IMPACT
The demonstrated impact per dollar Ci calculates from available program information.
NEED FOR FUNDING
Charity's cash and investments (funding reserves) relative to how much it spends on programs in most recent year.
72%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 72 cents are available for programs.
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OVERVIEW
About The Food Bank of Waterloo Region:
Food Bank of Waterloo Region is a 3-star charity. It has a results reporting grade of A which is above average. For every dollar donated, 72 cents are available to go toward the cause. This is within Ci’s reasonable range.
Founded in 1980, the Food Bank of Waterloo Region (FBWR) obtains and distributes foods to the Waterloo community with the aim of having no one go hungry. In Waterloo, one in ten households struggle to put food on the table. Two years ago that number was one in 20 households. Due to supply chain issues, unemployment, and rising food prices, food insecurity rates are rapidly growing. In fiscal 2023 (year ended June), FBWR spent $1.4m on its programs. This is an 18% increase from the $1.1m spent on programming in F2022.
The Food Assistance Network is the charity’s main program. It is a network of over 120 community programs and agency partners working together to provide food and support to individuals in Waterloo. In F2023, FBWR reports on serving an average of 2,395 meals every day to 58,688 unique individuals This is a 45% increase from the 40,530 individuals served in F2022. The charity also reports that it served 7,459 new households during the year. Out of the 58,688 individuals, 35% are under the age of 18, 13% are single parents, and 10% have no income. The Food Assistance Network also operates a hamper program. In this program FBWR fills hamper baskets full of fresh and non-perishable food then distributes it. In F2023, 4.5 million pounds of food was sorted, and 62,070 fresh food hampers and 5,153 non-perishable food hampers were distributed. Another program that is a part of the Food Assistance Network is the Food Recovery program. In Canada, it is estimated that nearly 32% of lost and wasted food is edible and could have been redirected to help people. The Food Recovery program works with corporate, community, and food industry partners to redirect discarded food to people in need.
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Results and Impact
In F2023, the Food Bank of Waterloo Region distributed 7.2 million pounds of food. This is a 36% increase from the 5.3 million pounds distributed in F2022. In F2023, 58% of the food distributed was fresh or frozen.
While Ci highlights these key results, they may not be a complete representation of the Food Bank of Waterloo Region’s results and impact.
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Finances
The Food Bank of Waterloo Region received $8.1 million in donations in F2023. It also received $744k in government funding, representing 2.5% of total revenue. In F2023, FBWR also received $20.1m in donated goods, a 17% increase from F2022. Administrative costs are 10% of revenue and fundraising costs are 18% of donations. Overhead spending costs are 28% meaning that for every dollar donated, 72 cents are available to go toward the cause. This is within Ci’s reasonable range.
In F2023, the Food Bank of Waterloo Region has reserve funds of $11.6m. This means the charity can cover program costs for eight years and seven months. In F2023, FBWR had a surplus of $1.7m, a 57% decrease from F2022. It also spent $251k on capital expenditures in F2023.
Profile updated on May 30, 2024 by Abby Stout.
Financial Review
Fiscal year ending June
|
2023 | 2022 | 2021 |
---|---|---|---|
Administrative costs as % of revenues | 10.1% | 5.6% | 3.3% |
Fundraising costs as % of donations | 17.7% | 20.4% | 15.6% |
Total overhead spending | 27.8% | 26.0% | 18.9% |
Program cost coverage (%) | 860.5% | 1,085.3% | 301.8% |
Summary Financial StatementsAll figures in $000s |
2023 | 2022 | 2021 |
---|---|---|---|
Donations | 8,055 | 7,973 | 8,165 |
Goods in kind | 20,093 | 17,177 | 14,831 |
Government funding | 744 | 744 | 744 |
Investment income | 418 | (6) | 235 |
Total revenues | 29,309 | 25,888 | 23,976 |
Program costs | 1,351 | 1,143 | 3,280 |
Donated goods exp | 20,093 | 17,177 | 14,831 |
Administrative costs | 2,919 | 1,462 | 784 |
Fundraising costs | 1,422 | 1,626 | 1,270 |
Other costs | 1,535 | 202 | 149 |
Total spending | 27,320 | 21,610 | 20,314 |
Cash flow from operations | 1,989 | 4,278 | 3,662 |
Funding reserves | 11,623 | 12,406 | 9,897 |
Note: DEFERRED REVENUE: To report on a cash-basis, Ci adjusts for deferred revenue. This affected revenue by ($31k) in F2023, ($31k) in F2022, and ($850k) in F2021. ACTIVITY-BASED COSTING: FBWR does not use activity-based costing so Ci used the charity’s T3010 filing with the CRA to determine program and administrative costs. IN-KIND DONATIONS: Ci used the in-kind food donation expense to help break down food and cash gifts to qualified donees.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
1 |
$120k - $160k |
2 |
$80k - $120k |
4 |
$40k - $80k |
3 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2023
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Comments & Contact
Comments added by the Charity:
Charity Contact
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: (519) 743-5576