Homes for Heroes Foundation
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.
C
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.
82%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 82 cents are available for programs.
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OVERVIEW
About Homes for Heroes Foundation:
Homes for Heroes Foundation is a 2-star rated, financially transparent charity. It has a below average results reporting grade and its overhead costs are within Ci’s reasonable range. Homes for Heroes Foundation has $3.4m in reserve funds, which can cover five years and two months of program costs.
Founded in 2017, Homes for Heroes Foundation (H4HF) works to end veteran homelessness in Canada. The charity builds Tiny Home Villages and provides support services to help Canadian Armed Forces (CAF) veterans reintegrate into society.
Homes for Heroes Foundation states that of the 629,000 veterans living in Canada, 32% face difficulties transitioning from military to civilian life. It adds that around 5,000 CAF veterans are homeless and veterans make up 2.2% of Canada’s homeless shelter population.
The charity does not provide a total program spending, nor does it provide a breakdown of spending per program.
In F2022, the charity had two veteran villages; one in Calgary and one in Edmonton. It is working on building villages in Kingston and Winnipeg. Each village has 15 to 20 “tiny homes” of less than 300 square feet in size. The villages also include a central resource centre, social workers offices, a community garden and other amenities.
To help veterans transition to civilian life, Homes for Heroes Foundation provides personalised counselling and support. This can include financial advice, addiction recovery support and help finding jobs. The goal is for veterans to be self-sufficient after their temporary stay in a “tiny home”.
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Results and Impact
Charity Intelligence did not find any quantified outcomes on Homes for Heroes Foundation’s website. This may not be a complete representation of H4HF's results and impact.
This charity is not yet rated on impact (n/r).
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Finances
Homes for Heroes Foundation is financially transparent. Its most recent audited financial statements are publicly available on its website.
Homes for Heroes Foundation received $3.9m in monetary donations and special events revenue in F2022. It received $1.7m in non-cash donations, included below as goods in kind. The charity also received $1.5m in government funding, representing 21% of total revenue. Administrative costs are 2% of revenues (excluding investment income), and fundraising costs are 10% of donations. This means that for every dollar donated to the charity, 88 cents are available for programs, which is within Ci's reasonable range for overhead spending.
H4HF has reserve funds of $3.4m which can cover five years and two months of annual program costs.
In F2022, Homes for Heroes Foundation paid $18k plus GST to a board member’s company.
In F2022, Homes for Heroes Foundation paid external fundraisers $326k to raise $3.6m, for a cost of 9 cents per dollar raised.
Ci has sent this profile update to Homes for Heroes Foundation for review. Changes and edits may be forthcoming.
Updated on July 12, 2023 by Victoria Allder.
Financial Review
Fiscal year ending December
|
2022 | 2021 | 2020 |
|---|---|---|---|
| Administrative costs as % of revenues | 2.4% | 3.9% | 3.5% |
| Fundraising costs as % of donations | 15.2% | 10.1% | 9.6% |
| Total overhead spending | 17.6% | 14.0% | 13.1% |
| Program cost coverage (%) | 381.9% | 143.6% | 818.5% |
Summary Financial StatementsAll figures in $000s |
2022 | 2021 | 2020 |
|---|---|---|---|
| Donations | 3,675 | 1,864 | 1,036 |
| Goods in kind | 1,696 | 836 | 0 |
| Government funding | 1,548 | 233 | 2,393 |
| Business activities (net) | 199 | 63 | 0 |
| Special events | 186 | 50 | 100 |
| Investment income | 50 | 5 | 5 |
| Other income | 140 | 0 | 0 |
| Total revenues | 7,496 | 3,051 | 3,534 |
| Program costs | 897 | 696 | 307 |
| Administrative costs | 179 | 118 | 123 |
| Fundraising costs | 589 | 193 | 109 |
| Other costs | 0 | 0 | 0 |
| Total spending | 1,665 | 1,007 | 539 |
| Cash flow from operations | 5,831 | 2,044 | 2,995 |
| Capital spending | 2,316 | 5,338 | 391 |
| Funding reserves | 3,427 | 999 | 2,512 |
Note: Ci did not include reimbursed expenses in revenue, affecting revenue by nil in F2022, ($25k) in F2021 and ($75k) in F2020. The charity’s audited financial statements do not provide activity-based costing, and the charity’s T3010 filing with the CRA does not reconcile with its financial statements. Hence, Ci has allocated line items to program, administrative and fundraising costs to the best of its ability but recognizes that this might not be an exact representation of the charity’s spending allocations. Ci backed out amortization pro-rata from program, fundraising, administrative and other costs.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
2 |
$80k - $120k |
1 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2022
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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: (403) 452-0888