Onward Homes
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.
D+
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.
90%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 90 cents are available for programs.
My anchor
OVERVIEW
About Onward Homes:
Onward Homes is a 2-star charity with a D+ results reporting score, which is below average. It has negative funding reserves, and its overhead costs are within Ci’s reasonable range for overhead spending. For every dollar donated to the charity, 90 cents are available for the cause.
Founded in 2022 through the merger of Horizon Housing Society (founded in 1984) and Forward Housing Association (1976), Onward Homes provides affordable housing to Calgarians. It believes in the Housing First principle, which states that housing is necessary for well-being. Onward Homes serves low-income Calgarians, including those with mental health and mobility challenges. It works with 60 social services agencies that refer and support residents.
Onward Homes owns and operates 1,700 units in 31 buildings. It houses over 3,000 Calgarians. On average, a one-bedroom apartment offered by Onward Homes is 40-50% less per month than the average market rate. Onward Homes offers three different types of properties. Mixed-income properties do not need a referral from a partner agency. Onward Homes advertises these units on rental websites when available. Seniors self-contained independent housing is available to individuals below the Core Needs Income Threshold. Onward Homes prioritizes applicants aged 65+ for these spots. Affordable housing properties are available to people referred by a social services agency.
Onward Homes is currently working on two new developments. Killarney is a 29-unit building. Currie is a proposed four-storey multi-family apartment building with 72 units. The federal government provided funding for this project. Onward Homes has not released a start date for construction.
My anchor
Results and Impact
Charity Intelligence did not find any quantified outcomes on Onward Home’s website. This may not be a complete representation of Onward Home’s results and impact. This charity is not yet rated for impact (n/r).
My anchor
Finances
Onward Homes’ audited financial statement for the fiscal year ending March 2023 (F2023) is an amalgamation of Horizon Housing Society and Forward Housing Association as if they have always been combined. The two agreed to combine operations on November 15, 2022.
Onward Homes is a small charity in terms of donations, with $512k in donations in F2023. It also received $699k (4% of total revenue) in government funding. Most of its revenue comes from rental income, which is $11.4m (73% of total revenue) in F2023. Administrative costs are 10% of revenue (excluding investment income) and the charity reported no fundraising costs. Overhead spending is 10%, which is within Ci’s reasonable range for overhead spending. For every dollar donated, 90 cents are available for the cause. In F2023, Onward Homes spent $9.9m on its programs, which is 63% of its revenue.
In F2023, Onward Homes had a surplus of $3.9m and spent $3.8m on capital expenditures.
Funding reserves are negative due to a total debt of $59.8m from mortgages related to Onward Homes’ properties.
This charity report is an update that was sent for review to Onward Homes. Changes and edits may be forthcoming.
Profile created on May 30, 2024 by Thea Clark
Financial Review
Fiscal year ending March
|
2023 | 2022 | 2021 |
|---|---|---|---|
| Administrative costs as % of revenues | 10.1% | 4.7% | 3.0% |
| Fundraising costs as % of donations | 0.0% | 0.0% | 0.1% |
| Total overhead spending | 10.0% | 4.7% | 3.1% |
| Program cost coverage (%) | (375.7%) | (597.9%) | (437.6%) |
Summary Financial StatementsAll figures in $000s |
2023 | 2022 | 2021 |
|---|---|---|---|
| Donations | 512 | 6,054 | 16,958 |
| Government funding | 699 | 5,330 | 647 |
| Fees for service | 11,417 | 5,419 | 4,790 |
| Investment income | 598 | 77 | 78 |
| Other income | 2,517 | 549 | 471 |
| Total revenues | 15,743 | 17,429 | 22,945 |
| Program costs | 9,876 | 4,135 | 4,064 |
| Administrative costs | 1,522 | 819 | 679 |
| Fundraising costs | 0 | 0 | 20 |
| Other costs | 442 | 343 | 189 |
| Total spending | 11,841 | 5,297 | 4,953 |
| Cash flow from operations | 3,902 | 12,132 | 17,992 |
| Capital spending | 3,836 | 20,656 | 26,778 |
| Funding reserves | (37,101) | (24,722) | (17,787) |
Note: This review does not consolidate financial statements from Horizon West Housing Society (HWHS) with Horizon Housing Society, though the two distinct non-profits have the same board of directors. HWHS is not a registered charity in Canada. Ci included interest expenses and bad debt expenses in Other costs.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
3 |
$80k - $120k |
5 |
$40k - $80k |
2 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2023
My anchor
Comments & Contact
Comments added by the Charity:
DEFERRED REVENUE: Onward Homes uses deferred accounting. To show donors this information on a consistent basis, Ci adjusts for these deferred revenues. This affected revenue by ($80.3k) in F2023, ($287k) in F2022 and $127k in F2021.
Charity Contact
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: (403)-297-1746