#109 - 645 Fort Street
Victoria, BC V8W 1G2
CEO: Sandra Richardson
Board Chair: Deirdre Roberts

Charitable Reg. #:13065 0898 RR0001


Ci's Star Rating is calculated based on the following independent metrics:

Not yet rated.



Audited financial statements for current and previous years available on the charity’s website.



Grade based on the charity's public reporting of the work it does and the results it achieves.



The demonstrated impact per dollar Ci calculates from available program information.


Charity's cash and investments (funding reserves) relative to how much it spends on programs in most recent year.



For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 67 cents are available for programs.

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About Victoria Foundation:

The Victoria Foundation is dedicated to improving the quality of life in its community through the stewardship of permanent funds and other gifts, and by grantmaking for charitable purposes on southern Vancouver Island. The Foundation gives grants in the following areas: arts, culture and heritage; community services; education; environment; and health and recreation. Grants are given through donor-directed funds, bequests and the Foundation’s Vital Victoria discretionary fund. The Foundation also manages endowment funds for charities, trust funds and scholarship funds. The Foundation also works on a number of community projects to improve the understanding of important issues in its community. These initiatives include: Every Step Counts (a therapeutic walking and running program), and Happiness Index (which measures and promotes well-being in Greater Victoria), among others.

In 2012, the Foundation gave grants to 59 organizations, totalling $8m. It hosted $59m in endowment funds for 107 charities, administered 2 trust funds worth $3m, and managed scholarship funds worth $48m. It was also involved in 8 community projects.

Notice to Donors: Charity Intelligence initially reported on community foundations given the large size of donations these foundations receive. In subsequent research and discussions with community foundations, their operating model does not fit with Charity Intelligence's analysis. Community foundations have significantly different cost structures, invested funds, and results that are not comparable with other charities. Donors looking to establish funds within community foundations should assess: 1. prior investment return track records, 2. restrictions on how much is paid out of funds each year to charities (the payout ratio maximum and minimum), 3. the quality of research provided in helping donors grant to charities, and 4. annual fees. Community foundations can provide services making giving easy, as do other financial service providers. Donors should talk with their financial advisor.

Charity Intelligence can update this report on Victoria Foundation if there is sufficient donor interest.

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Fundraising costs are 8% of donations, and administrative costs are 25% of revenues. The organization has funding reserves of $192m (of which $137m is donor-endowed), which cover annual program costs 60.5 times. Of the $137m donor-endowed funds, $59m are hosted funds. The Foundation had a return on investment of 10.6% in F2012, and a 10 year ROI of 6.9%. The Foundation paid 0.33% of fair value of assets in investment management and custodial fees in F2012. It charges an investment management fee of 0.75% of the fair value of assets.

Financial Review

Financial Ratios

Fiscal year ending December
Administrative costs as % of revenues 24.8%18.4%19.6%
Fundraising costs as % of donations 8.3%6.8%4.4%
Program cost coverage (%) 10,000.0%10,000.0%10,000.0%

Summary Financial Statements

All figures in $000s
Donations 5,7617,7886,568
Fees for service 454423415
Investment income 4,7034,3224,824
Total revenues 10,91812,53411,807
Grants 3,1752,8863,457
Donor-designated donations 5,3417,2766,304
Administrative costs 1,5411,5071,372
Fundraising costs 477530291
Other costs 300300295
Cash flow from operations 853488
Funding reserves 191,931175,586173,055

Note: Ci reported investment income gross of investment management fees and added these fees into expenses, increasing both revenue and expenses by $300k in F2012, $300k in F2011, and $295k in F2010. The breakdown between administration, fundriaising and program costs is based on our best estimate, as the charity does not provide a breakdown.

Salary Information

Full-time staff: 5

Avg. Compensation $84,947

Top 10 staff salary range

$350k +
$300k - $350k
$250k - $300k
$200k - $250k
$160k - $200k
$120k - $160k
$80k - $120k
$40k - $80k
< $40k

Information from most recent CRA Charities Directorate filings for F2011

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Comments & Contact

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Charity Contact

Website: www.victoriafoundation.bc.ca
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