Founded in 2005, Habitat for Humanity Iqaluit (Habitat Iqaluit) aims to help people across Northern Canada find affordable housing. As an affiliate of Habitat for Humanity Canada, Habitat Iqaluit shares its vision of creating a world where everyone has a safe place to live. The charity reports that 49% of homes in Nunavut are currently inadequate, overcrowded, or below housing standards.

Habitat Iqaluit’s main program is homeownership. It does not report how much it spent on programs in the most recent fiscal year.

The charity’s homeownership program helps low-income families buy affordable homes. The charity raises funds for land and materials to build new houses. Habitat Iqaluit sells its homes to eligible families with no down payment required, financed through interest-free mortgages paid over 20 years. To keep homes affordable, Habitat Iqaluit caps these mortgage payments at 30% of annual household income. The charity also requires each family to contribute 500 hours of “sweat equity” by volunteering to build homes. Habitat Iqaluit receives mortgage payments through a revolving fund used to finance future building projects.

Since founding, Habitat Iqaluit reports that it has built five homes. Due to the covid-19 pandemic, it postponed building plans for a sixth home in June 2021. It aims to start building the new home in summer 2022.

Charity Intelligence has scored Habitat Iqaluit as a zero in financial transparency since it did not provide its audited financial statements upon request. The following analysis refers to F2018, the most recent year of financials received from the CRA.

Habitat for Humanity Iqaluit is a small charity, with $176k in cash donations and special events revenue in F2018. It also received $72k in mortgage and rent payments, representing 27% of revenues. Habitat Iqaluit reported $4k in donations in kind, consisting entirely of donated professional fees. The charity does not report receiving any donated building materials.

Administrative costs are 24% of revenues (less investment income) and fundraising costs are 26% of donations and special events revenue. This results in total overhead spending of 50%. For every dollar donated to the charity, 50 cents go to the cause. This is outside of Ci’s reasonable range for overhead spending, which has been the case for all three years.

Habitat Iqaluit has $40k in net funding reserves ($100k in liquid assets less $60k in long-term debts). The charity can cover 49% or around six months of annual program costs with its funding reserves.

Habitat Iqaluit does not report any salaried employees on its annual filings with the CRA.

Charity Intelligence has sent this update to Habitat for Humanity Iqaluit for review. Changes and edits may be forthcoming.

Updated on August 11, 2021 by Eric Zhao.