Fung Loy Kok Institute of Taoism
STAR RATINGCi's Star Rating is calculated based on the following independent metrics: |
✖
FINANCIAL TRANSPARENCY
Audited financial statements available only through official request for information from Charities Directorate.
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.
13%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 13 cents are available for programs.
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OVERVIEW
About Fung Loy Kok Institute of Taoism:
Fung Loy Kok Institute of Taoism is a 1-star charity. It has $12.4m in funding reserves that can cover annual program costs for over 10 years. The charity's overhead costs are outside Ci's reasonable range for overhead spending. Before you give, read Charity Intelligence's report.
Founded in 1983, Fung Loy Kok Institute of Taoism (FLKIT) works to promote Taoist philosophy and Chinese culture through public education, and maintaining temples and shrines. Most of its programs focus on teaching the Taoist Tai Chi practices of Master Moy Lin Shin.
Taoist Tai Chi is a set of 108 movements, intended to engage the whole body and increase relaxation. FLKIT observes teachings from Confucianism, Buddhism and Taoism. The charity is based in Canada and controls Fung Loy Kok Taoist Tai Chi International.
In F2020, FLKIT reports 34,425 participants in its Taoist Arts workshops in 26 countries around the world. It also runs 370 temples and shrines across Canada and through its affiliated organizations in other countries.
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Results and Impact
In 2017, Fung Loy Kok Institute of Taoism surveyed 11,000 people internationally and found that 78% reported feeling more comfortable socially, having more friends, and feeling a greater sense of purpose because of Taoist Tai Chi. 86% of respondents reported improved mood, concentration, and better overall mental health.
In F2016, Fung Loy Kok Institute of Taoism surveyed 6,000 Canadian Tai Chi participants to examine the health effects of Tai Chi. Of the respondents, 87% reported improved balance, 67% experienced mental health effects, 14% saw doctors less frequently, and 7% say they avoided surgery because of Tai Chi. Among respondents who reported improved health, 81% began seeing benefits within one year of starting Tai Chi.
While Charity Intelligence highlights these key results, they may not be a complete representation of Fung Loy Kok’s results.
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Finances
Fung Loy Kok Institute of Taoism received $781k in donations and special events revenue during F2020. This is a 40% decrease from F2019. The charity collected $1.6m in fees for service from participants, reflecting 38% of total revenue. This is a 62% decrease in fees for service revenue from F2019. Administrative costs are 81% of revenues less investment income, and fundraising costs are 6% of donations. This results in total overhead spending of 87%. For every dollar donated, 13 cents go to the cause. This is outside of Ci’s reasonable range for overhead spending.
Fung Loy Kok has $12.4m in funding reserves which could cover annual program costs for 10 years, or the 3-year average annual program costs for 5.4 years.
This charity report is an update to be sent to Fung Loy Kok Institute of Taoism for review. Changes and edits may be forthcoming.
Updated on July 22, 2022 by Emma Saganowich.
Financial Review
Fiscal year ending December
|
2020 | 2019 | 2018 |
|---|---|---|---|
| Administrative costs as % of revenues | 80.8% | 37.4% | 33.6% |
| Fundraising costs as % of donations | 6.3% | 7.1% | 23.7% |
| Total overhead spending | 87.1% | 44.4% | 57.3% |
| Program cost coverage (%) | 1,037.3% | 276.7% | 114.0% |
Summary Financial StatementsAll figures in $000s |
2020 | 2019 | 2018 |
|---|---|---|---|
| Donations | 599 | 1,291 | 1,214 |
| International donations | 18 | 15 | 41 |
| Fees for service | 1,604 | 4,173 | 4,354 |
| Business activities (net) | 167 | 178 | 208 |
| Special events | 182 | 304 | 672 |
| Investment income | 1,659 | 256 | 17 |
| Other income | 48 | 430 | 128 |
| Total revenues | 4,276 | 6,646 | 6,635 |
| Program costs | 1,195 | 2,882 | 2,864 |
| Administrative costs | 2,115 | 2,387 | 2,224 |
| Fundraising costs | 49 | 113 | 446 |
| Other costs | 101 | 392 | 338 |
| Total spending | 3,461 | 5,774 | 5,872 |
| Cash flow from operations | 815 | 872 | 763 |
| Capital spending | 63 | 75 | 129 |
| Funding reserves | 12,397 | 7,976 | 3,264 |
Note: Ci has included expense recovery in other income increasing income and expenses by $104k in F2018. Ci has included cash donated from Taoist Tai Chi Society of Canada, affecting revenues by $nil in F2020, $78k in F2019, and $nil in F2018. Administrative and fundraising costs are as reported on the charity’s T3010 filing with the CRA.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
1 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
1 |
$80k - $120k |
3 |
$40k - $80k |
5 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2020
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Comments & Contact
Comments added by the Charity:
Charity Contact
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Tel: 1-416-656-2110