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.
40%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 40 cents are available for programs.
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Programs
About Fung Loy Kok Institute of Taoism:
Founded in 1983, Fung Loy Kok Institute of Taoism (FLKIT) works to reduce suffering by teaching the 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 F2016, FLKIT reported having approximately 12,000 Canadian participants of Taoist Tai Chi. Many of the participants attend weekly classes or weekend events.
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Results and Impact
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, 5,194 reported improved balance, 4,036 experienced mental health effects, 841 saw doctors less frequently, and 438 say they avoided surgery because of Tai Chi. Among respondents who reported improved health, 81% (4,184) began seeing benefits within one year of starting Tai Chi.
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Finances
Fung Loy Kok Institute of Taoism is a medium-sized charity, receiving $2.3m in donations and special events revenue during F2017. The charity collected $4.7m in fees for service from participants, reflecting 62% of total revenue. Administrative costs are 30% of revenues less investment income, and fundraising costs are 30% of donations. For every dollar donated, 40 cents go to the cause. This is outside of Ci’s reasonable range for overhead spending.
Ci calculates $3.8m in F2017 FLKIT gross funding reserves, an increase of 313% from $929k in F2016. The charity has $7.6m in interest-bearing liabilities, producing the negative program cost coverage. Excluding interest-bearing liabilities, FLKIT could cover 1.3 years of program costs using reserve funds.
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 June 4, 2019 by Madison Kerr.
Financial Review
Fiscal year ending December
|
2017 | 2016 | 2015 |
|---|---|---|---|
| Administrative costs as % of revenues | 30.1% | 30.9% | 18.5% |
| Fundraising costs as % of donations | 29.9% | 22.6% | 23.1% |
| Program cost coverage (%) | (136%) | (254.8%) | (227.7%) |
Summary Financial StatementsAll figures in $000s |
2017 | 2016 | 2015 |
|---|---|---|---|
| Donations | 1,402 | 1,743 | 2,086 |
| International donations | 0 | 0 | 0 |
| Fees for service | 4,709 | 4,620 | 4,556 |
| Business activities (net) | 191 | 189 | 229 |
| Special events | 947 | 994 | 946 |
| Investment income | 66 | (73) | 0 |
| Other income | 237 | 97 | 1,703 |
| Total revenues | 7,551 | 7,569 | 9,520 |
| Program costs | 2,777 | 2,737 | 3,110 |
| Grants | 8 | 102 | 1 |
| Administrative costs | 2,249 | 2,359 | 1,763 |
| Fundraising costs | 703 | 618 | 699 |
| Other costs | 397 | 388 | 582 |
| Total spending | 6,135 | 6,205 | 6,155 |
| Cash flow from operations | 1,416 | 1,365 | 3,365 |
| Capital spending | 465 | 199 | 433 |
| Funding reserves | (3,789) | (7,232) | (7,085) |
Note: International donations of $155k in F2017, $293k in F2016, and $1.4m in F2015 are included in other revenue. Ci has included cash donated from Taoist Tai Chi Society of Canada, affecting revenues by $8k in F2017, $nil in F2016, and $350k in F2015. Administrative and fundraising costs are as reported on the charity’s T3010 filing with the CRA. Ci has used redacted financial statements provided by the CRA.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
1 |
$120k - $160k |
1 |
$80k - $120k |
1 |
$40k - $80k |
7 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2017
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Comments & Contact
Comments added by the Charity:
Charity Contact
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