Goodwill Industries of Toronto
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.
B
RESULTS REPORTING
Grade based on the charity's public reporting of the work it does and the results it achieves.
Average
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.
95%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 95 cents are available for programs.
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OVERVIEW
About Goodwill Industries of Toronto:
DONOR ADVISORY: January 17, 2016, Goodwill Industries of Toronto closed 16 stores in Ontario due to cash flow crisis. Goodwill states that it is exploring its options.
Goodwill Toronto's failure was anything but sudden, a financial failure long in the making, Globe and Mail reports January 22, 2016.
Founded in 1935, Goodwill Industries of Toronto (Goodwill) aims to create work opportunities and skills development for people facing barriers to employment, including persons with disabilities, youth at risk, the chronically unemployed, Aboriginal people, and newcomers to Canada. Goodwill is best known for its network of 20 retail stores throughout the GTA and Eastern Ontario, which sell donated merchandise at below retail value. Goodwill provides access to work through its Real Employment to Achieve Community Health (REACH) program, which offers employment at its retail locations to REACH participants. In addition to its retail operations, Goodwill also offers employment opportunities by providing janitorial services for a variety of institutional establishments and offices.
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Finances
Administrative costs are 5% of revenue and the charity reported no fundraising costs. The charity has funding reserves of $2.0m, which cover only 7% of annual program costs. The charity does not report the value of goods donated for resale, as the fair value cannot be reasonably determined. The charity changed its fiscal year end from March to December in 2011; as a result, F2010 is eight months ended December 2011.
Goodwill Toronto's auditors raise concerns regarding the charity’s ability to continue as a going concern are dependent upon its ability to successfully generate positive cash flow from operations, which it has been unable to do in many prior years.
Report updated in 2013.
Financial Review
Fiscal year ending December
|
2012 | 2011 | 2010 |
|---|---|---|---|
| Administrative costs as % of revenues | 5.0% | 6.1% | 3.9% |
| Fundraising costs as % of donations | 0.0% | 0.0% | 0.0% |
| Program cost coverage (%) | 0.0% | 7.9% | (1.3%) |
Summary Financial StatementsAll figures in $000s |
2012 | 2011 | 2010 |
|---|---|---|---|
| Donations | 234 | 430 | 81 |
| Government funding | 3,044 | 3,014 | 2,289 |
| Fees for service | 27,962 | 26,857 | 21,194 |
| Total revenues | 31,239 | 30,301 | 23,564 |
| Program costs | 28,818 | 30,055 | 21,788 |
| Administrative costs | 1,561 | 1,841 | 910 |
| Cash flow from operations | 860 | (1,595) | 866 |
| Funding reserves | 2,035 | 2,364 | (276) |
Note: Ci removed amortization of $582k in F2012, $772k in F2011, and $541k in F2010 from expenses. Program cost coverage was calculated using an annualized program cost in F2010.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
1 |
$160k - $200k |
0 |
$120k - $160k |
1 |
$80k - $120k |
3 |
$40k - $80k |
5 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2012
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Comments & Contact
Comments added by the Charity:
Charity Contact
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