Regent Park School of Music
STAR RATINGCi's Star Rating is calculated based on the following independent metrics: |
✔+
FINANCIAL TRANSPARENCY
Audited financial statements for current and previous years available on the charity’s website.
B-
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.
83%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 83 cents are available for programs.
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OVERVIEW
About Regent Park School of Music:
Founded in 1999, Regent Park School of Music (RPSM) offers affordable music lessons to kids from low-income families in two Toronto neighbourhoods: Regent Park and Jane & Finch. Kids aged 3-18 can take group, ensemble, and/or private lessons that teach concepts like rhythm, melody, harmony, and tone, and aim to encourage creativity. RPSM subsidizes program costs based on household income, and loans instruments and music books to its students for free. The charity also runs summer day camps in July and August. Its mission is for kids to achieve their greatest potential through high quality music education.
Regent Park School of Music had almost 1,000 students in its music education programs in F2020. This included 554 students in Regent Park programs, 240 students in Jane & Finch programs, 154 students at Kapapmahchakwew-Wandering Spirit School programs, and 63 students in programs for kids with special needs. RPSM also had 141 kids attend its summer camps. A highlight for the charity in F2020 was some of its students being featured on Taylor Swift's song "It’s Nice to Have a Friend," on her new album Lover.
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Results and Impact
Regent Park School of Music reported that in F2020, 15 of its students graduated and are heading off to college or university (down from 22 in F2019).
Charity Intelligence highlights these key results. They may not be a complete representation of Regent Park School of Music's results. Charity Intelligence has not assessed impact on RPSM. This shows as n/r, meaning not rated.
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Finances
Charity Intelligence consolidated the financial statements from the Regent Park School of Music operating charity and Regent Park School of Music Foundation.
Regent Park School of Music received donations and special events revenue of $1.8m in F2020. Administrative costs are 14% of revenues and fundraising costs are 3% of donations. For every $1 donated, 83 cents go to the cause, falling within Ci’s reasonable range for overhead spending. RPSM has $4.2m in funding reserves of which $304k is donor-endowed. Excluding donor-endowed funds, the charity could operate programs for 2.5 years using funding reserves.
This charity report is an update that has been sent to Regent Park School of Music for review. Changes and edits may be forthcoming.
Updated on August 24, 2021 by Rachel Leteta.
Financial Review
Fiscal year ending June
|
2020 | 2019 | 2018 |
|---|---|---|---|
| Administrative costs as % of revenues | 13.9% | 14.1% | 19.7% |
| Fundraising costs as % of donations | 3.3% | 6.5% | 4.1% |
| Total overhead spending | 17.1% | 20.6% | 23.9% |
| Program cost coverage (%) | 254.5% | 246.6% | 339.1% |
Summary Financial StatementsAll figures in $s |
2020 | 2019 | 2018 |
|---|---|---|---|
| Donations | 1,849,536 | 1,618,969 | 1,769,662 |
| Government funding | 277,149 | 218,564 | 28,000 |
| Fees for service | 51,858 | 99,641 | 88,330 |
| Special events | 0 | 0 | 7,349 |
| Investment income | 154,106 | 110,851 | 150,424 |
| Other income | 0 | 0 | 940 |
| Total revenues | 2,332,649 | 2,048,025 | 2,044,705 |
| Program costs | 1,564,625 | 1,377,891 | 960,983 |
| Grants | 0 | 52,000 | 20,000 |
| Administrative costs | 302,341 | 273,366 | 374,024 |
| Fundraising costs | 60,392 | 105,533 | 73,370 |
| Total spending | 1,927,358 | 1,808,790 | 1,428,377 |
| Cash flow from operations | 405,291 | 239,235 | 616,328 |
| Capital spending | 6,222 | 4,785 | 1,127 |
| Funding reserves | 4,246,762 | 3,737,650 | 3,484,776 |
Note: Ci included contributions to the Endowment Fund and amortization of deferred contributions restricted for purchase of capital assets in donations. Ci adjusted for the Foundation's deferred revenues, affecting total revenues by $375k in F2020, $41k in F2019, and $34k in F2018. Contributions from Regent Park School of Music Foundation were removed from Regent Park School of Music's revenue and the Foundation's expenses to avoid double counting, reducing revenues and expenses by $1.2m in F2020, $1.1m in F2019, and $929k in F2018.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
1 |
$80k - $120k |
0 |
$40k - $80k |
6 |
< $40k |
2 |
Information from most recent CRA Charities Directorate filings for F2020
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Comments & Contact
Comments added by the Charity:
Charity Contact
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: 416-364-8900