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.
75%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 75 cents are available for programs.
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Programs
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 neighborhoods: 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.
Regent Park School of Music had 1,000 students in its music education programs in 2018. This included 500 students in Regent Park programs, 166 students in Jane & Finch programs, 165 students at First Nations School of Toronto, 112 kids in summer camps, and 47 students in programs for kids with special needs. Per student, operating cost less amortization is $1,335. RPSM states that it ran over 40,000 hours of music education in 2018 and its students performed at 75 events during the year.
Results and Impact: Regent Park School of Music reports that its programs help students build self-esteem, grow into confident leaders, and be well-equipped to succeed in life. In F2018, 10 students graduated from RPSM, all of which are expected to attend college or university.
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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 is a medium-sized charity with donations and special events revenue of $1.7m in F2018. Administrative costs are 21% of revenues and fundraising costs are 4% of donations. For every $1 donated, 75 cents go to the cause, falling within Ci’s reasonable range for overhead spending. RPSM has $3.5m in funding reserves of which $190k is donor-endowed. Excluding donor-endowed funds, the charity could operate programs for 3.4 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 March 19, 2019. Financial analysis by Kate Bahen. Results reporting analysis by Katie Khodawandi.
Financial Review
Fiscal year ending June
|
2018 | 2017 | 2016 |
|---|---|---|---|
| Administrative costs as % of revenues | 20.6% | 22.6% | 25.9% |
| Fundraising costs as % of donations | 4.3% | 5.5% | 6.6% |
| Program cost coverage (%) | 339.1% | 0.0% | 0.0% |
Summary Financial StatementsAll figures in $s |
2018 | 2017 | 2016 |
|---|---|---|---|
| Donations | 1,690,334 | 1,313,984 | 1,069,749 |
| Government funding | 28,000 | 52,500 | 35,000 |
| Fees for service | 88,330 | 88,456 | 88,158 |
| Special events | 7,349 | 5,896 | 8,388 |
| Investment income | 150,424 | 156,279 | 68,687 |
| Other income | 940 | (4,570) | 3,418 |
| Total revenues | 1,965,377 | 1,612,545 | 1,273,400 |
| Program costs | 960,983 | 871,299 | 833,432 |
| Grants | 20,000 | 20,000 | 20,000 |
| Administrative costs | 374,024 | 329,523 | 312,011 |
| Fundraising costs | 73,370 | 72,607 | 71,547 |
| Cash flow from operations | 537,000 | 319,116 | 36,410 |
| Funding reserves | 3,484,776 | 2,893,963 | 2,469,000 |
Note: Ci omitted amortization of deferred capital contributions, affecting total revenue by ($750) in F0218, ($1.1k) in F2017 and ($1.5k) in F2016.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
0 |
$80k - $120k |
1 |
$40k - $80k |
2 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2018
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Comments & Contact
Comments added by the Charity:
Charity Contact
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