Montreal, QC H2J 2B7
Executive Director: Stephanie Emond
Board President: Rupert Scofield
Charitable Reg. #: 80568 6144 RR0001
Grade: A-The grade is based on the charity's public reporting of the work it does and the results it achieves.
Need for Funding
Cents to the Cause
Full-time staff #2
Avg. Compensation $68,500
Top 10 Staff Salary Range
|$300k - $350k||0|
|$250k - $300k||0|
|$200k - $250k||0|
|$160k - $200k||0|
|$120k - $160k||0|
|$80k - $120k||0|
|$40k - $80k||2|
About FINCA Canada:
Established in 2006, Foundation for International Community Assistance Canada (FINCA Canada) works to help people in poor countries by providing financial services. Its microfinancing program provides a safe place for people to deposit money and offers small loans. As an arm of FINCA International, funds collected by FINCA Canada are used in implementing the microfinancing program and delivering sources of clean energy, water and sanitation, healthcare, and nutrition to poor areas.
FINCA International’s microfinance program is operated in 20 countries, with the most clients in Pakistan followed by DR Congo, Tanzania, Kyrgyzstan, Georgia, and Uganda. FINCA International reports having 2.1 million clients accessing its financial services including savings accounts, insurance, and loans related to business, agriculture, clean energy sources, or water purification. Most of FINCA’s borrowers use their loans to expand an existing business. Along with financial services, FINCA International teaches clients the importance of saving, how to track household expenses, and how to use money effectively.
Up to 14% of FINCA’s borrowers use their loan to make household improvements. This may include purchasing solar lanterns, water purification systems, or safe and efficient stoves.
Results and Impact: FINCA records what borrowers intend to use their loan for and follows up with clients to see if the goal was realized. Reported client success rates are grouped based on original goal: 85% (272,187) success in business expansion, 80% (62,177) in home improvement, 83% (32,290) in starting a business, 60% (17,873) in paying down debts, and 48% (5,550) in paying for education.
FINCA International has collected employment data from micro-loan recipients in six countries: Azerbaijan, Georgia, Malawi, Pakistan, Tanzania, and Zambia. The charity reports that loans allowed businesses to hire 309,626 employees, representing 23% of all people employed by the enterprises. Of those employed, 50% are paid wages that are high enough to cover the cost of living.
FINCA Canada is a medium-sized charity with donations of $3.2m in F2017. It recognized $2.9m in grants from MasterCard Foundation, representing more than half of total revenues. Administrative costs are 7% of revenues and fundraising costs are 23% of donations. For every $1 donated, 70 cents go to the cause, falling within Ci’s reasonable range. FINCA Canada has $2.3m in funding reserves which could cover program costs for seven months. This indicates a need for funding.
This charity report is an update that has been sent to FINCA Canada for review. Changes and edits may be forthcoming.
Updated on August 1, 2018 by Madison Kerr.
Financial RatiosFiscal year ending December
|Administrative costs as % of revenues||7.3%||6.2%||3.9%|
|Fundraising costs as % of donations||22.7%||15.6%||6.4%|
|Program cost coverage (%)||59.4%||82.3%||134.5%|
Summary Financial StatementsAll figures in $000s
|Goods in kind||0||3||4|
|Program costs - International||3,834||5,108||4,837|
|Program costs - Canada||0||0||0|
|Cash flow from operations||(967)||(1,490)||614|