Toronto Community Foundation

33 Bloor Street East, Suite 1603
Toronto, ON M4W 3H1
President & CEO: Rahul K. Bhardwaj
Board Chair: John Maclntyre

Charitable Reg. #: 13649 1875 RR0001
Sector: Fundraising Organization - Community Foundation
Public Foundation

Charity Rating

Not yet rated.

Results Reporting

Grade: NR

Charity not yet rated on the public reporting of the work it does and the results it achieves.

Financial Transparency

Audited financial statements for current and previous years available on the charity's website [Audited financial statement for most recent year]

Need for Funding

Funding Reserves Program Costs

Spending Breakdown

Cents to the Cause

2010 2011 2012
For a dollar donated, cents funding the cause after fundraising and admin costs, excluding surplus.

Full-time staff #18

Avg. Compensation $95,433

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 0
$250k - $300k 1
$200k - $250k 0
$160k - $200k 1
$120k - $160k 3
$80k - $120k 0
$40k - $80k 5
< $40k 0
Information from most recent CRA Charities Directorate filings for F2011

About Toronto Community Foundation:

The objectives of the Toronto Community Foundation are to connect philanthropy with community needs and opportunities to make Toronto the best place to live, work, learn, and grow.  The Toronto Community Foundation establishes the equivalent of private family foundations for donors, and provides these Fundholders with transactional services and strategic charitable giving support.

The Foundation publishes the Toronto’s Vital Signs Report, an annual research report on Toronto’s social, economic, and environmental health indicators. Through the Vital Toronto Fund, the Foundation provides Fundholders strategic grantmaking through three granting programs: Toronto’s Vital Ideas, Vital People, and Vital Youth. These three granting programs invested $542k in 33 programs in F2011.

Notice to Donors: Charity Intelligence initially reported on community foundations given the large size of donations these foundations receive. In subsequent research and discussions with community foundations, their operating model does not fit with Charity Intelligence's analysis. Community foundations have significantly different cost structures, invested funds, and results that are not comparable with other charities. Donors looking to establish funds within community foundations should assess: 1. prior investment return track records, 2. restrictions on how much is paid out of funds each year to charities (the payout ratio maximum and minimum), 3. the quality of research provided in helping donors grant to charities, and 4. annual fees. Community foundations can provide services making giving easy, as do other financial service providers. Donors should talk with their financial advisor.

Charity Intelligence can update this report on Toronto Community Foundation if there is sufficient donor interest.

Financial Review:

Toronto Community Foundation's F2012 administrative costs are 25% of revenues and fundraising costs are 4% of donations. It has funding reserves of $125m (including donor-endowed funds of $51m) which cover annual grants 15 times.

Financial Ratios

Fiscal year ending March
Administrative costs as % of revenues 24.7%15.4%18.7%
Fundraising costs as % of donations 4.0%1.8%0.0%
Program cost coverage (%) 1,544.4%1,592.0%1,584.8%

Summary Financial Statements

All figures in $000s
Donations 8,89715,19712,747
Investment income 2,97511,86117,276
Other income 608835657
Total revenues 12,48027,89330,680
Program costs 923781744
Grants 16,4027,5096,510
Administrative costs 2,3442,4742,509
Fundraising costs 3572760
Cash flow from operations (7,546)16,85320,917
Funding reserves 124,636131,973114,964
Note: F2012 grants includes $9.3m in extraordinary transfer to another charity.  This amount is excluded from program cost coverage calculation. Fundraising costs were not broken apart from administrative costs on financial statements prior to F2011.  

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