Habitat for Humanity Edmonton
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.
A
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.
46%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 46 cents are available for programs.
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OVERVIEW
About Habitat for Humanity Edmonton:
Habitat for Humanity Edmonton is a 3-star charity. It has an A results reporting grade, which is above average. For every dollar donated, 46 cents are available to go to the cause, which is outside Ci's reasonable range.
Founded in 1991, Habitat for Humanity Edmonton (HFHE) provides affordable housing to low-income families living in Edmonton and Northern Alberta. It is one of Habitat for Humanity’s 46 affiliates. HFHE runs an affordable home ownership program to help local families break barriers to a healthier and more financially stable life. Habitat for Humanity Edmonton also runs a home buy-back program. When a family graduates from Habitat Homeownership, they sell their home back to HFHE to receive their accumulated equity. That home is then available to serve another family who needs access to affordable home ownership.
In F2022 Habitat for Humanity Edmonton helped 43 families move into new and buy-back homes. The charity reported that 40 of these families received their homes through its buy-back program. This is a 48% increase from F2021, where the charity housed 27 families through its buy-back program. Habitat for Humanity Edmonton reported 60 mortgages were signed in F2022. Habitat for Humanity Edmonton expects to construct ten new homes in F2023.
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Results and Impact
In 2015, Boston Consulting Group conducted an impact analysis on Habitat for Humanity Canada (evaluating the impact of Habitat homes, which are built by Habitat affiliates). The evaluation found that each partner family housed in a Habitat Home generates $175,000 in measurable benefits to society.
This charity will soon be rated on impact. HFHE recently restructured its housing program to focus on buy-back's (repurchases) of houses. Ci expects this change will affect HFHE's impact rating. Ci has yet to measure HFHE's impact with its new model.
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Finances
Habitat for Humanity Edmonton received $969k in cash donations in F2022. This is a 10% decrease compared to $1.1m in F2021 and a 58% decrease compared to $2.3m in F2020. The charity received $349k in donated goods in kind in F2022 and $202k in government funding. Administrative costs are 17% of revenues (excluding investment income) and fundraising costs are 34% of donations (including goods in kind). As such, Habitat for Humanity Edmonton has total overhead spending of 54%. For every dollar donated to the charity, 46 cents are available to go to the cause, which is outside of Ci’s reasonable range of overhead spend.
Habitat for Humanity Edmonton’s funding reserves are ($25.6m). The charity has $5.1m in cash and investments. This is a 295% increase since F2020, where cash and investments totaled to $1.3m. HFHE has $26.7m in interest-bearing debt. Debt represents mortgages that Habitat Edmonton holds for its homes, which is repaid over time using mortgage payments from partner families. The charity's program cost coverage is negative as its interest-bearing debt is greater than its investments.
In F2022, Habitat for Humanity Edmonton paid $104k in professional fees.
This report is an update that has been sent to Habitat Edmonton for review. Comments and edits may be forthcoming.
Updated on June 14, 2023 by Liam Chapleau.
Financial Review
Fiscal year ending December
|
2022 | 2021 | 2020 |
|---|---|---|---|
| Administrative costs as % of revenues | 17.2% | 12.4% | 16.3% |
| Fundraising costs as % of donations | 37.0% | 43.5% | 22.5% |
| Total overhead spending | 54.2% | 55.9% | 38.8% |
| Program cost coverage (%) | (999.0%) | (1,739.2%) | (1,790.8%) |
Summary Financial StatementsAll figures in $000s |
2022 | 2021 | 2020 |
|---|---|---|---|
| Donations | 969 | 1,083 | 2,294 |
| Goods in kind | 349 | 233 | 250 |
| Government funding | 202 | 2,420 | 3,971 |
| Fees for service | 3,213 | 3,309 | 3,524 |
| Business activities (net) | 1,464 | 1,231 | 1,057 |
| Investment income | (347) | 276 | 84 |
| Other income | 7,097 | 7,625 | 1,374 |
| Total revenues | 12,947 | 16,177 | 12,554 |
| Program costs | 1,584 | 1,367 | 1,435 |
| Donated goods exp | 349 | 233 | 250 |
| Administrative costs | 2,285 | 1,974 | 2,029 |
| Fundraising costs | 359 | 471 | 516 |
| Other costs | 876 | 786 | 872 |
| Total spending | 5,454 | 4,832 | 5,101 |
| Cash flow from operations | 7,493 | 11,345 | 7,453 |
| Capital spending | 33 | 63 | 123 |
| Funding reserves | (21,614) | (23,782) | (25,694) |
Note: Ci removed ReStore amortization, increasing revenues by $52k in F2022, $60k in F2021, and $35k in F2020. Ci adjusted for deferred revenue, impacting revenue by $960k in F2022, ($826k) in F2021, and ($488k) in F2020. Ci accounted for rental payments recognized as income, increasing revenue by $248k in F2022, $59k in F2021, and $56k in F2020. Ci accounted for tenancy payments, increasing revenue by $295k in F2022, $675k in F2021, and $1.1m in F2020. Ci accounted for mortgage payments from its first mortgages, increasing revenue by $2.6m in F2022, $2.6m in F2021, and $2.3m in F2020. Ci accounted for HFHE’s forgivable second mortgage payments, increasing revenue by $26k in F2022, ($nil) in F2021, and $25k in F2020. Ci accounts for business activities on a revenue net expense basis. As such, business activities, due to ReStore and Prefab, decreased revenue by ($4.2m) in F2022, ($3.9m) in F2021, and ($3.0m) in F2020. Ci removed General and Administrative amortization, decreasing expenses by ($98k) in F2022, ($94k) in F2021, and ($92k) in F2020. Ci removed program expense amortization to report on a cash-flow basis, decreasing expenses by ($600) in F2022, ($2.9k) in F2021, and ($4.5k) in F2020.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
1 |
$160k - $200k |
1 |
$120k - $160k |
2 |
$80k - $120k |
6 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2021
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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: (780) 479-3566