Loran Scholars Foundation

460 Richmond St. W., Suite 502
Toronto, ON M5V 1Y1
Executive Director: Franca Gucciardi
Board Chair: Patrick Cronin

Website: www.cmsf.ca
Charitable Reg. #: 85513 2643 RR0001
Sector: Education
Operating Charity

Donor Accountability

Grade: A-

The grade is based on the charity's 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

Full-time staff #9

Avg. Compensation $58,511

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 0
$250k - $300k 0
$200k - $250k 0
$160k - $200k 1
$120k - $160k 0
$80k - $120k 0
$40k - $80k 8
< $40k 0
Information from most recent CRA Charities Directorate filings for F2014

About Loran Scholars Foundation:

Founded in 1988 as the Canadian Merit Scholarship Foundation, the Loran Scholars Foundation (LSF) was the first national organization in Canada to grant scholarships based on a mix of academic achievement, extracurricular activity and leadership potential. The charity name was changed in 2014 to reinforce its focus on identifying and developing leaders of character.

Each year, LSF identifies and supports 30 exceptional young Canadians who demonstrate character, service and leadership. Each Loran Scholar receives a renewable undergraduate award valued at up to $100,000 over four years. The Loran Award includes an annual stipend, a matching tuition waiver from one of 25 partner universities, mentorship, a summer program, an orientation expedition and access to an extended network of scholars, alumni and supporters. It also offers up to 80 one-time finalist awards ($3,000) and provincial awards ($2,000) annually.

Since 1990, LSF has invested in 541 Loran Scholars and granted finalist and provincial awards to approximately 2,000 additional students. 15 Loran Scholars have become Rhodes Scholars, over 80% of alumni pursue graduate studies, many start their own businesses, and alumni have donated over $1m back to support future Loran Scholars.

Financial Review:

Donations (including endowments not reflected on the charity's income statement) of $3.8m represent 93% of total revenue.  Administrative costs are 5% of revenue and fundraising costs are 2% of donations.  Funding reserves of $9.6m (including donor-endowed funds of $3.0m) cover annual grants and program costs 4.2 times, or 3.1 times excluding donor-endowed funds.

Financial Ratios

Fiscal year ending April
Administrative costs as % of revenues 5.3%7.3%4.8%
Fundraising costs as % of donations 1.9%1.9%1.6%
Program cost coverage (%) 416.2%272.8%248.4%

Summary Financial Statements

All figures in $s
Donations 3,789,4043,533,6444,108,397
Investment income 207,172356,648148,025
Other income 63,28576,87469,504
Total revenues 4,059,8613,967,1664,325,926
Program costs 933,767995,9771,101,839
Grants 1,368,5001,807,2001,579,000
Administrative costs 204,486262,191201,596
Fundraising costs 70,52568,37766,166
Cash flow from operations 1,482,583833,4211,377,325
Funding reserves 9,581,1127,648,0516,659,406
Note: Donations to endowment funds have been added to revenues, increasing donations by $1.0m in F2014, $22k in F2013, and $0.5m in F2012.  Deferred donations are accounted for in the year received, affecting donations by ($151k) in F2014, $113k in F2013, and $320k in F2012.  Unrealized investment gains are excluded, affecting revenue by ($191k) in F2014, ($25k) in F2013, and $3k in F2012.

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