659 King Street East
Kitchener, ON N2G 2M4
Board Chair: Melanie Reist
Executive Director: Linda Goodall

Charitable Reg. #:8198 82655 RR0001

STAR RATING

Ci's Star Rating is calculated based on the following independent metrics:

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✔+

FINANCIAL TRANSPARENCY

Audited financial statements for current and previous years available on the charity’s website.

C+

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.

73%

CENTS TO THE CAUSE

For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 73 cents are available for programs.



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Programs

About Blue Sea Philanthropy:

Founded in 2012, Blue Sea Philanthropy raises money and grants it to partnering charities. The foundation’s goal is to create a world where charities thrive. In F2018, Blue Sea Philanthropy granted $5.4m to 336 charities, a 7% increase from F2017. The three largest grant recipients in 2017 were: Ray of Hope ($191k), Yonge Street Mission ($143k), and Roman Catholic Diocese of Calgary ($120k).

Blue Sea Philanthropy’s giving decisions are based on how successful its events are. Partnering charities are responsible for raising awareness and recruiting donors to the events. Generally, the more money raised at the event, the larger the grant a partnering charity will receive.

The charity focuses on three main events throughout the year: Ride for Refuge, Coldest Night of the Year, and The Grand Parade. Ride for Refuge is a biking and walking fundraiser that supports charities who help people who have been displaced or who are vulnerable and exploited. Coldest Night of the Year is a fundraiser dedicated to raising money for hungry and homeless people. Lastly, The Grand Parade is a fundraiser that supports aging Canadians and their families.

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Finances

Blue Sea Philanthropy is a large charity with donations totaling $7.4m in F2018. Administrative costs were 3% of revenues and fundraising costs were 24% of donations. For every dollar donated to the charity, 73 cents go to the cause. This is within Ci’s reasonable range for overhead spending. The charity has net funding reserves of $219k. Funding reserves can cover program costs and granting activities at F2018 level for less than 1 month.

This report is an update that has been sent to Blue Sea Philanthropy for review. Changes and edits may be forthcoming.

Updated July 9th, 2019 by Stefan Tetzlaff.

 

Financial Review


Financial Ratios

Fiscal year ending December
201820172016
Administrative costs as % of revenues 3.2%4.4%6.5%
Fundraising costs as % of donations 24.1%22.5%21.8%
Total overhead spending 0.0%0.0%0.0%
Program cost coverage (%) 4.1%4.2%7.5%

Summary Financial Statements

All figures in $000s
201820172016
Donations 7,3826,8866,168
Total revenues 7,3826,8866,168
Grants 5,3635,0244,545
Administrative costs 235300401
Fundraising costs 1,7801,5521,345
Total spending 7,3786,8766,291
Cash flow from operations 410(123)
Capital spending 788
Funding reserves 219208340

Note: Ci removed foreign exchange loss from expenses increasing expenses by $3,571 in F2018, and $10,182 in F2017. Ci removed the write down of amount due from related parties in F2017, reducing expenses by $56,586.

Salary Information

Full-time staff: 10

Avg. Compensation $84,444

Top 10 staff salary range

$350k +
0
$300k - $350k
0
$250k - $300k
0
$200k - $250k
0
$160k - $200k
0
$120k - $160k
2
$80k - $120k
2
$40k - $80k
4
< $40k
2

Information from most recent CRA Charities Directorate filings for F2017

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Comments & Contact

Comments added by the Charity:

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Charity Contact

Website: www.blueseaphilanthropy.org
This email address is being protected from spambots. You need JavaScript enabled to view it.

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