Church of Virgin Mary and St. Athanasius

1245 Eglinton Ave West
Mississauga, ON L5V 2M4
Board President: Angelos Saad
Board President: Mamdouh Georgious

Website: www.cccnet.ca
Charitable Reg. #: 13588 7958 RR0001
Sector: Religion
Operating Charity

Donor Accountability

Grade: D

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 available only through official request for information from Canada Revenue Agency [ Audited financial statement for most recent year ]

Need for Funding

Funding Reserves Program Costs

Spending Breakdown

Cents to The Cause

95¢
75¢
avg
65¢
50¢
2014 2015 2016
For a dollar donated, cents funding the cause after fundraising and admin costs, excluding surplus.

Impact Rating: Low

Full-time staff #158

Avg. Compensation $34,970

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 0
$250k - $300k 0
$200k - $250k 0
$160k - $200k 0
$120k - $160k 0
$80k - $120k 10
$40k - $80k 0
< $40k 0
Information from most recent CRA Charities Directorate filings for F2016

About Church of Virgin Mary and St. Athanasius:

Situated in Mississauga, Church of Virgin Mary and St. Athanasius (CVMSA) focuses on providing a place of worship. As per its CRA filing, CVMSA also offers other services to its members, such as religious retreats and trips to promote its culture and history. The church operates two schools, Philopateer Christian College and Mississauga Christian French School, and a daycare, Little Angels Christian Childcare Centre Mississauga. For people in need, the church also provides transition housing support. Valley of the Mother of God and St. Mina & Pope Kyrillos are prominently placed on CVMSA’s website; however, it is unclear whether they are affiliated with CVMSA.

Church of Virgin Mary and St. Athanasius runs Sunday School, youth fellowships, family meetings, ladies meetings, a choir, bible studies, and hymns classes.

In 2016, Church of Virgin Mary and St. Athanasius had revenues of $3.2m and expenses of $3.8m from Philopateer Christian College, a school for pre-kindergarten to grade 12 students. Its French school, for students between pre-kindergarten and grade 8, brought in $505k in revenue and incurred $967k in expenses for CVMSA. Little Angels Christian Childcare Centre Mississauga, which runs an infant room, two toddler rooms, two preschool rooms, one school-age room, and before and after school care, had revenues of $1.4m and expenses of $1.4m in F2014.  F2016 and F2015 figures in the F2016 audited financial statements do not indicate that CVMSA had any daycare revenues or expenses. Ci received redacted audited financial statements from the CRA, so some of the redacted figures may have been related to the daycare.

Financial Review:

After Ci requested and did not receive audited financial statements from Church of Virgin Mary and St. Athanasius, Ci received CVMSA’s redacted audited financial statements from the CRA.

Church of Virgin Mary and St. Athanasius is a Large charity with $9.0m in donations and special events revenue in F2017. Its administrative costs are 5% of revenues and fundraising costs are 1% of donations and special events revenues. For every dollar donated, 94 cents go to the cause, falling within Ci’s reasonable range for overhead spending.

CVMSA has a negative funding reserve of ($16.0m) in F2016 because it carried $16.7m of interest-bearing debt while carrying $703k in liquid assets. In F2015, the charity’s auditors noted a going concern issue related to the charity’s liquidity, as its working capital was ($6.1m) and it did not have a committed source of available funding. In F2016, its auditors noted a going concern over the charity’s ability to realize its assets and pay off its liabilities and commitments and they mentioned that CVMSA violated financial covenants on its debt. With these issues, the auditors expressed material uncertainty on CVMSA’s ability to continue operating.

This report is Ci’s first charity report on Church of Virgin Mary and St. Athanasius and has been sent to the charity. Changes and edits may be forthcoming.

Updated August 17, 2018 by Joeyanne Cheung.

Financial Ratios

Fiscal year ending December
201620152014
Administrative costs as % of revenues 5.4%5.4%6.4%
Fundraising costs as % of donations 0.9%1.0%2.1%
Program cost coverage (%) (137.3%)(105.9%)(141.2%)

Summary Financial Statements

All figures in $000s
201620152014
Donations 8,9928,4499,754
Fees for service 4,8894,5256,730
Business activities (net) (73)(443)248
Special events 86155175
Investment income 17152
Other income 2,1962,62165
Total revenues 16,10715,32216,975
Program costs 10,41810,04110,057
Grants 1,2465270
Administrative costs 8658291,078
Fundraising costs 8082204
Cash flow from operations 3,4983,8445,635
Funding reserves (16,017)(11,189)(14,199)
Note: Ci excluded amortization of capital contribution included in donation revenue, reducing revenue by $12k in F2014, F2015, and F2016. CVMSA provided a list of activities reporting its revenues and expenses for each. Ci segmented this list to the best of its ability. Ci reported program and administrative costs from the charity’s T3010 CRA filings. Ci reported fundraising costs using fundraising expenses listed in CVMSA’s activities schedule. Amortization was backed out of program, administrative, and fundraising costs in F2016, because they were not separately listed in the T3010 filings; in F2015 and F2014, the differences between program, fundraising, grants, and administrative costs and the total expenses on the T3010 filings were close to the amortization costs. Ci excluded $1.8m in grants in F2016 because they are likely non-cash.

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