CanadaHelps
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.
99%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 99 cents are available for programs.
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OVERVIEW
About CanadaHelps:
CanadaHelps is a five-star charity. It has an above average results reporting score, is fully financially transparent and spent less than one percent of donations on overhead costs.
Founded in 2000, CanadaHelps is an online giving platform that aims to encourage and facilitate charitable giving. Its website has a database of charities and allows donors to make donations through the website, taking a small processing fee from each transaction. As of F2023, the fees are 4% for one time donations, 3.5% for monthly donations, 3.75% for Cause Fund Donations, and between 2% and 3% for securities and cryptocurrency donations, depending on the size of the donation.
In F2023, CanadaHelps distributed donations from 839,000 people, and gave out a total of $419,121,247 to charities. CanadaHelps states that it processed over 3.2 million donations in F2023.
CanadaHelps runs the “Make it Monthly” for the second time this year. It states that there were over 2,800 monthly donations registered as of the campaign, with an average donation of $50.
The charity also runs the “Small Charities Week” campaign, where it encourages giving to small charities. The Charity also provided webinars designed to highlight the challenges of running small charities and provide advice and best practices. Over 1,300 people participated in these webinars.
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Results and Impact
In F2023, 839,000 donors used CanadaHelps and the charity processed over 3.2 million donations. In total it raised $419m for charities.
While Ci highlights these key results, they may not be a complete representation of CahadaHelps’ results and impact.
This charity is not yet rated on impact (n/r).
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Finances
CanadaHelps received $420.0m in donations in F2023. It distributed $400.2m in donor-designated grants.
CanadaHelps’ audited financial statements do not disclose activity-based costing. Charity Intelligence has used its information filed in its annual T3010 return for cost allocations. Administrative costs are 0.5% of revenues and fundraising costs are virtually 0. Nearly every dollar donated to CanadaHelps is available to go to the cause.
This is not within Ci's reasonable range for overhead spending, which is between 65 and 95 cents. However, given the low-cost nature of this charity, this likely does not raise any concerns about understated overhead costs.
CanadaHelps has $5.8m in reserve funds, meaning that it can cover its spending at F2023 levels for approximately four months.
Charity Intelligence has sent this update to CanadaHelps for review. Changes and edits may be forthcoming.
Updated on July 25, 2024 by Ben Dobozy
Financial Review
Fiscal year ending June
|
2023 | 2022 | 2021 |
|---|---|---|---|
| Administrative costs as % of revenues | 0.5% | 0.5% | 0.4% |
| Fundraising costs as % of donations | 0.0% | 0.0% | 0.0% |
| Total overhead spending | 0.5% | 0.5% | 0.4% |
| Program cost coverage (%) | 33.5% | 28.2% | 40.1% |
Summary Financial StatementsAll figures in $000s |
2023 | 2022 | 2021 |
|---|---|---|---|
| Donations | 419,820 | 437,380 | 404,563 |
| Fees for service | 1,768 | 1,172 | 494 |
| Investment income | 613 | 107 | 80 |
| Other income | 535 | 422 | 358 |
| Total revenues | 422,737 | 439,080 | 405,496 |
| Program costs | 17,235 | 16,483 | 11,981 |
| Donor-designated donations | 400,230 | 420,630 | 391,822 |
| Administrative costs | 2,184 | 2,287 | 1,756 |
| Fundraising costs | 18 | 76 | 63 |
| Total spending | 419,667 | 439,476 | 405,623 |
| Cash flow from operations | 3,070 | (396) | (127) |
| Capital spending | 1,588 | 1,464 | 2,050 |
| Funding reserves | 5,767 | 4,649 | 4,806 |
Note: To report on a cash basis, Ci adjusted donor-designated funds by changes in contributions due to charities. This affected grants and expenses by ($1.3m) in F2023, $1.9m in F2022, and $4.4m in F2021. Ci adjusted for deferred donations which affected revenues by $332k in F2023, $528k in F2022, $82k in F2021. Ci reported program, administrative, and fundraising costs from the charity’s T3010 filings with the CRA and removed amortization on a pro-rata basis.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
2 |
$200k - $250k |
2 |
$160k - $200k |
6 |
$120k - $160k |
0 |
$80k - $120k |
0 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2023
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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: 416-628-6948