HeroWork
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.
85%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 85 cents are available for programs.
My anchor
OVERVIEW
About HeroWork:
Founded in 2014, HeroWork Program Society (HeroWork) renovates charity buildings in and around Victoria, BC. HeroWork reports that it uses its network of skilled volunteers to make improvements using only a fraction of the time and money that would normally be needed. HeroWork reports that 36% of charities in its area urgently need renovations, and 55% of charities believe that a renovation would increase their ability to do their work. HeroWork coordinates corporate sponsors and large groups of volunteers, many with specialized training in the trades, to fully renovate charity buildings in just a couple of weeks.
In F2020, HeroWork renovated the Kiwanis Young Families’ Centre, which provides housing and support to young single mothers. HeroWork estimates that its renovations had a market value of $633k. Through HeroWork, the charity only paid $193k. HeroWork added 2 new suites to the building, increasing its housing capacity by 25%. It also renovated bathrooms, fixed rot and foundation issues, and created a “free store” in the basement to help the Young Families’ Centre distribute kids’ clothes and other goods. HeroWork estimates that these renovations will affect 60 young families each year.
The charity had to change its model slightly to keep its volunteers safe during covid-19. It postponed one of its planned F2020 projects to F2021. In F2021 it is back to a normal level of productivity, working with the Salvation Army recovery centre in Spring 2021 and the Indigenous Perspectives Society in the Fall.
HeroWork has ambitious plans for expansion. While it currently only has one working chapter, it plans to open a new chapter on the BC Mainland in F2021, with the goal of opening 10 chapters in 10 Canadian cities in the next 10 years.
In response to the covid-19 pandemic, HeroWork teamed up with other Victoria charities to collect and distribute 640 sleeping bags and tents and 28,573 hygiene items for homeless people.
My anchor
Results and Impact
HeroWork reports that it typically helps its partner charities save 62% of renovation costs.
HeroWork reports that when it renovated Peers, a support charity for sex workers, in F2019, it used $101k in donations and supplies and $187k in fees from Peers to complete a renovation with a market value of $624k.
While Ci highlights these key results, they may not be a complete representation of HeroWork Program Society’s results and impact.
HeroWork Program Society has not yet been rated for demonstrated impact (n/r).
My anchor
Finances
HeroWork Program Society is a small charity with $398k of donations in F2020. It also received $155k of in-kind donations making up 17% of total revenues. Administrative costs are 8% of total revenues and fundraising costs are 7% of donations. This results in total overhead spending of 15%. For every dollar donated, 85 cents go towards programs. This is well within Ci’s reasonable range for overhead spending. HeroWork has funding reserves of $217k which could cover 37% or just over 4 months of annual program costs.
Updated on June 30, 2021 by Asha McMullin.
Financial Review
Fiscal year ending December
|
2020 | 2019 |
---|---|---|
Administrative costs as % of revenues | 7.9% | 6.5% |
Fundraising costs as % of donations | 7.2% | 0.0% |
Total overhead spending | 15.0% | 6.5% |
Program cost coverage (%) | 36.5% | 27.0% |
Summary Financial StatementsAll figures in $s |
2020 | 2019 |
---|---|---|
Donations | 397,562 | 325,919 |
Goods in kind | 154,571 | 229,100 |
Government funding | 153,508 | 0 |
Fees for service | 192,891 | 347,258 |
Other income | 6,511 | 8,531 |
Total revenues | 905,043 | 910,808 |
Program costs | 592,968 | 634,166 |
Donated goods exp | 154,571 | 229,100 |
Administrative costs | 71,371 | 58,979 |
Fundraising costs | 28,421 | 0 |
Total spending | 847,331 | 922,245 |
Cash flow from operations | 57,712 | (11,437) |
Capital spending | 0 | 0 |
Funding reserves | 216,539 | 171,225 |
Note: Ci included in-kind donations in our financial review, increasing revenues and expenses by $155k in F2020, and $229k in F2019.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
0 |
$80k - $120k |
0 |
$40k - $80k |
6 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2020
My anchor
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: (250) 590-4221