Food Bank of Waterloo Region
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.
81%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 81 cents are available for programs.
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OVERVIEW
About Food Bank of Waterloo Region:
Food Bank of Waterloo Region is a 4-star charity. It has a high results reporting grade and reasonable overhead costs.
Founded in 1980, The Food Bank of Waterloo Region obtains emergency food through food drives, food recovery programs, and corporate partnerships. 1 in 20 households in Waterloo accessed an emergency food program in F2021. The Food Bank distributes food to a network of 100+ community programs as well as provincial partners. In F2021, the Community Food Assistance Program served 35k men, women and children in the Waterloo Region.
The Food Bank’s main program is food collection and distribution. In F2021, the charity acquired, coordinated, and distributed 6.8m pounds of food to community programs and provincial partners. This is a 45% increase in food distributed compared to F2020. 64% of the food acquired and distributed was fresh or frozen. The Food Bank distributed 1.4m pounds of fresh fruits and vegetables to community programs in F2021. This represented an 8% increase from F2020.
In F2021, the charity also packed and distributed 37k fresh food hampers and 15k non-perishable food hampers. 31 different food hamper programs received essential food to assist program participants. 14k households received emergency food assistance in F2021. Of the people served by the community network in the Waterloo Region, 35% were under the age of 18 and 47% were single people living alone.
The charity’s Fresh Approaches Food Program works to prevent edible, healthy food from being discarded. In F2021, 89k pounds of fresh, frozen, and dry food was sliced and/or repackaged to maintain freshness and limit waste. This includes 20k pounds of bread, 16k pounds of shrimp, 14k pounds of eggs, and 12k pounds of flour.
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Results and Impact
In F2021, the Food Bank of Waterloo Region distributed 6.8m pounds of fresh, frozen, and non-perishable food to over 35k men, women and children in the Waterloo Region.
While Ci highlights these key results, they may not be a complete representation of the Food Bank of Waterloo Region’s results.
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Finances
The Food Bank of Waterloo Region received $8.2m in cash donations in F2021. The charity also received $14.8m in donated goods in kind and $744k in government funding. Administrative costs are 3% of revenues (less investment income) and fundraising costs are 16% of cash donations. This results in total overhead spending of 19%. For every dollar donated to the charity, 81 cents go to the cause. This is within Ci’s reasonable range for overhead spending.
The Food Bank of Waterloo Region has $9.9m in net funding reserves. The charity can cover just over 3 years of annual program costs with its existing reserves.
Charity Intelligence has sent this update to the Food Bank of Waterloo Region for review. Changes and edits may be forthcoming.
Updated on May 30, 2022 by Emma Saganowich
Financial Review
Fiscal year ending June
|
2021 | 2020 | 2019 |
|---|---|---|---|
| Administrative costs as % of revenues | 3.3% | 2.3% | 3.3% |
| Fundraising costs as % of donations | 15.6% | 17.1% | 39.2% |
| Total overhead spending | 18.9% | 19.4% | 42.5% |
| Program cost coverage (%) | 301.8% | 954.2% | 218.5% |
Summary Financial StatementsAll figures in $000s |
2021 | 2020 | 2019 |
|---|---|---|---|
| Donations | 8,165 | 7,513 | 2,791 |
| Goods in kind | 14,831 | 13,108 | 11,993 |
| Government funding | 744 | 744 | 744 |
| Fees for service | 0 | 9 | 10 |
| Investment income | 235 | 52 | 16 |
| Total revenues | 23,976 | 21,426 | 15,553 |
| Program costs | 3,280 | 724 | 1,379 |
| Donated goods exp | 14,831 | 13,108 | 11,993 |
| Administrative costs | 784 | 491 | 514 |
| Fundraising costs | 1,270 | 1,285 | 1,093 |
| Other costs | 149 | 1,064 | 717 |
| Total spending | 20,314 | 16,672 | 15,696 |
| Cash flow from operations | 3,662 | 4,754 | (142) |
| Funding reserves | 9,897 | 6,909 | 3,012 |
Note: Ci analysis includes adjustments for deferred revenue to report on a cash basis, affecting revenues by ($850k) in F2021, $2.8m in F2020, and ($27k) in F2019. The charity did not use activity-based costing in its audited financial statements. Ci used the charity’s T3010 filing with the CRA in order to determine program and administrative costs. The T3010 filing did not provide a breakdown of gifts to qualified donees. Ci used the in-kind food donation expense to help break down food and cash gifts to qualified donees.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
3 |
$160k - $200k |
0 |
$120k - $160k |
1 |
$80k - $120k |
2 |
$40k - $80k |
4 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2021
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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: (519) 743-5576