Merit Award
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.
B+
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 Merit Award:
Merit Award is rated a 4-star charity. It has a B+ in results reporting, which is slightly above average. The charity is financially transparent and has good overhead spending.
Founded in 1996, Merit Award aims to be a leading contributor of financial awards to students in high-need schools in the Greater Toronto Area. Merit reports that students in low-income families are three times more likely to drop out of high school. It also states that more than 25% of students graduate with at least $25k in debt. Merit Award’s main program provides grade 11 and 12 students bursaries to stay in school and pursue post-secondary education.
In F2021, Merit reports distributing 281 bursaries worth $280.5k. Bursaries were awarded for $5,000 (two students), $2,000 (24 students), $1,000 (190 students), and $500 (65 students). The average bursary was $998. Merit’s audited financial statements report spending $240k on bursaries in F2021. This amount would mean the average bursary was $851.
Merit Award reports 50% of recipients are from families with an annual income of less than $40k and 75% of recipients are visible minorities.
The charity currently works with 82 schools in the GTA. It hopes to add schools in Durham, Halton, and York in the future.
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Results and Impact
Merit Award reports 98% of bursary recipients went to post-secondary school. 82% of those who completed secondary school five or more years ago had at least one degree/diploma.
While Ci highlights these key results, they may not be a complete representation of Merit Award’s results and impact.
This charity is not yet rated on impact (n/r).
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Finances
Merit Award has donations and special events revenues of $373k in F2021. Administrative costs are 17% of revenues (less investment income) and fundraising costs are 2% of donations. This results in total overhead spending of 19%. For every dollar donated, 81 cents go to the cause. This is within Ci’s reasonable range for overhead spending.
Merit Award has $279k in funding reserves. The charity could cover 116% or around one year and two months of annual program costs with current reserves.
Merit Award does not have any paid staff. The charity is run by over 300 volunteers.
This new charity report has been sent to Merit Award for review. Changes and edits may be forthcoming.
Created on June 3, 2022, by Brenleigh Jebb
This report on Merit Bursary is generously funded by the Bickle Wilder Foundation.
Financial Review
Fiscal year ending April
|
2021 | 2020 | 2019 |
---|---|---|---|
Administrative costs as % of revenues | 17.0% | 21.3% | 18.5% |
Fundraising costs as % of donations | 2.5% | 0.0% | 5.9% |
Total overhead spending | 19.5% | 21.3% | 24.3% |
Program cost coverage (%) | 116.4% | 128.0% | 128.6% |
Summary Financial StatementsAll figures in $s |
2021 | 2020 | 2019 |
---|---|---|---|
Donations | 340,956 | 249,802 | 180,084 |
Goods in kind | 7,020 | 0 | 0 |
Special events | 32,150 | 0 | 69,250 |
Investment income | 50 | 24 | 0 |
Total revenues | 380,176 | 249,826 | 249,334 |
Program costs | 239,750 | 170,750 | 145,749 |
Donated goods exp | 7,010 | 0 | 0 |
Administrative costs | 64,641 | 53,275 | 46,014 |
Fundraising costs | 9,179 | 0 | 14,617 |
Total spending | 320,580 | 224,025 | 206,380 |
Cash flow from operations | 59,596 | 25,801 | 42,954 |
Funding reserves | 279,019 | 218,542 | 187,444 |
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
0 |
$80k - $120k |
0 |
$40k - $80k |
0 |
< $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: 416.868.3438