VETS Canada
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.
D
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.
93%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 93 cents are available for programs.
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OVERVIEW
About VETS Canada:
Veterans Emergency Transition Services Canada is a 1-star, financially transparent charity. It has a poor results reporting grade and has overhead spending within Ci’s reasonable range. The charity has $1.2m in reserve funds, which can cover a year and two months of annual program costs.
Founded in 2012, Veterans Emergency Transition Services Canada (VETS Canada) provides support services to Canadian veterans. The charity is based in Dartmouth, Nova Scotia and provides services such as temporary housing assistance, food support and transportation to veterans in crisis. VETS Canada does not provide a total program spending, nor does it disclose how much it spends on each of its programs.
VETS Canada aims to address veterans’ immediate needs. It has three drop-in centres in Dartmouth, Ottawa and Edmonton. These provide safe places for conversation and support. The charity reports that it has helped 4,554 veterans and housed 984 veterans since founding. The Guitars for Vets program provides veterans and disabled army members with second-hand guitars and guitar lessons. The charity aims to use music’s healing capacities to help soldiers.
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Results and Impact
Charity Intelligence did not find any quantified outcomes on Veterans Emergency Transition Services Canada’s website. This may not be a complete representation of VETS Canada's results and impact.
This charity is not yet rated on impact (n/r).
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Finances
VETS Canada is a financially transparent charity. Its audited financial statements are publicly available on its website.
In F2022, VETS Canada received $540k in donations and special events revenue. Administrative costs are 4% of revenues (excluding investment income), and fundraising costs are 3% of donations. This results in 7% overhead spending. For every dollar donated, 93 cents are available for the charity’s programs, which is within Ci’s reasonable range for overhead spending.
VETS Canada has $1.2m in reserve funds, which can cover a year and two months of annual program costs.
Ci has sent this profile update to VETS Canada for review. Changes and edits may be forthcoming.
Updated on August 30, 2023 by Victoria Allder.
Financial Review
Fiscal year ending March
|
2022 | 2021 | 2020 |
|---|---|---|---|
| Administrative costs as % of revenues | 3.8% | 1.9% | 4.5% |
| Fundraising costs as % of donations | 3.5% | 1.8% | 6.9% |
| Total overhead spending | 7.3% | 3.7% | 11.4% |
| Program cost coverage (%) | 117.5% | 172.5% | 21.0% |
Summary Financial StatementsAll figures in $s |
2022 | 2021 | 2020 |
|---|---|---|---|
| Donations | 531,739 | 305,749 | 319,123 |
| Government funding | 37,809 | 117,406 | 0 |
| Special events | 8,273 | 581 | 3,222 |
| Other income | 401,889 | 1,375,999 | 664,587 |
| Total revenues | 979,710 | 1,799,735 | 986,932 |
| Program costs | 1,010,539 | 752,771 | 880,978 |
| Grants | 0 | 0 | 6,500 |
| Administrative costs | 37,295 | 34,489 | 44,204 |
| Fundraising costs | 19,049 | 5,356 | 22,319 |
| Total spending | 1,066,883 | 792,616 | 954,001 |
| Cash flow from operations | (87,173) | 1,007,119 | 32,931 |
| Capital spending | 118,199 | 1,366 | 2,124 |
| Funding reserves | 1,187,469 | 1,298,191 | 186,535 |
Note: The charity’s F2022 T3010 filing with the CRA reports $1.3m in government funding, however, this is not clearly reported in the charity’s audited financial statements. Ci has reported Grants from the charity’ audited financial statements as other income, as it is likely that these are a combination of donations and government funding. Ci adjusted for deferred grant revenue in other income, affecting total revenues by ($282k) in F2022, $282k in F2021 and nil in F2020.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
0 |
$80k - $120k |
0 |
$40k - $80k |
2 |
< $40k |
6 |
Information from most recent CRA Charities Directorate filings for F2022
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Comments & Contact
Comments added by the Charity:
Charity Contact
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