Dollar A Day Foundation
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.
C
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.
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OVERVIEW
About Dollar A Day Foundation:
Dollar A Day Foundation is a 2-star charity with a below average results reporting grade and reasonable overhead costs. It is financially transparent. With current reserves, the charity can cover 5 months of annual program costs.
Founded in 2016, Dollar A Day Foundation (Dollar A Day) provides funding to mental health and addiction programs across Canada. The charity reports that the economic burden of mental illness in Canada is $51 billion and that by 2041 the cumulative cost of mental illness in Canada will be $2.5 trillion. The charity states that by investing a dollar a day in mental health and addiction treatments, social change can happen.
According to its most recent T3010 filing with the CRA, Dollar A Day granted $1.1 million to 46 charities in F2021. The highest grants of F2021 were to Choices for Youth ($100k), Kids Help Phone ($60k), Covenant House Toronto ($50k), Thrive ($50k), and CMHA Oxford MHeart ($50k).
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Results and Impact
Charity Intelligence found Dollar a Day reported many stories but few results on its work.
While Ci highlights these key results, they may not be a complete representation of Dollar A Day Foundation’s results and impact. This charity is not yet rated on impact (n/r).
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Finances
Dollar A Day Foundation had donations of $2.1m in F2022. Donations have increased 56% since F2020. Administrative costs are 7% of revenues (less investment income) and fundraising costs are 9% of donations. This results in total overhead spending of 15%. For every dollar donated, 85 cents go to the cause. This is within Ci’s reasonable range for overhead spending.
Dollar A Day had $696k in reserve funds in F2022. These are the charity’s cash and investments. There was an increase of 339% in reserve funds since F2020. This is because for the past three years Dollar A Day revenues have exceeded its expenses. The charity can cover 5 months of annual program costs with current reserves.
The charity does not report having employees or the total spending for employees in its most recent T3010 filing with the CRA.
This charity report has been sent to Dollar A Day Foundation for review. Changes and edits may be forthcoming.
Updated on July 24, 2023 by Alessandra Castino.
Financial Review
Fiscal year ending December
|
2022 | 2021 | 2020 |
|---|---|---|---|
| Administrative costs as % of revenues | 6.7% | 6.9% | 4.4% |
| Fundraising costs as % of donations | 8.5% | 6.9% | 12.9% |
| Total overhead spending | 15.2% | 13.8% | 17.4% |
| Program cost coverage (%) | 41.6% | 35.6% | 19.4% |
Summary Financial StatementsAll figures in $s |
2022 | 2021 | 2020 |
|---|---|---|---|
| Donations | 2,074,334 | 1,770,922 | 1,325,814 |
| Total revenues | 2,074,334 | 1,770,922 | 1,325,814 |
| Program costs | 153,632 | 101,460 | 117,680 |
| Grants | 1,520,500 | 1,116,123 | 700,000 |
| Administrative costs | 139,556 | 122,766 | 58,646 |
| Fundraising costs | 175,305 | 121,513 | 171,515 |
| Total spending | 1,988,993 | 1,461,862 | 1,047,841 |
| Cash flow from operations | 85,341 | 309,060 | 277,973 |
| Capital spending | 0 | 0 | 0 |
| Funding reserves | 695,604 | 433,387 | 158,292 |
Note: Ci used Schedule 1 of the audited financial statements for program, administrative and fundraising costs. In F2020, the grants reported in Schedule 1 differ by $25k from the grant costs reported in the statement of operations. Ci used the grants from the statement of operations, and adjusted for the difference by removing $25k from program costs.
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: 709-765-1551