WE Charity 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.
F
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.
41%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 41 cents are available for programs.
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OVERVIEW
About WE Charity Foundation:
WE Charity Foundation is a one-star charity. It has an F results reporting grade, meaning that it provides very little information for donors on its results. For every dollar donated to the charity, 41 cents are available to go to the cause, which is outside Ci's reasonable range. Read Charity Intelligence's report before you donate.
Founded in 2019, WE Charity Foundation (WCF) was created to promote the efficiency and effectiveness for other registered charities, including WE Charity. In 2020, it was planned that WE Foundation would receive and distribute the Canada Student Service Grant (CSSG). The contract was cancelled due to expected corruption in choosing WE Charity as a recipient. It was revealed that the Trudeau family had been paid approximately $425,000 for speaking at WE events in the past. The government was set to send the charity $912 million in grants. WE Charity was going to be paid $43 million to distribute the funds. More information on the WE Charity scandal can be found here.
WCF states that it is an organization led by an independent board of directors and leadership team from WE Charity. However, Gerry Connelly is a member of the board on both WE Charity and WE Charity Foundation. Marion Stewart, a board member, is also a former founding chair of Free the Children (which was renamed to WE Charity in 2016). More information on WE Charity Foundation’s board can be found here.
WCF received $10.0 million from WE Charity in F2021, which represents money from the sale of WE Global Learning Centre and Canadian real estate assets.
The charity reports its purpose is to carry on the work started by WE Charity Canada in Kenya. The charity focuses on four pillars: health care, education, economic opportunity, and food security. These pillars are represented in the charity’s six programs: Baraka Hospital, Women’s Empowerment Centre, Kisaruni Group of Schools, WE College, Oleleshwa Farm, and Renovating School Rooms.
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Results and Impact
Ci was unable to find any quantified results on WE Charity Foundation. This may not be a complete representation of WE Charity Foundation's results and impact.
This charity is not yet rated on impact (n/r).
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Finances
WE Charity Foundation received $215k in donations in F2022. Administrative costs are 23% of revenue (excluding investment income), and fundraising costs are 36% of donations. This results in overhead spending of 59%. For every dollar donated to the charity 41 cents are available to go to the cause. This is outside Ci’s reasonable range for overhead spending.
The charity has $6.0m in reserve funds, which can cover 253%, or two years and six months of its annual program costs.
The reported salaries in the charity's T3010 appears to be incorrect.
This charity report is an update that has been sent to WE Charity Foundation for review. Changes and edits may be forthcoming.
Updated August 14, 2023 by Liam Chapleau.
Financial Review
Fiscal year ending December
|
2022 | 2021 | 2020 |
|---|---|---|---|
| Administrative costs as % of revenues | 23.3% | 0.2% | 0.0% |
| Fundraising costs as % of donations | 35.7% | 0.0% | 0.0% |
| Total overhead spending | 59.0% | 0.2% | 0.0% |
| Program cost coverage (%) | 253.0% | 567.4% | 0.0% |
Summary Financial StatementsAll figures in $s |
2022 | 2021 | 2020 |
|---|---|---|---|
| Donations | 215,284 | 10,279,301 | 0 |
| Investment income | (566,219) | 4,459 | 0 |
| Other income | 252,586 | 0 | 0 |
| Total revenues | (98,349) | 10,283,760 | 0 |
| Program costs | 2,368,819 | 1,518,673 | 0 |
| Administrative costs | 109,132 | 19,764 | 30,278 |
| Fundraising costs | 76,865 | 0 | 0 |
| Total spending | 2,554,816 | 1,538,437 | 30,278 |
| Cash flow from operations | (2,653,165) | 8,745,323 | (30,278) |
| Capital spending | 0 | 0 | 0 |
| Funding reserves | 5,993,383 | 8,616,644 | 1,340 |
Note: WE Charity Foundation uses deferred accounting. To report to donors on a consistent basis, Ci accounted for deferred contributions: donations ($125k) in F2022 and $125k in F2021. Ci accounted for the change in amounts due to (from) WE Charity that adjusts expenses by $438k in F2022 and ($461k) in F2021. Ci included investment income that affects revenue by ($566k) in F2022 only. Ci accounted for Foreign Exchange Gain affecting revenue by $253k in F2022 only. The charity does not disclose its address or telephone number.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
1 |
$80k - $120k |
2 |
$40k - $80k |
2 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2021
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Comments & Contact
Comments added by the Charity:
Comments by the charity are under review.
Charity Contact
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