Momentum Community Economic Development Society
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.
Low
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.
80%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 80 cents are available for programs.
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OVERVIEW
About Momentum Community Economic Development Society:
Momentum Community Economic Development Society is a 2-star charity with an above-average results reporting score. Its overhead costs are within Ci’s reasonable range, and it has reserve funds to cover program costs for almost a year and two months. However, it has Low demonstrated impact.
Established in 1991, Momentum Community Economic Development Society works with low-income individuals in Calgary to help them build sustainable livelihoods. The charity offers three main programs: Financial Empowerment, Local Economy Development, and Skills Training. These programs help people save and manage their money, start or expand their businesses, and build skills to get a job. The charity does not provide a breakdown of spending by program.
In F2022, over 1,900 people participated in a Momentum program. Organizations supported by Momentum reached 11,900 individuals.
Within the Financial Empowerment program, Momentum provided 283 financial coaching sessions in F2022. Since 2020, 779 participants saved over $800k through the Momentum Savings Challenge. In F2022, participants saved money for eight homes, 81 Education Assets, ten Tools for Work, 22 RESPs, and 24 Emergency Funds.
Within Local Economy Development, 444 individuals participated in business training in F2022. 19 microloans were repaid in full, and 66 jobs were created by recipients of these loans.
Within its Skills Training program, Momentum offered training in carpentry, plumbing, automotives, information technology, and digital marketing. In F2022, the charity launched two new Tech Training programs focussing on women and Indigenous people.
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Results and Impact
Momentum states that based on a study in F2022, across all programs, 67% of participants moved closer to a sustainable livelihood, and 86% of participants increased their skills and knowledge. 90% increased their understanding of money management, 78% increased their connections, and 92% were more hopeful about the future. Additionally, over two years, there was an increase from 18% to 40% in participants with emergency savings and a decrease from 31% to 10% in participants receiving income support.
Within its Local Economy Development program, the charity reported that every $1 spent locally recirculates creating $7 of local economic activity. Within its Skills Training program, 87% of Trades and Tech participants were employed in their field after 90 days in F2022. Under the Financial Empowerment program, 83% of participants who attended coaching reported meeting one or more of their financial goals in F2022.
While Ci highlights these key results, they may not be a complete representation of Momentum Community Economic Development Society’s results and impact.
Charity Intelligence has given Momentum Community Economic Development Society an impact rating of Low based on demonstrated impact per dollar.
Impact Rating: Low
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Finances
Momentum Community Economic Development Society received $6.3m in donations in F2022. 32% of donations came from foundations, 28% from United Way, 25% from corporations, and 14% from individuals. Momentum also received $6.2m in government funding from federal, provincial, and municipal governments, representing 48% of total revenue in F2022.
Administrative costs are 10% of revenues (less investment income) and fundraising costs are 10% of donations. This results in total overhead costs of 20%. For every dollar donated, 80 cents go to the cause. This is within Ci’s reasonable range for overhead spending.
The charity has $10.0m in reserve funds. It can cover almost a year and two months of annual program costs with its existing funds.
The charity’s T3010 filings for F2022 are not yet available on the CRA website. Based on past information, the administrative costs may be marginally higher than reported by Ci.
This charity report is an update that has been sent to Momentum Community Economic Development Society for review. Changes and edits may be forthcoming.
Updated on May 29, 2023 by Kiara Andrade.
Financial Review
Fiscal year ending December
|
2022 | 2021 | 2020 |
|---|---|---|---|
| Administrative costs as % of revenues | 10.2% | 11.8% | 10.6% |
| Fundraising costs as % of donations | 10.2% | 11.8% | 10.7% |
| Total overhead spending | 20.3% | 23.5% | 21.3% |
| Program cost coverage (%) | 113.8% | 104.2% | 94.2% |
Summary Financial StatementsAll figures in $000s |
2022 | 2021 | 2020 |
|---|---|---|---|
| Donations | 6,335 | 4,780 | 4,262 |
| Government funding | 6,184 | 4,656 | 4,371 |
| Investment income | 190 | 97 | 111 |
| Other income | 116 | 60 | 263 |
| Total revenues | 12,826 | 9,594 | 9,007 |
| Program costs | 8,766 | 7,227 | 6,868 |
| Administrative costs | 1,283 | 1,117 | 940 |
| Fundraising costs | 645 | 562 | 456 |
| Total spending | 10,694 | 8,906 | 8,264 |
| Cash flow from operations | 2,132 | 688 | 744 |
| Capital spending | 206 | 187 | 1,007 |
| Funding reserves | 9,974 | 7,529 | 6,471 |
Note: To report on a cash basis, Ci adjusted for deferred donations, affecting revenues by $71k in F2022, ($105k) in F2021 and $452k in F2020. Ci adjusted for deferred capital contributions, affecting revenues by $19k in F2022, $9k in F2021 and ($145k) in F2020. Ci adjusted for deferred government donations, affecting revenues by $1.3m in F2022, $165k in F2021 and $23k in F2020. Ci reported fundraising costs from Note 14 of the audited financial statements and removed the amount from program costs.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
1 |
$120k - $160k |
5 |
$80k - $120k |
4 |
$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: 403-272-9323