Momentum Community Economic Development Society

100-525 28 Street SE
Calgary, AB T2A 6W9
Executive Director: Jeff Loomis
Board Chair: Dustin Owen

Charitable Reg. #:88379 3218 RR0001

STAR RATING

Ci's Star Rating is calculated based on the following independent metrics:

[Charity Rating: 4/5]

✔+

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.

Average

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.

79%

CENTS TO THE CAUSE

For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 79 cents are available for programs.



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Programs

About Momentum Community Economic Development Society:

Established in 1991, Momentum Community Economic Development Society offers training and opportunity to people living in poverty in Calgary. The charity’s work focuses on three main areas: programs, support, and community leadership. Momentum delivers programs and services to people living on a low income so they can manage their money, maintain good jobs, or start a business. Also, support is given to communities and businesses to build and sustain the local economy through training and resources. The charity provides community leadership by promoting best practices for poverty reduction through evaluation and research.

Momentum Community Economic Development Society’s main programs are business development, financial empowerment, skills training, community initiatives, and indigenous engagement. In F2019, Momentum Community Economic Development Society directly helped a total of 2,392 participants and reached 11,212 individuals.

In F2019, business development programs helped launch 55 new businesses. Also, the charity provided 77 Micro Business Loans worth a total of $213,518. The loans helped create 117 new jobs in the community. Also, 94 participants accessed coaching support for their businesses. Momentum helps empower families by helping participants access financial resources. In F2019, the charity helped individuals purchase 307 assets, such as Canada Learning Bonds, RESPs, and homes. To support skills development in a changing economy, Momentum provided $100,511 through 36 Job Boost loans. 37 people used Momentum’s support to get trained in IT and 54 people trained for a career in the trades. The charity provides social enterprise training to local businesses so they can operate profitably and make a positive impact. In F2019, Momentum supported five community enterprises to reach sustainability. Also, 235 people attended Momentum-led workshops to increase community economic development.

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Results and Impact

According to the charity, Momentum helped 81% of program participants increase their income or savings in F2019. 81% developed supportive connections and 87% are more hopeful about the future. In terms of business development, 84% of loan clients were employed after the loan process, with the average income increase being over $26k. Momentum also helped indigenous participants through financial literacy and saving programs. The programs increased average household monthly savings from $15 to $76. The charity reports that all graduated participants saved the maximum of $50 a month.

Charity Intelligence has given Momentum Community Economic Development Society an impact rating of Average based on demonstrated impact per dollar.

Impact Rating: Average

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Finances

Momentum Community Economic Development Society is a Large charity, receiving $5m in donations in F2019. 43% of donations came from foundations, 32% from United Way, 16% from businesses, and 9% from individuals. Momentum received $288k in fees for service and $4.1m in government funding from federal, provincial, and municipal governments.

Administrative costs are 11% of revenues and fundraising costs are 10% of donations. For every dollar donated, 79 cents go the cause. This is within Ci’s reasonable range for overhead spending. The charity holds $7.2m in funding reserves, which can cover 11.7 months of annual program costs.

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 June 19, 2020 by Tenzin Shomar.

Financial Review


Financial Ratios

Fiscal year ending December
201920182017
Administrative costs as % of revenues 10.8%10.3%10.3%
Fundraising costs as % of donations 10.0%8.9%6.6%
Total overhead spending 20.9%19.2%16.9%
Program cost coverage (%) 97.1%82.7%92.8%

Summary Financial Statements

All figures in $000s
201920182017
Donations 5,0404,7334,402
Government funding 4,1264,1883,857
Fees for service 288265593
Investment income 15612481
Total revenues 9,6109,3118,932
Program costs 7,4617,5907,150
Administrative costs 1,022948915
Fundraising costs 506420289
Total spending 8,9898,9598,353
Cash flow from operations 621352579
Capital spending 40139494
Funding reserves 7,2466,2756,635

Salary Information

Full-time staff: 60

Avg. Compensation: $83,347

Top 10 staff salary range:

$350k +
0
$300k - $350k
0
$250k - $300k
0
$200k - $250k
1
$160k - $200k
1
$120k - $160k
4
$80k - $120k
4
$40k - $80k
0
< $40k
0

Information from most recent CRA Charities Directorate filings for F2019

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Comments & Contact

Comments added by the Charity:

Charity Contact

Website: www.momentum.org
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: 403-272-9323

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