Momentum Community Economic Development Society
Calgary, AB T2A 6M8
Executive Director: Jeff Loomis
Board Chair: Odgers Berndtson
Charitable Reg. #: 88379 3218 RR0001
Grade: B+The grade is based on the charity's public reporting of the work it does and the results it achieves.
Need for Funding
Cents to The Cause
Full-time staff #49
Avg. Compensation $79,777
Top 10 Staff Salary Range
|$300k - $350k||0|
|$250k - $300k||0|
|$200k - $250k||0|
|$160k - $200k||1|
|$120k - $160k||2|
|$80k - $120k||7|
|$40k - $80k||0|
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 believes that people can get out of poverty by using training programs to strengthen five key assets, which include: connections, self awareness, necessities, knowledge, and finances. On an individual level, the charity offers training in job skills and financial literacy; and on a community level, the charity trains community organization and not-for-profit staff on how to teach financial literacy as well as works with community organizations to influence policies and reduce poverty.
Momentum Community Economic Development Society provides training and services to individuals through three main programs: starting a business, managing and saving money, and getting employed. In F2017, Momentum helped start 54 new businesses, including renovations, cleaning, catering and restaurants, and technology repair businesses. The same year, financial management programs helped 11,420 Calgarians lower their debt and increase their savings, helped 310 matched-savings participants save over $400,000 and filed 8,445 tax returns through tax clinics that led to $3.72m in benefits to low income Calgarians. The charity helped participants buy 331 assets, including 131 for self education, 36 toward tools used for work, 46 for education for a child, and 8 for family homes. Job employment programs trained 72 people for a trades career.
Momentum Community Economic Development Society offers programs for organizations, teaching financial literacy to not-for-profit staff that work with poor people and teaching community organization staff Registered Education Savings Plans (RESPs) and how this savings account can reduce poverty. In F2017, Momentum taught over 70 community agency staff how to coach those who are financially illiterate.
Results and Impact: Momentum conducted a study on 18 to 34-year-old entrepreneurs that went through Momentum’s business training, coaching, and/or business loans to start businesses. The 2016 study detailed that 78% of respondents are still operating their business, and of those that are not, 71% are currently employed full-time. In F2017, Momentum helped create 122 jobs by providing 77 businesses with loans. A 2017 study on the program teaching financial literacy to staff of non-profit organizations revealed the following: 85% of respondents feel prepared to teach basic financial literacy to their clients and 81% of participants still use the material, with 15% using it weekly. In F2017, Momentum focused on raising awareness and providing alternatives to high-credit businesses, which often charge interest over 35%. The charity’s advocacy work was represented in Bill 31: A Better Deal for Consumers and Businesses Act, which improved consumer protection laws in Alberta and included the first regulation of high-cost credit services.
Momentum Community Economic Development Society is a Medium-sized charity with $4.8m in donations in F2017. Administrative costs are 8% of revenues and fundraising costs are 3% of donations. For every dollar donated, 89 cents go to the cause, falling within Ci’s reasonable range for overhead spending. The charity has funding reserves of $6.6m, which can cover just under 11 months of program costs, indicating a need for funding. Spending on capital assets was significantly higher in F2017 at $494k, compared to $191k in F2016 and $33k in F2015. Of total capital asset spending, 54% went toward equipment and 46% toward leasehold improvements, but more details were not found.
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 July 6, 2018 by Joeyanne Cheung.
Financial RatiosFiscal year ending December
|Administrative costs as % of revenues||8.4%||9.0%||9.8%|
|Fundraising costs as % of donations||2.7%||1.9%||2.4%|
|Program cost coverage (%)||89.2%||89.0%||90.9%|
Summary Financial StatementsAll figures in $000s
|Fees for service||593||388||558|
|Cash flow from operations||1,018||862||912|