Horizon Housing 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.
A-
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.
60%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 60 cents are available for programs.
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Programs
About Horizon Housing Society:
Founded in 1976, Horizon Housing Society (HHS) provides affordable and supportive housing to Calgarians with special needs. HHS serves low-income people struggling with mental health challenges, disabilities, addiction, homelessness, and domestic violence. The charity owns and operates 742 units across eight apartment buildings and eight group homes. HHS collaborates with other charities that refer tenants and provide required support services. HHS uses an integrated model where people with different special needs live alongside each other. This reduces the stigma associated with a particular group and promotes a sense of community among tenants.
Horizon Housing Society offers long-term housing solutions. In F2018, the average tenancy was 6.8 years and the longest was 31 years. The average rent for a one-bedroom apartment at HHS is $486, which is 54% lower than the average market rent for a one-bedroom in Calgary. In F2018, Horizon Housing Society had 707 tenants with 120 new tenants referred during the year. Families made up 37% of tenants, 37% were single males, and 26% were single females. In terms of special needs, 35% of tenants were people living with mental health challenges, 6% with brain injuries, 6% with physical disabilities, and 6% were seniors.
In F2018, Horizon Housing Society completed the RESOLVE campaign. The charity partnered with eight other housing organizations to raise $74m, providing homes for 1,850 Calgarians. The campaign resulted in the purchase of one building and the construction of 17 buildings. Thanks to the campaign, HHS’s Glamorgan Development opened in fall of 2018, housing over 200 people. The charity also spent $920,607 on building upgrades this year.
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Results and Impact
Horizon Housing Society provides housing for individuals who may otherwise be homeless. The charity reports that an estimated 3,200 Calgarians are homeless every night and 42,000 households are at risk of homelessness. It costs $55k per year to shelter and support a homeless person but only $21k per year to provide a home at HHS. This saves $34k per homeless person every year. In F2018, tenant satisfaction surveys reported 83% overall satisfaction. In addition, 81% were satisfied with cleanliness and 83% with security.
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Finances
Horizon Housing Society is a small charity, receiving $814k in donations in F2018. Donations account for only 24% of total revenue, with most revenue derived from rental income and government funding. The spike in F2017 donations of $10.9m were likely related to the RESOLVE campaign that financed construction of the Glamorgan Development building.
Administrative costs are 8% of revenues (excluding investment income) and fundraising costs are 32% of donations in F2018. For every dollar donated, 60 cents go to HHS's programs, which is outside of Ci's reasonable range for overhead spending.
Funding reserves are negative due to total debt of $13m in mortgages related to HHS's properties. Excluding this debt, the charity's funding reserves of $4.6m could cover program costs for 21 months.
For every dollar donated, 60 cents go to HHS’s programs. This is outside of Ci’s reasonable range for overhead spending.
This charity report is an update that was sent to HHS for review. Changes and edits may be forthcoming.
Updated on May 23, 2019 by Caroline McKenna.
Financial Review
Fiscal year ending March
|
2018 | 2017 | 2016 |
|---|---|---|---|
| Administrative costs as % of revenues | 8.0% | 2.2% | 5.6% |
| Fundraising costs as % of donations | 31.8% | 2.1% | 26.9% |
| Total overhead spending | 39.7% | 4.3% | 32.6% |
| Program cost coverage (%) | (330.2%) | (6.5%) | (34.6%) |
Summary Financial StatementsAll figures in $s |
2018 | 2017 | 2016 |
|---|---|---|---|
| Donations | 814,494 | 10,949,403 | 860,127 |
| Government funding | 845,850 | 858,749 | 846,730 |
| Fees for service | 2,821,290 | 2,790,032 | 2,739,015 |
| Investment income | 64,500 | 57,411 | 47,252 |
| Other income | 289,895 | 284,841 | 286,070 |
| Total revenues | 4,836,029 | 14,940,436 | 4,779,194 |
| Program costs | 2,554,358 | 2,405,978 | 2,277,735 |
| Administrative costs | 379,992 | 326,877 | 266,891 |
| Fundraising costs | 258,651 | 230,105 | 231,751 |
| Other costs | 338,304 | 346,436 | 359,289 |
| Total spending | 3,531,300 | 3,309,396 | 3,135,666 |
| Cash flow from operations | 1,304,724 | 11,631,040 | 1,643,528 |
| Capital spending | 12,862,700 | 10,217,400 | 173,721 |
| Funding reserves | (8,434,560) | (156,454) | (789,072) |
Note: This review does not consolidate financial statements from Horizon Housing Society (HHS) with Horizon West Housing Society (HWHS), though the two distinct non-profits have the same board of directors. HWHS is not a registered charity in Canada. Forgiveness of debt is a non-cash item and as such Ci did not include it in revenue, decreasing total revenues by $26k in F2018, $26k in F2017, and $46k in F2016. Other costs include interest and bad debts. The charity's audited financial statements do not allocate wages and benefits to program, administrative and fundraising costs. Ci reported total wages and benefits spending ($1.2m in F2018, $1.2m in F2017, and $1.1m in F2016) in program costs.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
1 |
$120k - $160k |
0 |
$80k - $120k |
3 |
$40k - $80k |
6 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2018
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Comments & Contact
Comments added by the Charity:
Charity Contact
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