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.
97%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 97 cents are available for programs.
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OVERVIEW
About Horizon Housing Society:
Horizon Housing Society is a top-rated 5-star charity. It has a high results reporting grade and negative funding reserves. The charity is financially transparent and has low reported overhead costs outside of Ci's reasonable range.
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 900 units and nine group homes across the city. 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 F2020, the average tenancy was 6.7 years. The average rent for a one-bedroom apartment at HHS is $579, which is 54% lower than the average market rent for a one-bedroom in Calgary. In F2020, Horizon Housing Society had 1,142 residents with 486 new tenants referred during the year. Adults made up 73% of tenants, 17% were children, and 10% were seniors.
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Results and Impact
Horizon Housing Society provides housing for individuals who may otherwise be homeless. In F2020, the charity housed 1,142 residents, including 486 new residents.
While Ci highlights these key results, they may not be a complete representation of Horizon Housing Society's results and impact.
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Finances
Horizon Housing Society received $16.8m in donations in F2021, accounting for 74% of total revenue. Administrative costs are 3% of revenues (excluding investment income) and reported fundraising costs are 0.1% of donations in F2021. For every dollar donated, 97 cents go to HHS's programs, which is outside Ci's reasonable range for overhead spending.
Funding reserves are negative due to total debt of $30m in mortgages related to HHS's properties.
This charity report is an update that was sent to HHS for review. Changes and edits may be forthcoming.
Updated on August 12, 2022 by Lin Zhu.
Financial Review
Fiscal year ending March
|
2021 | 2020 | 2019 |
|---|---|---|---|
| Administrative costs as % of revenues | 3.0% | 4.4% | 1.5% |
| Fundraising costs as % of donations | 0.1% | 0.7% | 0.4% |
| Total overhead spending | 3.1% | 5.1% | 1.9% |
| Program cost coverage (%) | (437.6%) | (277.9%) | (270.2%) |
Summary Financial StatementsAll figures in $000s |
2021 | 2020 | 2019 |
|---|---|---|---|
| Donations | 16,831 | 3,061 | 12,653 |
| Government funding | 647 | 2,467 | 680 |
| Fees for service | 4,790 | 4,220 | 3,020 |
| Business activities (net) | 0 | 68 | 0 |
| Investment income | 78 | 266 | 154 |
| Other income | 471 | 493 | 352 |
| Total revenues | 22,817 | 10,575 | 16,859 |
| Program costs | 4,064 | 3,181 | 3,022 |
| Administrative costs | 679 | 454 | 251 |
| Fundraising costs | 20 | 22 | 46 |
| Other costs | 189 | 573 | 339 |
| Total spending | 4,953 | 4,230 | 3,658 |
| Cash flow from operations | 17,865 | 6,345 | 13,201 |
| Capital spending | 26,778 | 7,944 | 10,143 |
| Funding reserves | (17,787) | (8,842) | (8,167) |
Note: This review does not consolidate financial statements from Horizon West Housing Society (HWHS) with Horizon Housing Society, though the two distinct non-profits have the same board of directors. HWHS is not a registered charity in Canada. Ci included interest expenses and bad debt expenses in Other costs.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
1 |
$120k - $160k |
0 |
$80k - $120k |
4 |
$40k - $80k |
5 |
< $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) 297-1746