Onward Homes
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.
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.
95%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 95 cents are available for programs.
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OVERVIEW
About Onward Homes:
Onward Homes is three-star financially transparent charity. It has a B results reporting grade, which is average. For every dollar donated to the charity, 95 cents are available to go to the cause. This is in Charity Intelligence’s reasonable range
Founded in 2022 after Horizon Housing Society and Forward Housing Association merged, Onward Homes provides subsidized community housing for people living in Calgary. The charity operates 31 buildings (22 apartments and 9 homes) across the city for the working poor, seniors, the homeless, and other low-income groups. According to the charity, more than 14,000 Calgarians face a high risk of homelessness. The charity’s only program is community housing. It spent $9.6m on this program in the fiscal year ending in March 2024 (F2024).
Community housing program includes subsidized rental housing offered at below market rates. Nearly 3,000 residents lived across 1,712 Onward Homes owned apartments across the city in F2024. According to the charity, residents live in its community housing for an average of 5.3 years. The charity also reports that its average monthly rent for its operated housing is $682, which is $895 less than Calgary’s $1,577 average rental price.
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Results and Impact
In F2024, Onward Homes housed nearly 3,000 people who would have otherwise been unable to afford housing.
While Charity Intelligence highlights these key results, they may not be a complete representation of Shepherds of Good Hope’s results and impact.
Charity Intelligence has not yet rated Onward Homes on demonstrated social impact per dollar spent (n/r). This does not affect its star rating.
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Finances
Horizon West Housing Society manages property on behalf of Onward Homes. Despite it having its own audited statements, it does not have a separate charitable registration number. This means it is not a registered charity in Canada and that this analysis does not consolidate the financial statements from this organization.
In F2024, Onward Homes received $1.1m worth of donations. This is 5% of total revenue and represents a 122% increase from $511k received in F2023. The charity also received $5.2m worth of government funding which is 25% of total revenue, while 61% ($12.8m) of the charity’s earnings came from rental earnings.
The charity’s administrative expenses are 5% of revenues. Onward Homes does not disclose fundraising expenditures on its audited financial statements. This means total overhead is 5%. For every dollar donated, 95 cents are available for the cause, which is in Ci’s reasonable range.
At the end of F2024, Onward Homes had $20.7m gross and ($43.7m) net reserve funds. Ci backed out $64.4m worth of mortgage debt related to 14 of its properties from the charity’s gross reserve funds. The charity may be unable to finance its programs in the absence of funding.
Profile updated by Julian Dranitsaris on January 6, 2025. Comments and corrections may be forthcoming.
Financial Review
Fiscal year ending March
|
2024 | 2023 | 2022 |
|---|---|---|---|
| Administrative costs as % of revenues | 4.7% | 10.1% | 4.7% |
| Fundraising costs as % of donations | 0.0% | 0.0% | 0.0% |
| Total overhead spending | 4.7% | 10.0% | 4.7% |
| Program cost coverage (%) | (457.0%) | (375.7%) | (487.1%) |
Summary Financial StatementsAll figures in $000s |
2024 | 2023 | 2022 |
|---|---|---|---|
| Donations | 1,138 | 512 | 6,148 |
| Government funding | 5,221 | 699 | 5,583 |
| Fees for service | 12,722 | 11,417 | 9,349 |
| Investment income | 931 | 598 | 94 |
| Other income | 1,629 | 2,517 | 1,101 |
| Total revenues | 21,641 | 15,743 | 22,274 |
| Program costs | 9,558 | 9,876 | 7,415 |
| Administrative costs | 983 | 1,522 | 1,032 |
| Fundraising costs | 0 | 0 | 0 |
| Other costs | 626 | 442 | 437 |
| Total spending | 11,167 | 11,841 | 8,883 |
| Cash flow from operations | 10,474 | 3,902 | 13,391 |
| Capital spending | 12,668 | 3,836 | 33,390 |
| Funding reserves | (43,676) | (37,101) | (36,116) |
Note: DEFERRED ADJUSTMENT: Onward Homes follows deferred accounting. Ci adjusted donations for changes in deferred contributions to show donors information on a consistent basis. This affected revenues by $541k, ($80k), and ($193k) in F2024, F2023, and F2022 respectively. FUNDRAISING EXPENSES: Onward Homes does not report clear fundraising line items on its audited financial statements and its F2024 T3010 filings with the CRA is not available at the time of this update. This means fundraising expenses are possible understated. INTEREST BEARING DEBT: Onward Homes owes $64.4m worth of long-term interest-bearing debt. All of this is related to mortgages the charity has on 14 properties.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
3 |
$80k - $120k |
5 |
$40k - $80k |
3 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2023
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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