Toronto International Film Festival

350 King Street W
Toronto, ON M5V 3X5
Executive Director: Michèle Maheux
Board Chair: Paul Atkinson

Charitable Reg. #: 11930 4541 RR0001
Sector: Arts & Culture
Operating Charity

Social Results Reporting

Grade: B-

The grade is based on the charity's public reporting of the work it does and the results it achieves.

Financial Transparency

Audited financial statements available only upon request [ Audited financial statement for most recent year ]

Program Cost Coverage

Funding Reserves Program Costs

Spending Breakdown

Full-time staff #127

Avg. Compensation $92,759

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 0
$250k - $300k 1
$200k - $250k 1
$160k - $200k 2
$120k - $160k 5
$80k - $120k 1
$40k - $80k 0
< $40k 0
Information from most recent CRA Charities Directorate filings for F2011

About Toronto International Film Festival:

Toronto International Film Festival, Inc. (TIFF) is dedicated to presenting the best of international and Canadian cinema to film lovers. TIFF aims to lead the world in creative and cultural discovery through cinema. Its mission is to transform the way people see the world through film. It offers screenings, lectures, discussions, festivals, workshops, industry support and the chance to meet filmmakers from Canada and around the World. TIFF focuses on educating and broadening audiences and adding to the cultural richness of Canada's community. In F2012 TIFF featured 372 films from 72 countries and had an attendance of 400,000 people.

Financial Review:

TIFF's administrative costs are 13% of revenues. Fundraising costs are not reported in financial statements; however, from the charity's T3010 return, fundraising costs are 18% of donations. TIFF has funding reserves of ($27.6m) due to loans payable of $43.7m. Funding reserves include $4.9m of endowment funds.

Financial Ratios

Fiscal year ending December
Administrative costs as % of revenues 13.0%9.0%8.5%
Fundraising costs as % of donations 18.2%22.1%8.6%
Program cost coverage (%) (91.7%)(102.7%)(154.4%)

Summary Financial Statements

All figures in $000s
Donations 17,49822,29319,041
Goods in kind 013,2000
Government funding 7,7055,96614,053
Fees for service 15,26314,0719,635
Investment income 245275180
Total revenues 40,71155,80542,910
Program costs 30,13727,19222,683
Administrative costs 5,2794,9923,636
Fundraising costs 3,1762,0071,643
Other costs 1,8221,893621
Cash flow from operations 29619,72014,327
Funding reserves (27,641)(27,927)(35,016)
Note: In F2011, TIFF received gifts in kind of land for $13.2m which has been separated from donations. Ci adjusted for deferred revenues affecting revenues by ($2.1m) in F2012, by $3.6m in F2011 and by $982k in F2010. Building expenses from income statement are adjusted in program costs increasing total program costs. Ci adjusted amortization in program costs decreasing program costs in F2012 by $4.5m, in F2011 by $4.2m and in F2010 by $1.5m.

Comments added by the Charity:

In 2010, TIFF opened the TIFF Bell Lightbox (TBLB), representing an important milestone in the achievement of TIFF’s mission and vision: to transform the way people see the world through film, and be the global centre for film culture. The construction of the TBLB was funded through donations and government funding. Many of the donations are pledged to occur over a number of years, and so loans were obtained to support the construction project. The construction loans will be repaid from pledges collected in future years, and with any surplus funds generated by TIFF’s activities. The construction loans are not indicative of TIFF’s ongoing charitable activities, and they negatively affect Funding Reserves and the Program Cost coverage %. The Funding Reserves and the Program cost coverage %, adjusted for the impact of the construction loans, would be $10.2 million / 30.6% in 2012; $13.5 million / 49.8% in 2011; and $6.6 million / 29.1% in 2010.


In 2011, TIFF recognized the impact of the donation of land for the TBLB site in the amount of $13.2 million. Excluding this one-time special donation, Administrative costs as a % of revenues in 2011 is 12.7%. Administrative costs as a % of revenues have risen over the period 2010 – 2012, reflecting the significant change in the mix of charitable as well as revenue generating activities undertaken by TIFF once the facilities housed in TBLB were activated.

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