Victoria Foundation

#109 - 645 Fort Street
Victoria, BC V8W 1G2
CEO: Sandra Richardson
Board Chair: Deirdre Roberts

Website: www.victoriafoundation.bc.ca
Charitable Reg. #: 13065 0898 RR0001
Sector: Fundraising Organization - Community Foundation
Public Foundation

Social Results Reporting

Grade: C+

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 for current and previous years available on the charity's website [ Audited financial statement for most recent year ]

Program Cost Coverage

donor
endowed
Funding Reserves Program Costs

Spending Breakdown

Full-time staff #5

Avg. Compensation $84,947

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 0
$250k - $300k 0
$200k - $250k 0
$160k - $200k 0
$120k - $160k 1
$80k - $120k 1
$40k - $80k 3
< $40k 0
Information from most recent CRA Charities Directorate filings for F2011

About Victoria Foundation:

The Victoria Foundation is dedicated to improving the quality of life in its community through the stewardship of permanent funds and other gifts, and by grantmaking for charitable purposes on southern Vancouver Island. The Foundation gives grants in the following areas: arts, culture and heritage; community services; education; environment; and health and recreation. Grants are given through donor-directed funds, bequests and the Foundation's Vital Victoria discretionary fund. The Foundation also manages endowment funds for charities, trust funds and scholarship funds. The Foundation also works on a number of community projects to improve the understanding of important issues in its community. These initiatives include: Every Step Counts (a therapeutic walking and running program), and Happiness Index (which measures and promotes well-being in Greater Victoria), among others.

In 2012, the Foundation gave grants to 59 organizations, totalling $8m. It hosted $59m in endowment funds for 107 charities, administered 2 trust funds worth $3m, and managed scholarship funds worth $48m. It was also involved in 8 community projects.

Financial Review:

Fundraising costs are 8% of donations, and administrative costs are 25% of revenues. The organization has funding reserves of $192m (of which $137m is donor-endowed), which cover annual program costs 60.5 times. Of the $137m donor-endowed funds, $59m are hosted funds. The Foundation had a return on investment of 10.6% in F2012, and a 10 year ROI of 6.9%. The Foundation paid 0.33% of fair value of assets in investment management and custodial fees in F2012. It charges an investment management fee of 0.75% of the fair value of assets.

Financial Ratios

Fiscal year ending December
201220112010
Administrative costs as % of revenues 24.8%18.4%19.6%
Fundraising costs as % of donations 8.3%6.8%4.4%
Program cost coverage (%) 6,045.2%6,083.8%5,005.4%

Summary Financial Statements

All figures in $000s
201220112010
Donations 5,7617,7886,568
Fees for service 454423415
Investment income 4,7034,3224,824
Total revenues 10,91812,53411,807
Grants 3,1752,8863,457
Donor-designated donations 5,3417,2766,304
Administrative costs 1,5411,5071,372
Fundraising costs 477530291
Other costs 300300295
Cash flow from operations 853488
Funding reserves 191,931175,586173,055
Note: Ci reported investment income gross of investment management fees and added these fees into expenses, increasing both revenue and expenses by $300k in F2012, $300k in F2011, and $295k in F2010. The breakdown between administration, fundriaising and program costs is based on our best estimate, as the charity does not provide a breakdown.

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