SEMAFO Foundation

100, Alexis-Nihon Blvd.
St-Laurent, QC H4M 2P3
Board President: Benoit Desormeaux
Board Vice-Chair: Francine Sauriol

Charitable Reg. #: 83203 8228 RR0001
Sector: International Aid
Operating Charity

Social Results Reporting

Grade: A-

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

Funding Reserves Program Costs

Spending Breakdown

Full-time staff #3

Avg. Compensation $68,230

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 0
$250k - $300k 0
$200k - $250k 0
$160k - $200k 0
$120k - $160k 1
$80k - $120k 0
$40k - $80k 1
< $40k 1
Information from most recent CRA Charities Directorate filings for F2015

About SEMAFO Foundation:

SEMAFO Foundation supports communities and offers an improved quality of life through investments in community development projects. SEMAFO Foundation operates in the West African nations of Burkina Faso and Niger. It works in 109 towns and villages located in regions where SEMAFO, a Canadian gold mining company, is present. In F2015, SEMAFO Foundation invested in education (50% of spending), health (15% of spending), community support (21% of spending), and agriculture and revenue-generating activities (14% of spending).

SEMAFO Foundation's education program distributes school kits, supports specialized training and extracurricular activities and builds school infrastructure. In F2015, the charity reported that, since the inception of the College of General Education in Wona, there was an 82% increase in the secondary school enrolment rate in the town of Bana.

SEMAFO Foundation's healthcare program develops healthcare infrastructure, supports autistic children and raises awareness about cervical cancer. In F2015, the charity screened 2,894 women for the human papillomavirus, finding 144 positive results and providing cryotherapy treatment to 128 people.

The charity's community support program develops weak village water supplies and sanitation, with a focus on helping women and children. In F2015, the charity successfully constructed a second borehole in Bana, which can provide a mini-water supply for the village. In F2015, the charity also awarded 60 bicycles to school children based on academic performance and greatest distance travelled.

Finally, SEMAFO Foundation's agriculture program helps families produce and sell products to generate a sustainable source of income. In F2015, 1,871 producers took part in the Seasame Project, growing and selling 482 tonnes to generate $624,050 in family income. Another 1,176 female shea nut collectors took part in the Shea Project, selling 28 tonnes of organic shea nuts to generate $62,630 in income.

Financial Review:

SEMAFO Foundation is a small-cap charity, with donations of $971k in F2015. Its administrative costs are 12% of revenues and it did not report any fundraising costs in its F2015 statements. For every $1 donated to the charity, 88 cents is put towards its programs, falling within Ci's reasonable range; however, the lack of reported fundraising costs is a concern. The charity has funding reserves of $410k, resulting in a program cost coverage ratio of 50%. This means that it can fund 6 months of its annual programs using its current reserves.

This charity report is an update that is being reviewed by SEMAFO Foundation. Changes and edits may be forthcoming.

Updated on June 2, 2016 by Lynn Tay.

Financial Ratios

Fiscal year ending June
Administrative costs as % of revenues 11.6%12.9%7.9%
Fundraising costs as % of donations 0.0%0.3%1.0%
Program cost coverage (%) 50.2%41.3%29.1%

Summary Financial Statements

All figures in $s
Donations 970,7901,025,2491,673,538
Total revenues 970,7901,025,2491,673,538
Program costs - International 817,716836,2141,804,246
Program costs - Canada 000
Administrative costs 112,341132,679131,772
Fundraising costs 03,22917,177
Cash flow from operations 40,73353,127(279,657)
Funding reserves 410,223345,692525,809
Note: Charity Intelligence has analyzed the charity’s French audited financial statements to the best of our abilities but we recognize that detailed financial information is beyond our linguistic expertise. Material omissions may not be reflected in Charity Intelligence’s analysis. Ci has adjusted amortization affecting expenses by ($25k) in F2015, by ($31k) in F2014, and by ($29k) in F2013.

Comments added by the Charity:

The mission of the SEMAFO Foundation is to support communities and offer an improved quality of life in the areas in which SEMAFO or one of its subsidiaries operates, through its actions, its investments in community development projects as well as the training and development of people. The mining company SEMAFO is its primary funder, and has pledged up to 2% of its annual net profits to the SEMAFO Foundation.

The Foundation adopts a participatory approach that ensures the social acceptability of each of its projects. Funded projects are selected with the residents, according to their needs and also their strengths, in accordance with municipal development plans and in partnership with local authorities, government services, and local non-governmental organizations.

The aim of the SEMAFO Foundation is to encourage the sustainable development of these villages, creating a strong economic network that would not have existed without the Foundation and that can be maintained independently if mining activities were reduced. True to its philosophy of empowering people, the SEMAFO Foundation believes that a durable reduction in poverty can be achieved by providing opportunities for skills development and entrepreneurship.

Ci has asked SEMAFO Foundation to provide an updated comment.

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