Community Foundation of Ottawa

75 Albert St., Suite 301
Ottawa, ON K1P 5E7
President & CEO: Barbara McInnes
Board Chair: Brian Toller

Website: www.cfo-fco.ca
Charitable Reg. #: 11922 7981 RR0001
Sector: Fundraising Organization - Community Foundation
Public Foundation

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 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 #12

Avg. Compensation $78,924

Top 10 Staff Salary Range

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

About Community Foundation of Ottawa:

Founded in 1987, the Community Foundation of Ottawa nurtures philanthropy and works with partners to have an enduring impact on communities. The Foundation pools the charitable gifts of many donors into a permanent, income-earning endowment that benefits the community at large and fulfils the philanthropic objectives of individual donors. Grants are made to charities from the earnings of these funds to seed, nurture and support initiatives that strengthen the Ottawa community.

In F2011, the Foundation granted $5.4m to 462 charities in the following sectors: social services (24%), religion (22%), health (15%), education (12%), children and youth (12%), arts and culture (7%), scholarship (4%), environment (2%), and other (2%). The Foundation has approximately 650 endowment funds, including 20 funds established in F2011.

Financial Review:

Administrative costs are 20% of revenue and the Foundation reported no fundraising costs. The Foundation has funding reserves of $92.6m (including $84.6m of donor-endowed funds), which cover annual program costs 31.2 times. The Foundation pays external investment management fees of up to 1% annually. It charges service fees of 1.5% on the first $5m of an endowment fund, 0.75% on the next $5m, and 0.25% on any excess over $10m. It charges service fees of 2% on scholarship funds and flow-through gifts. The Foundation had a 9.4% return on investment in F2011 and a 10-year average return of 5.5%.

Financial Ratios

Fiscal year ending December
201220112010
Administrative costs as % of revenues 20.2%14.0%15.0%
Fundraising costs as % of donations 0.0%0.0%0.0%
Program cost coverage (%) 3,117.6%1,630.5%1,431.0%

Summary Financial Statements

All figures in $000s
201220112010
Donations 6,4838,4828,004
Fees for service 13119
Investment income 2,7563,4512,798
Total revenues 9,25211,94410,811
Grants 10,7665,5876,307
Administrative costs 1,3121,1901,199
Fundraising costs 000
Other costs 510595421
Cash flow from operations (3,336)4,5722,884
Funding reserves 92,63691,09690,254
Note: Ci removed unrealized loss/gain on investment, changing revenue by ($4.9m) in F2012, $3.7m in F2011, and ($2.2m) in F2010.

Comments added by the Charity:

The Community Foundation of Ottawa commends Charity Intelligence for developing a standard profile of charities to help donors make informed decisions but some metrics can be misleading when analyzing a specific charity and in particular, public foundations.

Administrative costs should not be a factor of yearly revenues as endowed gifts vary significantly from year to year. More appropriately, administrative costs should be shown as a percent of assets managed, which is what foundations do, and would be 1.4%.

Fundraising costs are not a line item in our operating expenses but actually are a component of salaries of some staff and would represent 3.7% of donations.

Program cost coverage is again not an appropriate measure for foundations as funding reserves are permanently endowed gifts that are invested and grants are made from the investment income. In fact, the Community Foundation of Ottawa grants almost 100% of available revenues.

As noted in the previous comments, funding reserves are actually permanently endowed gifts and funding reserves is really a misnomer.

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