Fung Loy Kok Institute of Taoism
STAR RATINGCi's Star Rating is calculated based on the following independent metrics: |
✖
FINANCIAL TRANSPARENCY
Audited financial statements available only through official request for information from Charities Directorate.
C-
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.
-70%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) -70 cents are available for programs.
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OVERVIEW
About Fung Loy Kok Institute of Taoism:
Fung Loy Kok Institute of Taoism is a 1-star charity with a low results reporting grade. It is not financially transparent. It can cover 14 years of its three-year average program costs with current reserves. The charity's overhead costs are outside Ci's reasonable range for overhead spending. Before you give, read Charity Intelligence's report.
Founded in 1983, Fung Loy Kok Institute of Taoism (FLKIT) works to promote Taoist philosophy and Chinese culture through public education, and maintaining temples and shrines. Most of its programs focus on teaching the Taoist Tai Chi practices of Master Moy Lin Shin.
Taoist Tai Chi is a set of 108 movements, intended to engage the whole body and increase relaxation. FLKIT observes teachings from Confucianism, Buddhism and Taoism. The charity is based in Canada and controls Fung Loy Kok Taoist Tai Chi International.
In F2020, FLKIT reports 34,425 participants in its Taoist Arts workshops in 26 countries around the world. It also runs 370 temples and shrines across Canada and through its affiliated organizations in other countries.
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Results and Impact
In F2016, Fung Loy Kok Institute of Taoism surveyed 12,000 Canadian Tai Chi participants to examine the health effects of Tai Chi. Of the respondents, 96% reported improved balance, 86% experienced mental health effects, 14% saw doctors less frequently, and 7% say they avoided surgery because of Tai Chi. Among respondents who reported improved health, 80% began seeing benefits within one year of starting Tai Chi.
While Charity Intelligence highlights these key results, they may not be a complete representation of Fung Loy Kok’s results. The charity is not yet rated on impact (n/r).
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Finances
Fung Loy Kok Institute of Taoism is not financially transparent. It does not provide its audited financial statements. This redacted version used for analysis comes from the CRA Charities Directorate. At the time of the update, the F2022 audited financial statements were not available.
Fung Loy Kok Institute of Taoism received $834k in donations and special events revenue during F2021. The charity collected $405k in fees for service from participants, reflecting 25% of total revenue. There was a 75% decrease in fees for service revenue from F2020.
Administrative costs are 169% of revenues less investment income, and fundraising costs are 0.7% of donations and special events revenue. This results in total overhead spending of 170%. For every dollar donated, it costs the charity $1.70 in total overhead. This is outside of Ci’s reasonable range for overhead spending.
Fung Loy Kok had $22.5m in reserve funds in F2021. Reserve funds are the charity’s cash and investments. There has been a 81% increase in reserve funds since F2020. The charity can cover 29 years of F2021 program costs or 14 years of average program costs over the past three years with its current reserves.
This charity report is an update to be sent to Fung Loy Kok Institute of Taoism for review. Changes and edits may be forthcoming.
Updated on July 19, 2023 by Alessandra Castino.
Financial Review
Fiscal year ending December
|
2021 | 2020 | 2019 |
|---|---|---|---|
| Administrative costs as % of revenues | 169.4% | 80.8% | 37.4% |
| Fundraising costs as % of donations | 0.7% | 6.3% | 7.1% |
| Total overhead spending | 170.1% | 87.1% | 44.4% |
| Program cost coverage (%) | 2,869.5% | 1,037.3% | 276.7% |
Summary Financial StatementsAll figures in $s |
2021 | 2020 | 2019 |
|---|---|---|---|
| Donations | 547,223 | 598,899 | 1,291,209 |
| International donations | 19,484 | 17,622 | 14,870 |
| Fees for service | 405,455 | 1,604,280 | 4,172,594 |
| Business activities (net) | 76,056 | 166,895 | 177,643 |
| Special events | 287,190 | 181,878 | 303,779 |
| Investment income | 214,776 | 1,658,798 | 256,128 |
| Other income | 66,240 | 47,739 | 430,076 |
| Total revenues | 1,616,424 | 4,276,111 | 6,646,299 |
| Program costs | 785,783 | 1,195,150 | 2,882,184 |
| Grants | 0 | 0 | 0 |
| Administrative costs | 2,374,731 | 2,114,638 | 2,387,032 |
| Fundraising costs | 5,942 | 49,489 | 112,960 |
| Other costs | (206,160) | 101,457 | 392,251 |
| Total spending | 2,960,296 | 3,460,734 | 5,774,427 |
| Cash flow from operations | (1,343,872) | 815,377 | 871,872 |
| Capital spending | (9,406,760) | (3,176,470) | (3,104,890) |
| Funding reserves | 22,547,738 | 12,397,399 | 7,976,104 |
Note: Ci has included cash donated from Taoist Tai Chi Society of Canada, affecting revenues by $nil in F2021, $nil in F2020, $78k in F2019. Administrative and fundraising costs are as reported on the charity’s T3010 filing with the CRA.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
1 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
1 |
$80k - $120k |
3 |
$40k - $80k |
5 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2020
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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: 416.656.2110