Goodwill Industries of Toronto

350 Progress Avenue
Scarborough, ON M1P 2Z4
President & CEO: Ken Connelly
Vice-President: Vidoll Regisford

Charitable Reg. #: No longer operating
Sector: Social Services
Operating Charity

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 through official request for information from Canada Revenue Agency [Audited financial statement for most recent year]

Need for Funding

Funding Reserves Program Costs

Spending Breakdown

Cents to the Cause

2010 2011 2012
For a dollar donated, cents funding the cause after fundraising and admin costs, excluding surplus.

Full-time staff #315

Avg. Compensation $57,279

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 0
$250k - $300k 0
$200k - $250k 1
$160k - $200k 0
$120k - $160k 1
$80k - $120k 3
$40k - $80k 5
< $40k 0
Information from most recent CRA Charities Directorate filings for F2012

About Goodwill Industries of Toronto:

DONOR ADVISORY: January 17, 2016, Goodwill Industries of Toronto closed 16 stores in Ontario due to cash flow crisis.  Goodwill states that it is exploring its options.

Founded in 1935, Goodwill Industries of Toronto (Goodwill) aims to create work opportunities and skills development for people facing barriers to employment, including persons with disabilities, youth at risk, the chronically unemployed, Aboriginal people, and newcomers to Canada. Goodwill is best known for its network of 20 retail stores throughout the GTA and Eastern Ontario, which sell donated merchandise at below retail value. Goodwill provides access to work through its Real Employment to Achieve Community Health (REACH) program, which offers employment at its retail locations to REACH participants. In addition to its retail operations, Goodwill also offers employment opportunities by providing janitorial services for a variety of institutional establishments and offices.

Financial Review:

Administrative costs are 5% of revenue and the charity reported no fundraising costs. The charity has funding reserves of $2.0m, which cover only 7% of annual program costs. The charity does not report the value of goods donated for resale, as the fair value cannot be reasonably determined. The charity changed its fiscal year end from March to December in 2011; as a result, F2010 is eight months ended December 2011.

Goodwill Toronto's auditors raise concerns regarding the charity’s ability to continue as a going concern are dependent upon its ability to successfully generate positive cash flow from operations, which it has been unable to do in many prior years.

Report updated in 2013.

Financial Ratios

Fiscal year ending December
Administrative costs as % of revenues 5.0%6.1%3.9%
Fundraising costs as % of donations 0.0%0.0%0.0%
Program cost coverage (%) 7.1%7.9%(1.3%)

Summary Financial Statements

All figures in $000s
Donations 23443081
Government funding 3,0443,0142,289
Fees for service 27,96226,85721,194
Total revenues 31,23930,30123,564
Program costs 28,81830,05521,788
Administrative costs 1,5611,841910
Cash flow from operations 860(1,595)866
Funding reserves 2,0352,364(276)
Note: Ci removed amortization of $582k in F2012, $772k in F2011, and $541k in F2010 from expenses. Program cost coverage was calculated using an annualized program cost in F2010.

Comments added by the Charity:

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