Canadian Olympic Foundation
Toronto, ON M5B 2L7
CEO: Paul Mclntyre Royston
Board Chair: Perry Dellelce
Charitable Reg. #: 81772 9346 RR0001
Grade: BThe grade is based on the charity's public reporting of the work it does and the results it achieves.
Need for Funding
Cents to The Cause
Full-time staff #8
Avg. Compensation $101,236
Top 10 Staff Salary Range
|$300k - $350k||0|
|$250k - $300k||0|
|$200k - $250k||1|
|$160k - $200k||0|
|$120k - $160k||1|
|$80k - $120k||2|
|$40k - $80k||4|
About Canadian Olympic Foundation:
Founded in 2007, the Canadian Olympic Foundation (COF) is the fundraising arm of the Canadian Olympic Committee. The foundation raises funds to support the Canadian Olympic team, the next generation Olympic athletes and the Canadian sport system. It notes that Canada must support athletes 5 to 12 years in advance of Olympic Games to achieve premier results at Tokyo 2020 and beyond. The COF granted $9.3m to the Canadian Olympic Committee and various other sport partners in F2017, an increase of 68% compared to F2016. The foundation’s head office is in Toronto.
In the COF’s most recent annual report published, it states that 40% of its F2016 grants went to National Sport Organizations (NSO), 27% to Olympic game preparation, 13% to the Canadian Olympic and Paralympic Sport Institute Network (COPSIN), 8% to endowment grants, 8% to athlete and coach awards, 3% to the Canada Games council, and 1% to Winsport.
The COF supports Team Canada by funding high performance sport programs recommended by Own the Podium (OTP). To maximize Canada’s Olympic podium results, OTP directs grants to sports with the greatest medal potential. The money is used to support coaching, technical leadership, training, competition, sports science and medical support. Through the foundation’s game preparation grants, it provides support to the Canadian Olympic Team leading up to the Games and ensures the best services are available to athletes during the Games.
COPSIN is designed to improve the daily training environment of Canada’s athletes and coaches. The network of institutes has grown to seven locations across Canada including: Vancouver, Calgary, Saskatchewan, Manitoba, Toronto, Montreal, and Atlantic Canada. The COF funds COPSIN to help Canada's next generation of athletes have access to the best sport science and medicine, coaches, and other high-performance resources.
The Canada Games, held every two years, alternating between summer and winter sports, are Canada’s largest multi-sport event for young athletes. The COF entered into a three year agreement with the Canada Games Council in 2013 to help develop future Olympians ascend Canada’s sport system.
The Canadian Olympic Foundation launched the Sport Endowment for Excellence and Development (SEED) fund in 2014. Through the SEED fund, the COF acts as the ‘community foundation’ for national sport federations (NSF) and other sport partners by investing, managing and disbursing their funds. As of F2017, the COF holds $3.7m in the endowment fund.
Results and Impact: With the support of the Canadian Olympic Foundation, Canada earned 29 medals (third most) in the 2018 Winter Olympics held in PyeongChang. Canadian Olympians earned 22 medals in the 2016 Summer Olympics held in Rio. The COF notes that 40% of the Canadian athletes who competed in the 2016 Olympic Games in Rio were Canada Games alumni.
The Canadian Olympic Foundation’s audited financial statements do not report cost allocations for fundraising and administration. Charity Intelligence has taken this important information from the charity’s T3010 filing with the CRA. The F2017 annual filing was not yet posted when this report was updated. Ideally the charity’s auditors, Deloitte LLP, would report this information on the charity's audited financial statements. Without this additional information, the Canadian Olympic Foundation’s overhead spending and program cost coverage may be misrepresented for F2017.
The Canadian Olympic Foundation is a Large charity with donations of $6.9m in F2017. The charity also earned $915k of investment income during the year. It does not report fundraising and administrative costs separately on its audited financial statements. Fundraising and administrative costs are 19% of total revenues. Per dollar donated to the charity, $0.81 goes towards its grants, which falls within Ci’s reasonable range for overhead spending. Canadian Olympic Foundation has funding reserves of $10.0m, which include $3.7m of donor-endowed funds. Excluding donor-endowed funds, the foundation can cover 8 months worth of annual grants, indicating a need for donations.
This charity report is an update that has been sent to the Canadian Olympic Foundation for review. Changes and edits may be forthcoming.
Updated on August 30, 2018 by Derek Houlberg.
Financial RatiosFiscal year ending December
|Administrative costs as % of revenues||0.0%||15.6%||8.0%|
|Fundraising costs as % of donations||0.0%||11.2%||7.2%|
|Fundraising & admin costs as % of revenues||19.1%||0.0%||0.0%|
|Program cost coverage (%)||107.0%||232.0%||294.3%|
Summary Financial StatementsAll figures in $000s
|Fundraising & administrative costs||1,325||0||0|
|Cash flow from operations||(2,782)||(167)||4,808|