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321 Chapel Street
Ottawa, ON K1N 7Z2
Executive Director: Scott Walter
Board Chair: Timothy Hynes

Charitable Reg. #: 11883 4878 RR0001
Sector: International Aid
Operating Charity

Donor Accountability

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 ]

Need for Funding

Funding Reserves Program Costs

Spending Breakdown

Cents to The Cause

2013 2014 2015
For a dollar donated, cents funding the cause after fundraising and admin costs, excluding surplus.

Full-time staff #16

Avg. Compensation $79,816

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 0
$250k - $300k 0
$200k - $250k 0
$160k - $200k 0
$120k - $160k 1
$80k - $120k 3
$40k - $80k 6
< $40k 0
Information from most recent CRA Charities Directorate filings for F2015

About CODE:

Founded in 1959, CODE’s mission is to enable people to learn by developing partnerships that provide resources for learning, promote awareness and understanding, and encourage self-reliance. Under its partnership model, CODE invests in local partner organizations who then invest in the literacy of its communities. It also works in affiliation with the International Book Bank, which supplies books and educational materials to CODE’s partners.

CODE’s main international development program is Reading CODE. The program works with teachers, librarians, writers and publishers to support literacy in K-12 schools. CODE also offers Burt Awards that recognize local literature and provide readers with engaging books.

In F2015, CODE published 276,000 copies of 60 locally-authored titles. It also provided reading materials to 730 school and community libraries. Further, it helped 3,400 teachers, librarians, educational officials, writers, illustrators, editors and publishers gain professional skills. Over 1.6 million children and youth in 8 countries were directly impacted by CODE’s programs in F2015.

In F2015, CODE’s Burt Award program donated 7,359 copies of winning titles to 840 locations across Canada. CODE has also discovered that engaging winning authors in author tours, creative writing workshops and speaking engagements is an effective way to connect with First Nations, Métis and Inuit youth.

Financial Review:

Ci has consolidated the audited financial statements of CODE with the statements of CODE Foundation. CODE is a medium-sized charity with donations of $2.4m in F2015. CODE’s administrative costs at 13% of total revenues and its fundraising costs at 25% result in 42 cents on the dollar going towards overhead. This falls outside of CI's reasonable range. CODE has funding reserves of $20.3m, of which $8.3m is donor-endowed funds. This results in a high program cost coverage ratio of 549% (excluding donor-endowed funds), meaning that CODE can continue to run its programs for another 5.5 years using available funding. There is a substantial increase in the program cost coverage ratio as the windup of CODE Incorporated was completed in F2015. This resulted in a $7.4m liquidation dividend paid to CODE.

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

Updated on May 17, 2016 by Lynn Tay

Financial Ratios

Fiscal year ending March
Administrative costs as % of revenues 17.7%14.1%5.6%
Fundraising costs as % of donations 24.6%19.6%17.2%
Program cost coverage (%) 779.0%296.6%246.4%

Summary Financial Statements

All figures in $000s
Donations 2,4152,2582,277
Government funding 1,5162,3243,008
Investment income 1,6701,500914
Other income 403843
Total revenues 5,6406,1206,243
Program costs - International 2,6073,9654,589
Program costs - Canada 000
Administrative costs 701650296
Fundraising costs 595444391
Other costs 987570
Cash flow from operations 1,639986897
Funding reserves 20,30711,75811,306
Note: Ci has consolidated the audited financial statements of CODE and CODE Foundation. Ci has adjusted amortization of capital assets and changes to program advances to partners affecting expenses by ($255k) in F2015, by $134k in F2014, and by ($10k) in F2013.

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