Daily Bread Food Bank
STAR RATINGCi's Star Rating is calculated based on the following independent metrics: |
✔+
FINANCIAL TRANSPARENCY
Audited financial statements for current and previous years available on the charity’s website.
A
RESULTS REPORTING
Grade based on the charity's public reporting of the work it does and the results it achieves.
High
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.
85%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 85 cents are available for programs.
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OVERVIEW
About Daily Bread Food Bank:
Daily Bread Food Bank is a five-star financially transparent charity with a High demonstrated impact score. It has a A results reporting grade, which is excellent. For every dollar donated to the charity, 85 cents are available to go to the cause. This is within Ci's reasonable range.
Founded in 1983, Daily Bread Food Bank prepares and distributes food across Toronto to those facing food insecurity through its food bank member network. Daily Bread’s research team publishes reports covering income and poverty trends/issues across Canada, while its advocacy team engages in poverty-focused political activities. According to the charity, food price inflation combined with stagnating wages significantly increased demand for Daily Bread’s programs in F2023, with a 63% increase in client visits compared with F2022. The charity runs three programs: food preparation & distribution; agency support services; and research, advocacy, & kitchen training. The charity spent $26.8m on its programs and grants in the fiscal year ending June 2023 (F2023).
A Charity Intelligence 2024 Top 100 Rated Charity
Food preparation & distribution was $21.9m or 82% of the charity’s program spending. Daily Bread prepares and distributes meals to its clients through its member agency network. In F2023, it distributed 27,951,290 lb of food to 2,561,552 visitors. Compared with F2022, this a 50% and 63% increase from 18,663,088 lbs and 1,574,985 visitors respectively. Distributed food includes vegetables (34%), dairy (19%), grain (16%), meat (13%), fruit (12%), snacks (1%), household (1%), and miscellaneous/other (4%). The charity also prepared close to 220,000 meals for 282,052 unique clients during F2023. By 2024, Daily Bread aims to provide clients with three days worth of food for each weekly visit, an 11% increase from the current 2.7 days provided.
Agency support services was $3.5m or 13% of the charity’s program spending. Daily Bread provides financial support to its members who run 207 food programs specializing in breakfast, prenatal nutrition, snacks, groceries, and hot meals. The charity introduced three new members to its network – Toronto Perth SDA, Church of Saint Stephen-in-the-Fields, and TAIBU-Empringham Food Bank – increasing its network to 132 members in F2023.
Research, advocacy, & kitchen training was $1.4m or 5% of the charity’s program spending. In F2023, the charity published three Click/Hear research reports covering international student food bank usage, rising Canadian household debt, and low tax return filing rates among low-income Canadians. Daily Bread also published its 2023 Who’s Hungry report highlighting increased food bank dependency within Toronto. In F2023, Daily Bread’s CEO testified twice to the House of Commons during hearings on food inflation and the Federal Grocery Rebate respectively. The charity also ran a Canada Disability Benefit campaign that reached 1,450,000 Canadians.
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Results and Impact
Daily Bread distributed 27,951,290 lb of food during 2,561,552 visits in F2023, meaning the charity provided 10.9 lb of food on average for each visit. The charity reports it served 282,052 unique clients, meaning each unique client received an average of 99 lb of food over F2023. The charity reports that clients received 2.7 days worth of food per visit and aims to increase this to three days per visit by 2024.
After Daily Bread’s recommendation, all four political parties during the Ontario 2022 provincial election promised to raise the Ontario Disability Support Program (ODSP) rates.
Daily Bread's Canada Disability Benefit advocacy campaign resulted in Canadians sending 140,000 letters to politicians across the country.
While Ci highlights these results, they may not be a complete representation of Daily Bread’s results and impacts.
Daily Bread is rated as High impact based on demonstrated social impact per dollar spent.
Impact Rating: High
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Finances
In F2023, Daily Bread received $31.3m donations, a 23% increase compared to $25.4m in F2022. The charity also received $128k of government grants which is less than 1% of revenues excluding investment income. Administrative costs are 2% of revenues and fundraising costs are 13% of donations. This results in total overhead spending of 15%. This means that for every dollar donated to Daily Bread, 85 cents are available to go to the cause.
In F2023, the charity spent $26.8m on its programs, which is 40% of revenues, and has a ($1.7m) operating cash deficit. The charity increased its program spend by $7.0m (35%) since F2022, which is a significant increase.
At the end of F2023, Daily Bread had $33.7m reserve funds (cash and investments) which covers 126% or slightly over 15 months of its annual program spending.
Profile updated May 27, 2024 by Julian Dranitsaris. Comments and corrections may be forthcoming.
Financial Review
Fiscal year ending June
|
2023 | 2022 | 2021 |
|---|---|---|---|
| Administrative costs as % of revenues | 1.7% | 1.4% | 1.3% |
| Fundraising costs as % of donations | 13.1% | 13.2% | 9.5% |
| Total overhead spending | 14.8% | 14.6% | 10.8% |
| Program cost coverage (%) | 125.6% | 169.3% | 317.4% |
Summary Financial StatementsAll figures in $000s |
2023 | 2022 | 2021 |
|---|---|---|---|
| Donations | 31,260 | 25,385 | 30,004 |
| Goods in kind | 34,006 | 34,374 | 29,322 |
| Government funding | 128 | 119 | 112 |
| Fees for service | 26 | 25 | 19 |
| Investment income | 2,029 | (1,736) | 229 |
| Other income | 267 | 161 | 609 |
| Total revenues | 67,717 | 58,328 | 60,294 |
| Program costs | 23,319 | 12,282 | 8,650 |
| Grants | 3,511 | 7,568 | 1,726 |
| Donated goods exp | 34,007 | 34,374 | 29,322 |
| Administrative costs | 1,115 | 862 | 769 |
| Fundraising costs | 4,104 | 3,351 | 2,844 |
| Total spending | 66,055 | 58,437 | 43,311 |
| Cash flow from operations | 1,662 | (109) | 16,983 |
| Capital spending | 1,120 | 502 | 841 |
| Funding reserves | 33,689 | 33,604 | 32,929 |
Note: 1. NON-GOVERNMENT DEFERRED ADJUSTMENT: Daily Bread uses deferred accounting. To show doners this information on a consistent basis, Ci adjusts donations for changes in deferred contributions. This affected revenue by $86k, $59k, and ($209k) in F2023, F2022, and F2021 respectively. 2. DEFERRED CAPITAL CONTRIBUTIONS: Ci also removed amortization for deferred capital contributions from revenues. This affected revenue by ($109k), ($152k), and ($118k) in F2023, F2022, and F2021 respectively.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
5 |
$120k - $160k |
2 |
$80k - $120k |
3 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2023
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Comments & Contact
Comments added by the Charity:
Food bank visits in Toronto have almost tripled since 2019, rising from pre-pandemic numbers of 60,000 client visits monthly to 171,631 in June 2022. Daily Bread in consultation with economists, the City of Toronto and internal forecasting team, anticipate that number rising to over 200,000 by the end of this fiscal year.
The Board of Directors, with Management, set an ambitious promise to the city that regardless of the number of people coming to food banks, 3 days’ worth of food weekly would be provided to each client. That promise has been kept through the pandemic despite the extraordinary growth in client visits, and food received by clients increased by 17%. Food purchases increased from $1.9M in 2019 to over $12M budgeted for fiscal 2022-23. In addition, $5.9M in new grants have been distributed to Daily Bread’s member agency network to build supply chain resiliency in community programs. Through these grants, agencies have been able to purchase additional food, appliances and even add storage solutions to their space, to help them better meet the needs in their communities. Over the next year an additional $4M in grants are expected to be distributed.
Our previous experience has shown that we have to prepare for the future, as much as we deal with the needs of today. We need to be strategic about how we utilize the reserve in order to address the expected growing need for our services within a challenging economic climate.
Historically, food bank visits continue to increase for at least two years following the start of a recession. Continuous impacts of the pandemic, the looming recession, rapidly rising inflation, and interest rate increases are combining for an unprecedented storm on top of a difficult situation.
Daily Bread’s Board of Directors monitor and oversee the financial reserves within their governance capacity to balance immediate food distribution and forecasted expenditures. The Board-approved strategic deployment of our reserve funds is forecasted to deplete our surplus reserves over the next 3.5 years.
LEARN MORE: Daily Bread 2023 Annual Report
Charity Contact
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: 416-203-0050