55 Bloor St. West, P.O. Box 19560
Toronto, ON H2J 2B7
Executive Director: Drew Boshell
Board President: Rupert Scofield

Charitable Reg. #:80568 6144 RR0001

STAR RATING

Ci's Star Rating is calculated based on the following independent metrics:

[Charity Rating: 4/5]

FINANCIAL TRANSPARENCY

Most recent Audited financial statements available on the charity’s website.

B-

RESULTS REPORTING

Grade based on the charity's public reporting of the work it does and the results it achieves.

Good

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.

38%

CENTS TO THE CAUSE

For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 38 cents are available for programs.



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OVERVIEW

About FINCA Canada:

FINCA Canada is a 4-star charity that is financially transparent, but late in posting its most recent financials. It has a slightly below-average results reporting grade of B- and overhead spending of 62% which is outside of Ci’s reasonable range.

Established in 2006, Foundation for International Community Assistance Canada (FINCA Canada) is a charity that works to reduce poverty in developing countries by providing low-income people with access to affordable loans and essential goods. FINCA Canada is affiliated with FINCA International (FINCA), which operates in 20 countries around the world. FINCA Canada’s main charitable programs are Financial Empowerment, Impact Investing, and Research & Data Science. The charity does not provide a spending breakdown of its programs on its website. In F2022, FINCA Canada spent $1.3m on its programs.

FINCA Canada is late in posting its F2023 financial statements, so Ci could only update F2022. FINCA Canada also has not released its F2023 annual report. Ci has mostly reported using FINCA Canada’s website, which is up to date, but has also taken information from the F2022 annual report.

Financial Empowerment: FINCA provides small loans and other financial services to low-income people in less developed countries. It reports that 1.7 billion adults worldwide lack access to basic financial services. FINCA Canada reports that it has loaned $693 million as of December 2023. 

Impact Investing: FINCA invests in entrepreneurs building small businesses that create products and services to help people overcome hardship, build resilience against poverty, and create prosperity for their families and communities. FINCA has invested in over 25 early-stage social enterprises, totalling more than $7 million. As of June 2023, FINCA has directly served over 7.1 million people, including retail customers, suppliers, and distributors.

Research & Data Science: FINCA uses cutting-edge technology to analyze data on customer needs and measure its results. In 2023, FINCA’s research team completed 32 survey projects and conducted over 29,149 client interviews.

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Results and Impact

In 2022, FINCA reports an average increase of 256% in revenue of FINCA investees after initial investment. 

While Ci highlights these key results, they may not be a complete representation of FINCA Canada’s results and impact.

Charity Intelligence has given FINCA Canada a Good impact rating on demonstrated impact per dollar spent.

 

Impact Rating: Good

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Finances

FINCA Canada had donations of $1.5m in F2022.

The charity received $533k in government funding representing 26% of total revenues.

Administrative costs are 21% of revenues (less investment income) and fundraising costs are 41% of donations. This results in total overhead spending of 62%, which is outside of Ci’s reasonable range for overhead spending. 

FINCA Canada has $2.4m in reserve funds. These reserve funds are the charity’s cash and investments. The charity has one year and ten months of annual program costs covered by its current reserves.

In F2022, FINCA Canada paid external fundraisers $10k. These external fundraisers raised $7k in donations. This means it costs FINCA Canada $1.48 to raise $1 using external fundraisers. In F2021, it cost the charity $1.28 to raise $1, and $1.89 in F2020.

This charity report is an update that has been sent to FINCA Canada for review. Changes and edits may be forthcoming.

Updated on August 19, 2024, by Lily Ferguson.

Financial Review


Financial Ratios

Fiscal year ending December
202220212020
Administrative costs as % of revenues 21.1%11.3%15.6%
Fundraising costs as % of donations 40.6%34.0%60.4%
Total overhead spending 61.7%45.2%76.0%
Program cost coverage (%) 184.3%120.5%66.8%

Summary Financial Statements

All figures in $s
202220212020
Donations 1,535,7451,710,1081,323,538
Government funding 532,8801,730,4051,807,266
Investment income 1,8201,031(3,129)
Total revenues 2,070,4453,441,5443,127,675
Program costs - International 1,313,6751,865,1592,719,580
Administrative costs 435,949387,197489,095
Fundraising costs 623,180581,056799,739
Total spending 2,372,8042,833,4124,008,414
Cash flow from operations (302,359)608,132(880,739)
Capital spending 000
Funding reserves 2,420,7842,247,6871,817,496

Note: Ci adjusted for deferred contributions and government funding, affecting revenues by ($520k) in F2022, $23k in F2021, and ($900k) in F2020. Ci adjusted for pledges receivable, affecting revenues by $2k in F2022, ($36k) in F2021, and $2k in F2020. Ci adjusted for foreign currency gains in investing income. Ci did not include gain on donated life insurance policy in revenues.

Salary Information

Full-time staff: 3

Avg. compensation: $67,115

Top 10 staff salary range:

$350k +
0
$300k - $350k
0
$250k - $300k
0
$200k - $250k
0
$160k - $200k
0
$120k - $160k
0
$80k - $120k
0
$40k - $80k
3
< $40k
0

Information from most recent CRA Charities Directorate filings for F2022

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Comments & Contact

Comments added by the Charity:

No comments have been added by the charity.

Charity Contact

Website: www.fincacanada.org
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: 855-903-4622

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Charitable Registration Number: 80340 7956 RR0001