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Frontier College
Literacy. Learning for Life.
Toronto, ON

The Children's Book Bank

350 Berkeley Street
Toronto, ON M5A 2X5
Executive Director: Mary Ladky
Board Member: Kim Beatty

Charitable Reg. #: 84453 2952 RR0001
Sector: Education
Operating Charity

Results Reporting

Grade: C+

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

Financial Transparency

Most recent audited financial statements 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

2014 2015 2016
For a dollar donated, cents funding the cause after fundraising and admin costs, excluding surplus.

Full-time staff #3

Avg. Compensation $47,835

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 1
< $40k 2
Information from most recent CRA Charities Directorate filings for F2016

About The Children's Book Bank:

Founded in 2007, The Children’s Book Bank and Literacy Foundation (The Book Bank) provides free books and literary support to children living in low-income communities in Toronto. These books are donated by families, publishers and retailers. The charity reports that increased literacy rates are linked to poverty reduction. Additionally, it states that when children choose their own books and can take them home to keep, they are more likely to stay in school longer and have improved social, health and economic outcomes. The Book Bank’s Storefront operations are in Toronto.

The Book Banks`s main program is its Storefront Book Bank which operates in the Regent Park area. It is like a children’s bookstore with books and story time, except that the books are free for children to keep. The Book Bank seeks to give books to children who would otherwise not be able to own their own books. The Storefront hosted 575 field trips for schools, daycares and summer camps in F2017. It also hosts after-school activities, Saturday story times and school holiday programs. 14,375 students visited the Storefront in F2017.

The Book Bank offers literacy programs beyond its Storefront operations. It distributes books to help support programs at literacy centres across Toronto such as Rexdale, Eglinton-Humber, Crescent Town and Thorncliffe Park. In F2017, The Book Bank distributed more than 66,000 books to its community partners through this program.

The charity’s B3 Building Babies’ Brains program partners with 12 local health clinics in Toronto to provide practitioners and their clients with materials which outline developmentally appropriate literacy strategies. It also distributes books to these medical centers for children of various ages who are preparing to learn how to read. In F2017, The Book Bank reports to have distributed 3,000 books and literacy bags as part of its B3 Building Babies’ Brains program.

Financial Review:

The Children’s Book Bank is a Small charity with $265k in donations and special event fundraising in F2016, a decrease of 20% compared to F2015. Administrative costs are 38% of total revenues and fundraising costs are 5% of total donations. For every dollar donated to the charity, $0.57 goes towards its programs, which falls outside Ci’s reasonable range for overhead spending. The charity’s administrative costs have increased from 18% in F2014 to 38% in F2016. The Children’s Book Bank has total funding reserves of $257k, which can cover 1.3 years of annual program costs.

This charity report is an update that has been sent to The Children’s Book Bank for review. Changes and edits may be forthcoming.

Updated on July 25, 2018 by Derek Houlberg.

Financial Ratios

Fiscal year ending December
Administrative costs as % of revenues 37.6%25.5%17.5%
Fundraising costs as % of donations 4.9%3.3%4.7%
Program cost coverage (%) 134.5%142.2%144.8%

Summary Financial Statements

All figures in $s
Donations 251,906322,518299,267
Special events 13,0979,18710,350
Investment income 8751,1661,223
Total revenues 265,878332,871310,840
Program costs 191,083205,953182,973
Administrative costs 99,67584,53154,180
Fundraising costs 13,01210,91814,502
Cash flow from operations (37,892)31,46959,185
Funding reserves 256,976292,952264,858
Note: Ci reported donations on a cash-basis and adjusted for deferred donations, affecting total revenues by ($14k) in F2016, $29k in F2015 and $45k in F2014. Ci adjusted administrative and fundraising costs to match the amounts reported by the charity on its T3010 filing with the CRA. 

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