Farley Foundation
STAR RATINGCi's Star Rating is calculated based on the following independent metrics: |
✔
FINANCIAL TRANSPARENCY
Most recent Audited financial statements available on the charity’s website.
C+
RESULTS REPORTING
Grade based on the charity's public reporting of the work it does and the results it achieves.
n/r
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.
75%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 75 cents are available for programs.
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OVERVIEW
About Farley Foundation:
Farley Foundation is a 3-star charity. It has a results reporting grade of C+ which is below average. For every dollar donated, 75 cents are available to go towards the cause. Its reserve funds can cover two years and five months of annual program costs.
Founded in 2002 by the Ontario Veterinary Medical Association (OVMA), the Farley Foundation supports pet owners that are struggling financially. The charity subsidizes payments for Ontario pet owners who cannot cover essential veterinary costs for their sick and injured pets. Since 2002, the charity has helped 15,218 animals including 8,921 dogs, 6,063 cats 69 rabbits, and 64 birds. The Farley Foundation’s only program is providing veterinary care to those struggling financially. In fiscal 2023 (year ended August), Farley Foundation spent $828k on this program.
Farley Foundation covers surgery, hospitalization, diagnostics, and other essential treatments. Pet owners seeking aid must be unable to afford medical care for their pet and meet the criteria laid out by the charity. This can include being a senior receiving the federal Guaranteed Income Supplement (GIS), or being disabled and receiving the Ontario Disability Support Program (ODSP) payment. In F2023, Farley Foundation helped 136 GIS recipients and 836 ODSP recipients. In F2023, Farley Foundation paid for veterinary care for 1,450 pets including 831 dogs, 577 cats, and 22 rabbits. The charity hopes to grow to help 2,000 pets per year by F2027.
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Results and Impact
Charity Intelligence found that Farley Foundation reported many stories but no quantified outcomes on its website. This may not be a complete representation of Farley Foundation’s results and impact. This charity is not yet rated on impact (n/r).
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Finances
In F2023, Farley Foundation received $910k in donations and special events revenue. This is a 7% decrease compared to the $976k received in F2022. Administrative costs are 16% of revenues (less investment income) and fundraising costs are 9% of donations. For every dollar donated, 75 cents are available to go towards the cause. This is within Ci’s reasonable range for overhead spending. In F2023, Farley Foundation spent $828k on its program which represents 84% of total revenues.
Farley Foundation has reserve funds of $2.0m. The charity can cover two years and five months of annual program costs with its current reserves.
The charity does not report any paid staff in its most recent T3010 filing with the CRA. Farley Foundation does report professional fees of $12k in its most recent audited financial statements.
Profile updated on June 27, 2024 by Abby Stout.
Financial Review
Fiscal year ending August
|
2023 | 2022 | 2021 |
|---|---|---|---|
| Administrative costs as % of revenues | 15.7% | 6.7% | 3.6% |
| Fundraising costs as % of donations | 9.3% | 4.7% | 2.4% |
| Total overhead spending | 25.0% | 11.3% | 6.0% |
| Program cost coverage (%) | 245.4% | 360.4% | 332.7% |
Summary Financial StatementsAll figures in $s |
2023 | 2022 | 2021 |
|---|---|---|---|
| Donations | 684,809 | 776,313 | 1,163,190 |
| Special events | 225,658 | 199,216 | 68,653 |
| Investment income | 74,410 | 45,015 | 28,310 |
| Other income | 104 | 249 | 140 |
| Total revenues | 984,981 | 1,020,793 | 1,260,293 |
| Program costs | 828,351 | 612,621 | 597,790 |
| Administrative costs | 142,773 | 64,852 | 44,613 |
| Fundraising costs | 84,659 | 45,633 | 29,164 |
| Other costs | 1,474 | 1,340 | 3,935 |
| Total spending | 1,057,257 | 724,446 | 675,502 |
| Cash flow from operations | (72,276) | 296,347 | 584,791 |
| Capital spending | 0 | 0 | 0 |
| Funding reserves | 2,032,772 | 2,207,926 | 1,988,715 |
Note: DEFERRED REVENUE: Ci adjusted for deferred revenue, affecting revenue by ($992) in F2023, $2k in F2022 and ($14k) in F2021. PROGRAM EXPENSES: Ci categorized postage, website, travel, and insurance expenses under program expenses. ADMINISTRATIVE COSTS: Ci considered office expenses, professional fees, board and committee expenses, bank charges, and strategic planning fees to be administrative costs.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
0 |
$80k - $120k |
0 |
$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:
Charity Contact
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