Covenant House Toronto
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.
Fair
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.
71%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 71 cents are available for programs.
My anchor
OVERVIEW
About Covenant House Toronto:
Covenant House Toronto is a 3-star financially transparent charity with a Fair demonstrated impact score. It has an A results reporting grade, which is above average. For every dollar donated to the charity, 71 cents are available to go to the cause.
Founded in 1982, Covenant House Toronto (COVT) helps Torontonian youth aged 13-24 who are at risk for or experiencing homelessness. The charity provides its clients shelter, transitional housing, education, job training, and primary health care. The charity also leads sex trafficking prevention seminars and connects sex trafficking survivors with essential services. According to the charity, there are 40,000 homeless Canadian youth. 85% of these report symptoms of mental distress and 42% report at least one suicide attempt. Homeless youth also have poor long-term prospects with 51% not in employment, education, or training. COVT’s main programs include its short-term shelter & crisis care, long-term transitional housing apartments, and community support services. Other programs include its advocacy work, education support, and health clinic. The charity spent $30.5m on its programs in the fiscal year ending June 2023 (F2023).
Short-term shelter & crisis care was 45% of the charity’s program spending. COVT provides 24/7 drop-in emergency housing to both homeless youth and youth escaping from abuse. In F2023, the charity added 32 beds in response to increasing demand. 1,289 youths visited COVT’s drop-in centre while 658 stayed in the charity’s emergency housing.
Long-term transitional housing was 25% of the charity’s program spending. This program aims to reduce chronic homelessness by helping youth become self-sufficient and independent. In F2023, the charity built 24 new community apartment units and helped 387 people secure long-term housing.
Community support services was 22% of the charity’s program spending. This program provides sex trafficking awareness campaigns, life skills workshops, and a youth mentorship service. The charity delivered sex trafficking awareness presentations to 3 schools, matched 46 youths with mentors, and led 699 life skills workshops in F2023. 31,856 students listened to these sex trafficking awareness campaigns.
Other programs include COVT’s advocacy, education, and health clinic services and was 8% of the charity’s program spending. In F2023, the charity awarded 26 postsecondary education bursaries and led 382 job training sessions. 4,727 youths accessed its on-site health clinic and 456 accessed its on-site mental health services.
My anchor
Results and Impact
In F2023, Covenant House Toronto reunited 121 youths with their families. The charity reported several other results within its programs. The results were:
83% of youth in transitional housing left the program with a stable source of income.
67% of youth in shelters created a personalized future action plan.
45% of youth in the Cooking For Life program – a part of community support – secured employment after completing the program.
70% of youth reported having a trusted relationship with at least one staff within COVT’s health clinic.
While Ci highlights these key results, they may not be a complete representation of Covenant House Toronto’s results and impact.
Ci has rated Covenant House Toronto as Fair on demonstrated impact per dollar spent.
Impact Rating: Fair
My anchor
Finances
In F2023, Covenant House Toronto received $35.0m in donations compared to $35.2m in F2022. The charity also received $10.2m in government funding which is 22% of revenues excluding investment income. Administrative costs are 4% of revenues and fundraising costs are 25% of donations. This results in total overhead spending of 29%. This means that for every dollar donated, 71 cents are available to go to the cause.
In F2023, the charity spent $30.5m on its programs which is 65% of revenues. This charity increased its program spend by $2.0m compared to F2022, which is not a significant increase.
At the end of F2023, Covenant House Toronto had $46.2m in reserve funds (cash and investments) which covers 151% or slightly over 18 months of its annual program spending.
Profile updated May 29, 2024 by Julian Dranitsaris. Comments and corrections may be forthcoming.
Financial Review
Fiscal year ending June
|
2023 | 2022 | 2021 |
---|---|---|---|
Administrative costs as % of revenues | 4.4% | 3.7% | 5.1% |
Fundraising costs as % of donations | 25.1% | 25.1% | 24.0% |
Total overhead spending | 29.5% | 28.8% | 29.0% |
Program cost coverage (%) | 151.2% | 130.5% | 135.3% |
Summary Financial StatementsAll figures in $000s |
2023 | 2022 | 2021 |
---|---|---|---|
Donations | 35,049 | 35,219 | 32,437 |
Government funding | 10,213 | 9,918 | 8,087 |
Fees for service | 0 | 0 | 0 |
Investment income | 2,868 | (2,798) | 1,858 |
Other income | 1,394 | 1,134 | 701 |
Total revenues | 49,524 | 43,473 | 43,082 |
Program costs | 30,523 | 28,557 | 24,537 |
Administrative costs | 2,058 | 1,715 | 2,082 |
Fundraising costs | 8,783 | 8,829 | 7,767 |
Total spending | 41,363 | 39,100 | 34,386 |
Cash flow from operations | 8,161 | 4,373 | 8,696 |
Capital spending | (322) | 104 | 130 |
Funding reserves | 46,150 | 37,265 | 33,208 |
Note: 1. DEFERRED CONTRIBUTION ADJUSTMENT: Covenant House Toronto uses deferred accounting. To show donors this information on a consistent basis, Ci adjusts donations for changes in deferred contributions. This affected revenues by $450k, $339k, and ($143k) in F2023, F2022, and F2021 respectively. 2. DEFERRED CAPITAL CONTRIBUTIONS AMORTIZED: Ci also removed amortization for deferred capital contributions from revenue. This affected revenues by ($558k), ($561k), and ($568k) in F2023, F2022, and F2021 respectively. 3. DEFERRED CAPITAL CONTRIBUTIONS RECEIVED: Ci also adds contributions received for capital asset purchases. This affected revenues by $83k, $nil, and $41k in F2023, F2022, and F2021 respectively. 4. OTHER DEFERRED REVENUE: Ci also adjusts for other unspecified income. This affected revenues by ($20k), $43k, and $2k in F2023, F2022, and F2021 respectively. 5. AMORTIZATION: Ci removed amortization on a pro-rata basis applied to program, administrative, and fundraising costs.
Salary Information
$350k + |
0 |
$300k - $350k |
1 |
$250k - $300k |
2 |
$200k - $250k |
2 |
$160k - $200k |
4 |
$120k - $160k |
1 |
$80k - $120k |
0 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2023
My anchor
Comments & Contact
Comments added by the Charity:
Charity Contact
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: 1-800-435-7308