Church of Virgin Mary and St. Athanasius
STAR RATINGCi's Star Rating is calculated based on the following independent metrics: |
✖
FINANCIAL TRANSPARENCY
Audited financial statements available only through official request for information from Charities Directorate.
F
RESULTS REPORTING
Grade based on the charity's public reporting of the work it does and the results it achieves.
Low
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.
92%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 92 cents are available for programs.
My anchor
OVERVIEW
About Church of Virgin Mary and St. Athanasius:
Church of Virgin Mary and St. Athanasius is a 0-star charity with Low demonstrated impact. It is not financially transparent and reports very little about its programs and results. Before you give, read Charity Intelligence’s report.
Founded in 1978, Church of Virgin Mary and St. Athanasius (CVMSA) is located in Mississauga, Ontario. It provides a place for worship. The church’s goal is to develop and foster a community of leaders and ambassadors for Christ. CVMSA states that it serves over 2,500 families in Mississauga.
As per its CRA filing, CVMSA offers services to its members, such as religious retreats and trips to promote its culture and history. CVMSA owns and operates the Valley of the Mother of God retreat centre. CVMSA’s website also highlights schedules of other churches in Mississauga like, St. Mina & Pope Kyrillos and Church Nativity; however, its affiliation with CVMSA is unclear.
Church of Virgin Mary and St. Athanasius runs school programs, youth fellowships, family meetings, ladies’ meetings, a choir, bible studies, and hymns classes. CVMSA operates two schools: Philopateer Christian College and Mississauga Career College.
My anchor
Results and Impact
Ci was unable to find any quantified results on CVMSA's website.
Charity Intelligence has rated Church of Virgin Mary and St. Athanasius as Low impact based on demonstrated social impact per dollar.
While Ci highlights these key results, they may not be a complete representation of CVMSA's results and impact.
Impact Rating: Low
•
My anchor
Finances
Church of Virgin Mary and St. Athanasius is not financially transparent. Financial analysis is based on financial statements provided by the CRA. These files have redacted CVMSA’s auditor and Board Director.
Church of Virgin Mary and St. Athanasius had total donations of $7.8m in F2022. Its administrative costs are 8% of revenues and its fundraising costs are less than 1% of donations. For every dollar donated to the charity, 92 cents are available to go to the cause. This is within Ci’s range of 65 to 95 cents for overhead spending. CVMSA spent $2.7m on its programs and grants in F2022, which is 33% of revenues.
Church of Virgin Mary and St. Athanasius had reserve funds of $696k in F2022, these are the charity’s cash and investments. This results in a program cost coverage of 26%, meaning CVMSA can cover current annual program and grants costs for three months with its current reserves. In F2022, Church of Virgin Mary and St. Athanasius had a surplus of $4.9m in F2022 (59% of total revenues) and spent $2.0m on capital expenditures.
Charity Intelligence has sent this update to Church of Virgin Mary and St. Athanasius for review. Changes and edits may be forthcoming.
Updated on July 25, 2024 by Alexia Tudose.
Financial Review
Fiscal year ending December
|
2022 | 2021 | 2020 |
|---|---|---|---|
| Administrative costs as % of revenues | 7.9% | 5.4% | 7.4% |
| Fundraising costs as % of donations | 0.3% | 1.2% | 0.2% |
| Total overhead spending | 8.2% | 6.6% | 7.6% |
| Program cost coverage (%) | 25.6% | (46.0%) | (465.0%) |
Summary Financial StatementsAll figures in $000s |
2022 | 2021 | 2020 |
|---|---|---|---|
| Donations | 7,841 | 8,949 | 6,994 |
| Government funding | 0 | 771 | 1,859 |
| Business activities (net) | (46) | 236 | (1,038) |
| Other income | 544 | 505 | 157 |
| Total revenues | 8,339 | 10,460 | 7,972 |
| Program costs | 2,510 | 3,104 | 1,910 |
| Grants | 208 | 230 | 338 |
| Administrative costs | 661 | 566 | 588 |
| Fundraising costs | 22 | 108 | 14 |
| Total spending | 3,400 | 4,008 | 2,850 |
| Cash flow from operations | 4,939 | 6,452 | 5,122 |
| Capital spending | 2,014 | 779 | 483 |
| Funding reserves | 696 | (1,532) | (10,451) |
Note: Ci reported revenue from business activities net of expenses, decreasing revenues and expenses by $9.7m in F2022, $7.5m in F2021, and $7.3m in F2020. Ci adjusted donations for deferred revenue, affecting revenues by $69k in F2022, $693k in F2021, and $181k in F2020. Ci adjusted donations for amortization of deferred capital contributions ($22k) in F2022, ($22k) in F2021, and ($32k) in F2020. In F2022 and F2020, Ci reported total program, administrative, and fundraising costs from the charity’s T3010 filings with the CRA. As a result, amortization was backed out of program, administrative, and fundraising costs on a pro-rata basis. This affected expenses by $2.2m in F2022 and $2.3m in F2020. However, in F2021, CVMSA underreported its total program, administrative and fundraising costs in its T3010 filings. Thus, each expense line item in the T3010 was allocated to one of the three categories as best as possible. Amortization was not removed on a pro-rata basis, rather the value from the T3010 was reported. Ci reconciled for the T3010 values of total program and administrative costs, as well as the activities expense from the audited financial statements. As a result, the F2021 values may not be an accurate reflection of CVMSA’s expenses.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
1 |
$80k - $120k |
9 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2022
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: 905-567-4032