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.
Situated in Mississauga, Church of Virgin Mary and St. Athanasius (CVMSA) focuses on providing a place of 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 and the surrounding area.
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 center. St. Mina & Pope Kyrillos is also highlighted on CVMSA’s website; however, its affiliation with CVMSA is unclear.
CVMSA operates three schools: Philopateer Christian College, Mississauga Career College, and Mississauga Christian French School. Additionally, it runs a daycare facility called Little Angels Christian Childcare.
Church of Virgin Mary and St. Athanasius runs school programs, youth fellowships, family meetings, ladies’ meetings, a choir, bible studies, and hymns classes.
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.
Church of Virgin Mary and St. Athanasius had total donations of $6.8m in F2020. Its administrative costs are 8% of revenues, and fundraising costs are less than 1% of donations. This results in total overhead spending of 8%. For every dollar donated, 92 cents go to the cause, which is within Ci’s reasonable range for overhead spending.
CVMSA’s net funding reserves are negative because its interest-bearing debts of $12.5m exceed its liquid assets of $2.1m. The church’s cash and cash equivalents have grown 452% since F2018. CVMSA’s gross funding reserves can cover 91% or almost 11 months of annual program costs when excluding debts.
In F2020, the charity’s auditors noted a going concern related to the charity’s liquidity, as its working capital was ($5.7m) and it did not have a committed source of available funding. With these issues, the auditors expressed material uncertainty about CVMSA’s ability to continue operating.
Charity Intelligence has sent this update to Church of Virgin Mary and St. Athanasius for review. Changes and edits may be forthcoming.
Updated on June 24, 2022, by Sydney Olexa
Financial Review
Fiscal year ending December
|
2020 | 2019 | 2018 |
|---|---|---|---|
| Administrative costs as % of revenues | 7.5% | 11.0% | 12.2% |
| Fundraising costs as % of donations | 0.2% | 0.9% | 0.3% |
| Total overhead spending | 7.7% | 11.9% | 12.5% |
| Program cost coverage (%) | (465.0%) | (461.4%) | (523.2%) |
Summary Financial StatementsAll figures in $000s |
2020 | 2019 | 2018 |
|---|---|---|---|
| Donations | 6,845 | 6,920 | 7,016 |
| Government funding | 1,859 | 0 | 0 |
| Business activities (net) | (1,038) | 473 | (406) |
| Other income | 157 | 119 | 8 |
| Total revenues | 7,823 | 7,512 | 6,618 |
| Program costs | 1,910 | 3,069 | 2,701 |
| Grants | 338 | 264 | 651 |
| Administrative costs | 588 | 822 | 807 |
| Fundraising costs | 14 | 65 | 22 |
| Total spending | 2,850 | 4,220 | 4,181 |
| Cash flow from operations | 4,973 | 3,293 | 2,436 |
| Capital spending | 483 | 1,126 | 3,183 |
| Funding reserves | (10,451) | (15,376) | (17,540) |
Note: Ci reported program, administrative, and fundraising costs from the charity’s T3010 filings with the CRA. Amortization was backed out of program, administrative, and fundraising costs on a pro-rata basis. Ci reported revenue from business activities net of expenses, decreasing revenues and expenses by $7.3m in F2020, $10.2m in F2019, and $10.5m in F2018.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
0 |
$80k - $120k |
10 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2020
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