Church of Virgin Mary and St. Athanasius
Mississauga, ON L5V 2M4
Board President: Angelos Saad
Board President: Mamdouh Georgious
Charitable Reg. #: 13588 7958 RR0001
Grade: DThe grade is based on the charity's public reporting of the work it does and the results it achieves.
Need for Funding
Cents to the Cause
Impact Rating: Low
Full-time staff #158
Avg. Compensation $34,970
Top 10 Staff Salary Range
|$300k - $350k||0|
|$250k - $300k||0|
|$200k - $250k||0|
|$160k - $200k||0|
|$120k - $160k||0|
|$80k - $120k||10|
|$40k - $80k||0|
About Church of Virgin Mary and St. Athanasius:
Situated in Mississauga, Church of Virgin Mary and St. Athanasius (CVMSA) focuses on providing a place of worship. As per its CRA filing, CVMSA also offers other services to its members, such as religious retreats and trips to promote its culture and history. The church operates two schools, Philopateer Christian College and Mississauga Christian French School, and a daycare, Little Angels Christian Childcare Centre Mississauga. For people in need, the church also provides transition housing support. Valley of the Mother of God and St. Mina & Pope Kyrillos are prominently placed on CVMSA’s website; however, it is unclear whether they are affiliated with CVMSA.
Church of Virgin Mary and St. Athanasius runs Sunday School, youth fellowships, family meetings, ladies meetings, a choir, bible studies, and hymns classes.
In 2016, Church of Virgin Mary and St. Athanasius had revenues of $3.2m and expenses of $3.8m from Philopateer Christian College, a school for pre-kindergarten to grade 12 students. Its French school, for students between pre-kindergarten and grade 8, brought in $505k in revenue and incurred $967k in expenses for CVMSA. Little Angels Christian Childcare Centre Mississauga, which runs an infant room, two toddler rooms, two preschool rooms, one school-age room, and before and after school care, had revenues of $1.4m and expenses of $1.4m in F2014. F2016 and F2015 figures in the F2016 audited financial statements do not indicate that CVMSA had any daycare revenues or expenses. Ci received redacted audited financial statements from the CRA, so some of the redacted figures may have been related to the daycare.
After Ci requested and did not receive audited financial statements from Church of Virgin Mary and St. Athanasius, Ci received CVMSA’s redacted audited financial statements from the CRA.
Church of Virgin Mary and St. Athanasius is a Large charity with $9.0m in donations and special events revenue in F2017. Its administrative costs are 5% of revenues and fundraising costs are 1% of donations and special events revenues. For every dollar donated, 94 cents go to the cause, falling within Ci’s reasonable range for overhead spending.
CVMSA has a negative funding reserve of ($16.0m) in F2016 because it carried $16.7m of interest-bearing debt while carrying $703k in liquid assets. In F2015, the charity’s auditors noted a going concern issue related to the charity’s liquidity, as its working capital was ($6.1m) and it did not have a committed source of available funding. In F2016, its auditors noted a going concern over the charity’s ability to realize its assets and pay off its liabilities and commitments and they mentioned that CVMSA violated financial covenants on its debt. With these issues, the auditors expressed material uncertainty on CVMSA’s ability to continue operating.
This report is Ci’s first charity report on Church of Virgin Mary and St. Athanasius and has been sent to the charity. Changes and edits may be forthcoming.
Updated August 17, 2018 by Joeyanne Cheung.
Financial RatiosFiscal year ending December
|Administrative costs as % of revenues||5.4%||5.4%||6.4%|
|Fundraising costs as % of donations||0.9%||1.0%||2.1%|
|Program cost coverage (%)||(137.3%)||(105.9%)||(141.2%)|
Summary Financial StatementsAll figures in $000s
|Fees for service||4,889||4,525||6,730|
|Business activities (net)||(73)||(443)||248|
|Cash flow from operations||3,498||3,844||5,635|