Indwell Community Homes
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.
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.
86%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 86 cents are available for programs.
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OVERVIEW
About Indwell Community Homes:
Indwell Community Homes is a 5-star, financially transparent charity with an above-average A- results reporting grade. Its low reserves of cash and investments indicate a need for funding. Its 14% total overhead spending means that for every dollar donated, 86 cents are available to go to the cause.
Founded in 1970, Indwell Community Homes (Indwell) is a Christian charity that builds and operates affordable apartments in seven cities across Southern Ontario. Indwell centralizes mental health counselling, meals, nursing, drug rehabilitation, and other support services at its apartments. Indwell also helps its clients transition to independent housing with the help of other charities, municipal governments, and other stakeholders. According to Indwell, integrating wraparound supports in one building helps clients live independently.
Indwell’s housing program involves both building new and operating existing apartment buildings. Charity Intelligence (Ci) estimates it spent $19.0m cash on this program in the March 2024 fiscal year (F2024).
Housing is the charity’s only program. In F2024, Indwell built 132 new affordable housing units. The charity currently houses over 1,290 tenants in 28 buildings across 1,250 units (554 units in Hamilton, 182 in London, 141 in Woodstock, 114 in Waterloo, 108 in Mississauga, 91 in Simcoe, and 60 in St. Thomas). Indwell also plans to own 11 new buildings (492 units) in the future. According to the charity, those living in its apartments receive help grocery shopping, booking medical appointments, setting goals, and other tasks related to living independently.
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Results and Impact
In F2024, Indwell Community Homes administered an anonymous survey to 1,000 of its clients on program performance perception. 298 clients responded to this survey and Indwell reported the following results:
91% felt staff supported their journey towards living independently.
87% felt that they were provided opportunities to join community events.
88% felt staff treated them with respect.
89% felt that Indwell’s staff are compassionate and caring.
While Ci highlights these key results, they may not completely represent Indwell Community Homes’ full results and impact.
Ci has not yet rated Indwell on its demonstrated impact per dollar spent (n/r). This does not affect its star rating.
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Finances
Indwell Community Homes' audited financial statements follow line-item costing, meaning it does not clearly report which expenses relate to program, administrative, and fundraising activities. This is not a best practice.
In F2023, Indwell changed its year-end from August to March. Its F2023 financial numbers only represent seven months. Its F2024 financials have not restated its F2023 information to cover the full 12 months.
In F2024, Indwell received $11.4m in donations and special events fundraising revenue (20% of total revenue) and $34.9m worth of government funding (61% of total revenue). It also received $10.5m worth of rental income from its clients (18% of total revenue).
Administrative costs are 5% of total revenue less investment income and fundraising costs are 9% of donations. Its 14% total overhead spending means that for every dollar donated, 86 cents are available to go to the cause.
Indwell spent $19.0m cash on its programs in F2024. It is involved in five capital campaigns planned on financing new housing development projects and spent $28.1m on capital spending in F2024.
At the end of F2024, Indwell had $3.3m gross and ($85.1m) net reserve funds. Ci backed out $88.4m worth of interest-bearing debt related to outstanding mortgages, bank loans, and lines of credit from its gross reserve funds. Excluding debt, its reserves can cover 9% or just over one month of its annual program spending. This indicates a need for funding.
Updated by Julian Dranitsaris on June 11, 2025. Comments and correction may be forthcoming.
Questions? Email jdranitsaris@charityintelligence.ca
Financial Review
Fiscal year ending March
|
2024 | 2023 | 2022 |
---|---|---|---|
Administrative costs as % of revenues | 4.9% | 4.2% | 3.3% |
Fundraising costs as % of donations | 8.6% | 7.1% | 14.1% |
Total overhead spending | 13.5% | 11.3% | 17.4% |
Program cost coverage (%) | (448.1%) | (1,022.9%) | (653.4%) |
Summary Financial StatementsAll figures in $000s |
2024 | 2023 | 2022 |
---|---|---|---|
Donations | 11,318 | 7,438 | 6,078 |
Government funding | 34,919 | 17,118 | 51,622 |
Fees for service | 10,505 | 5,003 | 6,759 |
Special events | 92 | 27 | 97 |
Investment income | 136 | 77 | 33 |
Other income | 84 | 204 | 186 |
Total revenues | 57,055 | 29,866 | 64,776 |
Program costs | 19,000 | 8,639 | 11,704 |
Administrative costs | 2,800 | 1,251 | 2,144 |
Fundraising costs | 982 | 530 | 868 |
Other costs | 2,676 | 1,253 | 2,062 |
Total spending | 25,458 | 11,674 | 16,777 |
Cash flow from operations | 31,596 | 18,192 | 47,999 |
Capital spending | 28,062 | 19,801 | 71,749 |
Funding reserves | (85,135) | (88,369) | (76,478) |
Note: 1. LINE-ITEM COSTING: Since Indwell follows line-item costing, Ci referred to its T3010 filings with the CRA to help report program, administrative, and fundraising costs. 2. DEFERRED DONATIONS: Since Indwell follows deferred accounting, Ci adjusted donations for changes in deferred contributions to show donors the year-to-year movement of cash within the charity. This affected total revenue by ($6k) in F2024, ($17k) in F2023, and ($361k) in F2022. 3. GRANTS RECEIVABLE: Ci adjusted government funding for changes in grants receivable, affecting total revenue by $1.1m in F2024, $1.5m in F2023, and ($459k) in F2022. 4. GAIN ON CAPITAL ASSETS DISPOSAL: Ci adjusted total revenue for the gain of disposal of capital assets, affecting it by ($290k) in F2024, ($nil) in F2023, and ($nil) in F2022. 5. PROGRAM COST COVERAGE: Ci adjusted the charity’s F2023 program cost coverage (need for funding) to reflect 12 months of program spending.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
2 |
$80k - $120k |
8 |
$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:
The following statement is related to a previous profile update. An updated statement from the charity may be forthcoming.
As noted above, Indwell owns and operates affordable, supported apartments that have a book value of capital assets exceeding $80 million, along with interest-bearing debt of $48.6 million. The $44.2 million of long-term debt is financing for the purchase and building of apartments. This program cost coverage metric is not well suited to Indwell’s capital structure given the capital rich nature of Indwell’s balance sheet: large capital asset balances capitalized in part through long-term debt. This long-term debt skews the program cost coverage calculation for Indwell. Traditional real-estate leverage ratios might provide greater insight to the financial strength of Indwell.
Charity Contact
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: 905-529-0454