Be careful when you donate to charity and ensure your donation spent wisely by Accountant Woodbridge. Be aware of schemes of organizations that get you large amount of tax refunds. Something that is too good to be true usually isn’t true. Learn which charities make the most money, and which are making the best use of your donations. Ever wondered how much of your charitable donations actually reach the intended recipient? It’s a complicated affair. After all, charities have bills to pay too. Overhead expenses such as salaries, fundraising and marketing eat into each dollar raised for the cause. So how can you tell how if your money is being spent efficiently?
To help you find out, MoneySense magazine has created Canada’s first grading system for the country’s top 100 charities. We assign a charity standards grade to organizations based on how each charity performs in four categories:
•Governance and transparency; and
•Reserve fund size.
Canada’s largest charities
So how do the largest Canadian charities stack up to the competition? Read on to see how far your dollars would go with the ten largest organizations, measured by donations received and money brought in through fundraising.
1. World Vision Canada
Overall Grade: B+
Fundraising efficiency: B+
Overall Charity Efficiency: A-
Governance and Transparency: A-
Reserve Fund Size: C
Donations and Fundraising: $ 260,613,594
Executive Compensation: $184,000
Percent of spending going to programs: 81.1
Cost to raise $100: $16.40
Years of reserves on hand: 1 month
World Vision is a Christian relief, development and advocacy organization dedicated to working with children, families and communities to overcome poverty and injustice.
Its international efforts include Transformational Development, Disaster Management and Response and Advocacy and Public Engagement.
The focus of World Vision’s Canadian operations is on children of single-parent families, new Canadian (refugee and immigrant) families and Aboriginal families.
2. United Way of Greater Toronto
Overall Grade: A+
Fundraising efficiency: A+
Overall Charity Efficiency: A+
Governance and Transparency: A
Reserve Fund Size: A
Donations and Fundraising: $128,988,501
Executive Compensation: $300,000 – $349,999
Percent of spending going to programs: 88.7
Cost to raise $100: $8.98
Years of reserves on hand: 9 months
United Way Toronto’s mission statement is “To meet urgent human needs and improve social conditions by mobilizing the community’s volunteer and financial resources in a common cause of caring.” Established in 1956, United Way supports agencies that provide services to strengthen individuals, families, and communities.
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