Annual Report 2021-22

2021-22 fiscal year at a glance

Colourful buildings at Fishermans Cove

Between April 1, 2021, and March 31, 2022, we developed a three-year strategy for impact, and remained steadfast in our commitment to operational excellence.

Our efforts led us to be recognized as a Nonprofit Employer of Choice – the sole winner in Atlantic Canada. We’re very proud of this award and credit our entire staff team for the ways they contribute to our supportive workplace culture. We retained 83% of our staff last year, despite widespread transition and upheaval across the job market. Our fiscal responsibility and accountability continued at a high standard, and our financial statements have gone through an independent audit.

We invested $3.9 million to respond to growing needs in community.

There are four ways that donor dollars impacted local lives, and helped bridge gaps for people who are experiencing poverty and marginalization.

A few specific highlights include:

  • Committing more than $1 million a year for three years to support  28 organizations running 30 life-changing programs right here in Halifax.
  • Stewarding a $600,000 investment that one of our long-time partners asked us to manage on their behalf. These funds were distributed between our Community Fund, United Ways across the province, and two other charities chosen by the donor.
  • Receiving $250,000 that is being invested in a housing solution project in 2022-23.

Our revenue sources can be grouped into five main categories.

We ended the year with a balanced income statement and a healthy cash balance.

We ended the year with a modest deficit of less than $18,000, which is considered immaterial. In addition, we are confident we can meet our fiscal commitments for the 2022-23 year. That means our work as a funder, partner, convener, and advocate will continue, and we are on track to be celebrating meaningful impact again next year.

Our financial practices remained consistent, following a year of intentional change.

In our last financial summary, we had three unprecedented things to report:

  • The timeframe of our fiscal year changed from beginning on January 1 to beginning on April 1.
  • We moved to cash-based accounting (instead of pledge-based), a common practice for non-profit organizations because it helps mitigate financial risks and improve the stability of the organization.
  • We received $4.2 million from the provincial and federal government for COVID relief, which reduced our operating costs relative to this significant increase in community investments.

During the 2021-22 fiscal year, our internal processes remained consistent with the previous year. This allows us to make year-over-year comparisons, which we know is a meaningful point of reference for our donors and stakeholders.

Based on our 2021-22 audited financial statements, 77 cents from every dollar raised is invested in community programs and supports. As expected, this is a lower number than last year’s 86 cents due to the one-time influx in government funding received in 2020-21. The remaining 23 cents from every dollar is allocated to operations, which includes the people, expertise, and commitment it takes to be an employer, charity, and partner of choice for those who want to create lasting change. This reflects the high standards for effectiveness that our donors have come to trust and expect.

Financial Summary & Statements

2021-22 Financial Statements
2021-22 Finalized Financial Statements

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