2024–2025 Annual Report: Stewardship

Stewardship

Our commitment to you

At United Way Greater Toronto, we work to ensure that gifts help meet urgent needs and bring about long-term systemic change so that every person in every community has the opportunities, access and connections they need to build a good life, regardless of their income, the neighbourhood they live in, or their social identity.

For this Fiscal Year — i.e. FY 24-25, overall distributions and community programs represented $121.0 million, as per UWGT Financial Statements-Statement of Operations. The breakdown is as follows:

57%
$69.5 million: Community investments through UWGT network of agencies, partners and community services
19%
$23.2 million: Donor-directed designations to other United Ways and other registered charities
14%
$16.4 million: Community services and program support
10%
$11.9 million: Programs and organizations supported by restricted gifts and government grants

MANAGEMENT DISCUSSION & ANALYSIS

A UNITED WAY FORWARD: UWGT 2035, 10-YEAR STRATEGIC PLAN

This past year saw UWGT finalize and launch a bold, 10-Year Strategic Plan: UWGT 2035. We have a vision to build vibrant, equitable communities across Peel, Toronto and York Region, responding to immediate needs and tackling the systemic barriers that hold people back — all this through our leadership, engagement and convening of community, government and corporate partners to drive change.

As we look ahead, UWGT 2035 builds on this past year’s strengths, stability and fiscal prudence — a solid foundation from which to move forward. All the more important as we anticipate economic uncertainty and growing needs in our region in the next 10 years.

During FY 24-25, UWGT upheld its financial commitments across the Community investments and Community services and program support streams — collaborating with its network of agencies and community partners to address prevailing, pressing and emerging community challenges. Through its distinctive funding approach, UWGT provided flexible funding for both program initiatives and core operational support, ensuring sectoral stability while meeting the needs of communities and residents, and mobilizing innovative solutions. UWGT witnessed the resilience of its donor and volunteer base amid the uncertainties of the present landscape. Additionally, as a trusted collaborator with various levels of government, UWGT secured further funding from government programs, capitalizing on its expertise in grant management and understanding of local community requirements.

UWGT is committed to fiscal responsibility as the cornerstone of its organizational strategy. Despite the economic and financial uncertainties prevailing in the current landscape, UWGT’s financial position is stable:

  • FY 24-25 marked the fifth consecutive year of achieving a balanced budget or exceeding it. This financial performance stems from stable revenues, on-going cost-optimization/cost-savings initiatives and prudent investment practices.
  • Reserves remain at robust levels — sufficient to “back-stop” UWGT's financial commitments to its network of agencies for both the Community Program Grants (three-year funding) and the Anchor Program (five-year funding), while ensuring the on-going sustainability of its operations.
  • In light of the prevailing economic uncertainty, liquidity remains a primary concern. UWGT's Reserves are primarily comprised of fixed income and cash or cash-equivalents, effectively mitigating liquidity and price risks associated with market fluctuations.

As a “kickstart” to UWGT 2035, we launched a transformative multi-year fundraising and brand campaign aimed at bolstering revenue growth and enhancing brand presence in the marketplace. The new Any Way We Can Brand Campaign was launched in September 2024 — with early results exceeding expectations. This — in partnership with the newly developed transformational giving program and work to cultivate high-net worth donors — has provided a solid foundation for revenue growth in the coming years. UWGT 2035 has a bold revenue target of raising $1.5 billion over the next 10 years.

Looking forward to FY 25-26, UWGT will prioritize organizational stability while continuing to ramp up efforts to operationalize UWGT 2035 — with a strong emphasis on growing revenue. The growth — evident throughout the Greater Toronto Area (GTA) — presents economic opportunities… yet, it’s crucial to recognize that over 850,000 people in the GTA are still living in poverty and face inequities. To meet these challenges, UWGT will intensify its efforts to combat poverty and inequality by spearheading cross-sector solutions to protect, strengthen and revitalize neighbourhoods that foster greater inclusivity through its Neighbourhood Solutions Strategy.

FINANCE, AUDIT & RISK COMMITTEE REPORT

GOVERNANCE & FINANCIAL TRANSPARENCY

UWGT has a robust Finance, Audit and Risk Committee consisting of eight members who operate independently. The Committee meets twice annually — independent from management, to engage with KPMG, UWGT’s auditors. The Committee oversees the audit and financial controls, budget and financial management, investment management, risk management and digital transformation workplan on behalf of the Board of Trustees.

The UWGT Audited Financial Statements consolidate the financial results of UWGT’s operations, capital expenditures and The Tomorrow Fund™. They are prepared in accordance with Canadian Accounting Standards for Not-For-Profit (ASNPO) and are also in alignment with United Way Centraide Canada’s Transparency, Accountability and Financial Reporting (TAFR) standards.

As part of its accountabilities, the Committee met with the external auditor, KPMG, to review their findings resulting in an unqualified audit report. KPMG was also engaged to audit various other special purpose audits for five (5) agreements funded by various levels of government for which UWGT is the program administrator and/or service provider.

    1. Reaching Home, York Region (RH-YR).
      • Agreement with Housing, Infrastructure and Community Canada (HICC) — ending as at end of March 31-28.
    2. Peel Newcomer Strategy Group (PSNG).
      • Agreement with Immigration, Refugees and Citizenship of Canada (IRCC) — ending as at end of March 31-28.
      • Agreement with Region of Peel (RoP) — ending as at end of December 31-26.
    3. Community Services Recovery Fund with Employment and Social Development Canada (ESDC): ending as at end of September 20-24.
    4. Hydro Settlement Fund — on-going until the funds are expended.
    5. Youth Challenge Fund — on-going until the funds are expended.

FINANCIAL HIGHLIGHTS

UWGT's commitment to its network of over 300 agencies and community partners remained steadfast, bolstered by a strategy to diversify its fundraising channels. With partnerships spanning over 1,100 workplaces and engaging over 2,200 volunteers, alongside the support of corporate and individual donors, UWGT achieved a commendable and sustainable level of financial health and stability in FY 24-25.

In addition, supplemental funding from certain government initiatives and pro-bono contributions, ranging from legal and consulting services to donated media advertising space, further augmented this remarkable display of generosity and are particularly noteworthy given the uncertainties of the economic landscape.

Fiscal Year FY 24-25
$Millions
FY 23-24
$Millions
FY 22-23
$Millions
1. Campaign revenue activities* $136.4 $124.0 $126.7
2. Government grants $10.5 $13.9 $8.1
3. Government emergency revenue $0.4 $15.5 -
4. Investment activities — unrealized/realized gains $8.3 $8.5 $3
Overall revenue $155.6 $161.9 $137.8
Overall distributions & community programs ** $121.0 $134.9 $115.2
Operating surplus $8.4 $5.5 $3.5
Fundraising cost-revenue ratio 19.2% 17.3% 15.1%

* $$$ from Campaign Revenue Activities at $136.4 million includes $23.2 million of Donor-Directed Designations to other United Ways and registered charities — an increase of $12.4 million when compared to last year. However, it must be noted that FY 24-25 includes a one-time recognition of gifts of $5.8M received earlier than anticipated, i.e. they are Unrestricted $$$ and are for FY 25-26 — but being on a cash-based accounting basis, the revenues did not get deferred.

** Overall Distributions & Community Programs at $121.0 million for FY 24-25 — this compares to last year’s $134.9 million which included $15.5M of Government Emergency Funding, i.e. Community Services Recovery Fund from Canada. Please refer to the FY 24-25 Audited Financial Statements-Statement of Operations for a detailed breakdown of the year-over-year decrease.

FY 24-25 RESULTS AND RECENT TRENDS

Overall Revenue

Overall revenue was at $147.2 million [Items 1, 2 & 3] when excluding UWGT’s activities for its investment portfolio, i.e., $8.3 million [Item 4].

The $147.2 million for FY 24-25 — when excluding investment activities [Item 4], compares to the previous year of $153.3 million. This is a net decrease of ($6.1 million), which is driven by:

  • [Item 1]: Donor-directed designations to other United Ways and charities — year-over-year increase of $3.7 million and an increase in campaign-revenue of $8.4 million driven by the one-time recognition of $5.8M from gifts received earlier than anticipated, i.e. typically, these gifts would have been received in FY 25-26.
  • [Item 2]: Government grants — year-over-year decrease of ($3.4 million) attributed to more $$$ received from last year for the Reaching Home-York Region Winter Homelessness Response program.
  • [Item 3]: Government emergency revenue — year-over-year decrease of ($15.1 million) attributed to the one-time Community Services Recovery Fund program from last year.

The Fundraising Cost-Revenue Ratio (CRR) finished at 19.2%, with continued focus on cost optimization/cost savings initiatives and achieving UWGT’s objective of being less than 25%.

Overall Distributions & Community Programs

Total distributions amounted to $121.0 million, representing a decrease from the previous year's $134.9 million — which was driven by the one-time investment in Government Emergency Funding from Canada, i.e. the Community Services Recovery Fund (CSRF) program.

UWGT's allocation of funds through the Community Services Sector program to Anchor agencies focused on poverty alleviation — totaling $69.5 million, exemplifies United Way's distinctive approach to fostering stability and flexibility within the network of agencies dedicated to assisting individuals experiencing or at risk of poverty.

Furthermore, UWGT has deepened its commitment to enhancing investments in Indigenous, Black and other marginalized communities facing structural disadvantages. UWGT will also persist in fostering neighborhood-based solutions through partnerships with corporate, government and community sectors at the local level.

Operating Surplus / (Deficit)

When including UWGT’s activities for its investment portfolio, the Operating Surplus amounted to $8.3 million.

Achieving this financial position has allowed UWGT to commit and confirm community investments in the range of $75.0 million through its network of agencies and community partners for the FY 25-26 covering the period April 1, 2025 to March 31, 2026 — note that this is an increase when compared to the $69.5M for FY 24-25. This year-over-year increase enables UWGT’s focus on transformational activities to deepen our impact rooted in neighbourhood solutions. This is an important strategy and commitment to deliver critical services with continued investments in local neighbourhood solutions in partnership with corporate, government and community sectors.

Going Forward

As we operationalize UWGT 2035, prudent financial management remains a top priority of UWGT, with Reserves being upheld at robust levels. These Reserves are sufficient to “back-stop” UWGT's financial commitments to its network of agencies for both the Community Program Grants (three-year funding) and the Anchor Program (five-year funding), while ensuring the ongoing sustainability of its operations.

Deemed to be well positioned to meet its financial obligations for the year ahead, the levels of Working Capital and the Reserves are financial indicators of the health and sustainability for UWGT — especially with the financial uncertainties of the macroeconomic environment, inflationary and recessionary pressures and market volatility.

Reference our complete Audited Financial Statements, FY 24-25 for more details.

2024–25 Board and Committees

We thank our Board of Trustees and Committee members for their wisdom, commitment and passion to steer our organization in the achievement of our mission.

BOARD OF TRUSTEES

OFFICERS OF THE CORPORATION

Lisa Gonsalves
Chair, Board of Trustees
The Regional Municipality of York
Mariam Hashmi
Vice Chair, Community Impact Committee
Deloitte
Nancy McConnell
Vice Chair, Strategic Development Subcommittee
Google Canada
Bruce McCuaig
Vice Chair, Finance, Audit and Risk Committee and Treasurer
Community Member

TRUSTEES

Lisa Gonsalves
Chair, Board of Trustees
The Regional Municipality of York
Andria Babbington
Ex-officio
Toronto and York Region Labour Council
Len Carby
IG Wealth Management
Katherine Dudtschak
HomeEquity Bank
Mariam Hashmi
Chair, Community Impact Committee
Deloitte
Nancy McConnell
Chair, Strategic Development Subcommittee
Google Canada
Bruce McCuaig
Chair, Finance, Audit and Risk Committee
Community Member
Islay McGlynn
Corporate Director
Christine Morris
Toronto Dominion (TD) Bank
Julia Moynihan
CIBC Global Asset Management
Dr. Patricia O’Campo
Past Chair, Board of Trustees
St. Michael’s Hospital
Kurankye Sekyi-Otu
Capoeira Partners
Ram Selvarajah
Peel Regional Labour Council
Altaf Stationwala
Mackenzie Health
Susan Witteveen
BMO Bank of Montreal
 

COMMITTEE MEMBERS

COMMUNITY IMPACT COMMITTEE

Mariam Hashmi*
Chair, Community Impact Committee
Deloitte
Rona Abramovitch
University of Toronto (Professor Emeritus)
Giuliana Carbone
Former Deputy City Manager,
City of Toronto
Len Carby*
IG Wealth Management
Wilfred Cheung
Ontario Health
Lubna Khalid
Working for Change
Jean Lam
Canadian Red Cross
Diana Lee
Jane Software
Kurankye Sekyi-Otu*
Capoeira Partners
Joseph Silva
City of Markham
Vanita Varma
Centre for Innovation in Health and Wellness (CIHW) at Humber College
 

GOVERNANCE & HUMAN RESOURCES COMMITTEE

Lisa Gonsalves*
Chair, Board of Trustees
The Regional Municipality of York
Mariam Hashmi*
Deloitte
Nancy McConnell*
Google Canada
Bruce McCuaig*
Community Member
Islay McGlynn*
Corporate Director
 
 
 

FINANCE, AUDIT & RISK COMMITTEE

Bruce McCuaig*
Chair, Finance, Audit and Risk Committee
Community Member
Katherine Dudtschak*
HomeEquity Bank
Wayne Halenda
Independent Consultant
Chris Hoffmann
Brompton Corp.
Pamela Huff
Blake, Cassels & Graydon LLP
Julia Moynihan*
CIBC Global Asset Management
Basima Roshan
Entro Communications
Susan Witteveen*
BMO Bank of Montreal

STRATEGIC DEVELOPMENT SUBCOMMITTEE

Nancy McConnell*
Chair, Strategic Development Subcommittee
Google Canada
Rona Abramovitch
University of Toronto (Professor Emeritus)
John Lennard
Stikeman Elliott LLP
Christine Morris*
Toronto Dominion (TD) Bank
Altaf Stationwala*
Mackenzie Health
Dasha Tyrtychnikova
PortfolioXpressWay (PXW)
Silvia Fraser
Metrolinx
 

*Indicates that the Committee member also serves on the United Way Greater Toronto Board of Trustees.