United Way Greater Toronto 2020/2021 Annual Report wordmark

Stewardship

Our commitment to you

We work to ensure that your generous gift helps meet urgent needs and improve social conditions at the intersection of poverty, equity and geography.

In FY 20-21, distributions and community programs represented $143.3 million, per United Way Greater Toronto (UWGT), Financial Statements-Statement of Operations. The breakdown is as follows:

United Way Greater Toronto. Working with communities in Peel, Toronto & York Region. United Way Greater Toronto. Working with communities in Peel, Toronto & York Region.
50%
$72.0 million: Community investments through UWGT network of agencies, partners and community services
18%
$26.4 million: Government Emergency Funded Programs
16%
$22.3 million: Donor-directed designations to other United Ways and other registered charities
11%
$16.0 million: Community Services and Program Support
5%
$6.6 million: Programs and organizations supported by restricted gifts and government grants

MANAGEMENT DISCUSSION & ANALYSIS

DEVELOPING A MULTI-YEAR FISCAL SUSTAINABILITY PLAN

In response to the changing philanthropic landscape, United Way Greater Toronto (UWGT) continued the implementation of its Board approved strategic road map — “Now, New, Next” — with the following business priorities:

  1. Become a centre of excellence in philanthropy
  2. Develop leading cross-sector solutions
  3. Use engagement as a tool for change
  4. Adopt enterprise insight decisions
  5. Turn outward to work with community

In addition to adapting to the COVID-19 pandemic in FY 20-21, UWGT remained committed to its business priorities. In fact, the conditions and financial uncertainties brought on by the COVID-19 pandemic validated the strategic road map, pushing UWGT to pivot faster.

In the past year, UWGT maintained the financial commitments to its Community Investments, Community Services and Program Support, working together with its network of agencies and community for solutions to meet existing and emerging community needs. United Way Greater Toronto saw the resilience of its donor and volunteer based, which showed up stronger than ever before and responded to the crisis caused by the COVID-19 pandemic. And finally, as a trusted partner to all levels of government, UWGT was the recipient of certain government emergency programs, where its grant management expertise and knowledge of local community needs were leveraged.

During the pandemic, UWGT’s reserve asset portfolio was liquidated to cash as a preventive measure, should a shortfall in revenue have arisen. This step was taken so that financial commitments to our network of agencies would be maintained.

Looking ahead, UWGT will keep driving and accelerating the implementation of its strategic road map, while being agile and nimble to maintain the financial commitments to its network of agencies and provide for stability as long as possible.

FINANCE, AUDIT & RISK COMMITTEE REPORT

GOVERNANCE & FINANCIAL TRANSPARENCY

United Way Greater Toronto has a strong, independent Finance, Audit and Risk Committee comprising of eight members for FY 20-21. The Committee meets annually — independent of management — with KPMG, UWGT’s auditors.

The Committee oversees the audit, budgets, investments, pension and benefits, and risk management 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 follow United Way Centraide Canada’s Transparency, Accountability and Financial Reporting standards. Adapting to COVID-19 being declared as a pandemic by the World Health Organization in March 2020 and pivoting to a digital office and remote workforce, KPMG issued an Unqualified Audit Report — and similar to last year, KPMG concurred with management that UWGT met the requirements of being a going concern for this coming fiscal year. Key items in KPMG’s review included compliance with a new ASNPO Audit Standard (i.e., CAS 540), risk assessments specifically targeted at the impacts of the COVID-19 pandemic, control testing over key financial information systems and compliance with agreements for the Government Emergency Funding to UWGT.

And as reflected in the UWGT Audited Financial Statements, Retirement Plan for Employees of UWGT (Registered Pension Plan-RPP), the RPP has been terminated as at December 31, 2020.

FINANCIAL HIGHLIGHTS

United Way Greater Toronto’s continued investments in its network of 280 agencies and community partners was again anchored by the diversification of its fundraising sources. Over 100,000 workplace, corporate and individual donors contributed to this financial health. Special one-time Government Emergency Funding, one-time donations and pro bono support — from legal services to donated media advertising space — added to this extraordinary outpouring of generosity in an unprecedented year.

FY 20-21 RESULTS & RECENT TRENDS
Fiscal Year FY 20-21 FY 19-20 FY 18-19 *
1. Total $$$ from Revenue Activities $121.7 million $132.6 million $144.6 million
2. Total $$$ from COVID-19 Pandemic & Emergency Revenue Activities $41.8 million $500,000 -
3. Total $$$ from Government Grants & Other Income $2.8 million $3.2 million $3.5 million
4. Total $$$ from Investment Activities — Realized & Unrealized Gains $9.4 million ($4.1 million) $2.0 million
5. Total Distributions & Community Programs ** $143.3 million $121.5 million $129.7 million
6. Fundraising Cost-Revenue Ratio *** 15.9% 15.4% 17.6%
7. Operating Surplus / (Deficit) $11.5 million ($9.9 million) ($5.7 million)

* Merger of United Way Peel Region and United Way Toronto and York Region = United Way Greater Toronto.

** Total Distributions & Community Programs at $143.3M for FY 20-21 – and includes $26.4M of Government Emergency Funding for Community.

*** FY 19-20 was reported at 16.3% last year; re-stated at 15.4% due to revised calculation that has revenue excluding government contributions and investment activities.

Revenue

Through the COVID-19 pandemic, total revenue was at $166.3 million [items 1, 2 & 3] when excluding UWGT’s activities for its investment portfolio [item 4]. COVID-19 Pandemic and Emergency Revenue Activities contributed $41.8 million, composed of one-time Government Emergency Funding and UWGT’s “Local Love Fund in a Global Crisis” campaign. The Fundraising Cost-Revenue Ratio continued to be low at 15.9% [item 6], with continued focus on operational efficiency.

Community Investments, Distributions & Program Support

United Way Greater Toronto maintained robustness at $143.3 million, which includes the one-time $26.4 million from Government Emergency Funding [item 5].

Operating Surplus

When including UWGT’s activities for its investment portfolio [item 4], the Operating Surplus was $11.5 million [item 7], serving to strengthen UWGT’s liquidity position.

Going Forward

  • All equity assets of the Financial Reserve were liquidated to cash and cash equivalents, and the asset mix of The Tomorrow Fund™ was rebalanced, resulting in total gains of $9.4 million — derisking UWGT’s “illiquid” and “investment risk” position in the market and providing the necessary cash robustness for UWGT’s ongoing Community Investments, Community Services and Program Support in FY 21-22.
  • United Way Greater Toronto has committed and confirmed community investments of at least $66.4 million to its network of agencies for the period of April 1, 2021, to March 31, 2022.
  • Certain agency contracts that were coming to an end have been extended for an additional year to March 31, 2022, and continue to offer flexibility with UWGT funds in the next year.
  • Prudent financial management at UWGT remains a priority, with Operating and Financial Reserves being maintained at healthy levels, in the range of seven months. Both are financial indicators of the health and sustainability for UWGT, deemed a going concern for the year ahead, especially with the financial uncertainties of the COVID-19 pandemic.

Read our full Audited Financial Statements, FY 20-21, for more details.

2020–21 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

Andrew Pickersgill
Chair, Board of Trustees

Bruce McCuaig
Vice Chair, Finance & Treasurer

John Cartwright
Vice Chair, Labour

Patricia O’Campo
Vice Chair, Community Impact

Jamison Steeve
Vice Chair, Resource Development

TRUSTEES

John Cartwright
Toronto & York Region Labour Council

Betsey Chung
TD Bank Group

Cheryl Craig
Peel Regional Labour Council

Katherine Dudtschak
RBC

Lisa Gonsalves
The Regional Municipality of York

Wayne Halenda
Independent Consultant

Mohammed Hashim
Canadian Race Relations Foundation

Mariam Hashmi
Technology Management Professional

Nancy McConnell
Google Canada

Bruce McCuaig
AECOM

Islay McGlynn
Scotiabank

James Meadows
Manitou Investment Management Ltd.

Patricia O’Campo
St. Michael’s Hospital

Andrew Pickersgill
McKinsey & Company

Jane Rowe
Ontario Teachers’ Pension Plan

Jamison Steeve
Schwartz Reisman Institute for Technology and Society

Elaine Walsh
Hill House Hospice (retired)

Mark Wiseman
Global Investment Executive

COMMITTEE MEMBERS

GOVERNANCE & HUMAN RESOURCES COMMITTEE

Andrew Pickersgill*
McKinsey & Company
Chair

Lisa Gonsalves*
The Regional Municipality of York

Bruce McCuaig*
AECOM

Patricia O’Campo*
St. Michael’s Hospital

Jamison Steeve*
Schwartz Reisman Institute for Technology and Society

COMMUNITY IMPACT COMMITTEE

Patricia O’Campo*
St. Michael’s Hospital
Chair

Zakaria Abdulle

Cheryl Craig*
Peel Regional Labour Council

Lisa Gonsalves*
The Regional Municipality of York

Mohammed Hashim*
Canadian Race Relations Foundation

Mariam Hashmi*
Technology Management Professional

Michelle Johnston
Society of United Professionals, IFPTE 160

Lubna Khalid
Women Speak Out

Jean Lam
Canadian Red Cross

Jenn Miller
Atkinson Foundation

Peter Milovanovic

Naki Osutei
TD Bank Group

Brenda Patterson
City of Toronto (retired)

Elaine Walsh*
Hill House Hospice (retired)

FINANCE, AUDIT & RISK COMMITTEE

Bruce McCuaig*
AECOM
Chair

Linda Byron
AON Hewitt

Stephanie Chung*
resigned as of May 17, 2021

Wayne Halenda*
Independent Consultant

Chris Hoffmann
Brompton Corp.

James Meadows*
Manitou Investment Management Ltd.

Mary Pember
TD Bank (retired)

Jane Rowe*
Ontario Teachers’ Pension Plan

STRATEGIC RESOURCE DEVELOPMENT COMMITTEE

Jamison Steeve*
Schwartz Reisman Institute for Technology and Society
Chair

Siri Agrell

Len Carby
RBC

Betsey Chung*
TD Bank Group

Omar Dhalla

Nancy McConnell*
Google Canada

Islay McGlynn*
Scotiabank

Tyler Turnbull
FCB Canada

Damon Williams
RBC

Beth Wilson
Dentons Canada LLP

 

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