Financial Sustainability
Committed to Using Our Resources Wisely
At the end of 2013 we worked hard to develop a Sustainability Plan with the hope that we could re-establish KSM as an important and valuable resource for the community. When we look back we feel tremendous gratitude for the trust, generosity and contributions of the community. The progress has given us confidence about the long term future of the organization. We have established a stronger financial foundation and we have increased the value of the organization and facility to the community. We have not only been able to increase the impact of our programs we have also become an important contributor to poverty reduction initiatives across the region.
KEY MILESTONES
$2 million debt was completely paid off as of January 16th, 2018
We are incredibly thankful to the 50 donors that helped us eliminate our mortgage. This was an important step and helped us to eliminate interest payments and focus more resources on achieving our achieving our mission.
A Reserve fund was established in January 2019
Not-for-profit experts suggest that 1/2 a year operational costs should be retained to protect against unforeseen expenses and/or financial shortfalls. In 2019 and 2020 we managed expenses and revenues carefully to establish the reserve fund and strengthen the organizations long term sustainability.
Increased investment in Food Services in 2020
In order to provide a more consistent quality and quantity of food to our clients and to help other agencies across the region we were able to increase staff and put more effort into establishing ‘best in class’ food services. Eating healthy food is an important part of health and wellbeing and so we are excited to be able to work with other partners to ensure that all those in need have access to the healthy food options they need.
Formation of Kerr Street Mission Foundation in 2024
The addition of the Kerr Street Mission Foundation is another step forward towards our goal of sustainability and puts us in a better position to receive and manage legacy and estate gifts. Click here to learn more about the foundation.
FINANCIAL ACCOUNTABILITY
2023 was a challenging year financially for many. Thankfully financial support was strong and helped us to provide the essential programs and services that the community, which depends on KSM needs. Costs increased in all program areas with the most significant increase in food programs. The high food prices and record number of people registered for Choose Fresh resulted in an additional $70,000 of expenses (based on current registration there will be a much greater increase in 2024). The improvements in our Kids Club and youth programming resulted in an additional $31,000 in expenses. The additional care required by individuals and families resulted in a $30,000 increase in expenses for our Family Services programming (which includes Neighbour Care Network, CAP Debt Services and Christmas Wonders). KSM staff understand the importance of good stewardship and carefully managed costs in other areas, which enabled us to reduce expenses for administration, facilities, and marketing/fundraising, compared to 2022.
2023 REVENUE SOURCES & ALLOCATION
NOTES:
- The value of food and other goods donated and distributed to clients is NOT captured as a revenue or included as an expense.
- The percentages are based on unaudited statements. Audited Statements will be completed in April and are available upon request.
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