Are Canadians' donations being wasted? MoneySense grades the country's top
100 charities

TORONTO, June 29 /CNW/ - Canadians donate more than $14 billion every year to charity, but few of us know how and where that money is spent. Recent studies and newspaper headlines are enough to give any donor doubts. One investigation revealed that almost one in six Canadian charities spent more money on running the organization than on the actual charitable work. Another shows that less than half the money collected by for-profit contract fundraisers reaches the charities.
 
To address the lack of information about charities available to Canadians, MoneySense magazine has established the country's first-ever grading system for Canada's 100 largest charities. These grades are not meant to measure how successful that charity has been at achieving its program goals, but measure how each charity compares to others in its sector when it comes to meeting specific financial and governance benchmarks. The full ranking is in the summer issue of MoneySense, currently on newsstands.  
 
The MoneySense grade is based on four criteria:

• how much of a donor's money is absorbed into overhead and how much actually goes to the cause
• how much a charity spends to raise each additional dollar in its fundraising efforts
• which charities already have years of reserves in their vaults, and which don't have enough reserves
• red flags such as poor governance and secretive charities that won't divulge what they do with our money, even when donors ask

Which charities are tops?
Many Canadian charities received an "A" grade from MoneySense. Organizations that achieved high overall grades compared to other charities in their sectors include: the Mennonite Foundation of Canada, the Tides Canada Foundation, the IWK Health Centre Foundation, and the Jewish General Hospital Foundation, to name just a few.
 
The full Charity 100 listing is available in the summer issue of MoneySense, currently on newsstands, or by visiting MoneySense.ca.
 
About MoneySense:

MoneySense is Canada's personal finance and lifestyle magazine. Packed with smart features, practical advice and easy-to-follow financial tips on everything from home improvement to mutual funds, Moneysense attracts Canadians nationwide on the lookout for new ways to save, invest and spend. MoneySense.ca is Canada's best all-around personal finance website.

For further information:

Louise Leger
[email protected]
416-764-4125