"It spent 65 per cent of its revenues on internal costs last year – down from 80 per cent in 2008."
"That compares to 17 per cent reported by the Montreal Canadiens Children’s Foundation, the lowest figure among the country’s six NHL club foundations"
"The federal Charities Directorate, which regulates the country’s 83,000 registered charities, says fundraising of more than 35 per cent of revenues triggers an examination “to determine if there is a trend of high fundraising costs."
"The Star’s analysis shows five of the six NHL team charity foundations exceed that threshold. All continue to operate without penalty."
"A gala fundraiser held by the (Vancouver) Canucks For Kids foundation raised $300,000 for the charity’s work with children in need last year, says executive director Debbie Butt. But that’s only after spending $200,000 to stage the event."
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That basically means that the EOCF spends 65% of all monies raised to produce more money. (ie: Gala setups, Hall rentals, Food, etc.) Only 35% of the fans and charitable sponsors money that's raised actually goes back into the programs the EOCF has set up.
The stunning fact in the second sentence of the quotes, is the fact the EOCF spent approx 80% of all monies raised in 2008. Wow! That's a lot of cash that's needed in the community.
So, wouldn't it beneficial for the EOCF to get some pointers on how to be more cost efficient? Maybe then, the proper monies could be put back in the proper hands, the kids.
Assuming this article is indeed correct, this can only be yet another public media black eye for all the Foundations involved.
-Smokin' Ray-
