April 28, 2020
To: John Bromley, President & CEO of Charitable Impact Foundation (“CHIMP”) c.c. Blake Bromley Christopher Richardson Leslie Brandlmayr Victoria Nalugwa Nadine Britton c.c. Neil Bunker, PricewaterhouseCoopers LLP Dr. George Iwama, President, Quest University Mr. Jordan Sturdy, MLA, West Vancouver-Sea to Sky
RE: Quest University, CHIMP and other Bromley Charities
Further to my letter of April 21, I am writing again to inquire about the role of CHIMP and other Bromley Charities in the early funding and start-up of Quest University.
Last week, I asked to speak with you about gifts to CHIMP for a total of $120 million:
Ø $ 34.4 million from Almoner Foundation (2011-2019) Ø $ 33.8 million from Foundation For Public Good (2017-2019) Ø $ 12.1 million from the Association for the Advancement of Scholarship (2012-2018) Ø $ 10.5 million from Eden Glen Foundation (2017) Ø $ 10.1 million from Timothy Foundation (2012-2017) Ø $ 7.0 million from Mighty Oaks Foundation (2014) Ø $ 4.0 million from Headwaters Foundation (2011) Ø $ 3.7 million from Homestead on the Hill Foundation (2018) Ø $ 3.4 million from Global Charity Fund (2014) Ø $ 1.0 million from Theanon Foundation (2011-2014) $ 120 million TOTAL
On the basis of my research, it is clear to me that these gifts for $120 million stem from tax-receipted donations reported by charities involved with funds for starting Quest University.
Put plainly, instead of going to Quest, more than $120 million has gone to CHIMP. However, this is not readily apparent in CHIMP’s financial statements nor its tax returns.
Analysis of 11,650 Gifts For $244 Million
Attached, please find my analysis of roughly 11,650 gifts made by CHIMP (2011-2018) for a total of $244 million. Main findings:
o CHIMP made 9,000 very small gifts (<$1,000) for a total of $1.5 million (2011-2018). o CHIMP made 20 very large gifts to Bromley Charities for nearly $200 million (Table 1).
Put simply, a very large majority of CHIMP’s giving is accounted for by a very small number of huge gifts to Bromley Charities. These gifts would stick out like a sore thumb in CHIMP’s tax returns were it not for the thousands of very tiny gifts that CHIMP has also made. More than 2,500 of CHIMP’s gifts were for less than $25 each (Table 2). These tiny gifts account for the lion’s share of the number of CHIMP’s gifts – but not their value. In fact, three quarters of all the gifts made by CHIMP account for a mere 0.6 percent of their total value.
No doubt about it, CHIMP has funded thousands of legitimate charities across Canada. For example, CHIMP sent gifts to The Missing Children’s Society, Addictions and Mental Health Ontario, and The HIV Network of Edmonton. However, these charities got only $4 each. The Toronto Rape Crisis Centre got $9.
In 2019, the same year that your registered charity paid $12 million to your private company (Chimp Technology Inc.), your charity continued to make very tiny gifts. For example, The Autism Resource Centre in New Brunswick and Avalanche Canada were both sent $4.
I do not see a good reason why CHIMP would send such tiny gifts to THOUSANDS of charities over the same years that CHIMP had the money to pay $200 million to Bromley Charities and $23 million to your company (Table 3). I do see how the thousands of tiny gifts on which CHIMP has spent a few million may have been a way to create cover for the payment of $23 million to your private company, and to obscure the fact that CHIMP received at least $120 million that could have gone to Quest University.
Please contact me to explain. If I don’t hear from you this week, I will assume that you do not dispute nor refute any of the concerns, opinions and questions that I have presented.
Sincerely, Vivian
Vivian Krause @FairQuestions
2 Gifts Made by Charitable Impact Foundation (“CHIMP”) (2011-2018)
Total # of Gifts Total Value of Gifts Per Year Per Year
2,000 $125,000,000
$100,000,000 1,500
$75,000,000
1,000
$50,000,000
500 $25,000,000
$0 0 <$10 $25-$49 $100-$249 $500-$999 $2,500-$5K $10K-$25K $50K-$100K $1M-$2M >$20M
Total Number of Gifts Per Year Total Value of All Gifts Per Year Amounts Paid to Chimp Technology Inc. From Charitable Impact Foundation: $23 Million (2014-2018) $15,000,000 Human Resources & Business Services Technology & Innovation
$10,000,000
$5,000,000
$0 2012 2013 2014 2015 2016 2017 2018 Source: Compiled from the financial statements of Chimp Foundation. Table 1. Charitable Impact Foundation (“CHIMP”): Top 20 Gifts (2011-2018)
Bromley Other Recipient Organization Year Amount Charities Charities
1 Fortius Foundation Public Foundation 2018 $74,711,535 $74,711,535
2 Zawadi Foundation Public Foundation 2016 $30,475,000 $30,475,000
3 Vanchorverve Foundation Public Foundation 2018 $20,791,405 $20,791,405
4 Viva Voce Charitable Foundation Private Foundation 2017 $14,614,210 $14,614,210
5 Foundation for Public Good Public Foundation 2016 $9,850,000 $9,850,000 6 Viva Voce Charitable Foundation Private Foundation 2018 $8,610,541 $8,610,541
7 Paraklesis Foundation Public Foundation 2015 $5,888,009 $5,888,009 8 Foundation for Public Good Public Foundation 2015 $4,900,000 $4,900,000
9 A Cappella Foundation Public Foundation 2017 $4,349,975 $4,349,975 10 Snowdon Foundation Private Foundation 2017 $4,182,931 $4,182,931
11 Global View Foundation Public Foundation 2016 $3,619,975 $3,619,975 12 Donald & Julia Leung Foundation Private Foundation 2018 $3,500,000 $3,500,000
13 Foundation For Public Good Public Foundation 2017 $3,319,985 $3,319,985 14 Virtual Vancouver Foundation Public Foundation 2017 $3,074,999 $3,074,999
15 Community Evolution Public Foundation 2015 $2,031,081 $2,031,081
16 Imladris Foundation Public Foundation 2016 $2,000,000 $2,000,000
17 Maple Syrup Mafia Foundation Public Foundation 2015 $1,781,999 $1,781,999
18 Fortius Foundation Public Foundation 2013 $1,551,375 $1,551,375
19 Youth With A Mission Foundation Public Foundation 2018 $1,371,845 $1,371,845
20 VGH & UBC Hospital Foundation Public Foundation 2018 $1,247,869 $1,247,869
Total Amount of Top 20 Gifts (2011-2018): $201,872,734 $199,253,020 $2,619,714
Percentage of Top 20 Gifts Accounted for by Bromley Charities: 99%
Total Gifts to Qualified Donees (Line 5050 of tax returns, 2011-2018): $266,249,298
Top 18 Gifts to Bromley Charities as a Percentage of 75% Total Gifts from Charitable Impact Foundation (2011-2018):
Source: Compiled from Canadian tax returns. April 28, 2020.
@FairQuestions Table 2. An Analysis of Gifts Made by Charitable Impact Foundation (“CHIMP”) (2011-2018)
Amount of Gift # of Gifts Total Value of Gifts # of Gifts Total Value of Gifts
<$10 627 $4,909 $10-$24 1,945 $34,050 $25-$49 1,381 $58,390 $50-$99 1,417 $113,279 8,997 77% $1,520,656 0.6% $100-$249 1,631 $266,394 $250-$499 1,093 $406,596 $500-$999 903 $637,038 $1K-$2,499 919 $1,451,098 $2,500-$5K 538 $1,909,893 $5K-$10K 418 $2,828,693 $10K-$25K 386 $5,992,285 2,636 23% $47,421,805 19% $25K-$50K 182 $6,175,852 $50K-$100K 103 $6,865,194 $100K- $1M 90 $22,198,790 $1M-$2M 12 $11,741,646 $2M-$20M 9 $57,122,620 23 0.2% $194,842,206 80% >$20M 2 $125,977,940 Total: 11,656 $243,784,667 11,656 100% $243,784,667 100%
NOTE: This table does not include gifts made in 2015 because complete data for 2015 is not currently available.
Source: Compiled from information provided by Canada Revenue Agency
Last updated: April 28, 2020.
@FairQuestions Table 3. Amounts Paid to Chimp Technology Inc.: $23 Million (2014 - 2018)
2012 2013 2014 2015 2016 2017 2018 2019 2012-2018
Technology Transaction $81,429 $158,540 $681,701 $1,544,914 $2,145,668 $2,091,745 $7,302,041 n/a $14,006,038 Amounts paid Services: by Chimp Human Foundation to Resources & Chimp $1,028,255 $1,428,054 $1,392,394 $5,471,956 n/a $9,320,659 Business Technologies Services:
Total: $81,429 $158,540 $681,701 $2,573,169 $3,573,722 $3,484,139 $12,773,997 n/a $23,326,697
Professional & Consulting fees $91,945 $260,814 $196,113 $317,248 $394,116 $866,120 (Line 4860):
Licences, Amounts Memberships Reported in $2,573,169 $2,145,668 $2,091,745 $7,302,041 $7,202,359 $14,112,623 & Dues Tax Returns (Line 4830): For Chimp Foundation All Other Expenditures $72,973 $1,487,451 $1,509,466 $6,588,014 $3,219,095 $9,657,904 (Line 4920):
Total: $2,738,087 $3,893,933 $3,797,324 $14,207,303 $10,815,570 $24,636,647
Total Paid to Chimp Tech Inc. for Human Resources & Business Services $8,292,404 (2016-2018):
Total Reported by Chimp Foundation for $9,584,931 “All Other Expenditures” (Line 4920, 2016-2018):
Percentage of All Other Expenditures Spent Paid to Chimp Tech Inc. for 87% Human Resources & Business Services:
Summary: This table clearly shows that payments to Chimp Technology Inc. were NOT reported on Line 4860 as professional and consulting fees. This table also shows that the amounts paid to Chimp Tech Inc. via Chimp Foundation were reported on Lines 4830 and 4920 of Canadian tax returns. For 2015, the $2,573,169 paid to Chimp Technology Inc. was reported entirely on Line 4830. For 2016, 2017 and 2018, the amount paid to Chimp Technology Inc. was split between Lines 4830 and 4920. Technology Transaction Services were reported on Line 4830. Payment for Human Resources & Business Services accounted for 87 percent of the total that Chimp Foundation reported as “All Other Expenditures” on Line 4920 during 2016, 2017 and 2018.
Conclusion: Questions need to be asked about whether the payment of $23 million to Chimp Technology Inc. via Chimp Foundation constitutes a proper or an improper expenditure, and whether these payments are to some degree an undue benefit provided to a person related to the charity.
NOTE: For 2019, financial statements for Chimp Foundation are not yet publicly available.
Source: Compiled from the financial statements of Chimp Foundation and the publicly available tax returns for Chimp Foundation.
Last updated: April 28, 2020.
@FairQuestions
Excerpts of the Financial Statements of Charitable Impact Foundation (“CHIMP”) Showing Payments to Chimp Technology Inc. for $23 Million (2014-2018)
Vivian Krause April 28, 2020 CHIMP: Charitable lmpact Foundation (Canada) Notes to the Financial Statements
For the vear ended Julv 31. 2013
6. Capítal
The Foundation's main objective when managing donor advised funds is to safeguard and preserve capitat and generate maximum return consistent with prudent investment. The Foundation is not subject to any externatty imposed capitat requirements.
As at Juty 31, 2013, CHIMP account hotders have 52,003,144 (2012 - 52,025,939) of donations, net of credit card processing charges, which they can recommend for disbursement to quatified donees. ln addition, one donor has equity securities with a fair vatue of 5510,000 at July 31,2013 which they can recommend for disbursement to quatified donees. The arnount which can be donated wilt be based upon the proceeds received on disposition.
The Foundation maintains its operating cash of 5324,688 (2012 - 547,831) separate from donor advised funds. The Foundation utilizes its operating cash to fund the management and administration of the funds.
During the year, the Foundation received operating fund donations in the amount of 5527,841 and proceeds on disposition of donated securities in the amount of 5143,670.
7. Related Party Balances
During the year, the Foundation paid the fottowing amounts to related parties:
(a) Technotogy services of 5158,540 (2012 - 581,4291to CHIMP Technologies lnc., a company in which a director of the Foundation has an equíty interest.
(b) Fees of 58,567 (2012 - 54,115) were paid to Benefic Comptiance and Administrative Services lnc., the President of which is a director of the Foundation. Of this amount, fees of 52,A67 Q012 - 5785) were paid for office suppties and fees of 5ó,500 (2012 - 53,:lO¡ were paid for bookkeeping services.
These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed upon by the related parties.
8. Subsequent Event
Subsequent to its fiscal, year-end, the Foundation received three gifts of private company shares totatting 511,524,433. The Foundation has decided to hotd and manage these securities in specie.
10 CHIMP: Charitable Impact Foundation (Canada) Notes to the financial statements J 31 20r4
5. Equipment 2014 2013 Accumulated Net book Net book Cost amortization value value $ $ $$
Comouter hardware 9.275 5.035 4,240 3,233
6. Financial instrument risk (a) Credit rísk Credit risk is the risk that a counterparty will fail to perform its obligations, The Foundation's exposure to credit risk is indicated by the carrying amounts of its accounts receivable and cash. The Foundalion assesses, on a continuous basis, its accounts receivable and follows up on overdue amounts. The Foundation's cash is kept with reputable Canadian chartered banks. (b) lnterest rate risk
lnlerest rate risk arises when the Foundation invests in fixed-rate interest bearing financial instruments. Fixed-rate instruments subject the Foundation to risk of changes in fair value. The objective of the Foundation's investment policy is to conlrol interest rate risk by managing its interest rate exposure. (c) Equity price risk Equity price risk is the risk fhat the value of financial instruments will fluctuate due to changes in market prices. The Foundation is exposed to equity price risk through its security holdings. To mitigate the Foundation's equity price risk, disbursements from donor advised funds pertaining to donated securities are limited to the nel proceeds on their dispositíon, This way, the price risk is contained to the donor's advised fund. 7. Related party balances During the year, the Foundation paid for technology services of $681,701 (2013 - $158,540) to CHIMP Technologies lnc., a company in which an executive of the Foundation has an equity interest. This transaetion'was-in.the.normal.eourse.of-operationsand-is-measured¿t.the.exchange'amount,r¡rhieh-is- the amount of consideration established and agreed upon by the related parties. L Subsequent Event
The Foundation sold unlisted securities effective September 23,2014 with a cost of $1 ,241 ,429, Íor a gain of $741,644.
Page I t. CHIMP: Charitable Impact Foundation (Canada) Notes to the financial statements July 31,2015
5. Equipment 2015 2014 Accumulated Net book Net book Gost amortization value value $ $$$
Computer hardware 9,275 7,367 1,908 4,240
6. Financial instrument risk (a) Credit risk Credit risk is the risk that a counterparty will fail to perform its obligations. The Foundation's exposure to credit risk is indicated by the carrying amounts of its cash. The Foundation's cash is kept with reputable Canadian chartered banks. (b) lnterest rate risk lnterest rate risk arises when the Foundation invests in fixed-rate interest bearing financial instruments. Fixed-rate instruments subject the Foundation to risk of changes in fair value. The objective of the Foundation's investment policy is to control interest rate risk by managing its ínterest rate exposure. (c) Equity price risk Equity price risk is the risk that the value of financial instruments will fluctuate due to changes in market prices. The Foundation is exposed to equity price risk through its security holdings. To mitigate the Foundation's equity price risk, disbursements from donor advised funds pertaining to donated securities are limited to the net proceeds on their disposition. This way, the price risk is contained to the donor's advised fund. (d) Liquidity risk The Company's objective is to have sufficient liquidity to meet its liabilities when due. The Foundation monitors its cash balances and cash flows generated from operations to meet its requirements, As at July 31, 2015, the most significant financial liabilities are the accrued liabilities. 7. Related party balances
During the year, the Foundation paid for technology services of $1 ,544,91 4 (2014 - $681,701) and human resource services of $1,028,255 (2014 - $Nil) to CHIMP Technologies lnc., a company in which an executive of the Foundation has an equity interest. This transaction was in the normal course of operations and is measured at the exchange amount, which is the amount of consideration established and agreed upon by the related parties. 8. Subsequentevent Subsequent to July 31,2015, in November 2015, the Foundation sold unlisted securities with a cumulative cost of $7,800,000 for a gain of $Nil.
Page 9
The Charitable Impact Collective
Charitable Impact operates as a collective of independent organizations aligned by purpose, vision, and mission. The Charitable Impact Collective is currently comprised of two related organizations. CHIMP: Charitable Impact Foundation (Canada) is a registered charity operating as a donor-advised fund. CHIMP Technology Inc. (“CHIMP Technology”) is a for- profit social enterprise that designs and delivers technology and other services. The Foundation focuses on its fiduciary duties of governance and risk management, and outsources operational work to CHIMP Technology. Beyond products and technology that nurture the generosity within each person and bring the resources for creating change in the world to everyone, services provided by CHIMP Technology include expert giving advice for donors, financial advisor relations, demand generation, research, and donor support. This fiscal year, Charitable Impact Collective began investing more heavily in designing and delivering scalable donor-focused products, technology, and services with the goal of transforming the donor experience, breaking down barriers to giving for everyone, and increasing the transactional efficiency of giving over time. A service provider agreement governs the relationship between Foundation and CHIMP Technology. The agreement expressly forbids the Foundation from using money in donor accounts to pay CHIMP Technology for its services and products. To ensure the separation of administrative expenses from money in donor accounts, the Foundation manages funds reserved for administrative expenses in a sequestered bank account. Funds reserved to cover administrative expenses are derived from interest revenue, fees charged on Charitable Investment Accounts, and donations from donors choosing to support the Foundation's goals. CHIMP Technology’s talented and diverse team and management are paid fair industry-standard compensation, which is disclosed to the Foundation.
chimp.net 5 CHIMP: Charitable Impact Foundation (Canada) Notes to the financial statements July 31, 2018
10. Disbursements to charities Disbursements to charities of $130,874,268 includes a $74,510,000 donation to a registered charity, for the purposes of debt reduction.
11. Financial instrument risk D &UHGLWULVN Credit risk is the risk that a counterparty will fail to perform its obligations. The Foundation’s exposure to credit risk is indicated by the carrying amounts of its cash and mortgages receivable. The Foundation’s cash is kept with reputable Canadian chartered banks and credit unions.
E ,QWHUHVWUDWHULVN Interest rate risk arises when the Foundation invests in fixed-rate interest bearing financial instruments. Fixed-rate instruments subject the Foundation to risk of changes in fair value. The objective of the Foundation’s investment policy is to control interest rate risk by managing its interest rate exposure.
F (TXLW\SULFHULVN Equity price risk is the risk that the value of financial instruments will fluctuate due to changes in market prices. The Foundation is exposed to equity price risk through its security holdings. To mitigate the Foundation’s equity price risk, disbursements from funds pertaining to securities are limited to the net proceeds on their disposition. As such, the price risk is contained to the individual fund.
G /LTXLGLW\ULVN The Foundation’s objective is to have sufficient liquidity to meet its liabilities when due. The Foundation monitors its cash balances and cash flows generated from operations to meet its requirements. As at July 31, 2018, the most significant financial liabilities are the accrued liabilities and related party payables.
12. Related party transactions and balances The Foundation board focuses extensively on strategy, governance, compliance and risk management and works with aligned third parties to optimize management of its operations. During the year, the Foundation acquired technology transaction services of $7,302,041 ($2,091,745 in 2017) and human resource and business services of $5,471,956 ($1,392,394 in 2017) from CHIMP Technology Inc., a company in which an unpaid executive of the Foundation has an equity interest. All services were acquired in the normal course of operations and measured at the exchange amount, which is the amount of consideration established and agreed upon by the parties.
Page 10
chimp.net 28 Report of operations: Expenses
For the fiscal year ended July 31, 2018, our expenses were $145,284,475 compared to $51,222,848 for the fiscal year ended July 31, 2017, representing an increase of $94,061,627, or 184%. The increase was primarily related to an increase in disbursements to charities and insurance costs, as well as a decrease in losses on the revaluation of publicly-traded securities. Expenses consist of disbursements to charities, technology and human resource services, insurance, loss of revaluation of publicly-traded securities, investment management fees, bank and credit card fees, interest expense, contractor fees, legal and professional fees, office and administrative expenses, property taxes, amortization, and payroll.
DISBURSEMENTS TO CHARITIES INSURANCE Consist of funds distributed to qualified donees. Disbursements Consists of premiums paid for the maintenance of insurance to charities increased to $130,874,268 for the fiscal year ended policies held by the Foundation. The insurance policies include July 31, 2018 from $43,821,381 for the fiscal year ended coverage for general liability, directors and officers, cybercrimes, July 31, 2017, representing an increase of $87,052,887, or 199%. and life insurance. Insurance costs increased to $524,189 for the The increase is primarily attributable to disbursements of fiscal year ended July 31, 2018 from $22,900 for the fiscal year approximately $74,500,000 to facilitate a transaction in which ended July 31, 2017, representing an increase of $501,289, or a registered charity received donations to restructure and 2,189%. The increase is primarily attributable to the payment of reduce its debt, as well as an increase in the number of donors life insurance premiums for co-owned insurance policies. using the Charitable Impact platform. LOSS ON REVALUATION OF PUBLICLY- TECHNOLOGY AND HUMAN RESOURCE SERVICES TRADED SECURITIES Consist of service fees paid to the developer and provider of Consist of a loss in the fair market value of publicly-traded our technology and administrative services through which we securities held for sale. The loss on revaluation of publicly- manage the donations that we receive and the disbursements traded securities decreased to $312,473 for the fiscal year ended that we pay. The technology and human resource service July 31, 2018 from $3,375,633 for the fiscal year ended July 31, fees increased to $12,773,997 for the fiscal year ended July 31, 2017, representing a decrease of $(3,063,160), or (91)%. The 2018 from $3,483,910 for the fiscal year ended July 31, 2017, decrease is primarily attributable to a more diversified portfolio representing an increase of $9,290,087, or 267%. The increase due to an increase in donations of marketable securities. is primarily attributable to the increase in services delivered, which are the basis for how the technology and human resource service fees are calculated pursuant to a Service Provider Agreement between the Foundation and CHIMP Technology Inc. chimp.net 33 INVESTMENT MANAGEMENT FEES OFFICE AND ADMINISTRATION Consist of fees paid to advisors who manage our portfolio Consists of general operational costs of our business. Office of securities. The investment management fees increased to and administration costs increased to $21,075 for the fiscal year $267,390 for the fiscal year ended July 31, 2018 from $58,844 for ended July 31, 2018 from $15,307 for the fiscal year ended July 31, the fiscal year ended July 31, 2017, representing an increase of 2017, representing an increase of $5,768, or 38%. The increase is $208,546, or 354%. The increase is primarily attributable to an primarily attributable to additional costs required to support the increase in the donations of marketable securities. growth in donations and disbursements.
BANK, INTEREST, AND CREDIT CARD PROPERTY TAXES PROCESSING CHARGES Consist of taxes paid to local, provincial, and federal Consist of fees paid to banking institutions for services provided. governments for real property owned by the Foundation. Bank, interest, and credit card processing charges increased to Property taxes decreased to $12,006 for the fiscal year ended $181,442 for the fiscal year ended July 31, 2018 from $171,309 for July 31, 2018 from $29,211 for the fiscal year ended July 31, 2017, the fiscal year ended July 31, 2017, representing an increase of representing a decrease of $(17,205), or (59)%. The decrease is $10,133, or 6%. The increase is primarily attributable to a rise in primarily attributable to a reduction in real property held by the the number of donations paid by credit card. Foundation due to the sale of land.
CONTRACTOR FEES AMORTIZATION Consist of marketing, administrative and management fees paid Consists of expenses related to the value of capital assets owned under consulting agreements. Contractor fees increased to by the Foundation. Amortization decreased to $387 for the fiscal $142,615 for the fiscal year ended July 31, 2018 from $134,804 for year ended July 31, 2018 from $472 for the fiscal year ended July the fiscal year ended July 31, 2017, representing an increase of 31, 2017, representing a decrease of $(85), or (18)%. The decrease $7,811, or 6%. The increase is primarily attributable to additional is primarily attributable to no new capital assets being acquired services required to support the growth in donations and and the decrease in value of capital assets previously held due to disbursements. the prior year’s amortization expense.
LEGAL AND PROFESSIONAL PAYROLL Consists of legal, accounting, tax, and audit services. The legal and professional fees increased to $174,633 for the fiscal year Consists of wages paid to employees, including related taxes ended July 31, 2018 from $61,309 for the fiscal year ended July 31, and fees. Payroll decreased to $0 for the fiscal year ended July 2017, representing an increase of $113,324, or 185%. The increase 31, 2018 from $47,768 for the fiscal year ended July 31, 2017, is primarily attributable to additional audit costs related to the representing a decrease of $(47,768), or (100)%. The decrease is ff growing complexity of our asset portfolio. primarily attributable to a reduction in Foundation sta whose work was absorbed by CHIMP Technology Inc. under the Service Provider Agreement.
chimp.net 34
Charitable Impact (“CHIMP”) Foundation: Analysis of 11,650 Gifts (2011-2018)
Vivian Krause April 28, 2020
NOTICE AND DISCLAIMER
This document offers a summary of the analysis, questions and opinions of the author, Vivian Krause.
While the information herein is believed to be accurate and reliable, it is not guaranteed to be so as the information available to me is limited to publicly available data. The author makes this document available without warranty of any kind.
Users of this material should exercise due diligence to ensure the accuracy and currency of all information. The information contained herein is subject to change without notice, and may become out-dated as additional information is identified, disclosed, or otherwise becomes available. This document may or may not be updated.
Vivian Krause reserves the right to amend this document on the basis of information received after it was initially written.
No part of this document may be reproduced, stored, distributed or transmitted, in any form or by any means, without the prior written permission of Vivian Krause.
Gifts Made By Charitable Impact Foundation (2011)
# of % of Total Value of % of Total Amount of Gift By # of Gifts By $ of Gifts Gifts Gifts Gifts Value of Gifts
<$10 68 12.1% $450 0.1%
$10-$24 115 20.5% $2,484 0.6% $25-$49 95 16.9% $4,026 0.9% 491 87% $43,442 10% $50-$99 93 16.5% $8,195 1.9%
$100-$249 78 13.9% $12,849 3.0%
$250-$499 42 7.5% $15,438 3.6%
$500-$999 35 6.2% $23,549 5.4%
$1K-$2,499 18 3.2% $30,384 7.0%
$2,500-$5K 8 1.4% $27,731 6.4% 65 12% $120,547 28% $5K-$10K 3 0.5% $24,060 5.5%
$10K-$25K 1 0.2% $14,823 3.4%
$25K-$50K 5 0.9% $158,858 36.6%
$50K-$100K 0 0.0% $0 0.0% 6 1% $270,459 62% $100K- $1M 1 0.2% $111,601 25.7%
$1M-$2M
$2M-$20M 0 0% $0 0% >$20M
Total: 562 100% $434,448 100% 562 100% $434,448 100%
Summary: In 2011, almost 90 percent of CHIMP’s gifts were for less than $500 meanwhile one of CHIMP’s 562 gifts accounted for more than 60 percent of the total value of all gifts.
Last updated: April 28, 2020.
@FairQuestions Gifts Made By Charitable Impact Foundation (2012)
# of % of Total Value of % of Total Amount of Gift By # of Gifts By $ of Gifts Gifts Gifts Gifts Value of Gifts
<$10 41 6.0% $290 0.0%
$10-$24 74 10.7% $1,568 0.2% $25-$49 93 13.5% $4,135 0.4%
$50-$99 119 17.3% $10,645 1.0%
$100-$249 120 17.4% $21,762 2.1% 327 90% $287,028 28% $250-$499 67 9.7% $26,830 2.6%
$500-$999 59 8.6% $41,253 4.0%
$1K-$2,499 57 8.3% $85,657 8.3%
$2,500-$5K 24 3.5% $94,888 9.2% $5K-$10K 14 2.0% $85,715 8.3%
$10K-$25K 15 2.2% $293,800 28.6%
$25K-$50K 2 0.3% $68,279 6.6% 35 10% $741,489 72%
$50K-$100K 3 0.4% $192,022 18.7% $100K- $1M 1 0.1% $101,673 9.9%
$1M-$2M
$2M-$20M 0 0% $0 0% >$20M
Total: 689 100% $1,028,517 100% 362 100% $1,028,517 100%
Summary: In 2012, more than half of the gifts made by Chimp were for less than $100. The top five gifts accounted for more than a third of the total value of the 689 gifts made by CHIMP in 2012.
Last updated: April 28, 2020.
@FairQuestions Gifts Made By Charitable Impact Foundation (2013)
# of % of Total Value of % of Total Amount of Gift By # of Gifts By $ of Gifts Gifts Gifts Gifts Value of Gifts
<$10 49 4.3% $377 0.0%
$10-$24 222 19.4% $4,459 0.2% $25-$49 328 28.6% $14,873 0.5%
$50-$99 157 13.7% $12,707 0.4%
$100-$249 142 12.4% $22,625 0.8% 1,108 97% $323,395 11% $250-$499 82 7.2% $30,861 1.1%
$500-$999 46 4.0% $33,091 1.1%
$1K-$2,499 46 4.0% $71,074 2.5%
$2,500-$5K 36 3.1% $133,328 4.6% $5K-$10K 18 1.6% $122,117 4.2%
$10K-$25K 7 0.6% $103,155 3.6%
$25K-$50K 4 0.3% $107,775 3.7% 36 3% $1,025,251 35%
$50K-$100K 5 0.4% $371,021 12.8% $100K- $1M 2 0.2% $321,183 11.1%
$1M-$2M 1 0.1% $1,551,375 53.5%
$2M-$20M 1 0% $1,551,375 53% >$20M
Total: 1,145 100% $2,900,021 100% 1,145 100% $2,900,021 100%
Summary: In 2013, more than half of the gifts made by Chimp were for less than $50. Almost 1,000 gifts were for less than $500 meanwhile one gifts accounted for more than half of the total of all 1,145 gifts. In 2018, the top 3 gifts made by CHIMP went to Bromley Charities (Fortius Foundation, Mighty Oaks Foundation and Pacific Light Foundation). These 3 gifts accounted for 65 percent of the total value of all 1,145 gifts made by CHIMP in 2013.
Last updated: April 28, 2020.
@FairQuestions Gifts Made By Charitable Impact Foundation (2014)
# of % of Total Value of % of Total Amount of Gift By # of Gifts By $ of Gifts Gifts Gifts Gifts Value of Gifts
<$10 28 1.4% $183 0.0%
$10-$24 999 48.5% $15,170 0.2%
$25-$49 128 6.2% $4,327 0.1%
$50-$99 184 8.9% $12,195 0.2%
$100-$249 218 10.6% $31,130 0.5% 1,944 94% $546,863 9% $250-$499 120 5.8% $39,948 0.6%
$500-$999 86 4.2% $56,031 0.9%
$1K-$2,499 130 6.3% $204,188 3.3%
$2,500-$5K 51 2.5% $183,691 3.0%
$5K-$10K 40 1.9% $250,377 4.0%
$10K-$25K 42 2.0% $587,057 9.4%
$25K-$50K 16 0.8% $556,242 8.9% 113 5% $4,590,878 74% $50K-$100K 6 0.3% $444,950 7.1%
$100K- $1M 9 0.4% $2,752,252 44.2%
$1M-$2M 1 0.0% $1,088,993 17.5%
$2M-$20M 1 0% $1,088,993 17% >$20M
Total: 2,058 100% $6,226,734 100% 2,058 100% $6,226,734 100%
Summary: In 2014, more than 1,000 of CHIMP’s gifts were for less than $25. Almost all of these gifts were for $15. Nearly 95% of the gifts made by Chimp were for less than $5,000 and accounted for 9 percent of the total value of CHIMP's gifts. At the high end of the scale, one gift alone accounted for 17 percent of the total value of CHIMP’s giving. That gift went to Fortius Foundation. Four years later, CHIMP made another gift to Fortius Foundation for $74 million.
Gifts to Bromley Charities: Of the top 10 gifts, eight went to Bromley Charities: Foundation For Public Good, QUC Residents Housing Foundation, Virtual Vancouver Foundation, Revelstoke Education Foundation, Philanthropy Without Frontiers, Pacific Light Foundation, Timothy Foundation and The Next Big Thing Foundation (re-named League of Innovators). These eight gifts accounted for nearly 60 percent of the total value of gifts made by CHIMP in 2014. Of the top 10 recipients of gifts from CHIMP in 2014, the only two that were not Bromley Charities were College Heights Baptist Church and Coastal Church.
Last updated: April 28, 2020. @FairQuestions Gifts Made By Charitable Impact Foundation (2016)
# of % of Total Value of % of Total Amount of Gift By # of Gifts By $ of Gifts Gifts Gifts Gifts Value of Gifts
<$10 56 3.1% $449 0.0%
$10-$24 169 9.3% $3,456 0.0%
$25-$49 181 9.9% $7,800 0.0%
$50-$99 190 10.4% $15,832 0.0%
$100-$249 315 17.3% $50,862 0.1% 1,577 87% $919,917 2% $250-$499 212 11.6% $81,228 0.1%
$500-$999 178 9.8% $130,091 0.2%
$1K-$2,499 176 9.7% $279,434 0.5%
$2,500-$5K 100 5.5% $350,765 0.6%
$5K-$10K 84 4.6% $594,179 1.0%
$10K-$25K 82 4.5% $1,225,352 2.1%
$25K-$50K 38 2.1% $1,377,062 2.4% 240 13% $10,425,371 18% $50K-$100K 13 0.7% $876,417 1.5%
$100K- $1M 23 1.3% $6,352,361 10.9%
$1M-$2M 1 0.1% $1,112,999 1.9%
$2M-$20M 3 0.2% $15,469,975 26.5% 5 0% $47,057,974 81% >$20M 1 0.1% $30,475,000 52.2%
Total: 1,822 100% $58,403,262 100% 1,822 100% $58,403,262 100%
Summary: In 2016, almost 90 percent of CHIMP’s gifts were for less than $5,000. These gifts accounted for 2 percent of CHIMP’s total giving meanwhile five gifts accounted for roughly 80 percent.
Gifts to Bromley Charities: Accounting for 80 percent of the total value of all 1,822 gifts made by CHIMP in 2016, all top five gifts went to Bromley Charities: Zawadi Foundation, Foundation For Public Good, Global View Foundation, Imladris Foundation and Virtual Vancouver Foundation. Looking further down the scale, one finds that Bromley Charities also accounted for all of the top 10 gifts made by CHIMP in 2016, and for most of the top 20 as well. Last updated: April 28, 2020.
@FairQuestions Gifts Made By Charitable Impact Foundation (2017)
# of % of Total Value of % of Total Amount of Gift By # of Gifts By $ of Gifts Gifts Gifts Gifts Value of Gifts
<$10 229 9.6% $1,993 0.0%
$10-$24 185 7.7% $3,520 0.0%
$25-$49 255 10.6% $10,640 0.0%
$50-$99 300 12.5% $23,860 0.1%
$100-$249 320 13.4% $53,316 0.1% 2,079 87% $182,079 0.4% $250-$499 238 9.9% $88,750 0.2%
$500-$999 195 8.1% $136,533 0.3%
$1K-$2,499 207 8.6% $321,208 0.7%
$2,500-$5K 150 6.3% $532,453 1.2%
$5K-$10K 105 4.4% $719,629 1.6%
$10K-$25K 108 4.5% $1,684,304 3.8%
$25K-$50K 47 2.0% $1,599,517 3.6% 310 13% $11,204,088 26% $50K-$100K 25 1.0% $1,610,822 3.7%
$100K- $1M 25 1.0% $5,589,816 12.7%
$1M-$2M 2 0.1% $2,000,000 4.6%
$2M-$20M 4 0.2% $29,542,104 67.3% 6 0% $31,542,104 73% >$20M
Total: 2,395 100% $43,918,465 100% 2,395 100% $42,928,271 100%
Summary: Of the 2,395 gifts that CHIMP made in 2017, more than 2,000 were for less than $5,000. More than 1,500 gifts were for less than $500 each. These gifts, more than half of the total number of gifts made by CHIMP, accounted for less than half a percent of the total value of CHIMP’s gifts. The top six gifts made by CHIMP accounted for 72% of the total value of all 2,395 gifts. All of the top six gifts made by CHIMP in 2017 went to Bromley Charities. The seventh top recipient of a gift from CHIMP was Mulgrave Independent School Society, which received $1 million.
Gifts to Bromley Charities: The top six Bromley Charities that received gifts from CHIMP in 2017 were: Viva Voce Charitable Foundation, A Cappella Foundation, Snowdon Foundation, Foundation For Public Good, Virtual Vancouver Foundation and Steward’s Charitable Foundation. Last updated: April 28, 2020.
@FairQuestions Gifts Made By Charitable Impact Foundation (2018)
# of % of Total Value of % of Total Amount of Gift By # of Gifts By $ of Gifts Gifts Gifts Gifts Value of Gifts
<$10 157 5.3% $1,167 0.0%
$10-$24 181 6.1% $3,393 0.0%
$25-$49 301 10.1% $12,589 0.0%
$50-$99 374 12.5% $29,845 0.0%
$100-$249 438 14.7% $73,850 0.1%
$250-$499 332 11.1% $123,541 0.1%
$500-$999 304 10.2% $216,490 0.2% 2,976 99.7% $17,271,460 13% $1K-$2,499 285 9.5% $459,153 0.4%
$2,500-$5K 169 5.7% $587,037 0.4%
$5K-$10K 154 5.2% $1,032,616 0.8%
$10K-$25K 131 4.4% $2,083,794 1.6%
$25K-$50K 70 2.3% $2,308,119 1.8%
$50K-$100K 51 1.7% $3,369,962 2.6%
$100K- $1M 29 1.0% $6,969,904 5.3%
$1M-$2M 7 0.2% $5,988,279 4.6%
$2M-$20M 1 0.0% $12,110,541 9.3% 9 0.3% $113,601,760 87% >$20M 1 0.0% $95,502,940 73.0%
Total: 2,985 100.0% $130,873,220 100.0% 2,985 100% $130,873,220 100%
Summary: A tiny percentage of the gifts made by CHIMP account for the vast majority of the total value of all gifts. In fact, 0.3% of CHIMP’s gifts accounted for 87% of the total amount gifted. This is because a few of CHIMP’s gifts are very large meanwhile the vast majority are very small. One gift alone for a total of $74 million accounted for more than half of the total gifted. More than 1,000 of the gifts made by CHIMP in 2018 were for $100 or less. Fully 85% of the gifts made by CHIMP in 2018 were for $5,000 or less. Less than 0.5% of CHIMP’s gifts accounted for nearly 90% of the total value of the gifts made in 2018.
Gifts to Bromley Charities: In 2018, six of the top 10 gifts made by CHIMP went to Bromley Charities. These six gifts accounted for 85% of the total value of all gifts (nearly 3,000) made by CHIMP. These six Bromley Charities were: Fortius Foundation, Vanchorveuve Foundation, Viva Voce Charitable Foundation, The Donald & Julia Leung Foundation, Virtual Vancouver Foundation and Priority Foundation. The four charities that were also in the top ten but are not Bromley Charities are Youth With A Mission Foundation, VGH & UBC Hospital Foundation, Barnabas Family Ministries Society and UBC.
Last updated: April 28, 2020.
@FairQuestions Gifts Made by Charitable Impact Foundation (2011)
Distribution By Number of Gifts 40%
30%
20%
10%
0% <$10 $25-$49 $100-$249 $500-$999 $2,500-$5K $10K-$25K $50K-$100K
Distribution By Total Value of Gifts 40%
30%
20%
10%
0% <$10 $25-$49 $100-$249 $500-$999 $2,500-$5K $10K-$25K $50K-$100K
Source: Compiled from data provided by the Canada Revenue Agency Gifts Made by Charitable Impact Foundation (2012)
Distribution By Number of Gifts 30%
20%
10%
0% <$10 $25-$49 $100-$249 $500-$999 $2,500-$5K $10K-$25K $50K-$100K
Distribution By Total Value of Gifts 30%
20%
10%
0% <$10 $25-$49 $100-$249 $500-$999 $2,500-$5K $10K-$25K $50K-$100K
Source: Compiled from data provided by the Canada Revenue Agency Gifts Made by Charitable Impact Foundation (2013)
Distribution By Number of Gifts 30%
20%
10%
0% <$10 $25-$49 $100-$249 $500-$999 $2,500-$5K $10K-$25K $50K-$100K
Distribution By Total Value of Gifts 30%
20%
10%
0% <$10 $25-$49 $100-$249 $500-$999 $2,500-$5K $10K-$25K $50K-$100K
Source: Compiled from data provided by the Canada Revenue Agency Gifts Made by Charitable Impact Foundation (2014)
Distribution By Number of Gifts 50%
40%
30%
20%
10%
0% <$10 $25-$49 $100-$249 $500-$999 $2,500-$5K $10K-$25K $50K-$100K
Distribution By Total Value of Gifts 50%
40%
30%
20%
10%
0% <$10 $25-$49 $100-$249 $500-$999 $2,500-$5K $10K-$25K $50K-$100K
Source: Compiled from data provided by the Canada Revenue Agency Gifts Made by Charitable Impact Foundation (2016)
Distribution By Number of Gifts 50%
40%
30%
20%
10%
0% <$10 $25-$49 $100-$249 $500-$999 $2,500-$5K $10K-$25K $50K-$100K $1M-$2M >$20M
Distribution By Total Value of Gifts 50%
40%
30%
20%
10%
0% <$10 $25-$49 $100-$249 $500-$999 $2,500-$5K $10K-$25K $50K-$100K $1M-$2M >$20M
Source: Compiled from data provided by the Canada Revenue Agency Gifts Made by Charitable Impact Foundation (2017)
Distribution By Number of Gifts 15%
10%
5%
0% <$10 $50-$99 $500-$999 $5K-$10K $50K-$100K $2M-$20M
Distribution By Total Value of Gifts 70%
60%
50%
40%
30%
20%
10%
0% <$10 $50-$99 $500-$999 $5K-$10K $50K-$100K $2M-$20M
Source: Compiled from data provided by the Canada Revenue Agency Gifts Made by Charitable Impact Foundation (2018)
Distribution By Number of Gifts 15%
10%
5%
0% <$10 $25-$49 $100-$249 $500-$999 $2,500-$5K $10K-$25K $50K-$100K $1M-$2M >$20M
Distribution By Total Value of Gifts 60%
50%
40%
30%
20%
10%
0% <$10 $25-$49 $100-$249 $500-$999 $2,500-$5K $10K-$25K $50K-$100K $1M-$2M >$20M
Source: Compiled from data provided by the Canada Revenue Agency Gifts Made by Charitable Impact Foundation (“CHIMP”) in 2011
Amount of Province Sub-Total Recipient Organization Gift
1 City in Focus Foundation BC $111,601 $111,601
2 Muskoka Baptist Conference ON $48,098 $158,858 3 Philadelphia Foundation BC $33,779
4 Sculpture Art Academy BC $28,926
5 The Canadian Network for International Surgery BC $24,030
6 Harmony Foundation BC $24,025
7 Aunt Leah's Independent Lifeskills Society BC $14,823 $14,823 8 Salama Shield Foundation ON $9,250 $24,060
9 Burnaby Counselling Group BC $7,622
10 Umoja Operation Compassion Society BC $7,188
11 Bienfaisance Foundation of Canada BC $4,805 $27,731
12 Beauty Night Society BC $3,778 13 Bc Cancer Foundation BC $3,771
14 FH Canada BC $3,534
15 Stronach Family Foundation BC $3,459
16 Philanthropy Without Frontiers/Philanthropie Sans Frontieres BC $2,883
17 The Evangelical Alliance Mission of Canada, Inc. AB $2,883
18 Greater Vancouver Youth for Christ BC $2,618 19 The Sos Marine Conservation Foundation AB $2,498 $30,384
20 Whitecaps Foundation BC $2,421
21 Under the Reading Tree / Lisant Sous L'Arbre ON $2,393
22 Opportunity International Canada ON $2,176
23 Keats Camps BC $2,099 24 Union Gospel Mission Foundation BC $2,068
25 First Pacific Theatre Society BC $1,923
26 Arts Umbrella Association BC $1,922
27 Westside Church BC $1,840
28 The Canadian Red Cross Society la Société Canadienne de la Croix-Rouge ON $1,796 29 Greater Vancouver Food Bank Society BC $1,326
30 ReachAcross Canada BC $1,297
31 Anglican Network in Canada ON $1,249
32 The River Fellowship BC $1,239
33 Dalit Freedom Network Canada Association BC $1,081 34 Hope International Development Agency BC $1,033
35 Almoner Foundation BC $1,022
36 Union Gospel Mission, BC $1,001
37 The Mission to Seafarers in the Diocese of New Westminster BC $961 $23,549
38 Galcom International Incorporated ON $961 39 Humane Society of Canada Foundation ON $961
40 Arbutus Christian Fellowship BC $936
41 Canadian Cancer Society British Columbia and Yukon Division BC $936
42 Huggs Canada BC $925
43 Hope for the Nations BC $879 44 Doctors Without Borders Canada Medecins Sans Frontieres Canada ON $860
45 Organisation Catholique Canadienne Pour le Developpement et la Paix/Canadian Catholic Organization for Development and Peace QC $749
46 Outreach Canada Ministries Inc. BC $720
47 World Vision Canada-Vision Mondiale Canada ON $718
48 Covenant House Vancouver BC $701 49 Full Gospel Assembly Vancouver BC $689
50 Young Life of Canada / Jeune Vie du Canada BC $667
51 City Centre Care Society BC $647
52 The Association of Families for Christian Education BC $629
53 Missions Festival (Missions Fest) Society BC $624 54 Global Aid Network BC $623