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Report to Stakeholders Financial Year 2013

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Report to Stakeholders Financial Year 2013 Helping non-profits excel in sustaining Bermuda’s vital community services REPORT TO STAKEHOLDERS FINANCIAL YEAR 2013 When we do the best that we can, we never know what miracle is wrought in our life, or in the life of another - Helen Keller OUR VISION The Centre on Philanthropy facilitates innovative, flexible solutions that address the needs of Bermuda’s Third Sector. OUR MISSION To promote and advocate for an effective and sustainable Third Sector by providing training and education, fostering collaboration and supporting volunteerism. OUR VALUES Integrity, excellence, collaboration and servant leadership. OUR ROLES Direct service to non-profits. Support Donors in their efforts to help non-profits. Engage the broader Community in supporting non-profits. ‘The CoP team are committed to working to create a non-profit sector that is world class.’ - Elaine Williams, Executive Director TESTIMONIALS FROM FRIENDS, PARTICIPANTS & MEMBERS Workshop Participant ‘The CoP deliver good value in helping not for profits gain the knowledge to grow to the next level.’ Gavin Arton, PALS. Non-Profit Organisation ‘Just wanted to let you know that within 20 minutes of the email going out I’ve had about 10 volunteers sign up! Progress feels great. Couldn’t do it without The Centre on Philanthropy!’ Sara Corday, Development & Volunteer Coordinator, SPCA. Individual Volunteer ‘It has been a very pleasant, fulfilling & enriching experience working as a volunteer in Bermuda. I have only gained by giving.’ Meena Mahadevan Iyer, VOLUNTEER.bm. Corporate Sponsor ‘I wanted to share that the SBV program has been incredibly rewarding for the project team and RenRe is very pleased to have been able to provide meaningful, tangible support for our local charities and help to lay the foundation for future programs. Thank you for your sup- port through the process as well!’ Leah Dean, VP, Director of Human Resources, Renaissance Reinsurance. OUR CHAIRMAN’S REPORT As I reflect on the last twelve months I am reminded what an amazing team we have supporting The Centre on Philanthropy (CoP) and by association, our non-profit members. Our Board members, staff and volunteers have once again this year collectively embraced the need for change in response to an evolving socio economic land- scape, which continues to introduce numerous challenges for the Third Sector. The team at The Centre on Philanthropy have successfully completed year one of our new four year strategic plan, which embodies a non-profit centric focus. I recall having to pause at a stakeholders’ breakfast when I was asked what The CoP’s most pressing challenge was and where the opportunities could be found. In responding I realized that the challenges and potential opportunities were one in the same. CoP like many other non-profit organisations is confronted with an exponential increase in demand for services whilst at the same time we struggle to secure the resources required to meet the demand. From our perspective, the opportunity was to determine how to be more effective and continue to provide increased assistance to our non-profit members who themselves were actively exploring ways to build increased capacity around their much needed programmes. As we diligently worked through our strategic plan this year we have been able to continue to assist our non-profit members build capacity through training and education, fostering collaboration and volunteerism whilst introducing a couple of new initiatives to our members and the Third Sector. All organisations must continuously change in order to meet their stakeholder’s needs and to remain relevant and change very often presents new opportunities. I’ve enjoyed working with our new Executive Director, Elaine Williams who joined us this year. For those of you who know Elaine you know she brings a tremendous amount of passion, focus and community engagement to The Centre on Philanthropy which has allowed us to effectively work through our objectives whilst reaching out to the community at large and building new relationships. Thank you to our stakeholders, non-profit members and volunteers for your support this year. Your team at the CoP will continue to listen to your needs and where possible assist you to explore solutions to the numerous challenges you are experiencing due to in many instances, an excess in demand for your services and programmes. We look forward to working with you next year as you continue to invest in our island home. Brian Madeiros Chairman OUR EXECUTIVE DIRECTOR’S REPORT It is with excitement that I deliver to you my first Executive Director’s Report following my appointment on April 1st, of this year. Having served on the Board for a year before being recruited, I was integrally involved in the creation of our new four year Strategic Plan. I now have the awesome responsibility to ensure its implementation at the best possible standard. The Centre on Philanthropy’s (CoP) new focus, as you have heard, is that we exist to serve the non-profits of Bermuda. Along with our very hard working, bright and passionate team, CoP has continued to roll out new programmes and services in response to your requests and requirements. A highlight from Training & Education this year was the fourth biennial Third Sector Conference held in February. The Conference was a great success with more than 550 individuals participating in the week long event, which included two days of inspiration featuring non-profit speakers from the US, South Africa and Bermuda. Our Volunteer Engagement Programmes continue to promote volunteerism throughout the community and aim to encourage best practices in volunteer recruitment and management. This year saw the launch of a pilot programme for the Skills-Based Volunteering Programme. This programme connects our non-profit partners to teams of corporate employees in discreet, scoped, capacity building projects. Our brand new Advocacy & Community Engagement Committee was implemented during this fiscal year. Its purpose is to help the Board to engage Government and key individuals in outreach to the community, develop measures that advance the profile of The CoP and its members and to advocate on behalf of The CoP and its members by conducting advocacy, outreach and liaison activities to achieve issues-based objectives and CoP priorities. In June The CoP entered into a Memorandum of Understanding with The Registrar General under the Ministry of Home Affairs. It is intended to confirm the commitment of the Parties to promote transparency in the charitable sector and to promote the implementation of non-profit best practices. In April of this year, CoP was pleased to submit a letter of recommendation on behalf of its membership to Senator the Hon. Michael Fahy JP, Minister of Home Affairs, detailing constructive feedback and suggestions on the changes to the Charities Act. The CoP team are committed to working to create a non-profit sector that is world class. We cannot accomplish our mission without your support and especially, your feedback. Your ideas and comments are always welcome! We look forward to some new and exciting times ahead with our members! Elaine Williams, Executive Director OUR TREASURER’S REPORT THE CENTRE ON PHILANTHROPY The Centre on Philanthropy (CoP) completed the fiscal year with an op- SUMMARY OF FIVE YEAR FINANCIAL INFORMATION erating loss of $15,645 and a net unrestricted surplus of $306,139. As a non-profit organization, CoP relies upon the support of members, individu- als, corporations and foundations. Following is an overview of the sources June 30, 2013 June 30, 2012 June 30, 2011 June 30, 2010 June 30, 2009 and use of this generous support for the year ended June 30, ‘13. Revenues Membership - Memberships are testament to the value of CoP’s service to Contributions 271,782 252,003 375,362 317,330 411,179 the non-profit community. While non-profit renewals were steady, overall Membership 254,625 325,400 328,275 339,650 386,620 membership revenues declined for the first time, mainly due to fluctuations Other revenue 446,872 416,290 468,486 207,747 342,090 in the exempt company landscape. The development committee is further engaging the local business sector, and seeking to broaden the grassroots Total revenue 973,279 993,693 1,172,123 864,727 1,139,889 individual donor base. Programmes - CoP’s programmes in training & education and volunteerism were again successfully delivered thanks to the commitment of corporate and individual sponsors. Expenses Further, CoP held its fourth biennial Third Sector Conference, again with impressive attendance. Operations * 753,243 777,403 824,095 663,656 857,160 Registration fees and generous sponsorship brought the event in on budget. Programmes 235,681 168,602 289,363 1 68,489 253,749 Unrestricted Donations - Individual donations, matching corporate gifts and grant related income comprise the balance of CoP’s financial support. Without this support CoP’s capacity building over Total expenses 988,924 946,005 1,113,458 832,145 1,110,909 recent years would not have been possible. The challenge forward is ensuring financial support meets this capacity. Excess revenues Donated Services - CoP receives generous support from three key professional service providers, (expenses) (15,645) 47,688 58,665 32,582 28,980 in accounting, audit and technology. Donated services are critical in supplementing the operating Net assets budget. Their value in this respect is priceless. beginning 485,889 438,201 379,536 346,954 317,974 Use of Funds - Human resources and office space represent a significant portion of the budget Net assets, as they represent the key inputs to the delivery of training & education, volunteer programmes & support, and community engagement. Overall expenses were comparable to prior year. Again, the ending 470,244 485,889 438,201 379,536 346,954 challenge forward is ensuring donations and sponsorship are sufficient to support demand.
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