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Financial Highlights

Message from the Treasurer and Vice-President, Finance and Operations

Thanks to the generous support of our donors and government funders, Pathways Canada achieved another year of strong financial growth. With a combined investment of more than $31.7 million, our supporters demonstrated their confidence in the power of Pathways and the essential role it plays for youth living in low-income communities.

As we grow, we remain committed to providing our stakeholders with transparent, evidence-driven results. We have a strong, independent Audit, Investment, and Risk Committee whose key responsibilities include oversight of the financial audit, budgets, investments, and risk management.

In FY2020, we spent more than 80 per cent of funds in areas directly impacting students and their families. Grants to Pathways Program Partners—which provide academic, financial, social, and one-on-one supports to Pathways students—totalled $20.6 million, with an additional $1.8M spent on student scholarships.

We continue to embrace innovation as a means of reaching more young people across the country, regardless of location, both through investments in alternative program delivery models and increased effectiveness leveraged through technology and processes. Our total investment in innovation and program development in FY2020 was $3.1 million.

We remain committed to stewarding the financial resources entrusted to us, growing the financial health of the organization, and expanding the available opportunities to serve more youth. Thank you for your continued support which allows us to reach more young people and help them build the foundation for a brighter future.

Noreen Corcoran

Vice President, Finance and Operations
Pathways to Education Canada

Jad Shimaly

Treasurer, Board of Directors
Pathways to Education Canada

Summarized Financial Statements for the Fiscal Year Ending March 31, 2020

STATEMENT OF FINANCIAL POSITION

2020

2019

ASSETS

Unrestricted cash and investments

1,117,069

1,554,392

Restricted cash and investments

10,517,085

10,864,587

Other Assets

2,019,459

1,908,949

13,653,613

14,327,928

LIABILITIES AND NET ASSETS

Current Liabilities

268,022

594,835

Deferred Contributions

5,717,085

6,064,587

Net Assets

7,668,506

7,668,506

13,653,613

14,327,928

STATEMENT OF REVENUES AND EXPENSES

2020

2019

REVENUE

Government Funding

20,639,625

20,279,074

Donations and Grants

10,854,917

9,544,760

Investment Income

244,164

201,562

31,738,706

30,025,396

EXPENSES

Pathways to Education Program™ Delivery

20,672,115

20,796,000

Student Scholarships and Post-Secondary Support

1,803,360

1,804,410

Program Growth, Expansion and Innovation

1,842,171

1,504,651

Program Development, Research and Evaluation

1,221,740

1,424,632

25,539,386

25,529,693

Fundraising and Awareness

3,256,254

3,014,516

Operations and Administration

2,943,066

1,481,187

31,738,706

30,025,396

Excess of revenue over expenses

0

0

The financial information in this summary is drawn from Pathways Canada’s audited financial statements. Copies of detailed financial statements are available upon request or at pathwaystoeducation.ca/accountability.

Source of Funds

  • 65% - Government
  • 14% - Corporations
  • 18% - Foundations and agencies
  • 3% - Individuals

Pathways Program Spending Breakdown

  • 80.6% - Academic, Social & One-on-One Supports
  • 12.3% - Short-Term Financial Supports
  • 7.2% - Scholarships and Post-Secondary Support

Expense By Activity

  • 65% - Pathways to Education Program™ delivery
  • 6% - Student scholarships and post-secondary support
  • 6% - Program growth, expansion and innovation
  • 4% - Program development, research and evaluation
  • 10% - Fundraising and awareness
  • 9% - Operations and administration