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.
Vice President, Finance and Operations
Pathways to Education Canada
Treasurer, Board of Directors
Pathways to Education Canada
Summarized Financial Statements for the Fiscal Year Ending March 31, 2020
STATEMENT OF FINANCIAL POSITION
Unrestricted cash and investments
Restricted cash and investments
LIABILITIES AND NET ASSETS
STATEMENT OF REVENUES AND EXPENSES
Donations and Grants
Pathways to Education Program™ Delivery
Student Scholarships and Post-Secondary Support
Program Growth, Expansion and Innovation
Program Development, Research and Evaluation
Fundraising and Awareness
Operations and Administration
Excess of revenue over expenses
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