Civic Intelligence

Upper Canada College Foundation

990 • Fiscal year 2022 • EIN 23-7069576

Jul 01, 2021 to Jun 30, 2022 • Filed on Mar 15, 2023

Organization ProfileN/A
200 Lonsdale RoadToronto, Ontario M4V1W6CA

(416) 488-1125

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

4th percentile

0.00x

Higher debt load relative to assets than 4% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Liabilities / Revenue

5th percentile

0.01x

Higher debt load relative to revenue than 5% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Net Margin

27th percentile

-0.9%

Higher net margin than 27% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Top Officer Pay

6th percentile

$0

Higher top officer pay than 6% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Balance Sheet
Liabilities / Assets4th percentile

Assets

$92,959,942

No earlier filing loaded for comparison.

Net Assets

$92,930,898

No earlier filing loaded for comparison.

Liabilities

$29,044

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue5th percentileNet Margin27th percentile

Revenue

$3,577,761

No earlier filing loaded for comparison.

Expenses

$3,608,656

No earlier filing loaded for comparison.

Net Income

-$30,895

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2022: $92,959,942Liabilities 2022: $29,044Net Assets 2022: $92,930,8982022Assets 2023: $101,109,375Liabilities 2023: $16,475Net Assets 2023: $101,092,9002023Assets 2024: $108,995,413Liabilities 2024: $14,242Net Assets 2024: $108,981,1712024Assets 2025: $121,880,274Liabilities 2025: $18,004Net Assets 2025: $121,862,2702025

Highlighted filing

2022

Assets$92,959,942
Liabilities$29,044
Net Assets$92,930,898
Open 2022 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2022: $3,577,761Expenses 2022: $3,608,656Net Income 2022: -$30,8952022Revenue 2023: $1,090,194Expenses 2023: $3,510,149Net Income 2023: -$2,419,9552023Revenue 2024: $5,903,045Expenses 2024: $3,481,770Net Income 2024: $2,421,2752024Revenue 2025: $11,266,401Expenses 2025: $5,346,346Net Income 2025: $5,920,0552025

Highlighted filing

2022

Revenue$3,577,761
Expenses$3,608,656
Net Income-$30,895
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Mar 15, 2023
Return Version
2021v4.2
Gross Receipts
$10,325,120
Mission and Program Overview

Mission

Funds provided to upper canada college primarily for needs-based financial assistance for students

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$105,691,180$91,744,726▼ $13,946,454
Savings and Temporary Cash Investments$2,876,928$1,215,216▼ $1,661,712
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities$0--
Investments Program Related$0--
Land, Buildings, and Equipment, Net-$0-
Loans From Officers Directors-$0-
Total Assets$108,568,511$92,959,942▼ $15,608,569
Other Assets Total$403$0▼ $403
Liabilities
Accounts Payable and Accrued Expenses$17,503$29,044▲ $11,541
Other Liabilities$0$0→ $0
Total Liabilities$17,503$29,044▲ $11,541
Net Assets / Fund Balance
Net Assets With Donor Restrictions$104,584,010$89,543,844▼ $15,040,166
Net Assets Without Donor Restrictions$3,966,998$3,387,054▼ $579,944
Total Net Assets Fund Balance$108,551,008$92,930,898▼ $15,620,110
Total Liabilities and Net Assets / Fund Balance$108,568,511$92,959,942▼ $15,608,569

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$88,739,576$659,330-$10,830,451$78,568,455
2020$70,046,302$8,074,767▲ $10,618,507-$88,739,576
2019$70,046,302---$70,046,302
2018$70,046,302---$70,046,302
2017$70,046,302---$70,046,302
Compensation and Service Providers
Top Officer Pay6th percentile

Board Members and Trustees

NameTitle
-Board Chair
-Board Member
-Ex-officio Exec Director
-Ex-officio Trustee
-Ex-officio Principal
-Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$653,643
Program Service Revenue
$0
Investment Income
$2,924,118
Other Revenue
$0
All Other Contributions
$653,643
Change in Net Assets
$-30,895

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded6$74,861Market value
Total Noncash Contributions6$74,861-

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,577,761
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-13,961,370
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$-10,383,609
Total Revenue per Form 990
$3,577,761
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$3,590,043
Other Expenses$18,613
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$3,590,043--$3,590,043
Other Expenses-$18,613-$18,613
Total Functional Expenses$3,590,043$18,613$0$3,608,656

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,566,423
Expenses per Audited Statements$3,608,656
Total Expenses per Form 990$3,608,656
Expenses Not Reported on Form 990$957,767
Expenses Not Reported on Financial Statements$0
Other Expense Adjustments$0
International Activity

International Summary

Offices
1
Employees
0
Spending
$95,334,769

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
North America (Canada & Mexico only)Investments-00$91,744,726
North America (Canada & Mexico only)Grantmaking-10$3,590,043
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$0-
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B Review of form 990 by governing body

“The form 990 was prepared by the organization's tax preparers, and reviewed by the organization's treasurer.”

Form 990, Part VI, Line 19 Required documents available to the public

“The governing documents, conflict of interest policy and financial statements are available to the public by request. The upper canada educational foundation does not have its own website but donors and prospective donors, as well as any other interested parties, can request the documents from the treasurer and they will be provided.”

Filing and Contact Details

Filer

Filer Name
Upper Canada College Foundation
EIN
23-7069576
Phone
4164881125
Address
CA

Signing Officer

Name
Patti Macnicol
Title
Treasurer
Phone
4164881125
Signed
2023-03-15
Discuss with paid preparer
Yes

Organization Details

Formed
1962
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
11

Preparer

Firm
Ernst & Young US Llp
Address
111 MONUMENT CIRCLE SUITE 4000, INDIANAPOLIS, IN 46204-5100
Preparer
Jennifer Rhoderick
Phone
3176817000
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

“Transfers from upper canada college - 246318; foreign rate translation differences - -3805717;”

Financial Statement Notes

Schedule D, Part V, Line 4 Intended uses of endowment funds

“The endowment fund consists of externally restricted contributions received by the Foundation where the endowment principal is required to be maintained permanently or administered in accordance with the Foundation's endowment management policies. The endowment fund also includes internal resources transferred by the Board to the Endowment Fund with the intention that they be managed in accordance with such endowment management policies. The investment income generated from assets held for endowment purposes must be used in accordance with the various purposes established by the donors or the board. The Foundation's Board has established endowment management polies with the objective of protecting the real value of the Foundation's funds by limiting the amount distributed to Upper Canada College and requiring any unexpended investment income to be retained. The application of these policies in any particular year involves the application of a distribution formula that results in an annual grant to Upper Canada College, which is more or less than the Foundation's income in such year, depending on its actual results. In any particular year, should net investment income be insufficient, the amount of that is distributed to the College is funded by a transfer from the Endowment Fund.”

Schedule D, Part XI, Line 2(D) Other revenues in audited financial statements not in form 990

“Foreign rate translation difference - -1931554”

Schedule D, Part XII, Line 2(D) Other expenses in audited financial statements not in form 990

“Foreign rate translation difference - 957767”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The endowment fund consists of externally restricted contributions received by the Foundation where the endowment principal is required to be maintained permanently or administered in accordance with the Foundation's endowment management policies. The endowment fund also includes internal resources transferred by the Board to the Endowment Fund with the intention that they be managed in accordance with such endowment management policies. The investment income generated from assets held for endowment purposes must be used in accordance with the various purposes established by the donors or the board. The Foundation's Board has established endowment management polies with the objective of protecting the real value of the Foundation's funds by limiting the amount distributed to Upper Canada College and requiring any unexpended investment income to be retained. The application of these policies in any particular year involves the application of a distribution formula that results in an annual grant to Upper Canada College, which is more or less than the Foundation's income in such year, depending on its actual results. In any particular year, should net investment income be insufficient, the amount of that is distributed to the College is funded by a transfer from the Endowment Fund.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2FOREIGN RATE TRANSLATION DIFFERENCE - 957767
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part V, Line 4 Intended uses of endowment funds
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IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990
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IRS990ScheduleF/GrantsToOrgOutsideUSGrp/PurposeOfGrantTxt0STUDENT FINANCIAL AID
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$92,959,942
Liabilities
$29,044
Net assets
$92,930,898
Revenue
$3,577,761
Expenses
$3,608,656
Net income
-$30,895
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$122$0.02$122$11.3$5.35$5.92
2024Detailed filing. Detailed filing data is available for this year.$109$0.01$109$5.90$3.48$2.42
2023Detailed filing. Detailed filing data is available for this year.$101$0.02$101$1.09$3.51$2.42
2022Detailed filing. Detailed filing data is available for this year.$93.0$0.03$92.9$3.58$3.61$0.03