Financial Report 2018-2019

Community Living Toronto works to ensure that the public and donated funds it is entrusted with are used to provide the highest quality services and supports to the individuals it supports.

As in prior years for 2018-2019 Community Living Toronto, operated in an environment of austerity and restraint. There have been no increases to annual operating budgets for the past number of years and Community Living Toronto was, once again, challenged to manage rising costs of services within budget allocations while supporting individuals with increasingly complex needs and rising costs. The compounding impact of declining purchasing power and the operational pressures have continued to present increasingly serious challenges to the agency’s ability to manage within a balanced budget. Fiscal funding provided by our various funders at the end of the year has helped keep the agency’s finances on track. Ideally agency would like to have its budgets structurally balanced without reduction to supports to the individuals rather than having to rely on fiscal funds to balance its budget.

Community Living Toronto was provided stabilization funding by the ministry in 2018- 2019 as part of the sector stabilization project. There is uncertainty about continuity of this funding for 2019-2020 and beyond. The stabilization funds would have gone a long way towards helping to sustain and grow many of our vital programs that support individuals with growing and increasingly complex needs.

Community Living Toronto has a culture of prudent financial management. This has allowed the Board of Directors and the Leadership Team to balance the vision of supporting the goals and dreams of the individuals we support with our financial responsibilities. The results over the past few years demonstrate how difficult it is to maintain this balance in the face of increasing need and costs, particularly those that are out of our direct control, such as low interest rates on our pension plan liabilities.

Despite the challenging fiscal environment, we continue to want to strike a positive note on our operating results – a deficit that was significant four years ago to a near balanced position in 2018-2019. We have achieved these results while supporting 4162 individuals. Details of our financial performance with individuals supported and services provided are in this report.

Ongoing support from our funders, the generosity of individual and corporate donors, the dedication of our volunteers, and the passion of our caring staff make it possible for us to deliver innovative and person-directed services and supports to individuals with an intellectual disability. We thank our funders and donors for their continued support and confidence in Community Living Toronto. In these challenging and changing times, this support is needed more than ever and is very much appreciated.

For 2018-2019, total revenue was $91.6 million, of which approximately 80% was received from the Ministry of Children, Community and Social Services. The balance was provided by the City of Toronto, the United Way Greater Toronto, our fundraising efforts, fee for service programs, entrepreneurial ventures, and user fees. Our total expenses were $91.8 million.

The Association also realized a one time gain on sale of property in the amount of 16.6 million.

Given the significant impact of low interest rates on our pension plan, the results of which are reflected on our balance sheet, we want to provide assurance that Community Living Toronto`s Leadership Team along with the Board’s Pension Subcommittee have been engaged in risk mitigation oversight and planning that will keep our retirement benefits sustainable into the future. (A note in the financial statements refers to this action.)

The Board’s Finance and Audit Committee is also engaged in risk mitigation oversight and planning that will keep our balance sheet and operations sustainable into the future.

It is in this context of strengthening our balance sheet that the association disposed of a property that no longer met our expanding program needs and invested the proceeds. The purpose of the investment was to protect and grow the fund as an asset while delivering income to provide a small cushion to the operating budget.

Financial results of Community Living Toronto are prepared by staff and are fairly presented in accordance with the Generally Accepted Accounting Principles. These financial results have been audited by our external auditors KPMG.

Audited financial statements, the Auditor’s Report, and notes to financial statements are available upon request through the Community Living Toronto Executive Office at 20 Spadina Road.

We thank you for continuing to support Community Living Toronto especially during these challenging times and look forward to continuing to make a difference in the lives of individuals with intellectual disabilities. Without you there would be no place for those with intellectual disabilities to live, learn, work and play.

Michael Challes Treasurer
Flavian Pinto Chief Financial Officer & Chief Information Officer
Betty Yam Chief Financial Officer (Acting)