Institute of Chartered Accountants of Ontario

Institute of Chartered Accountants of Ontario
PwC

Queen's School of Business

May 18, 2011 09:55 ET

Awards Program Recognizes Outstanding Annual Reporting in the Not-For-Profit Sector

Voluntary Sector Reporting Awards Recognize Best Charity Annual Reports in Ontario

TORONTO, ONTARIO--(Marketwire - May 18, 2011) - An awards program for Ontario charities is raising the bar for annual reporting in the not-for-profit sector. Now entering its fourth year, the Voluntary Sector Reporting Awards (VSRAs) have helped more than 100 charities improve the way they report to donors, funders, stakeholders and the public. The result, say organizers and participants, has been a new appreciation for annual reporting in the not-for-profit sector.

"The Voluntary Sector Reporting Awards have really made a difference in highlighting the issue of excellence in reporting for the not-for-profit sector. Studies have shown that Canadians think charities do a poor job of communicating their fundraising costs and how they use donations. The VSRAs have set a new standard that Canadians can feel comfortable with and to which not-for-profits can aspire," said Steve Salterio, Director of the CA-Queen's Centre for Governance, which organizes the VSRAs every year in partnership with the Institute of Chartered Accountants of Ontario. PwC has been the sponsor of the program since its inception.

"We're doing even more this year by releasing Best Practices in Charity Annual Reporting: Lessons from the Voluntary Sector Reporting Awards, a new publication that brings together all the things we've learned from the awards program. It's free to any not-for-profit organization at our website – www.annualreportaward.ca," said Salterio.

The awards are open to registered charities that produce annual reports in Ontario. Organizations compete in three categories based on revenue size – up to $1 million, from $1 million to $10 million, and more than $10 million – as well as a separate category for national and international not-for-profits with head offices in Ontario.

Last year's winners in the four categories were:

National or international NPO headquartered in Ontario
• World Vision Canada
Total revenues over $10 million (tie)
• Canadian Paraplegic Association Ontario
• United Way Toronto
Total revenues over $1 million but below $10 million
• Kingston Literacy & Skills
Total Revenues of under $1 million
• Sarnia Lambton "Rebound" - A Program for Youth

The winners in each category will receive $5,000. Charities that are organizations whose principal activities are run by or for municipalities, universities, hospitals or school boards are not eligible.

Awards will be given to those reports demonstrating the highest levels of accountability and transparency and displaying highly effective communication with beneficiaries, donors and other stakeholders. All entrants will be provided with a summary of the judges' review.

"Many Chartered Accountants generously donate their time and money to a variety of worthy charitable causes," said Brian Leader, the Institute's Vice-President of Learning. "We believe this type of competition can motivate the entire sector to continually raise the bar for financial reporting and helps them accomplish the many wonderful things they do in communities across Ontario."

Nominations are being accepted for the awards at the CA-Queen's Centre for Governance website – www.annualreportaward.ca. More information is also available from PwC's website http://www.pwc.com/ca/vsra and at the ICAO website www.icao.on.ca. The deadline for applying is July 31, 2011 and the winners will be announced in November 2011 at an event in Toronto.

About the CA-Queen's Centre for Governance at Queen's School of Business

CA-Queen's Centre for Governance (business.queensu.ca/centres/CA-QCG/) goal is to raise the bar on Canadian governance research with respect to transparency and financial accountability and convey that research's implications to academics, students and the public at large. Situated at Queen's School of Business www.business.queensu.ca one of the world's premier business schools, the Centre conducts cutting edge basic and applied research on governance dealing with such issues as fraud prevention and detection and improving the quality of Canadian securities' regulation.

About the Institute of Chartered Accountants of Ontario:

The Institute of Chartered Accountants of Ontario is the qualifying and regulatory body of Ontario's 34,000 Chartered Accountants and 5,000 CA students. Since 1879, the Institute has protected the public interest through the CA profession's internationally recognized standards of qualification and the enforcement of its rules of professional conduct. Chartered Accountants are the professionals Canada's business leaders trust to help make the financial, strategic and leadership decisions that matter. The Institute's website is: www.icao.on.ca and the student website is www.guidetorulingtheworld.ca.

About PwC:

PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See www.pwc.com for more information. In Canada, PricewaterhouseCoopers LLP (www.pwc.com/ca) and its related entities have more than 5,300 partners and staff in offices across the country.

About PwC Canada Foundation:

In 2004, PwC established the PwC Canada Foundation ("The Foundation") to expand upon the firm's philanthropic activities and to build and empower community leadership by sharing of our time, expertise and resources. The Foundation currently operates a suite of community engagement programs that include Team Volunteering, Volunteer Grants, Volunteer Recognition, Leadership Grants and Volunteer Education and Engagement.

Over the past six years, PwC partners and staff have participated in over 1,300 meaningful volunteer experiences across the country contributing over 70,000 total volunteer hours back to the community. In recognition of the volunteer efforts made by employees and through the Foundation's grant programs, over 2,800 donations have been made to registered charitable organizations across Canada amounting to over $1.6 million and financial support. For more information about the Foundation, please visit www.pwc.com/ca/foundation.

Contact Information

  • CA-Queen's Centre for Governance
    John Suart
    613-583-3062
    go@johnsuart.com

    The Institute of Chartered Accountants of Ontario
    Perry Jensen
    416-969-4271 or 1-800-387-0735 ext. 271
    pjensen@icao.on.ca