Voluntary Sector Reporting Awards

Voluntary Sector Reporting Awards

November 29, 2010 08:15 ET

United Way Toronto Wins Voluntary Sector Reporting Award

Local Charity Honoured for the Third Time for Financial Reporting Excellence

TORONTO, ONTARIO--(Marketwire - Nov. 29, 2010) - United Way Toronto was among the winners of the third annual Voluntary Sector Reporting Awards (VSRAs), which were announced at a luncheon ceremony in North York on November 26. At a time when financial reporting is becoming increasingly important to organizations of all types and sizes, the VSRAs recognize those organizations within Ontario's diverse and growing not-for-profit sector that have achieved best practices.

This is the third year in a row that United Way Toronto has won in the Total revenues over $10 million category. "We're deeply honoured to again be recognized by the VSRAs for our ongoing commitment to providing our community with the most open, accessible and transparent report possible," said Susan McIsaac, United Way's President and CEO. "We're also humbled to receive the VSRA's first-ever Exemplar designation — and even though this recognition means we aren't eligible to be nominated again for another three years, we'll continue to push ourselves to improve the way we tell the United Way story."

Established in 1956, United Way Toronto is a charity working to advance the common good and create opportunities for a better life for everyone in Toronto. Working in partnership with others, United Way Toronto mobilizes people and resources to address the root causes of social problems and to change community conditions for the better. United Way Toronto supports agencies that provide services to strengthen individuals, families, and communities. For more information, visit www.unitedwaytoronto.com.

The winners in the four categories are:

National and international organizations headquartered in Ontario:

  • World Vision Canada

Ontario organizations

Total revenues over $10 million (tied)

  • Canadian Paraplegic Association Ontario
  • United Way Toronto

Total revenues from over $1 million to $10 million:

  • Kingston Literacy & Skills

Total Revenues up to $1 million

  • Sarnia-Lambton "Rebound" A Program for Youth

Sarnia-Lambton "Rebound" and United Way Toronto won for the third time, with the United Way Toronto sharing the honours in the Total revenues over $10 million category with the Canadian Paraplegic Association Ontario. World Vision Canada won in its category for the second year in a row.

"In 2008, the Voluntary Sector Reporting Awards (VSRAs) program was launched by CA-Queen's Centre for Governance with an eye towards promoting timely and accurate financial statements," said Steve Salterio, Director of the CA-Queen's Centre for Governance. "If this type of award can help charities show current and potential supporters that they practise assessable, clear and transparent reporting about how they handle their resources and fulfill their mandates, then only good things can happen."

Sponsored by PwC, the awards recognize best practices for financial reporting by registered charities that produce annual reports in Ontario. Their annual reports are rated for availability, clarity, user friendliness, accessibility and impact. Organizations competed in five categories based on revenue size with the winner in each category receiving $5,000 and recognition as leaders in the field.

"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."

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 (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. The Centre's premiere not for profit program is the Voluntary Sector Reporting Awards that rewards voluntary sector organizations for transparent Annual Reports and financial accountability.

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.

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