Whereas a typical direct-services charity has program costs like feeding, shelter, or counseling, our direct charity program costs include both our event grants as well as items like program staff, signage, event gear, toques, and the fundraising portal.
The total of all Coldest Night of the Year grants PLUS our direct event costs equals our charitable program (as defined by the CRA, our national auditor BDO Dunwoody and overseen by our Board of Directors.
The financial statements have been prepared in accordance with Canadian generally accepted accounting principles for not-for-profit organizations as established by the Accounting Standards Board of the Canadian Institute of Chartered Accountants.
The preparation of financial information is an integral part of the ongoing management of our organization. Management has developed and maintains financial and management controls, information systems, and management practices to provide reasonable assurance that financial information is objective and reliable and that the organization's assets are safeguarded.
At the conclusion of the event, Blue Sea Foundation tallies all of the revenue earned by each charity partner and pays out a grant based on how much was raised in each location using the schedule below.
Total Raised in Location
up to $20,000
$100,000 and up