Hockey Canada had $143 million in what is termed "net funding reserves," or the surplus a non-profit organization retains, in 2021, up from about $21 million in 2003, according to a Globe and Mail report on Tuesday, Nov. 1.
Hockey Canada is a non-profit, otherwise these surplus funds would be deemed profit.
“These funds have been built up year over year by annual surpluses,” Kate Bahen, managing director of Charity Intelligence Canada, which scrutinizes non-profits across the country, told the Globe. “For a not-for-profit, it’s really profitable.”
According to the Globe's analysis, Hockey Canada gained $125 million in assets, and almost doubled the amount of cash it had on hand, between 2003 and 2021.
The Globe requested and analyzed 35 audited financial reports from the Canadian Revenue Agency for Hockey Canada and the Hockey Canada Foundation dating back to 2003, finding that the organization had $28 million in assets in 2003, a total that grew to $153 million by 2021.
Of those assets, $25 million were listed as cash for 2021, almost double the $12.6-million total of 2003.
The organization's investments also increased dramatically, rising from $8.4 million in 2003 to $118 million in 2021.
The Globe acquired the tax documents through Access to Information Act requests. Sportsnet has also viewed the documents, which the Globe provided for downloading.
