Voluntary Sector Reporting Award winners announced

Posted on November 23, 2009

Five charities honoured at North York luncheon Nov. 20

TORONTO – The winners of the second annual Voluntary Sector Reporting Awards (VSRAs) were announced at a luncheon ceremony in North York on November 20. 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.

The winners in the four categories are:
National or international NPO headquartered in Ontario
• World Vision Canada

Total revenues over $10 million (tie)
• Covenant House Toronto
• United Way of Greater Toronto

Total revenues over $1 million but below $10 million
• The Lifesaving Society (Ontario Branch)

Total Revenues of under $1 million
• Sarnia Lambton Rebound – A Program for Youth

Covenant House Toronto, the United Way of Greater Toronto and Sarnia Lambton Rebound are all repeat winners having won their category in 2008 as well.

“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 practice assessable, clear and transparent reporting about how they handle their resources and fulfill their mandates, then only good things can happen.”

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 categories based on revenue size with the winner in each category receiving $5,000 and recognition as leaders in the field.

“Many of our members either work for or volunteer with not-for-profits,” said Brian Leader, FCA, Acting Co-President and CEO and Vice-President of Learning at the Institute. “We believe this type of competition can motivate the entire sector to continually raise the bar for financial reporting and help them accomplish the many wonderful things they do in communities across Ontario.”

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For more information, please contact:
Lisa Brophy-Gervais
Queen’s School of Business

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

Carolyn Forest

About the CA-Queen’s Centre for Governance at Queen’s School of Business
CA-Queen’s Centre for Governance goal is to raise the bar on Canadian governance research and convey that research’s implications to fellow academics, students and the public at large. Situated at Queen’s School of Business, one of the world’s premier business schools, the Centre conducts cutting edge basic and applied research on corporate governance issues dealing with such issues as fraud prevention through better internal control and improving Canadian securities regulation. The Centre is also actively involved in the not for profit sector through the associated Fundamental of Governance for Boards of municipal, provincial and federal agencies, and not-for-profit organizations executive development course, case writing, applied research and now the Voluntary Sector Reporting Awards.

About the Institute of Chartered Accountants of Ontario:
The Institute of Chartered Accountants of Ontario is the qualifying and regulatory body of Ontario’s more than 33,000 CAs 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 conduct. A wide range of organizations and individuals count on Ontario CAs to provide trustworthy and strategic insight, business leadership and financial guidance. The Institute’s website is: http://www.icao.on.ca/ and the student website is www.guidetorulingtheworld.ca.

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