Upper Canada College Foundation: FY2023 Nonprofit Profile & Form 990 (EIN 23-7069576)

Revenue by fiscal year
FY2022	$3.6M
FY2023	$1.1M
FY2024	$5.9M
FY2025	$11.3M

Expenses by fiscal year
FY2022	$3.6M
FY2023	$3.5M
FY2024	$3.5M
FY2025	$5.3M

Net assets by fiscal year
FY2022	$92.9M
FY2023	$101.1M
FY2024	$109.0M
FY2025	$121.9M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 1970.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

99 cents of each dollar spent went to programs.

99%

Program services 99% · $3.5M Management & general 1% · $22K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

15 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII

Elliot Johnson

Board Chair

$0Pt VII · Sec A

Patti Macnicol

Treasurer

$0Pt VII · Sec A

Blake Hutcheson

Ex-Officio Board Member

$0Pt VII · Sec A

Christine McLean

Board Member

$0Pt VII · Sec A

James Garner

Board Member

$0Pt VII · Sec A

Jessica Chutter

Board Member

$0Pt VII · Sec A

Jp Mackay

Board Member

$0Pt VII · Sec A

Lara Zink

Board Member

$0Pt VII · Sec A

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides funds for student financial aid at Upper Canada College.

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Provided by the organization

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1 program · $3.5M · in their own filed words · FY2022

01

Funds provided to upper canada college primarily for needs-based financial assistance for students

$3.5Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record

Grants received · FY2021

Meredith Fam FoundationFY2021$2K

Total grants receivedfrom 1 funder$2K

By the numbers

The FY2023 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$1.1M

Ln 12

Gifts and grantsLn 1h$641K

Investment incomeLn 3$450K

Money outPt IX

$3.5M

Ln 25

Programscol B$3.5M

Managementcol C$22K

Owns and owesPt X

$101.1M

net assets · Ln 32

Cash and savingsLn 1–2$2.7M

Total assetsLn 16$101.1M

LiabilitiesLn 26$16K

PeoplePt VI, VII

15

listed · VII A

PaidVII A0

Voting boardVI 1a13

IndependentVI 1b13

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$641K

Noncash giftsLn 1g$79K

Investment incomeLn 3$450K

Gains on assetsLn 7$450K

Total revenueLn 12$1.1M

Assets in detailPt X, end of year

SavingsLn 2$2.7M

Cash and savings togetherLn 1–2$2.7M

InvestmentsLn 11–13$98.4M

Land, buildings, equipmentLn 10c$0

Other assetsLn 15$0

Total assetsLn 16$101.1M

LiabilitiesLn 26$16K

Net assetsLn 32$101.1M

OperationsPt I, VI

EmployeesI 50

VolunteersI 611

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13No

Records policyVI 14No

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY23	End FY23
Cash and savingsLn 1–2	$1.2M	$2.7M
InvestmentsLn 11–13	$91.7M	$98.4M
Land, buildings, equipmentLn 10c	$0	$0
Total assetsLn 16	$93.0M	$101.1M
LiabilitiesLn 26	$29K	$16K
Net assetsLn 32	$92.9M	$101.1M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$0	$0
Grants and assistance to foreign recipientsLn 3	$3.5M	$3.5M
Benefits paid to or for membersLn 4	$0	$0
Other fees for servicesLn 11g	$0	$0	$0	$0
Other expenses (24a–d)Ln 24	$22K		$22K
All other expensesLn 24e	$0	$0	$0	$0
Total functional expensesLn 25	$3.5M	$3.5M	$22K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$11.3M	$5.3M	$5.9M	$121.9M	990 PDF
FY2024	$5.9M	$3.5M	$2.4M	$109.0M	990 PDF
FY2023 Viewing	$1.1M	$3.5M	−$2.4M	$101.1M	990 PDF
FY2022	$3.6M	$3.6M	−$31K	$92.9M	990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

See the full FY2023 990 (6 parts)

Part I · Summary $1,090,194 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $653,643$640,673

I-9 Program service revenuePrior year $0$0

I-10 Investment incomePrior year $2,924,118$449,521

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $3,577,761$1,090,194

I-13 Grants and similar amounts paidPrior year $3,590,043$3,488,502

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $0$0

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $18,613$21,647

I-18 Total expensesPrior year $3,608,656$3,510,149

I-19 Revenue less expensesPrior year −$30,895−$2,419,955

Part VI · Governance 13 of 13 board members independent, 3 to look at

VI-1a Voting members of the governing body13

VI-1b Independent voting members13

VI-13 Written whistleblower policyNo

VI-14 Document retention and destruction policyNo

VI-15a Process for setting top official's payNo

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

Part VIII · Statement of revenue $1,090,194 across 5 lines filed

VIII-1f All other contributions, gifts and grants$640,673

VIII-1g Noncash contributions (included above)$79,004

VIII-1h Total contributions, gifts and grants$640,673

VIII-7 Net gain or loss on sales of assetsExcluded from tax $449,521$449,521

VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $449,521$1,090,194

Part IX · Statement of functional expenses $3,510,149 across 6 lines filed

IX-1 Grants to domestic organizationsPrograms $0$0

IX-3 Grants and assistance to foreign recipientsPrograms $3,488,502$3,488,502

IX-4 Benefits paid to or for membersPrograms $0$0

IX-11g Other fees for servicesPrograms $0 · Management $0 · Fundraising $0$0

IX-24 Other expenses (24a–d)Management $21,647$21,647

IX-24e All other expensesPrograms $0 · Management $0 · Fundraising $0$0

IX-25 Total functional expensesPrograms $3,488,502 · Management $21,647 · Fundraising $0$3,510,149

Part X · Balance sheet $101,109,375 assets, 12 lines filed

X-2 Savings and temporary cash investmentsStart of year $1,215,216$2,695,602

X-10c Land, buildings and equipment, netStart of year $0$0

X-11 Publicly traded securitiesStart of year $91,744,726$98,413,773

X-15 Other assetsStart of year $0$0

X-16 Total assetsStart of year $92,959,942$101,109,375

X-17 Accounts payable and accrued expensesStart of year $29,044$16,475

X-25 Other liabilitiesStart of year $0$0

X-26 Total liabilitiesStart of year $29,044$16,475

X-27 Net assets without donor restrictionsStart of year $3,387,054$3,602,941

X-28 Net assets with donor restrictionsStart of year $89,543,844$97,489,959

X-32 Total net assets or fund balancesStart of year $92,930,898$101,092,900

X-33 Total liabilities and net assetsStart of year $92,959,942$101,109,375

Part XI · Reconciliation of net assets $101,092,900 net assets at year end

XI-1 Total revenue$1,090,194

XI-2 Total expenses$3,510,149

XI-3 Revenue less expenses−$2,419,955

XI-4 Net assets at start of year$92,930,898

XI-5 Net unrealized gains (losses) on investments$9,565,449

XI-9 Other changes in net assets$1,016,508

XI-10 Net assets at end of year$101,092,900

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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Upper Canada College Foundation FY2023 filing

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Upper Canada College Foundation

Funders

Grants

By the numbers

Filing history

Schedules filed Part IV