Our pharmacy has flipped through the MoneySense rating of reputable Canadian charities to find reliable partners, who are transparent and effectively allocate donations.
There are dozens of charity initiatives organized by the Canadian Pharmacy managers in the last 10 years. This year we decided to render financial help to top Charity funds of Canada.
To do that it was necessary to use an effective method of evaluating charity funds. There is non-commercial organization named Charity Intelligence, which deals with analysis of Canadian charity activities. The data is obtained from official financial statements that are thoroughly audited by independent organizations and individual accountants. We trust this source of analytical data, as it is backed up by multiple documents and research data.
In which way the Canadian Pharmacy participates in charity?
Usually we either donate medications required by the charity funds and their members, or we help the financially.
Why financial efficiency of charities is important for us to donate?
We believe in targeted help and in the idea that donating organizations have a right to learn more about initiatives their money is allocated to. Transparency is the key for the Canadian Pharmacy to collaborate with the charity fund within the country.
How the transparency grade is made up?
There are two key factors that influence our decision about cooperation. The first one is really very simple. Our lawyers require audited financial statements that are available in a free access on the Internet with no need of additional requests. Another factor that strongly impacts the choice of charities in Canada is the transparency level of social results. It helps find our how well such organizations can deliver information about their actions and influence the audience in a positive way. The second factor is a lot more difficult to calculate, however, the staff of the pharmacy trusts Charity Intelligence researches that carefully study the annual reports, official websites and other media resources to discover accountable donations and their spending.
There is a bonus factor, which has been discovered in the MoneySense analysis: charities that pay their executives less than $80 thousand annually are not that effective and transparent in comparison to those, who pay more. At the same time, it’s quite surprising that if top-paid staff makes $100,000 to $150,000 more than the average executive director – they also are not as effective as the ones ‘in the middle’.
It is also important to group charities by their goals and causes. There are local organizations that help homeless or violence victims in specific cities or places, and at the same time there are major international charity organizations that work abroad helping lots of people, who need their help.
By its own example, The My Canadian Pharmacy encourages people to donate to reputable charities or offer necessary help, because there is a lot of things you can do to make the world better. If you’re willing to participate in charity too, there are categories of charities to best match your interests, preferences and values.