Pride Toronto has a nearly $500,000 deficit
People take part in the annual Pride Parade in Toronto on Sunday, July 3, 2016. (THE CANADIAN PRESS/Nathan Denette)
Chris Fox, CP24.com
Published Wednesday, November 22, 2017 3:54PM EST
Last Updated Wednesday, November 22, 2017 3:55PM EST
Pride Toronto turned a sizeable surplus into a nearly $500,000 deficit in the last year amid a search for a new CEO and a controversy over a ban on uniformed police at the annual pride parade.
Pride Toronto’s audited financial statements, which are contained in an annual report, reveal that an $848,124 surplus from 2016 has vanished and that the organization now has a deficit of $458,209.
The gloomier financial picture comes following a steep decline in revenue from both corporate sponsorships and fundraising in 2017.
According to the financial statements, revenue from fundraising and donations was down more than $650,000 from $758,015 in 2016 to $106,565 in 2017. Meanwhile, revenue from corporate sponsorships also saw a steep decline, going from $2,269,180 in 2016 to $1,506,804 in 2017.
Pride Toronto did slash its expenses by more than $656,000 to about $3.7 million but the savings were not nearly enough to offset the decline in revenue.
The significant losses come on the heels of a turbulent year for Pride Toronto.
The organization was without an executive director from August, 2016 until February, 2017 when Olivia Nuamah was brought on board. Nuamah then immediately had to deal with the fallout from a decision by the membership of Pride Toronto to ban the participation of uniformed police in the organization’s annual parade, a decision that drew criticism from a number of city councillors and the Toronto Police Association.
It is not immediately clear how Pride Toronto plans to eliminate its $458,209 deficit, however in a statement attached to the annual report the co-chairs of the organization’s board say that they are “looking firmly into the future.”
“We are excitedly preparing for Pride Month 2018, ensuring that our volunteers feel properly supported, our staff feel that they are employed by a strong and vital community-led organization, and that our membership and the community feel that Pride Toronto represents their vision of what this organization and the festival we produce should represent,” Alicia Hall and Kevin Rambally wrote. “We look forward to Pride Month 2018 and to continuing to further the positive dialogue that has begun across our entire community.”
The numbers from the audited financial statements reflect Pride Toronto’s fiscal year, which ended on July 31.