Table of Contents
Message to Supporters 3
Mandate and Strategy 4
2013 Financial Summary 5
2013 Programs and Events 6 Funds Raised Since Inception 7
Our Donors 8 2014 Outlook 9 Management 10
Governance 11
Steps Foundation Annual Report 2013 3
Message to Supporters
Dear Supporters,
2013 was a significant year for Steps Foundation. It marked the first full year of fundraising
activities; the continued development of the management team and board of directors; and the
expansion of our operations to include internally-generated education initiatives.
Steps Foundation raised $14,900 in donations from more than 100 unique corporate and individual
donors during the year. The expansion of our donor base was a key initiative of Steps Foundation
going into 2013. This development gives great comfort to the continued growth of the
organization and the concept of a grassroots-funded movement.
Steps Foundation also grew its relationships with a number of financial literacy programs through
volunteer recruitment and cash contributions. WoodGreen Community Services (“Woodgreen”)
received our greatest support as we continue to be the main contributor of its Financial Wellness
Clinic and strive to develop measurable outcomes for that program and ultimately many others.
Also during the year, Steps Foundation added Marc Cordier to its team as the Director of Special
Projects, and elevated Nicholas Dobbek to the role of Chairman of the Board. Both Marc and Nick
bring a wide breadth of knowledge to these roles.
Steps Foundation also began work on its Redefine Ability initiative. This initiative is intended to
provide clear and accessible education towards a base-level knowledge of financial literacy. Our
first project is the creation of a financial literacy guidebook: an easy-to-read printed primer
containing basic financial topics and guidance to additional resources. Steps Foundation aims to
distribute its guidebook to charities across Toronto, and to have it available for download through
its website.
I want to thank everyone who has assisted in the early development of Steps Foundation and who
will continue to help it expand into an ever more impactful organization.
Shane Soobotin President & CEO
Steps Foundation Annual Report 2013 4
Mandate and Strategy
What is our mandate?
Our mandate is to further develop financial literacy education in Toronto by supporting local
financial literacy programs, promoting awareness and volunteerism, and by creating internally-
generated education initiatives.
What is our strategy?
Our strategy is to utilize our relationships within the Toronto finance and business community,
and to leverage our knowledge and skills to support and improve existing programs and to create
new ones.
How do we execute our strategy?
We execute our strategy through:
• Fundraising and recruitment events;
• Awareness and marketing campaigns;
• New ideas and new project generation; and
• Data gathering and evaluation.
Steps Foundation Annual Report 2013 5
2013 Financial Summary
Donation Revenue
Steps Foundation collected $14,900 in donations during 2013 ($14,200 in 2012). The Toronto
Yonge Street 10k run was the most successful event raising a total of $7,530 in proceeds (more
than half of our total for the year).
Contribution Margin
During 2013, Steps Foundation achieved an adjusted contribution margin(1) of 90% (99% in 2012)
and an adjusted net profit(1)
of 82% in 2013 (88% in 2012, excluding start-up costs). Margins were
lower than the prior year due to higher fundraising costs as we extended to publically-held and
broadly-attended fundraising events.
WoodGreen’s Financial Wellness Clinic
During the year, Steps Foundation distributed $14,000 to WoodGreen in support of its Financial
Wellness Clinic. Steps Foundation is also working closely with WoodGreen to develop an
evaluation plan for patrons of the clinic in order to better monitor the effectiveness of the clinic’s
outcomes and to identify areas of improvement.
1. Adjusted contribution margin and adjusted net profit removes the stock challenge prize pool from proceeds and
expenses.
$7,530
$1,650
$2,575
$500
$868
$1,756
Toronto 10-k Run Stock Competition
Networking Event TD Volunteer Grant
Unsolicited Donations Debt Forgiveness
Funds Raised
$14.9k
Steps Foundation Annual Report 2013 6
2013 Programs and Events
Toronto Yonge Street 10k Run
Steps Foundation recruited runners to participate under the Steps Foundation banner in the
Toronto Yonge Street 10k run that took place in April 2013. Runners solicited pledges which were
earmarked for Steps Foundation. The team raised a total of $7,530 in proceeds, including $2,000 in
prize money for raising the highest amount of pledge dollars per participant.
Bay Street Stock Market Challenge
Steps Foundation hosted a stock market challenge targeted at members of the Toronto finance
community. The individual with the highest value investment portfolio at the end of the
challenge took home 50% of the participant-funded proceeds. The challenge spanned from June
25, 2013 to July 26, 2013 and raised a total of $1,650 in proceeds ($1,400 from participants, which
created a $700 prize pool, and $250 in direct donations).
Summer Networking Fundraiser
Steps Foundation held a networking fundraiser that took place at The Corner Place Restaurant in
August 2013. In addition to raising money through ticket sales, the team held a silent auction and
made available for bid items donated through various local businesses and individuals in the
community. Included in the items were round trip tickets donated by Porter Airlines as well as
tickets to numerous major league sporting events including the Toronto Blue Jays, Toronto
Football Club and the Buffalo Bills. The event raised $2,575 in proceeds.
Steps Foundation Annual Report 2013 7
Funds Raised Since Inception (as of June 2014)
Steps Foundation repeated its participation in the Toronto Yonge Street 10k Charity Challenge in
April 2014. Various members of the Steps Foundation management team and board of directors,
as well as friends and supporters, helped raise more than $8,000 in proceeds, including $1,000 in
prize money from winning first place in the charity costume competition. We estimate that Steps
Foundation will receive an additional $2,000 in prize money similar to last year for raising the
highest amount of pledge dollars per participant.
Since inception in 2012, Steps Foundation has raised approximately $39,100(1) in funds as of June
2014.
1. Includes estimated $2,000 in prize money from the Toronto Yonge Street 10k Charity Challenge (2014)
$0
$10,000
$20,000
$30,000
$40,000
$50,000
2012 2013 YTD 2014
Cumulative Funds Raised Since Inception
$14,200
$29,100
$39,100(1)
Profitability
5
Contribution Margin
$12.9k
- $2.0k in Administration Costs
and Amortization
=
Net Income
$10.9k
Sarah
Steps Foundation Annual Report 2013 8
Our Donors (as of June 2014)
Steps Foundation raised funds from more than 100 unique donors in 2013 (compared to 30 in
2012). As of June 2014, Steps Foundation had nearly 200 unique donors including Porter Airlines,
TD Bank, FTI Consulting, EdgeStone Capital Partners, Shoppers Drug Mart, Second Cup, and
Collins Barrow LLP.
Adam Capland Derek Yam Jennifer Lin Marc Cordier Rosalind D'Costa
Adrian Haight Desmond Hsu Jennifer Rossiter Marc Priestley Rosemary Wilson
Al Wiens Di Kai Wu Jessica Bardosh Marianne Cheung Roy Benjamin
Albert Ngu Dorothy Wilson Jessica Cordier Mario Frenette Ruth Teng
Aleksandar Otovic Duong Mark Jim Hornis Mark Dougherty Sabrina Koh
Anders Hemmingsen EdgeStone Capital Joanna Yeung Mark Lau Sally Morris
Andrew Chevrier Edmund Li Joanne Gordon Marlene Dougherty Samuel Chan
Andrew Currie Elise Osier Johannes Dobbek Megan Huppke Sandra Barnes
Andrew Dagneau Elissa Hoagland John Wilson Melissa Tan Sarah Lang
Andrew Lee Ellen Dong Johnathon Brent Michael Crolla Sarah Lau
Arash Amouzgar Ellen Sheehy Jonathan Chan Michael Galloro Second Cup
Artur Agivaev Erin Litwin Jonathan Fong Michael Held Shaguna Khazanchi
Bailey Jenna Felix-Etienne Lebel Jonathan Held Michael Kaye Shane Soobotin
Benjamin Guth Francois Sztuke Jonathan Leong Michael Scarano Shazia Ali
Bill Tung Frank Goodrick Jonathan Lo Michael Skaff Shiv Kumar
Binh Cheng FTI Consulting Jordan Morassutti Michelle Kushnir Shoppers Drug Mart
Binh Vuong Gabe Bourgeois Joseph DeCamillis Mike Dai Shufan Qiu
Brad Clark Gavin Brancato Julian Martensen Mike Wagman Simon Leung
Brian Garner Gavin Cheung Julie Lee Moisseykin Vlad Stefan Dobbek
Brian Held George Bardosh Junlin Bu Molly Reynolds Stephanie Kennedy
Brooke Ellison Gloria Soobotin Justin Machin Neema Vyas Stephanie Robinson
Bryan Held Gord Kingsmill Karen Chan Neil Shapiro Susan Bardos-Dobbek
Carol Kim Gordon Ho Kate Klein Nicholas Dobbek Suzanne Gardner
Carole Booth Guy Manuel Katherine Chan Pamela Huang Taylor Meredith
Charles Co Gyneth Held Kelvin Hon Pat Laureano TD Bank
Chi Cheung Heather Allen Kevin Dane Patricia Thompson Terie Chan
Chris Dowding Howard Rosen Kevin Huang Patrick Pritchard Terry Nghiem
Christopher Ramsden J.P. Mackay Kim Zangrilli Patty Hornis Theresa Fernandes
Cindy Ooi J.P. Wilson Kjersti Redfearn Patty Wilson Timothy Ma
Clara Huang Speer Jaclyn Orbe Kokila Lankatillake Paul Beveridge Toni Ashton
Colleen Parkes James Hornis Koon Chau Lee Peter Held Torsten Manahan
Collins Barrow LLP James Padwick Laura Demchuk Peter Simeon Troy Pocaluyko
Coral Wong Jamie Bregman Lena Moiseiykina Porter Airlines Tuong Van
Corner Place Restaurant Jason Yong Leong Jonathan Preston Huang Vlad Moisseykin
Darian Wong Jean Philippe Lacasse Lilly Le Radek Garbowski VOS Therapy David Held Jeffrey Yim Linda Caruana Rob Kaplan Walter Kushnir
David Klein Jenah Yee Liu Hong Robert Gold Wilfred Au David Lang Jenn Yang Logan Middleton Robert Morrison Xihao Hu
David Shulman Jenna Bailey Lorenzo Zangrilli Robyn Held Zachary Newton Defne Garner Jennifer Ferrante Lorrie King Robyn Huang
Steps Foundation Annual Report 2013 9
2014 Outlook
Steps Foundation set out a number of goals at the beginning of 2014 and is working hard to:
Continue to hold successful events established in 2013;
Increase funds raised and further expand our donor base;
Increase volunteer recruitment, specifically through increased engagement with local
universities;
Improve awareness and promotion reach;
Improve online presence and strengthen our brand;
Continue to develop measurable outcomes at WoodGreen; and
Continue to expand our relationships with other financial literacy programs.
In addition, Steps Foundation is looking forward to the launch of its financial literacy guidebook.
The guidebook represents the first project of our Redefine Ability initiative aimed at the providing
a base level of financial literacy education. The guidebook will be available in hard copy at
charities across Toronto and will act as a primer of basic topics in financial literacy, and as a guide
to additional resources for further education. Management feels there is a gap in reaching the
“first step” of financial literacy education material currently available. This guidebook, and to a
greater extent the Redefine Ability initiative, is aimed at providing that “first step”.
Looking beyond the financial literacy guidebook, Steps Foundation will strive to find new ways to
engage people in need of financial literacy education in the hopes of directing them to more
advanced sources of information and front line programs like the ones we support.
Steps Foundation Annual Report 2013 10
Management
Management Team
Shane Soobotin • President and Chief Executive Officer Mr. Soobotin is a Vice President at EdgeStone Capital Partners and has previously worked in investment banking at National Bank Financial Markets and in the Tax Services Department at PricewaterhouseCoopers LLP. Mr. Soobotin has a Bachelor of Commerce from the University of British Columbia.
Sarah Lau • Chief Financial Officer Ms. Lau is a Chartered Accountant who earned her designation at PricewaterhouseCoopers LLP in Toronto. She currently works as a Manager in the Chief Accountant’s Department at TD Bank Group. Ms. Lau has a Bachelor of Accounting and Financial Management and a Masters of Accounting from the University of Waterloo.
Alexander Lee • Chief Operating Officer Mr. Lee is a Chartered Accountant who earned his designation at KPMG LLP in Toronto. He is currently an International Arbitrations Consultant at FTI Consulting. Mr. Lee has a Bachelor of Accounting and Financial Management and a Masters of Accounting from the University of Waterloo.
Jonathan Held • Vice President, Strategy Mr. Held is a Chartered Accountant. He is currently a Senior Manager at ALOE Financial Inc. and the Chief Financial Officer of Organic Potash Corporation. Mr. Held holds a Masters of Accounting and a Bachelor of Mathematics from the University of Waterloo.
Marc Cordier • Director, Special Projects Mr. Cordier is an Independent Equities Trader specializing in North American and European Markets. He recently completed web development training focused on Ruby on Rails application framework at a San Francisco based institution. Mr. Cordier has a Bachelor of Arts from York University.
Steps Foundation Annual Report 2013 11
Governance
Board of Directors
Nicholas Dobbek • Chairman
Mr. Dobbek is a Lawyer at Wildeboer Dellelce LLP. He practices corporate/commercial and
securities law. Mr. Dobbek has an LL.B. from Osgood Hall Law School at York University and a
Bachelor of Science from Concordia University.
Gavin Cheung • Director
Mr. Cheung is the Co-Founder to Quinzhee Capital, a Toronto-based firm that was formed to
invest in and manage a single exceptional Canadian business. He has worked in investment
banking at National Bank Financial Markets as well as in corporate and real estate groups at law
firms in Toronto and New York. Mr. Cheung has a JD/MBA from the University of Toronto and a
Bachelor of Arts from Duke University.
Seung Chung • Director
Mr. Chung is the Co-Founder of Colborne Capital, a global investment and financing advisory
firm. He has worked in investment banking at National Bank Financial Markets and CIBC World
Markets. Mr. Chung has a JD/MBA and a Bachelor of Commerce from the University of Toronto.
Steps Foundation Inc.
Annual Financial Statements
For the year ended December 31, 2013 and period ended December 31, 2012
Steps Foundation Financial Statements 2013 3
STEPS FOUNDATION INC.
STATEMENT OF FINANCIAL POSITION
In Canadian dollars
December 31, 2013 December 31, 2012
Assets
Current assets
Cash 5,389 4,858
Donations receivable ‐‐‐ 4,283
Prepaid expenses 567 567
5,956 9,708
Non‐current assets
Fixed assets 315 ‐‐‐
Total assets 6,271 9,708
Liabilities and net assets
Current liabilities
Accounts payable and accrued expenses ‐‐‐ 300
Net assets ‐ unrestricted 6,271 9,408
Total liabilities and net assets 6,271 9,708
Unaudited ‐ see accompanying notes to the financial statements.
Steps Foundation Financial Statements 2013 4
STEPS FOUNDATION INC.
STATEMENT OF CASH FLOWS
In Canadian dollars
For the year ended December 31, 2013 and period end from April 16, 2012 (date of inception) to December 31, 2012.
2013 2012
Cash flows from operating activities
Excess of revenue (deficit) over distributions and expenses (3,137) 9,408
Net changes in non‐cash working capital: Amortization 23 ‐‐‐
Donations receivable 4,283 (4,283)
Prepaid expenses ‐‐‐ (567)
Accounts payable and accrued expenses (300) 300
869 4,858
Net changes from investing activities:
Purchase of fixed assets (338) ‐‐‐
Increase in cash 531 4,858
Cash, beginning 4,858 ‐‐‐
Cash, end 5,389 4,858
Unaudited ‐ see accompanying notes to the financial statements.
Steps Foundation Financial Statements 2013 5
STEPS FOUNDATION INC. NOTES TO FINANCIAL STATEMENTS
1. Nature of the Organization
Steps Foundation Inc. ("the Foundation") was formed on April 16, 2012 and incorporated on May 4, 2012. It was created for the purpose of supporting financial literacy programs in the Greater Toronto Area through fundraising efforts, recruiting volunteers and increasing awareness of the need to support financial literacy education in Canadian communities.
The Foundation is a registered charity and designated as a public foundation under the Income Tax Act (Canada) (the “Act”) and, as such, is exempt from income taxes and is able to issue donation receipts for income tax purposes. In order to maintain its status as a registered charity under the Act, the Foundation must meet certain requirements within the Act. In the opinion of management, these requirements have been met.
2. Significant Accounting Policies
The financial statements have been prepared in accordance with generally accepted accounting principles applied within the framework of the significant Canadian accounting policies summarized below:
a) Revenue
The Foundation receives unrestricted donations from various individual donors and institutions. The Foundation recognizes these donations when received or receivable.
b) Financial Instruments
The Foundation measures cash at fair value. All other financial assets and liabilities are measured at amortized cost. Any changes in fair value are recognized in net income.
The Foundation is not exposed to significant market, interest, and currency risk arising from its financial instruments.
c) Fixed Assets and Amortization
Fixed assets purchased by the Foundation are recorded at cost. Signage purchased by the Foundation for use at fundraising events has a useful life of five years. Amortization is recognized on a straight‐line basis over the useful life of the asset.
d) Contributed Goods and Services
The operations of the Foundation are entirely dependent on the voluntary services of management. The value of these contributed services is not recognized in the financial statements.
Contributed goods and services are recognized when fair value can be reasonably estimated and when the goods and services are used in the normal course of operations and would otherwise have been purchased.
3. Debt Forgiveness
Outstanding amounts at December 31, 2013 due to several members of management totaling $1,756 (2012 ‐ $1,247) for cash expenditures paid on behalf of the Foundation were forgiven immediately prior to the end of the fiscal year. These amounts are included as part of donations revenue at December 31, 2013 and 2012.