The ADJ column states those costs as they appear to be under the former NCIB guidelines. For certain smaller charities, which use Form 990-EZ instead of the longer Form 990, we cannot accurately separate program expenses and overhead. However, since such charities rarely have paid staff or do much fundraising, one can presume a heavy tilt toward program service. The practice of ascribing direct mailings to program service instead of fundraising reflects the common but erroneous belief that low fundraising and overhead costs indicate good management. In truth, many older organizations derive half or more of their income from interest on large endowments, which consist of funds not spent to directly address the problems they were given to solve.
Italics indicate a deficit.
Do not expect total assets to match the sum of fixed assets plus cash and securities. These are the major asset categories, but the totals include others such as inventory, and may also be reduced by liabilities. Bold in this column indicates an apparent excess.