The organization close to the family Trudeau, who has been awarded a contract millionaire of the federal government in full pandemic should be more than$ 11 Million in the bank.
The state of its finances is so worrying that the federal government would have had to think twice before entrusting him with public funds, according to Charity Intelligence, an organization that studies the finances of over 750 charities throughout the country.
For its director, Kate Brehan, the financial picture of WE Charity does not inspire confidence, in particular, its debt and its links with the companies of its founders, the brothers Kielburger.
“If someone in Ottawa had done his homework, he would have seen that and would have asked questions,” she said, pointing to the financial report non-consolidated of WE Charity for the year 2018-2019, ending 31 August.
Ms. Brehan points out that the debt of the organization dates back to before the pandemic COVID-19-which has forced the suspension of the famous days WE, supported by major corporate donors including Telus and Unilever.
The gifts of the children
Charity Intelligence follows the finances of WE Charity since 2011.
Over the years, the team of Ms. Brehan has received an increasing number of questions from donors, and parents whose children have been invited, to school, to raise funds for the charity or pay to go build schools abroad.
The phone of Ms. Brehan started ringing when, in 2012, Craig Kielburger, with Justin Trudeau and Al Gore, among others, has called for schoolchildren canadians entrust their piggy banks to WE Charity to save the world.
In one year, more than 3,000 schools have collected$ 1.4 Million to help poor children.
But, since then, the money paid by WE Charity ME to WE, the” social enterprise ” the brothers Kielburger, a for-profit company, has also increased. The charity has paid about$ 10 Million to a private company, note Charity Intelligence.
Real estate Empire
In parallel, the charity has invested heavily in real estate.
The value of buildings and land held by WE Charity in Canada for the year 2019 was$ 43.7 Million, according to the Canada revenue Agency.
WE Charity is now at the centre of a political storm, including an investigation of the ethics commissioner for the prime minister, Justin Trudeau, and the minister of Finance, Bill Morneau, both of whom have family ties with the organization.
In the turmoil, WE Charity has launched a broad restructuring and an analysis of its governance.