Impact Genome collaborates with RBC to help streamline impact reporting across Canada’s charitable sector
Impact Genome®, the world's leading social impact registry, welcomes RBC as the largest Canadian financial institution to move onto the registry.
Toronto, ON, October 23, 2024 - RBC, Canada's largest financial institution, has adopted the Impact Genome Registry, a third-party verifier to evaluate the results of their social, environmental, and economic programs. We are excited to welcome RBC to the platform, and we thank RBC for providing leadership in the sector in support of simplified impact reporting.
Today, there is a heavy burden on nonprofits receiving grants. Typically, nonprofits spend about 30 hours[1] over the life of a grant on monitoring, reporting and evaluation. For those receiving multiple grants, this can add up to hundreds of hours of misused administrative time and expense. Using an impact registry eliminates the need for duplicative reporting, allowing nonprofits to report once for all donors. In addition, it empowers charitable organizations to own their impact having control of their own data. Charitable organizations can use the registry to benchmark their costs and performance results against those of similar organizations, allowing for peer learning and continuous improvement.
"Our Impact Verification report is incredibly validating. It helps us prove our impact to donors. It goes in every mailer, every packet, to every donor. We can’t spend millions on marketing, so this is our solution. We use it all the time!" — Leanne Nicolle, CEO at Big Brothers Big Sisters (Toronto)
For corporations, the Impact Genome Registry will provide third-party verification for public impact claims, building trust in the capital markets and among stakeholders. The Registry will also serve as an efficient due diligence tool, reducing grant application requirements and enabling funders to have confidence in the organizations they support. This will enable more informed choices about their grants, donations and investments, which may, in turn, attract more capital into the charitable sector.
“The charitable sector in Canada is critical to national prosperity, social mobility, and environmental sustainability. We want to help reduce the reporting burden on charities and level the playing field so that there are greater opportunities for funding and learning. We encourage charitable organizations, governments, and fellow donors and funders to join this movement in creating a common Impact Registry so we can move forward, together, with fewer obstacles and continue to drive impact.” — Andrea Barrack, SVP, Sustainability and Impact, RBC
The Impact Genome Registry offers an Impact Verified® certification for qualifying charitable organizations, providing assurance of the social impact evidence provided. The Registry offers built-in capacity building support from expert evaluators to help organizations identify the right things to measure, improve their data quality and make the best use of their impact verifications.
"We are excited to partner with RBC to lead this transformation in the charitable sector in Canada. We look forward to working with other leading corporations, government agencies and philanthropies to level the playing field for all nonprofits, and make their lives easier and more productive." — Jason Saul, CEO and Founder of Impact Genome Registry
About the Impact Genome Registry
The Impact Genome Registry® (IGR), is the world’s leading registry for standardizing and verifying the social impact of nonprofits, corporations and governments. The IGR includes over 2.2 million programs, representing over $5.2 billion in social spending. It has developed standards and benchmarks for social outcomes, of use in program design, funder assessment, making comparisons of quality and cost, and reporting of performance, simple and intuitive. This enables more reliable data, benchmarking, independent verification, and reduced administrative burden for nonprofits and will benefit organizations committed to achieving outcomes and impacts, continuous learning and cost-effectiveness. Learn more at impactgenome.com.
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1) https://www.peakgrantmaking.org/insights/the-tragedy-of-foundation-reporting-requirements/