Donor generosity allowed some of Canada's largest food banks to build up record reserve balances during the pandemic, but some are already watching the money drain away.
Volunteers sort food at the Greater Vancouver Food Bank in Burnaby, B.C. on May 25, 2022.
"Am I struggling right now? No, I'm not. I'm very fortunate," said David Long, CEO of the Greater Vancouver Food Bank.He said food bank CEOs across the country are nervous about mounting food costs and a housing crisis that is squeezing Canadians. Some are already watching their surpluses vanish into deficits as donations dry up and demand for food surges.
That's because demand is outpacing food donations, and each new meal has to be paid for in cash, causing "exponential growth" in food purchasing costs. Daily Bread's 2023 financials, which were approved last week, showed a narrower operating loss than Hetherington was expecting, thanks to strong fundraising. He's expecting a $7 million loss for 2024.
"For the most part, food banks are in a stronger position than they've ever been to meet that demand because of the generosity of Canadians," she said. "Before they had one year of a cushion; with COVID they now have two to three years of cushion," she said. Daily Bread Food Bank reported an unrealized investment loss of $2.2 million that year. Hetherington said better performance this year has already made that good, and the organization is now ahead on its investments by about 1.5 per cent over two years.Food insecurity needs to be addressed by government, not food banks, researcher says
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