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Since 2001, the total assets of Tides Canada increased from $1 million to $33 million. Considering that Tides Canada is a major source of funds for multi-million dollar campaigns to "reform" forestry, mining, salmon farming and the Alberta oil industry, I believe that it is fair for Canadians to inquire about the origin of the resources of Tides Canada.
Of the $33 million in total assets that Tides Canada had as of 2009, $21.5 million was in long-term investments. Given that this money is tied up, it seems unlikely that Tides Canada will be using it in the near future in order to reduce poverty, advance education or for other such charitable purposes.
Even if Tides Canada would earn only 5 percent on a "nest egg" of $20 million, that would provide earnings to Tides Canada of about $1 million every year. A million bucks can pay for a lot (especially in a campaign) so its important for Canada to know what is the origin of the assets of Tides Canada.
Over the same ten years that Tides Canada's assets increased dramatically, the assets of the Endswell Foundation decreased from $26 million to half a million. This raises another question: where did Endwell's money go?
From 2008 to 2009, the assets of the Endswell Foundation went from $10.9 million to$504,801. What happened to the $10 million that Endswell had in assets in 2008?
The Endswell Foundation, Tides Canada and Tides U.S.A. are intimately related. The table below shows how key positions in all three charities are held by the same people. For example, the treasurer of Endswell, the treasurer of Tides Canada Foundation and the treasurer of Tides Canada Initiatives Society is the same person: James Morrisey. Mr. Morrisey is also a long-time director of other Tides-affiliated foundations: Salal and Nextwave. Mr. Morrisey is an accountant at Ernst & Young.
Mr. Morrisey and Mr. Drummond Pike are Sr. Advisors to Renewal Partners, a small "investment firm" that seems to be run in conjunction with the Endswell Foundation.
Not only the treasurer of Endswell and the treasurer of Tides Canada is the same person, the chairman of the board of the Endswell Foundation, Drummond Pike, is also the "founding chair" of Tides Canada. Furthermore, the former, long-time chair of Tides U.S.A. is the vice-chair of Tides Canada. He is also the president of the Endswell Foundation, and according to the Vancouver SUN, he was the biggest financial backer of Mayor Gregor Robertson and Vision Vancouver. Well-known in Vancouver, his name is Joel Solomon and he was featured in a recently in a troubling, front-page story in the National Post.
Several people at Vancouver City Hall - including Mayor Gregor Robertson, Michael Magee, the Chief of Staff, and the treasurer of Vision Vanouver, have all been intimately affiliated with Tides Canada's charities and related businesses.
$8.7 Million in Grants from Endswell to Tides Canada
Since 2003, Endswell reported grants for a total of $8.7 million. Of that, 99 percent was granted to Tides Canada. Were these funds fully re-granted to other organizations? Did any of the $8.7 million end up in the long-term assets of Tides Canada?
Considering that Endswell and Tides Canada are so closely affiliated and that 99 percent of Endswell's grants went to Tides Canada, it seems appropriate to inquire as to whether any of the assets of the Endswell Foundation may have been transfered to Tides Canada.
In summary, the question raised here is this: how was Tides Canada able to build up $33.6 million in assets from 2001 to 2009? Were some or all of those assets transfered from the Endswell Foundation or from other Tides-affiliated charities?
Excerpts from Canadian tax returns, posted at the web-site of Revenue Canada:
