Our Finances

How We Work

Coldest Night of the Year (CNOY) is operated by Blue Sea Philanthropy USA, a registered 501(c)3 charity governed by an independent Board of Directors and subject to federal nonprofit regulatory oversight.

Blue Sea exists to strengthen local charities through scalable, mission-driven fundraising initiatives designed to deliver lasting community impact.

Since 2011, CNOY has raised over $115 million for local charities and now operates in 74 American and 222 Canadian communities, building one of the most mature peer-to-peer fundraising networks on the continent.

Where the Money Goes

CNOY operates on a transparent, shared-revenue model that strengthens local charities while sustaining the national infrastructure required for long-term impact.

Local charity partners receive between 70% and 85% of all funds raised in their community. Since 2011, the average payout to CNOY charity partners has been approximately 78% of total funds raised.

The remaining portion supports Blue Sea’s leadership, fundraising infrastructure, event delivery, and the continued growth and improvement of CNOY and other charitable programs.

This structure allows local charities to participate in a proven, professionally managed event without carrying the financial risk or operational burden alone.

Why Not 100%?

You may see some events claim that “100% of proceeds stay local.” Often, that refers to net proceeds - meaning after costs are deducted.

We prefer to speak plainly.

A portion of funds raised in CNOY supports the national infrastructure required to operate and grow CNOY responsibly. That investment allows us to:

• Keep the event strong and current

• Fund annual upfront operating costs

• Maintain high fundraising standards

• Provide excellent participant experiences

• Reduce risk for local charities

• Expand to serve more communities nationally

Our vision is to build a sustainable movement that strengthens local charities year after year. That requires thoughtful investment, disciplined execution, and clarity about how funds flow.

Partner Grants

After each event, funds raised in every location are totaled and an earned grant is issued to the local charity partner. Grant percentages increase as fundraising grows, rewarding scale and strong community engagement. All grants are distributed directly to the host charity within 60 days of the event.

Notably, the average CNOY charity partner has participated for nearly 7 years, and more than one-third of locations have been part of the program for a decade or longer - evidence of a stable and enduring partnership model.

If you have questions about our financial structure, we welcome them: please contact us and we'll be happy to help.