St. Michael's Hospital Foundation

30 Bond Street
Toronto, ON M5B 1W8
President: Lili Litwin
Board Chair: John Barford

Charitable Reg. #:12296 3663 RR0001

STAR RATING

Ci's Star Rating is calculated based on the following independent metrics:

[Charity Rating: 3/5]

✔+

FINANCIAL TRANSPARENCY

Audited financial statements for current and previous years available on the charity’s website.

B-

RESULTS REPORTING

Grade based on the charity's public reporting of the work it does and the results it achieves.

n/r

DEMONSTRATED IMPACT

The demonstrated impact per dollar Ci calculates from available program information.

NEED FOR FUNDING

Charity's cash and investments (funding reserves) relative to how much it spends on programs in most recent year.

83%

CENTS TO THE CAUSE

For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 83 cents are available for programs.



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OVERVIEW

About St. Michael's Hospital Foundation:

Founded in 1992, St. Michael’s Hospital Foundation (SMHF) raises funds for equipment, patient care, and research at St. Michael’s Hospital. St. Michael’s Hospital is a Catholic teaching and research hospital in downtown Toronto. Along with St. Joseph's Health Centre and Providence Healthcare, the hospital is part of the Unity Health system. In April 2021, Providence Healthcare Foundation amalgamated with SMHF. In Newsweek's 2020 ranking of Canadian hospitals, St. Michael's Hospital ranked 10th.

In F2021, St. Michael’s Hospital Foundation granted $47.4m for capital assets and research projects, up from $23.0m in the year before.

Capital assets represented 52% of grants in F2021. During the year, SMHF helped to open two new catheterization labs, including a specialized lab for covid-19 patients. It also opened the Schroeder Institute for Cardiac and Aortic Surgery to train surgical fellows in advanced techniques at St. Michael’s Hospital. SMHF states that construction is nearly complete for its new BARLO Multiple Sclerosis (MS) Centre, which will provide 30,000 feet of space for MS patients and researchers. The centre is set to open in mid to late 2021.

Research and other projects were 48% of grants. In F2021, SMHF helped to fund 74 new research projects on covid-19, for a total of 81 projects. St. Michael’s Hospital researchers have produced 1,581 publications as of F2021. SMHF also funds educational programs to inform the public on health issues. During the year, it released 16 educational podcasts on covid-19 news, research, and safety measures.

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Results and Impact

As of January 2021, SMHF reported that St. Michael’s Hospital and its partner clinics had vaccinated around 10,000 healthcare workers. In F2021, SMHF reported that it gave meals, clothing, sleeping bags, personal care items, and tablets to 865 people facing homelessness.

While Ci highlights these key results, they may not be a complete representation of St. Michael’s Hospital Foundation’s results and impact. This charity is not yet rated on impact (n/r).

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Finances

St. Michael’s Hospital Foundation is a Major 100 charity, one of Canada’s largest charities in terms of donations. It received $59.9m in donations and special events revenue in F2021. Combined administrative and fundraising costs are 17% of revenues (less investment income). For every dollar donated to the charity, 83 cents go to the cause. This is within Ci’s reasonable range for overhead spending.

SMHF has $232.0m in funding reserves. This includes $84.6m in endowment funds, but the charity’s audited financial statements do not separate donor-endowed funds from internally-endowed funds. Total reserves can cover annual grant costs for 4.9 years.

The charity’s funding reserves contributed $18.7m in investment income in F2021, at an estimated rate of return of 11% (compared to an investment loss of $2.6m at a return of -2% in F2020). Over the last nine years, Ci estimates that SMHF’s investment returns have averaged 6%.

St. Michael’s Hospital Foundation discloses related party transactions. In F2021, it granted $47.6m to St. Michael’s Hospital for programs, of which $219k was unpaid at year end. The charity's grants more than doubled from $23.0m in F2020. It increased its spending on both capital projects (from $9.2m in F2020 to $25.0m in F2021) and research (from $13.8m in F2020 to $22.6m in F2021). SMHF also paid $5.9m to reimburse the hospital’s operating expenses in F2021. St. Michael’s Hospital Foundation states that it has committed $121.3m in future grants to the hospital, including $55.0m for redevelopment projects.

According to its most recent CRA filing in F2020, SMHF uses external fundraisers. It paid external fundraisers $303k to raise $497k in F2020, at a cost of $0.61 per dollar raised.

Charity Intelligence has sent this update to St. Michael’s Hospital Foundation for review. Changes and edits may be forthcoming.

Updated on August 3, 2021 by Eric Zhao.

Financial Review


Financial Ratios

Fiscal year ending March
202120202019
Fundraising & admin costs as % of revenues 17.4%21.7%25.6%
Total overhead spending 17.4%21.7%25.6%
Program cost coverage (%) 489.4%917.8%1,025.9%

Summary Financial Statements

All figures in $000s
202120202019
Donations 58,75552,57340,757
Special events 1,1183,3453,625
Investment income 18,653(2,646)6,332
Total revenues 78,52653,27350,714
Grants 47,40222,96618,695
Fundraising & administrative costs 10,42812,15111,374
Total spending 57,83035,11730,069
Cash flow from operations 20,69618,15620,645
Capital spending 000
Funding reserves 231,964210,789191,796

Note: Ci reported investment income net of investment fees, affecting revenues and expenses by ($516k) in F2021, ($406k) in F2020, and ($367k) in F2019. To report on a cash basis, Ci adjusted grants by changes in amounts payable to St. Michael’s Hospital. This affected expenses by ($219k) in F2021, ($5k) in F2020, and ($324k) in F2019.

Salary Information

Full-time staff: 42

Avg. compensation: $151,338

Top 10 staff salary range:

$350k +
0
$300k - $350k
1
$250k - $300k
0
$200k - $250k
2
$160k - $200k
1
$120k - $160k
6
$80k - $120k
0
$40k - $80k
0
< $40k
0

Information from most recent CRA Charities Directorate filings for F2020

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Comments & Contact

Comments added by the Charity:

No comments have been added by the charity.

Charity Contact

Website: www.stmichaelsfoundation.com
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: 416-864-5000

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Charitable Registration Number: 80340 7956 RR0001