Richmond Hospital Foundation is a 2-star charity. It is financially transparent and has a D+ results reporting grade, which is below average. Its overhead spending is 23%, which is within Ci’s reasonable range. Its reserve funds can cover program costs for more than 24 years, which is above Ci’s reasonable range.

Founded in 1987, Richmond Hospital Foundation (RHF) fundraises for Vancouver Coastal Health Authority (Richmond), British Columbia’s health care community, which includes Richmond Hospital. The money it raises pays for healthcare innovations and technology, and contributes to new buildings. By 2035, RIHF expects the use of Richmond Hospital’s Medical Imaging Department to increase by more than 75%. The Foundation states that the hospital’s emergency department can overwhelm patients with mental health issues from the noise, bright lights and constant activity. 

In the fiscal year ending June 2024 (F2024), RIHF granted $3.5m to Vancouver Coastal Health. This compares with $3.0m in F2023. The charity appears to fund four main areas: equipment and patient care, capital expenditures, research, and education. The charity does not provide a spending breakdown on its grants.

Equipment and patient care bought new hospital technology to improve patient treatment. In F2024, it bought one new MRI machine and one new CT scanner.

Capital expenditures develop and renovate new buildings at Richmond Hospital. In F2024, it opened a new Cancer Care Clinic with more space and natural light.

Research focuses on projects led by health care professionals to improve aid in Richmond. Projects include finding ways to reduce the consequences of drugs and to reduce anxiety in dementia patients. Charity Intelligence found no metrics on this funding.

The Foundation supports health care education, as Richmond Hospital is a major teaching hospital for BC. It funds educational opportunities, activities, and training simulation devices for the health care team. The charity did not report any metrics on this funding.

RIHF’s audited financial statements follow line-item costing, which is not a best practice. This means Ci referred to RIHF’s T3010 filings with the CRA Charities Directorate to report administrative and fundraising costs.

RIHF received $14.9m in donations in F2024, which is 76% of total revenue. This is a 41% decrease from the $25.6m in F2023. In F2024, it granted $3.5m to Vancouver Coastal Health, which is 18% of revenue. In F2023, it granted $3.0m to Vancouver Coastal Health, which is 11% of revenue. RIHF recorded a surplus of $12.9m (65% of revenue) in F2024.

RIHF spent $2.4m on fundraising costs, which is 16% of donations. It spent $1.0m on administrative costs, which is 7% of revenue. RIHF has overhead spending of 23%. For every dollar donated to RIHF, 77 cents are available to go to the cause. This is within Ci’s reasonable range.

RIHF has $84.8m in reserve funds (cash and investments). It has donor endowments of $413k. RIHF’s reserve funds can cover 2416% or 24 years and two months of its annual grant costs. This is not within Ci’s reasonable range of three years or less.

In F2024, Richmond Hospital Foundation had investment returns of 6%. It is 99% invested in cash and money market funds. Its investment returns have averaged 3% over the last five years.

At the end of F2024, RIHF has grant commitments of $49.9m to Vancouver Coastal Health; $35.7m for the construction of a new Acute Care Tower and $14.2m for capital infrastructure projects (no additional details provided). In F2024, Richmond Hospital Foundation increased its grants commitments by $12.9m from $37.1m. With RIHF’s current funding reserves of $84.8m, even considering its donor endowments and its grant commitments, its reserve funds cover 9.8 years of its 2024 grants.

This report is an update that has been sent to Richmond Hospital Foundation for review. Changes and edits may be forthcoming.

Updated on May 26, 2025, by Leah DeFrancesco.