London Health Sciences Foundation
STAR RATINGCi's Star Rating is calculated based on the following independent metrics: |
✔+
FINANCIAL TRANSPARENCY
Audited financial statements for current and previous years available on the charity’s website.
C
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.
73%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 73 cents are available for programs.
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Programs
About London Health Sciences Foundation:
Founded in 1996, London Health Sciences Foundation (LHSF) raises money to improve patient care at London Health Sciences Centre (LHSC) by funding projects which are not entirely covered by the Government of Ontario. LHSC includes University Hospital, Victoria Hospital, Children’s Hospital, family care centres, Children’s Health Research Institute, and Lawson Health Research Institute. The foundation reports that London Health Sciences Centre is visited more than a million times each year.
In F2018, LHSF granted $10 million to healthcare, of which $6.4 million was allocated to research and education, $1.9 million to patient care, and $1.6 million to building projects. The foundation’s current fundraising priorities are cancer care, women’s health, mental health, orthopaedic (muscle and bone), and heart health. LHSF is working to purchase updated ultrasound equipment and fund building projects, including a surgery clinic, cancer pharmacy, chemotherapy unit, and an operating room to better treat heart issues.
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Results and Impact
Ci has chosen to highlight the following from London Health Sciences Foundation’s program outcomes.
Supported by funding from LHSF, Dr. Richard Kim and his team are implementing a personalized medicine program at LHSC. Using genetic information, the program determines the correct drug, dosage amount, and timing of doses that will best treat the patient. Over the past few years, 3000 patients at LHSC have received personalized medical care. In December 2017, Dr. Kim and his team received an Ontario Innovation Fund Provincial Oversight Committee (IFPOC) Award for their work.
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Finances
London Health Sciences Foundation is one of Canada’s largest charities in donations, a Major 100 charity. In F2018, LHSF received $21.6m in donations and special events revenue. Administrative costs are 6% of revenues less investment income, and fundraising costs are 22% of donations. For every dollar donated, 72 cents go to the cause, which is within Ci’s reasonable range for overhead spending.
LHSF has $84.7m in funding reserves, of which $20.9m is endowed. Excluding endowed funds, the foundation could grant at the F2018 level for six years using reserves.
London Health Sciences Foundation paid external fundraisers $151k in F2018. Gross revenue for the foundation collected by the fundraisers was $227k for a cost of 66 cents per dollar raised.
This charity report is an update that has been sent to London Health Sciences Foundation for review. Changes and edits may be forthcoming.
Updated on May 30, 2019 by Madison Kerr.
Financial Review
Fiscal year ending March
|
2018 | 2017 | 2016 |
|---|---|---|---|
| Administrative costs as % of revenues | 5.5% | 4.5% | 5.5% |
| Fundraising costs as % of donations | 21.8% | 21.8% | 23.0% |
| Program cost coverage (%) | 609.7% | 527.7% | 356.2% |
Summary Financial StatementsAll figures in $000s |
2018 | 2017 | 2016 |
|---|---|---|---|
| Donations | 18,526 | 20,044 | 19,818 |
| Lotteries (net) | 971 | 544 | 516 |
| Special events | 3,095 | 3,193 | 3,258 |
| Investment income | 1,431 | 4,715 | 588 |
| Total revenues | 24,023 | 28,496 | 24,180 |
| Grants | 11,504 | 12,282 | 14,814 |
| Administrative costs | 1,240 | 1,079 | 1,287 |
| Fundraising costs | 4,703 | 5,068 | 5,310 |
| Total spending | 17,447 | 18,429 | 21,411 |
| Cash flow from operations | 6,576 | 10,067 | 2,769 |
| Capital spending | 32 | 0 | 0 |
| Funding reserves | 84,693 | 77,241 | 65,795 |
Note: Ci reports investment income as net of investment fees, affecting revenues and expenses by ($313k) in F2018, ($263k) in F2017, and ($236k) in F2016. Ci has adjusted for the change in money payable to LHSC, affecting grants by $648k in F2018, ($809k) in F2017, and $255k in F2016.
Salary Information
$350k + |
1 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
2 |
$160k - $200k |
1 |
$120k - $160k |
1 |
$80k - $120k |
5 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2018
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Comments & Contact
Comments added by the Charity:
[Charity Intelligence note: This profile has recently been updated. The comments that follow apply to an earlier version and may be revised.]
London Health Sciences Foundation is not a granting body and does not grant money as depicted by this report. Our foundation meets London Health Sciences Centre’s philanthropic needs, as identified by development councils at the hospital. These councils - comprising of physicians, researchers and administrators - prioritize needs within the hospital’s programs, based on medical requirement and financial sustainability. The foundation then raises funds by encouraging donations to these hospital-prioritized needs and disburses the funds as required. Our foundation is committed to ethical and transparent fundraising; acting as a trustee by honouring our donors’ wishes and ensuring that any money we accept is properly disbursed to the initiative or project designated by our donors.
Contrary to the Charity Intelligence analysis, financial reserves cannot be assessed in a simple division of one year disbursements compared to the reserve fund, as disbursements are not made at a steady rate year over year. For instance, in 2011 we disbursed $36.26 million to the hospital compared to $7.6 million in 2010. In addition to endowments, there are many reasons for holding reserves prior to disbursement, including saving funds for capital (construction) projects or equipment purchases, and holding donor-restricted funds (e.g. A donation that was directed by a donor to fund a specific multi-year research project will be disbursed over the lifetime of the project and cannot be used for other purposes).
Our audited financials can be found at http://www.lhsf.ca/legacy-lhsf/LHSF360/financials/LHSF038_AR_2011Financials.pdf
Charity Contact
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