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.
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.
75%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 75 cents are available for programs.
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OVERVIEW
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). LHSC includes University Hospital, Victoria Hospital, Children’s Hospital, the Kidney Care Centre, Byron Family Medical Centre, Victoria Family Medical Centre, Lawson Health Research Institute, and Children’s Health Research Institute. The foundation reports that LHSC is visited more than a million times each year. In Newsweek's 2020 rankings of Canadian hospitals, London Health Sciences Victoria Hospital ranked 35th.
In F2020, LHSF granted $12.8m to healthcare. Of the $12.8m, LHSF allocated $5.9m to Research and Education, $5m to Capital Projects, and $1.9m to Patient Care. The foundation’s current fundraising priorities are cancer care, women’s health, mental health, orthopaedic (muscle and bone), heart health, critical needs, and emergency medicine. LHSF is also raising money for the Archie & Irene Verspeeten Clinical Genome Centre, which will enhance treatment for patients with diseases linked to genetics.
Recent News: In 2020, LHSC faced equipment shortages due to the covid-19 pandemic. With money granted from LHSF, the centre was able to buy alternative equipment and conduct research on covid-19 treatment.
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Results and Impact
In F2020, LHSC made discoveries that informed covid-19 clinical trials. These discoveries include new diagnostic methods, determining the cause for blood clotting, and finding treatment for deadly lung problems. LHSC also received approval from Health Canada for a non-invasive ventilation mask developed by Dr. Tarek Loubani.
In F2020, LHSC purchased a new ultrasound unit which LHSF estimates will reduce patient wait time from 6-8 months to 1-2 weeks. Additionally, LHSC purchased an organ monitoring device that reduces errors in organ monitoring for liver, kidney, and heart patients.
While Charity Intelligence highlights these key results, they may not be a complete representation of London Health Science Foundation’s results and impact. This charity is not yet rated on impact (n/r).
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Finances
London Health Sciences Foundation is one of Canada’s largest charities in donations, a Major 100 charity. In F2020, LHSF received $25.6m in donations and special events revenue. Administrative costs are 4% of revenues (less investment income) and fundraising costs are 20% of donations. This makes overhead costs 25%. For every dollar donated, 75 cents go to the cause, which is within Ci’s reasonable range for overhead spending.
LHSF has $98.5m in funding reserves, of which $19.8m is donor endowed. Excluding donor-endowed funds, LHSF could grant at the same level for roughly 6 years and 8 months with reserves.
LHSF reports using external fundraisers as part of fundraising activities. In F2020, external fundraisers were paid $71k by LHSF and raised $117k. This produces an external fundraising ratio of 61%, which means that LHSF received 39 cents of every dollar raised by external fundraisers.
Charity Intelligence sent an update of this report to London Health Science Foundation for review. Changes and edits may be forthcoming.
Updated on May 27, 2021 by Sydney Olexa.
Financial Review
Fiscal year ending March
|
2020 | 2019 | 2018 |
|---|---|---|---|
| Administrative costs as % of revenues | 4.4% | 6.5% | 5.5% |
| Fundraising costs as % of donations | 20.2% | 22.5% | 21.8% |
| Total overhead spending | 24.6% | 29.0% | 27.2% |
| Program cost coverage (%) | 665.1% | 667.2% | 601.7% |
Summary Financial StatementsAll figures in $000s |
2020 | 2019 | 2018 |
|---|---|---|---|
| Donations | 22,252 | 17,206 | 18,526 |
| Lotteries (net) | 1,340 | 1,051 | 971 |
| Business activities (net) | 0 | 0 | 0 |
| Special events | 3,330 | 3,345 | 3,095 |
| Investment income | (1,823) | 5,071 | 1,431 |
| Total revenues | 25,099 | 26,673 | 24,023 |
| Grants | 12,823 | 11,759 | 11,504 |
| Administrative costs | 1,190 | 1,403 | 1,240 |
| Fundraising costs | 5,171 | 4,616 | 4,703 |
| Total spending | 19,184 | 17,778 | 17,447 |
| Cash flow from operations | 5,915 | 8,895 | 6,576 |
| Capital spending | 0 | 0 | 0 |
| Funding reserves | 98,492 | 92,574 | 83,854 |
Note: Ci reports investment income as net of investment fees, affecting revenues and expenses by ($282k) in F2020, ($257k) in F2019, and ($313k) in F2018. Ci has adjusted for the change in grants payable to LHSC, affecting grants by $5k in F2020, ($287k) in F2019, and $648k in F2018.
Salary Information
$350k + |
1 |
$300k - $350k |
0 |
$250k - $300k |
1 |
$200k - $250k |
1 |
$160k - $200k |
1 |
$120k - $160k |
2 |
$80k - $120k |
4 |
$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:
[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
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: 519.685.8409