UHN 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.
88%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 88 cents are available for programs.
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OVERVIEW
About UHN Foundation:
University Health Network Foundation is a two-star charity. It has a C results reporting grade, which is below average. For every dollar donated to the charity, 88 cents are available to go to the cause, which is within Ci's reasonable range. It has funding reserves that can cover over six years of its annual program costs.
Founded in 1977, the University Health Network Foundation (UHNF) raises funds for research, education, and patient care at Toronto General Hospital, Toronto Western Hospital, Toronto Rehab, and the Michener Institute of Education at University Health Network (UHN). UHNF was created in 2021 after the amalgamation of Toronto General and Western Hospital Foundation and Toronto Rehab Foundation.
Toronto General Hospital was the highest-ranked Canadian hospital in Newsweek's World's Best Hospitals 2023, coming 5th in the world.
UHN Foundation reports it opened the new Michael Lawrence Turk Rapid Assessment Centre in the emergency department in F2022. The building adds 9,000 square feet, two separate registration streams, and over four times more space for ambulances. The addition is designed to care for 20,000 patients each year. The emergency department now sees over 55,000 patients each year.
Research represented 75% of grants in F2022. UHNF funds research on treatments and cures for various neurological and cardiovascular disorders. The charity did not disclose further information on its Research program in its annual report.
Patient Care represented 18% of grants in F2022. UHNF raises funds to buy new equipment and improve patient services across UHN hospitals. The charity states the Eye Institute is one of the top five vision programs in North America. It receives 120,800 patient visits and performs more than 6,000 surgeries each year. The Schroeder Arthritis Institute performs more than 200 joint replacement surgeries each year.
Education represented the remaining 7% of grants in F2022. University Health Network Foundation funds training programs for healthcare workers, such as the Peter Munk Cardiac Centre Academy. The program offers fellowships for visiting scholars and trains hospital staff on treating complex cases of heart disease.
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Results and Impact
In F2023, UHNF funded two research projects that were referenced in health journals in the United States.
A study at the Peter Munk Cardiac Center found that middle aged men were two to three times more likely to require hospitalization for cardiovascular issues after covid-19.
UHNF also funded a study that discovered the ideal temperature to store lungs for transplants. The charity states that storing lungs at ten degrees Celsius will allow them to stay in good condition for longer.
While Ci highlights these key results, they may not be a complete representation of University Health Network Foundation’s results and impact.
This charity is not yet rated on impact (n/r).
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Finances
UHNF is a Major 100 charity, one of Canada’s largest charities in terms of donations. It received $146.9m in donations and special events revenue in F2023. The charity reports administrative and fundraising costs combined. Administrative and fundraising costs are 12% of revenue (excluding investment income and net lotteries). This results in total overhead spending of 12%. For every dollar donated to the charity, 88 cents are available to go to the cause, which is within Ci’s reasonable range.
UHNF has $984.1m in reserve funds, of which $307.5m is donor endowed. Excluding donor-endowed funds, its reserve funds can cover 650%, or six years and six months of its annual grant costs.
The charity’s funding reserves contributed $9.6m in investment gains in F2023, at an estimated rate of return of 1.4%. Over the last 13 years, Ci estimates that UHNF’s investment returns have averaged 5.5%.
UHNF’s financial statements disclose related party transactions with UHN and American Friends of UHN. In F2023, it received $78.0m from UHN and $693k from American Friends of UHN. It paid $113.8m in grants and $17.8m in overhead costs to UHN during the year, meaning the net flow of funds from UHNF to UHN over F2023 was $46.1m, 27% of total revenue, excluding funds from UHN. The remaining $5.7m in grants went to other unrelated parties (3% of revenue excluding funds from UHN).
Charity Intelligence has sent this update to University Health Network Foundation for review. Changes and edits may be forthcoming.
Updated on July 25, 2023 by Liam Chapleau
Financial Review
Fiscal year ending March
|
2023 | 2022 | 2021 |
---|---|---|---|
Fundraising & admin costs as % of revenues | 12.0% | 13.1% | 12.3% |
Total overhead spending | 11.9% | 13.1% | 12.3% |
Program cost coverage (%) | 650.1% | 845.9% | 493.5% |
Summary Financial StatementsAll figures in $000s |
2023 | 2022 | 2021 |
---|---|---|---|
Donations | 146,885 | 138,414 | 140,076 |
Lotteries (net) | 302 | 327 | 290 |
Special events | 12,720 | 9,937 | 4,042 |
Investment income | 9,646 | 16,643 | 95,646 |
Other income | 67,390 | 35,345 | 23,342 |
Total revenues | 236,943 | 200,666 | 263,396 |
Grants | 119,460 | 84,531 | 113,808 |
Fundraising & administrative costs | 27,123 | 24,085 | 20,665 |
Total spending | 146,583 | 108,616 | 134,473 |
Cash flow from operations | 90,360 | 92,050 | 128,923 |
Capital spending | 528 | 739 | 0 |
Funding reserves | 984,144 | 893,246 | 778,993 |
Note: According to its financial notes, the charity included net lottery revenues within donations. Ci removed these amounts from donations to report them as lotteries. The charity also receives grants from two related parties, which it includes within donations. Ci reclassified grants from UHN as other income. It also receives grants from American Friends of UHN, reported in USD. Ci converted the amounts to CAD using the average annual exchange rate ($1.35 in F2023, $1.30 in F2022, and $1.34 in F2021), and reclassified them as other income ($693k in F2023, $2.3m in F2022, and $1.1m in F2021). To report on a cash basis, Ci adjusted grants by changes in amounts due to UHN. This affected expenses by ($851k) in F2023, ($28k) in F2022, and $16k in F2021. Ci adjusted for deferred revenue and included it in other revenue as the charity did not disclose the source of the revenue. This impacted revenue in the amount of ($993k) in F2023, ($829k) in F2022, and $421k in F2021. Ci removed amortization from combined overhead costs.
Salary Information
$350k + |
3 |
$300k - $350k |
1 |
$250k - $300k |
6 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
0 |
$80k - $120k |
0 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2022
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Comments & Contact
Comments added by the Charity:
Charity Contact
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