Victoria Hospitals 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.
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 Victoria Hospitals Foundation:
Victoria Hospitals Foundation is a 4-star charity. It is financially transparent and has reasonable overhead costs. However, its results reporting grade is below average.
Victoria Hospitals Foundation (VHF) raises funds for hospital equipment, special projects, training, and research at Royal Jubilee, Victoria General, and Gorge Road hospitals. In F2021, VHF granted $8.3m to Island Health, the network overseeing the three hospitals. The largest amounts were allocated to maternity & pediatric care (20%), cardiac care (19%), and critical care (13%).
VHF reports that 40% of the equipment at Royal Jubilee and Victoria General hospitals is funded by donors. In F2021, VHF funded the purchase of 255 pieces of equipment serving 273,900 patients. This included a CMAC and ventilator used in the pediatric ICU, portable echocardiography technology, a continuous renal replacement therapy machine, a new 3T MRI, a physiatry ultrasound machine, and a Nursing Annie simulator.
VHF also funded scholarships and bursaries for 64 Island Health employees to help them continue their education and training and funded 17 researchers for their research projects.
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Results and Impact
VHF reports that the population of adults over 75 served by Island Health is expected to grow by 66% in the next 10 years. This will increase the need for critical care services. The interim High Acuity Unit became operational in F2021. This increased critical care capacity by 37%.
While Charity Intelligence highlights these results, this may not be a complete representation of Victoria Hospitals Foundation’s results and impact.
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Finances
Victoria Hospitals Foundation received $13.2m in donations in F2021. Fundraising and administrative costs were 17% of revenues (less investment income). For each dollar donated, 83 cents go to the cause. This is within Ci’s reasonable range for overhead spending. Funding reserves of $21.8m can cover program costs for over 2 and a half years at the F2021 level.
VHF has outstanding commitments of $8.9m to Island Health. Funding will be disbursed to Island Health when VHF is billed.
This charity report is an update that has been sent to Victoria Hospitals Foundation for review. Changes and edits may be forthcoming.
Updated on August 22, 2022 by Emily Downing
Financial Review
Fiscal year ending March
|
2021 | 2020 | 2019 |
|---|---|---|---|
| Fundraising & admin costs as % of revenues | 16.9% | 34.2% | 25.1% |
| Total overhead spending | 16.9% | 34.2% | 25.1% |
| Program cost coverage (%) | 263.3% | 199.5% | 256.6% |
Summary Financial StatementsAll figures in $000s |
2021 | 2020 | 2019 |
|---|---|---|---|
| Donations | 13,194 | 7,264 | 10,463 |
| Lotteries (net) | 1,216 | 824 | 667 |
| Investment income | 2,544 | (255) | 656 |
| Other income | 514 | 297 | 239 |
| Total revenues | 17,468 | 8,131 | 12,025 |
| Grants | 8,287 | 7,524 | 6,338 |
| Fundraising & administrative costs | 2,520 | 2,870 | 2,855 |
| Total spending | 10,807 | 10,395 | 9,194 |
| Cash flow from operations | 6,662 | (2,264) | 2,831 |
| Capital spending | 0 | 0 | 0 |
| Funding reserves | 21,821 | 15,010 | 16,267 |
Note: Investment income includes realized gains, unrealized gains, and other investment income net of management fees. This affected total revenues by $2.0m in F2021, ($875k) in F2020, and $96k in F2019. Ci adjusted for grant disbursements Victoria Hospitals Foundation owes Island Health. This changes reported grants by $55k in F2021 (1% of grants), $716k in F2020 (10% of grants), and ($520k) in F2019 (8% of grants).
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
1 |
$160k - $200k |
0 |
$120k - $160k |
2 |
$80k - $120k |
3 |
$40k - $80k |
4 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2021
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Comments & Contact
Comments added by the Charity:
Charity Contact
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