Murchison Foundation
Charlottetown, PEI C1A 7L9
President: Vaughn Smith
Director: Gordon Matheson
Website: www.peibingo.com
Charitable Reg. #: 11904 9294 RR0001
Charity Rating
Donor Accountability
Grade: F
The grade is based on the charity's public reporting of the work it does and the results it achieves.Financial Transparency
Need for Funding
Spending Breakdown
Full-time staff #4
Avg. Compensation $43,135
Top 10 Staff Salary Range
| $350k + | 0 |
| $300k - $350k | 0 |
| $250k - $300k | 0 |
| $200k - $250k | 0 |
| $160k - $200k | 0 |
| $120k - $160k | 0 |
| $80k - $120k | 0 |
| $40k - $80k | 1 |
| < $40k | 3 |
About Murchison Foundation:
Founded in 1984, the Murchison Foundation aims to assist in providing programs and services for people experiencing mental illness on Prince Edward Island. It seeks to fulfil this mission by granting funds to the Canadian Mental Health Association of P.E.I. The Foundation is named for Dr. Alexander Murchison, a pioneer of mental health services in the province, whose efforts brought great progress in mental health treatment facilities within the province.
The Murchison Foundation raises funds through two bingo operations in the province: Bingoworld Charlottetown and Bingoworld Summerside. In F2012, the two locations generated $3.6m in revenues, of which only $120k was granted to the Canadian Mental Health Association.
Financial Review:
In F2012, the Foundation’s administrative costs were 19% of revenues, while fundraising costs were very high, at 77% of donations and special events revenue. Due to over $550k in long-term debt related to a mortgage and $49k in bank indebtedness, the Foundation has negative funding reserves and a negative program cost coverage.
Financial RatiosFiscal year ending March |
2012 | 2011 | 2010 |
|---|---|---|---|
| Administrative costs as % of revenues | 19.3% | 19.4% | 19.6% |
| Fundraising costs as % of donations | 76.7% | 78.5% | 73.8% |
| Program cost coverage (%) | (544.1%) | (980.7%) | (272%) |
Summary Financial StatementsAll figures in $s |
2012 | 2011 | 2010 |
|---|---|---|---|
| Special events | 3,588,705 | 3,597,373 | 3,868,929 |
| Total revenues | 3,588,705 | 3,597,373 | 3,868,929 |
| Grants | 120,000 | 70,000 | 262,500 |
| Administrative costs | 691,263 | 698,072 | 758,511 |
| Fundraising costs | 2,751,401 | 2,825,321 | 2,854,630 |
| Cash flow from operations | 26,041 | 3,980 | (6,712) |
| Funding reserves | (652,861) | (686,512) | (714,096) |
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The information in this report was prepared by Charity Intelligence Canada and its independent analysts from publically-available information. Charity Intelligence Canada and its analysts have made endeavours to ensure that the data in this report is accurate and complete but accept no liability. No attempt has been made to examine the effectiveness of the charities' programs.
Comments added by the Charity:
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