St Michael's Hospital Foundation

30 Bond Street
Toronto, ON M5B 1W8
President: L Alayne Metrick
Board Chair: Frank Techar

Website: www.stmichaelsfoundation.com
Charitable Reg. #: 12296 3663 RR0001
Sector: Health - Hospital Foundation
Public Foundation

Charity Rating

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Donor Accountability

Grade: B

The grade is based on the charity's public reporting of the work it does and the results it achieves.

Financial Transparency

Audited financial statements for current and previous years available on the charity's website [ Audited financial statement for most recent year ]

Need for Funding

donor
endowed
Funding Reserves Program Costs

Spending Breakdown

Full-time staff #36

Avg. Compensation $119,183

Top 10 Staff Salary Range

$350k + 1
$300k - $350k 0
$250k - $300k 2
$200k - $250k 0
$160k - $200k 2
$120k - $160k 1
$80k - $120k 4
$40k - $80k 0
< $40k 0
Information from most recent CRA Charities Directorate filings for F2015

About St Michael's Hospital Foundation:

Founded in 1992, St. Michael’s Hospital Foundation (SMHF) raises funds for patient care, new equipment and research at St. Michael’s Hospital. Sisters of St. Joseph founded the hospital in 1892 as a teaching and research hospital to take care of the sick and poor of Toronto’s inner city. It has grown to become downtown Toronto’s leading adult trauma centre.

In F2015, St. Michael’s Hospital Foundation allocated $16.4m to the hospital. It gave $11.7m for research, $2.7m for capital improvements and $2m for other projects. St. Michael’s hospital has 2 main research centres, Keenan Research Centre for Biomedical Science and Li Ka Shing Knowledge Institute. The former focuses on basic and translational research while the later works on clinical and health services research. St. Michael Hospital’s research centres produced 1,265 publications in F2015, including 92 publications in high impact journals. In F2016, the hospital received 75,003 emergency visits, 292,706 diagnostics visits and 483,952 ambulatory visits. With 779 physicians and surgeons, the hospital conducted 29,802 surgeries and delivered 2,752 babies in F2016.

St. Michael’s Hospital Foundation recently reached the fundraising goal of $210m for its Inspire 2018 campaign. The campaign has raised $235m. Using these funds, SMHF is building a 17-storey building, the Peter Gilgan Patient Care Tower. It also spent this money on 29 Orthopedic Inpatient beds, 16 single rooms for Cardiac Intensive Care, 8 hybrid operating rooms and 44,000 square feet for the Slaight Family Emergency Department.

Financial Review:

St. Michael’s Hospital Foundation is one of Canada’s Major 100 charities with donations and special events revenues of $40.3m in F2015. Total overhead costs come to 21%, falling within Ci’s reasonable range. SMHF has total funding reserves of $149.3m that can cover its program costs for 9.1 years. Excluding donor-endowed funds of $64.6m, funding reserves can cover program costs for 6.4 years.  

This charity report is an update that is being reviewed by the charity. Changes and edits may be forthcoming.

Updated on August 18th, 2016 by Mirza Ali Shakir.

Financial Ratios

Fiscal year ending March 		201620152014
Fundraising & admin costs as % of revenues 20.6%20.2%21.2%
Program cost coverage (%) 910.1%538.8%738.0%

Summary Financial Statements

All figures in $000s 		201620152014
Donations 37,28841,33730,675
Special events 3,0395,7352,096
Investment income 1548,2233,689
Total revenues 40,48055,29536,460
Grants 16,40125,14215,092
Fundraising & administrative costs 8,3189,5256,957
Cash flow from operations 15,76120,62814,411
Funding reserves 149,258135,472111,384
Note: Ci included unrealized gains in its investment income calculations. The charity does not report administrative and fundraising costs separately. Ci has taken employee compensation data from the charity’s 2015 T3010 filings since the 2016 T3010 filings were not available online as at August 18th, 2016.

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