St. Michael's Hospital 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.
74%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 74 cents are available for programs.
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Programs
About St. Michael's Hospital Foundation:
Founded in 1992, St. Michael’s Hospital Foundation (SMHF) raises money for building projects, improved patient care, and research at St. Michael’s Hospital in Toronto. The hospital has 455 beds with 25,773 patient admissions in F2019. SMHF granted $19.0m to the hospital in F2019.
Current fundraising campaigns for SMHF aim to raise $10m for a single-floor NICU, maternity space with obstetrics & gynecology, and recovery unit; $7m for expanding and improving the Transplant and Kidney Care Centre; and an undisclosed amount to create the Barlo MS Centre for diagnosis, treatment, and research on multiple sclerosis.
SMHF organizes the Angels Den competition as both a fundraising opportunity and mechanism to determine research funding. Eight teams of St. Michael’s scientists present their research to eight celebrity judges and a live audience. The competition determines how $500k in research grants is allocated.
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Results and Impact
Li Ka Shing Centre for Healthcare Analytics Research & Training is housed at St. Michael’s Hospital and won $100,000 at Angels Den. Led by Dr. Muhammad Mamdani, the research team has used artificial intelligence to predict ER department volumes days to weeks in advance, with over 90% accuracy.
A St. Michael’s research team, Scar Wars, is developing two drugs to stop or reverse organ scarring. It anticipates that the drugs could be available to patients in as little as five years.
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Finances
St. Michael’s Hospital Foundation received $44.4m in donations and special events revenue during F2019, making it a Major 100 charity, and one of Canada’s largest. Fundraising and administrative costs are 26% of revenues less investment income. For every dollar donated, 74 cents go to the cause, which is within Ci’s reasonable range for overhead spending. SMHF has $191.8m in funding reserves which could cover 10 years of granting at the F2019 level.
This charity report is an update that has been sent to St. Michael’s Hospital Foundation for review. Changes and edits may be forthcoming.
Updated on August 12, 2019 by Madison Kerr.
Financial Review
Fiscal year ending March
|
2019 | 2018 | 2017 |
|---|---|---|---|
| Fundraising & admin costs as % of revenues | 25.6% | 22.7% | 21.3% |
| Total overhead spending | 25.6% | 22.6% | 21.3% |
| Program cost coverage (%) | 1,008.4% | 352.8% | 1,062.4% |
Summary Financial StatementsAll figures in $000s |
2019 | 2018 | 2017 |
|---|---|---|---|
| Donations | 40,757 | 43,166 | 38,732 |
| Special events | 3,625 | 7,228 | 2,782 |
| Investment income | 6,332 | 3,988 | 11,199 |
| Total revenues | 50,714 | 54,381 | 52,713 |
| Grants | 19,019 | 48,479 | 16,650 |
| Fundraising & administrative costs | 11,374 | 11,413 | 8,831 |
| Total spending | 30,393 | 59,892 | 25,481 |
| Cash flow from operations | 20,321 | (5,511) | 27,232 |
| Funding reserves | 191,796 | 171,023 | 176,888 |
Note: Investment income is reported net of investment expenses, affecting revenue and expenses by ($367k) in F2019, ($361k) in F2018, and ($343k) in F2017.
Salary Information
$350k + |
0 |
$300k - $350k |
2 |
$250k - $300k |
1 |
$200k - $250k |
3 |
$160k - $200k |
2 |
$120k - $160k |
2 |
$80k - $120k |
0 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2018
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Comments & Contact
Comments added by the Charity:
Charity Contact
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