Mackenzie Health Foundation

303-955 Major Mackenzie Dr. W.
Vaughan, ON L6A 4P9
President & CEO: Krista Finlay
Assistant Superintendent: Rina Pillitteri

Charitable Reg. #:11930 6215 RR0001

STAR RATING

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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.

71%

CENTS TO THE CAUSE

For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 71 cents are available for programs.



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Programs

About Mackenzie Health Foundation:

Established in 1977, Mackenzie Health Foundation raises funds for the two Mackenzie Health locations in Richmond Hill and Vaughan, Ontario. It aims to “inspire inspirational gifts” and provide grants for capital projects, medical equipment, technology, and educational opportunities. Mackenzie Health Foundation states that it has raised more than $142m since founding.

In F2020, Mackenzie Health Foundation provided grants for the construction of the new Mackenzie Vaughan Hospital (82% of grants), patient care and renovations (13%), and equipment and mental health programs (5%).

Mackenzie Health Foundation is currently undertaking a capital campaign to raise $250 million and complete the new Mackenzie Vaughan Hospital. Designed as Canada’s first “smart hospital”, Mackenzie Health Foundation states that its new location will focus on delivering technologically advanced healthcare solutions. In F2020, Mackenzie Health Foundation installed two new modular data centres at the hospital. The completed Mackenzie Vaughan Hospital will reportedly feature 1.2 million square feet of space, employ 2,000 new staff, and receive around 100,000 patient visits per year. 

In F2020, Mackenzie Health Foundation helped to open a new COVID-19 assessment centre with 15 critical care beds. The foundation states that Mackenzie Richmond Hill Hospital has one of Ontario’s busiest emergency departments. During the 2019–2020 flu season, it estimates that the hospital received an average of 380 to 400 patient visits each day.

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Results and Impact

Mackenzie Health Foundation states that the population of York Region will grow by more than 35% in the next two decades. Despite this, no other new hospitals servicing York Region have been built in the past 30 years. The new Mackenzie Vaughan Hospital offers a 68% increase in available beds and the capacity for 24,000 more medical imaging exams each year.

While Ci highlights these key results, they may not be a complete representation of Mackenzie Health Foundation’s results and impact.

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Finances

Mackenzie Health Foundation is a Major 100 charity, one of Canada’s largest charities in donations, with $25.8m in donations and special events revenues in F2020. Administrative costs are 18% of revenues (less investment income) and fundraising costs are 11% of donations. This results in total overhead spending of 29%. For every dollar donated to the charity, 71 cents go to the cause. This falls within Ci’s reasonable range for overhead spending.

Ci reported Mackenzie Health Foundation’s fundraising costs from T3010 filings with the CRA, and removed the amounts from administrative costs. However, the charity’s F2020 filing was not posted at the time of this report. Based on data from audited financial statements, fundraising costs may be understated for F2020.

Mackenzie Health Foundation has $48.8m in total funding reserves, of which $7.4m is donor-endowed. Excluding donor-endowed funds, the foundation can cover 5.3 years of annual program costs.

Mackenzie Health Foundation’s grants spiked dramatically in F2019, at $30.5m. This amount is 3.7 times higher than F2020 grants and 7.7 times higher than F2018 grants. The foundation’s financial statements do not explain the sudden rise in grants. According to its 2019 annual report, Mackenzie Health Foundation received an unexpected $20m gift to build the Giovanni De Gasperis and Eugene Kohn Learning Centre at its new hospital.

This charity report is an update that has been sent to Mackenzie Health Foundation for review. Changes and edits may be forthcoming.

Updated on August 7, 2020 by Eric Zhao.

Financial Review


Financial Ratios

Fiscal year ending March
202020192018
Administrative costs as % of revenues 17.8%7.6%12.1%
Fundraising costs as % of donations 10.7%12.0%18.3%
Total overhead spending 28.5%19.5%30.4%
Program cost coverage (%) 525.4%104.3%1,050.8%

Summary Financial Statements

All figures in $000s
202020192018
Donations 23,24624,38813,716
Special events 2,5573,5342,896
Investment income 4461,7011,425
Total revenues 26,24829,62318,038
Grants 8,24530,4733,950
Administrative costs 4,5902,1092,015
Fundraising costs 2,7653,3453,038
Total spending 15,60135,9279,003
Cash flow from operations 10,647(6,304)9,035
Capital spending 14340
Funding reserves 48,77238,39744,629

Note: Ci included investment income, affecting total revenues by $446k in F2020, $1.7m in F2019, and $1.4m in F2018. Ci adjusted grants by changes in payables to Mackenzie Health. This affected grants and total expenses by $20k in F2020, ($11k) in F2019, and $6k in F2018. Ci gathered fundraising expenses from the charity’s available CRA filings and removed the amounts from administrative costs. Mackenzie Health Foundation’s F2020 CRA filing was not available at the time of this analysis.

Salary Information

Full-time staff: 27

Avg. Compensation: $89,828

Top 10 staff salary range:

$350k +
1
$300k - $350k
0
$250k - $300k
0
$200k - $250k
0
$160k - $200k
1
$120k - $160k
2
$80k - $120k
3
$40k - $80k
3
< $40k
0

Information from most recent CRA Charities Directorate filings for F2019

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Comments & Contact

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Charity Contact

Website: www.mackenziehealthfoundation.ca
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: 905-883-2032

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