Covenant Foundation
Edmonton, AB T5K 0L4
CEO: Tracy Sopkow
Board Chair: Ron Gilbertson
Website: www.covenantfoundation.ca
Charitable Reg. #: 12586 8125 RR0001
Charity Rating
Results Reporting
Grade: C-
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
endowed
Spending Breakdown
Cents to the Cause
| ♦ | ♦ | ♦ | |
| 95¢ | |||
| 75¢ | |||
| avg | |||
| 65¢ | |||
| 50¢ | |||
| 2014 | 2015 | 2016 |
Full-time staff #8
Avg. Compensation $83,645
Top 10 Staff Salary Range
| $350k + | 0 |
| $300k - $350k | 0 |
| $250k - $300k | 0 |
| $200k - $250k | 0 |
| $160k - $200k | 1 |
| $120k - $160k | 1 |
| $80k - $120k | 0 |
| $40k - $80k | 6 |
| < $40k | 0 |
About Covenant Foundation:
In 1994, Edmonton General Hospital, Grey Nuns Hospital and Misericordia Hospital merged into one health group, the Caritas Health Group. At the same time, the independent hospital foundations serving each of the hospitals began operating together as the Caritas Foundation. In April 2016, the Foundation was renamed to Covenant Foundation and is now the fundraising arm for 15 healthcare facilities across Alberta. This change was made to increase fundraising capacity, leverage resources, improve priority alignment, and reduce duplication.
Covenant Foundation funds capital equipment, programs, projects, and services related to acute and continuing care. In F2015, Covenant Foundation made $5.1 million in grants to the three hospitals.
Covenant Foundation reports that its priority campaigns in F2015 included a Neonatal Intensive Care Unit for the Misericordia Community Hospital, and a Palliative Care Institute for the Grey Nuns Community Hospital. As of the date this report was written, Covenant Foundation had not yet published its F2016 annual report.
Financial Review:
Covenant Foundation is a medium-sized charity with $2.5m in donations and special events fundraising in F2016. Administrative costs were 50% of revenues and fundraising costs were 13% of donations. For every $1 donated, 37 cents went to the cause. This falls outside of Charity Intelligence’s reasonable range for overhead spending.
The Foundation has funding reserves of $38.0m, including $8.1 in donor-endowed funds. Excluding donor-endowed funds, Covenant Foundation can cover annual grants 15.1 times.
This charity report is an update that is currently being reviewed by Covenant Foundation. Changes and edits may be forthcoming.
Updated on July 24, 2017 by Juliana Badovinac.
Financial RatiosFiscal year ending March |
2016 | 2015 | 2014 |
|---|---|---|---|
| Administrative costs as % of revenues | 49.7% | 35.4% | 25.6% |
| Fundraising costs as % of donations | 12.9% | 13.0% | 11.6% |
| Program cost coverage (%) | 1,593.4% | 745.2% | 1,141.2% |
Summary Financial StatementsAll figures in $000s |
2016 | 2015 | 2014 |
|---|---|---|---|
| Donations | 2,272 | 1,980 | 2,360 |
| Goods in kind | 245 | 232 | 190 |
| Lotteries (net) | (287) | 451 | 625 |
| Special events | 229 | 359 | 241 |
| Investment income | (90) | 3,401 | 3,136 |
| Other income | 41 | 4 | 1 |
| Total revenues | 2,410 | 6,428 | 6,553 |
| Grants | 2,388 | 5,166 | 2,940 |
| Administrative costs | 1,242 | 1,071 | 873 |
| Fundraising costs | 322 | 303 | 302 |
| Cash flow from operations | (1,542) | (113) | 2,438 |
| Funding reserves | 38,045 | 38,499 | 33,549 |
For more information on Canadian charities, please visit www.charityintelligence.ca
The information in this report was prepared by Charity Intelligence Canada and its independent analysts from publicly-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.
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