Covenant 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.
D+
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.
42%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 42 cents are available for programs.
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Programs
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 20 healthcare facilities across Alberta. Covenant Foundation reports that 10% of all emergency visits and 20% of all births in Alberta are at a Covenant health facility.
Covenant Foundation funds capital equipment, programs, projects, and services related to acute and continuing care. In F2018, Covenant Foundation granted $2.9m to hospitals and received $5.2m in revenue.
In F2018, Covenant Care, a patient care program of Covenant health centers, operated 785 continuing care beds and 65 independent living beds, amounting to 310,250 resident days, at seven facilities in five communities, across Alberta. In addition, Covenant Foundation reports that the Neonatal Intensive Care Unit at Misericordia Community Hospital helps to provide compassionate care for every one of the NICU’s 1,200 patients per year. The NICU is comprised of 23 private rooms (including two that can accommodate twins or triplets), as opposed to the previous 18 spaces in two pods.
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Finances
Covenant Foundation is a medium-sized charity with $3.1m in donations in F2018. Covenant also received $1.6m in investment income in F2018. Administrative costs were 39% of revenues and fundraising costs were 19% of donations. For every dollar donated, 42 cents go to the cause. This is outside of Charity Intelligence’s reasonable range for overhead spending.
The Foundation has funding reserves of $37.5m, including $8.9m in donor-endowed funds. Excluding donor-endowed funds, Covenant Foundation can cover annual program costs for just over 13 years. Covenant Foundation used external fundraisers in F2018. The charity spent $51k to raise $788k from the external fundraiser for a cost of 7 cents per dollar raised.
This charity report is an update that has been sent to Covenant Foundation for review. Changes and edits may be forthcoming.
Updated on June 28, 2019 by Parker Thomlinson.
Financial Review
Fiscal year ending March
|
2018 | 2017 | 2016 |
|---|---|---|---|
| Administrative costs as % of revenues | 39.3% | 37.2% | 50.5% |
| Fundraising costs as % of donations | 19.1% | 11.8% | 12.9% |
| Program cost coverage (%) | 1,183.2% | 439.0% | (1,108.3%) |
Summary Financial StatementsAll figures in $000s |
2018 | 2017 | 2016 |
|---|---|---|---|
| Donations | 3,147 | 3,229 | 2,272 |
| Goods in kind | 231 | 275 | 245 |
| Lotteries (net) | 225 | 371 | (287) |
| Special events | 0 | 0 | 229 |
| Investment income | 1,556 | 3,028 | (90) |
| Other income | 38 | 50 | 0 |
| Total revenues | 5,197 | 6,953 | 2,369 |
| Grants | 2,865 | 6,770 | (2,292) |
| Administrative costs | 1,432 | 1,458 | 1,242 |
| Fundraising costs | 599 | 382 | 322 |
| Cash flow from operations | 301 | (1,657) | 3,097 |
| Funding reserves | 37,547 | 36,645 | 38,045 |
Note: The Foundation’s audited financial statements are presented as Caritas Hospitals Foundation. Caritas Hospitals Foundation’s statements include the audited financial statements of The General Hospital (Grey Nuns) of Edmonton Hospital Foundation and the Misericordia Hospital Foundation. Expenses were adjusted for lottery expenses (reported as revenues net of expenses), loss on write-off of capital assets, and home and split lotteries expenses affecting expenses by ($4.9m) in F2018, ($5.1m) in F2017, and ($5.2m) in F2016. An adjustment was made to grants reflecting the change to grants payable year over year, affecting spending by ($3.4m) in F2018, $2m in F2017, and ($4.7m) in F2016.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
1 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
0 |
$80k - $120k |
0 |
$40k - $80k |
8 |
< $40k |
1 |
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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