Sinai Health 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.
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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OVERVIEW
About Sinai Health Foundation:
Sinai Health Foundation is a 2-star charity. It has a C- Results Reporting grade, which is below average. The charity's reserves can cover its annual grants for over three years. For every dollar donated to the charity, 71 cents are available to go to the cause.
Founded in 1975 as Mount Sinai Hospital Foundation, Sinai Health Foundation (SHF) rebranded in 2016 after the amalgamation of Mount Sinai Hospital, Bridgepoint Active Healthcare, Lunenfeld-Tanenbaum Research Institute (LTRI), and Circle of Care. SHF raises money to improve patient care and hospital equipment across the Sinai Health System in Toronto. Mount Sinai Hospital was ranked the third-best Canadian hospital in Newsweek’s World’s Best Hospitals 2024 and ranked 32nd in the world.
Sinai Health Foundation grants to two key areas: Capital and Clinical Care, and Research. In F2023, SHF granted $34.2m.
Capital and Clinical Care represented 70% of grants in F2023. The hospital specializes in acute care, maternal and infant health, chronic disease management, cancer care, and emergency medicine. SHF is in phase 3A of Renew Sinai, an emergency department renovation. In October 2023, the charity opened the renovated Schwartz/Reisman Emergency Centre. SHF states the renovation will better serve the 60,000 patients who receive emergency care each year. Mount Sinai Hospital also opened a new kitchen that will serve more than 800 patient meals a day. Phase 3A of Renew Sinai will redevelop more than 300,000 square feet of Mount Sinai. SHF states it will be near completion in 2024. Sinani Health Foundation is also in a capital campaign to create a Centre for Mature Women’s Health. The project is separated into three phases and requires $50.0m in funding. In October 2023, SHF completed phase one, where the charity announced leadership and began training.
Research represented 30% of grants in F2023. Housed in Mount Sinai Hospital, the Lunenfeld-Tanenbaum Research Institute researches human health and diseases. SHF states that over 40% of research conducted at LTRI focuses on cancer. The charity did not quantify the number of ongoing research projects, nor the number of researchers funded by SHF.
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Results and Impact
Charity Intelligence found Sinai Health Foundation reported many stories but little data / few results on its work. This may not be a complete representation of Sinai Health Foundation’s results and impact. This charity is not yet rated on impact (n/r).
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Finances
Sinai Health Foundation received $58.2m in donations and special events revenue in F2023. SHF granted $34.2m, which is 50% of revenue. The charity recorded a surplus of $16.7m, which is 24% of revenue.
The charity reports fundraising and administrative costs combined. Fundraising and administrative costs are 29% of revenue. For every dollar donated to the charity, 71 cents are available to go to the cause, which is within Ci’s reasonable range.
Sinai Health Foundation has $263.0m in reserve funds (cash and investments less interest-bearing debt). Of which, $162.6m is donor endowed. Excluding donor-endowed funds, SFH’s reserves can cover 384% or three years and ten months of its annual program costs.
SHF’s $236.2m in investments returned $9.0m for a return of 4%. Over the past ten years, the charity’s investments returned an average of 6%.
SHF uses external fundraisers. The charity’s T3010 reports it paid $64k to fundraisers but does not report the amount collected by fundraisers.
Charity Intelligence has sent this update to Sinai Health Foundation for review. Changes and edits may be forthcoming.
Updated on June 18, 2024 by Liam Chapleau
Financial Review
Fiscal year ending March
|
2023 | 2022 | 2021 |
|---|---|---|---|
| Fundraising & admin costs as % of revenues | 29.3% | 23.2% | 19.5% |
| Total overhead spending | 29.3% | 23.2% | 19.5% |
| Program cost coverage (%) | 384.3% | 547.8% | 338.8% |
Summary Financial StatementsAll figures in $000s |
2023 | 2022 | 2021 |
|---|---|---|---|
| Donations | 54,124 | 68,485 | 64,184 |
| Government funding | 0 | 0 | 594 |
| Special events | 4,082 | 4,603 | 1,899 |
| Investment income | 8,977 | 4,704 | 17,512 |
| Other income | 1,131 | 145 | 1,091 |
| Total revenues | 68,314 | 77,938 | 85,281 |
| Grants | 34,245 | 25,328 | 30,543 |
| Fundraising & administrative costs | 17,376 | 17,022 | 13,239 |
| Total spending | 51,621 | 42,350 | 43,782 |
| Cash flow from operations | 16,693 | 35,588 | 41,499 |
| Capital spending | 8 | 54 | 111 |
| Funding reserves | 262,956 | 247,598 | 211,339 |
Note: 1: DUE TO SINAI HEALTH SYSTEM: Ci adjusted for the change in Due To Sinai Health System, affecting grants by ($464k) in F2023, ($2.2m) in F2022, and $11.0m in F2021. 2: DEFERRED REVENUE: Ci adjusted for deferred revenue within other revenue, as the charity did not disclose the source. This affected revenue by $355k in F2023, ($96k) in F2022, and ($214k) in F2021.
Salary Information
$350k + |
1 |
$300k - $350k |
0 |
$250k - $300k |
2 |
$200k - $250k |
4 |
$160k - $200k |
3 |
$120k - $160k |
0 |
$80k - $120k |
0 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2023
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Comments & Contact
Comments added by the Charity:
Charity Contact
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