Thunder Bay Regional Health Sciences Foundation
STAR RATINGCi's Star Rating is calculated based on the following independent metrics: |
✖
FINANCIAL TRANSPARENCY
Audited financial statements available only through official request for information from Charities Directorate.
B-
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.
70%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 70 cents are available for programs.
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OVERVIEW
About Thunder Bay Regional Health Sciences Foundation:
Thunder Bay Regional Health Sciences Foundation is a 1-star charity with a below average results reporting grade and reasonable overhead costs. It is not financially transparent. With its current reserves, the charity can cover 7.6 years of annual grants.
Founded in 1985, Thunder Bay Regional Health Sciences Foundation (TBRHS) raises funds for Thunder Bay Regional Health Sciences Centre. The Foundation has a mission of inspiring the people of Northwestern Ontario to donate to advance health care provided at the Centre.
Thunder Bay Regional Health Sciences Centre is an acute care facility serving Thunder Bay and surrounding regions in Ontario. In F2022, 98% ($3.2m) of TBRHS's grants went to Thunder Bay Regional Health Sciences Centre, with the remaining 2% going to other regional hospitals. The Foundation funds three main areas of development: Equipment, Other Projects, and Family CARE. TBRHS did not provide a breakdown of spending by program.
Equipment: The Foundation designates grants for essential patient care equipment at the Centre. In F2022, 23 different pieces of equipment were funded, including the cardiac catheterization lab replacement ($2.0m), bracelets to track movements of at-risk patients ($612k), and a central water purification system ($600k).
Other Projects: Grants awarded to "Other Projects" are for initiatives that prioritize developing privacy in the emergency room, The Thunder Bay Breast Cancer Support Group, chemotherapy kits, and modernizing the Pathology Lab. As 70% of medical decisions rely on pathology, TBRHS funded the renovation of the Health Sciences Centre's pathology lab, which is intended to streamline care and pathology testing.
Family CARE Grants: These grants fund advancements of up to $4k in cost that are recommended by hospital employees. Grants are awarded to projects that improve patient care or the patient care environment at the Centre. In F2022, the Foundation provided nearly $75k in funding for 46 Family CARE Grants. Some items funded include a cell phone charging station ($6k), a Jordan-Simpson retractor for the operating room ($5k), and two Holter monitors ($4k).
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Results and Impact
In 2022, TBRHS funded the purchase of a new 3T MRI machine, replacing a 1.5T MRI machine. TBRHS states that with the 3T MRI machines, it takes 12 minutes to do a scan compared to 16 minutes with the 1.5T MRI machine.
While Charity Intelligence highlights these key results, they may not be a complete representation of TBRHS's results. This charity is not yet rated on impact (n/r).
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Finances
Thunder Bay Regional Health Sciences Foundation is not financially transparent. Its audited financial statements are not posted on its website nor provided when requested. Charity Intelligence's financial review uses the F2022 audited financial statements. This is the most recent information we have received from the Charities Directorate from our request for information.
TBRHS received $3.8m in donations and special events revenue in F2022. TBRHS received $7.0m in lottery revenue, net of expenses. It is a 395% increase from F2021 ($1.4m in F2021). The proceeds from the lottery are 55% of total revenues. Administrative costs are 5% of revenues (less investment income), and fundraising costs are 25% of donations. This results in total overhead spending of 30%. For every dollar donated, 70 cents go to the cause. This is within Ci’s reasonable range for overhead spending.
The charity has $27.6m in reserve funds, of which $3.5m are donor endowed. Reserve funds are the charity’s cash and investments and have increased 39% since F2021. Interest receivable of $408k, related to a business deal TBRHS has entered into with Thunder Bay Regional Health Sciences Centre, was included in funding reserves. Excluding donor-endowed funds, funding reserves can cover annual grants for 7.6 years.
This charity report has been sent to Thunder Bay Regional Health Sciences Foundation for review. Changes and edits may be forthcoming.
Updated on July 25, 2023 by Alessandra Castino.
Financial Review
Fiscal year ending March
|
2022 | 2021 | 2020 |
|---|---|---|---|
| Administrative costs as % of revenues | 4.8% | 6.9% | 8.9% |
| Fundraising costs as % of donations | 24.7% | 16.5% | 24.0% |
| Total overhead spending | 29.5% | 23.4% | 32.8% |
| Program cost coverage (%) | 759.8% | 573.3% | 1,282.0% |
Summary Financial StatementsAll figures in $000s |
2022 | 2021 | 2020 |
|---|---|---|---|
| Donations | 3,741 | 5,077 | 4,606 |
| Goods in kind | 168 | 174 | 989 |
| Government funding | 249 | 515 | 269 |
| Lotteries (net) | 7,017 | 1,417 | 589 |
| Business activities (net) | 137 | 91 | 223 |
| Special events | 95 | 28 | 0 |
| Investment income | 1,293 | 1,227 | 216 |
| Other income | 0 | 20 | 0 |
| Total revenues | 12,701 | 8,549 | 6,891 |
| Grants | 3,345 | 3,040 | 1,130 |
| Administrative costs | 547 | 504 | 591 |
| Fundraising costs | 949 | 843 | 1,105 |
| Total spending | 4,840 | 4,387 | 2,826 |
| Cash flow from operations | 7,861 | 4,163 | 4,065 |
| Capital spending | 9 | 20 | 8 |
| Funding reserves | 27,596 | 19,787 | 15,259 |
Note: In F2020, special events and lottery revenues were not reported separately. As such Ci reported special events and lottery revenue for F2020 under lottery. Hence the F2020 figure for lottery revenue is not comparable to F2021 and F2022. Ci reports special events gross of expenses, affecting revenues and expenses by $35k in F2022 and $6k in F2021. Donated goods in kind reported in the charity's T3010 filing with the CRA were removed from donations, reducing Canadian donations by $168k in F2022, $174k in F2021, and $989k in F2020. Unrealized gains on investment were included in investment income, increasing investment revenue by $603k in F2022, $629k in F2021, and ($828k) in F2020. Ci adjusted for investment fees, reducing investment income and admin costs by $68k in F2022, $38k in F2021, and $65k in F2020. Parking revenue and expenses reported by the Foundation were included (net) in revenues. Ci accounted for grants payable, affecting granting expenditures by $96k in F2022, ($261k) in F2021, and $32k in F2020. Ci used the charity's T3010 filing with the CRA to determine administrative and fundraising costs. Amortization was taken out of administrative and fundraising costs on a pro-rata basis.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
1 |
$120k - $160k |
0 |
$80k - $120k |
3 |
$40k - $80k |
6 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2022
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Comments & Contact
Comments added by the Charity:
Charity Contact
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