South Okanagan Similkameen Medical 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.
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.
80%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 80 cents are available for programs.
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OVERVIEW
About South Okanagan Similkameen Medical Foundation:
South Okanagan Similkameen Medical Foundation is a 1-star charity. It is not financially transparent and has a low results reporting grade. Read Charity Intelligence’s report before you give.
Founded in 1981, South Okanagan Similkameen Medical Foundation (SOSMF) raises funds for medical equipment, research, and patient comfort at healthcare facilities. The charity helps hospitals buy capital equipment that the government does not provide. SOSMF grants to facilities across six towns in British Columbia: Keremeos, Oliver, Osoyoos, Penticton, Princeton, and Summerland.
South Okanagan Similkameen Medical Foundation provides funds for two programs: Healthcare Equipment and Other Improvements. In F2022, SOSMF distributed a total of $2.2m in grants. The charity does not provide a breakdown of its spending between its programs.
South Okanagan Similkameen Medical Foundation funds Healthcare Equipment as needed. In F2022, SOSMF funded one ultrasound machine for Cardiology Care and one EEG machine for the Neurology Department. It also helped buy one bariatric bed. The charity also purchased 15 LIFEPAK defibrillators. SOSMF did not disclose which healthcare facilities these purchases went to. It mentioned that only five of the six towns it works in received funding in F2022.
South Okanagan Similkameen Medical Foundation also funds Other Improvements such as research programs and infrastructure development. The charity does not provide information about these improvements in F2022. SOSMF is currently trying to raise $10 million to create a new Oncology Department at Penticton Regional Hospital.
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Results and Impact
Charity Intelligence found that South Okanagan Similkameen Medical Foundation reported many stories but no numeric results on its work.
This may not be a complete representation of the charity’s results and impact. South Okanagan Similkameen Medical Foundation is not yet rated on impact (n/r).
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Finances
South Okanagan Similkameen Medical Foundation is not financially transparent. Its financial statements are not posted online nor available upon request. The financial review for SOSMF was completed using financial statements for the years F2022, F2021, and F2020 which were obtained through a request to the CRA.
SOSMF had donations revenue of $3.5m in F2022. Combined administrative and fundraising costs are 20% of revenues. For every dollar donated, 80 cents go to the cause, which is within Ci’s reasonable range for overhead spending.
SOSMF has $12.2m in reserve funds, of which $2.8m is donor endowed. Excluding donor-endowed funds, the charity could cover 465% or about four years and eight months of annual program costs with reserves.
Charity Intelligence sent an update of this report to South Okanagan Similkameen Medical Foundation for review. Changes and edits may be forthcoming.
Updated on August 19, 2023 by Clive Stevens.
Financial Review
Fiscal year ending March
|
2022 | 2021 | 2020 |
|---|---|---|---|
| Fundraising & admin costs as % of revenues | 19.6% | 17.6% | 13.6% |
| Total overhead spending | 19.6% | 17.6% | 13.6% |
| Program cost coverage (%) | 464.6% | 296.5% | 265.1% |
Summary Financial StatementsAll figures in $s |
2022 | 2021 | 2020 |
|---|---|---|---|
| Donations | 3,496,953 | 3,495,405 | 4,305,503 |
| Goods in kind | 0 | 0 | 28,543 |
| Government funding | 0 | 90,922 | 0 |
| Business activities (net) | 334,555 | 238,219 | 304,140 |
| Investment income | 166,202 | 807,874 | 50,098 |
| Other income | 38,737 | 47,631 | 85,899 |
| Total revenues | 4,036,447 | 4,680,051 | 4,774,183 |
| Grants | 2,159,064 | 2,862,559 | 2,895,892 |
| Fundraising & administrative costs | 756,829 | 681,800 | 640,741 |
| Other costs | 96 | 418 | 3,827 |
| Total spending | 2,915,989 | 3,544,777 | 3,540,460 |
| Cash flow from operations | 1,120,458 | 1,135,274 | 1,233,723 |
| Capital spending | 0 | 0 | 7,155 |
| Funding reserves | 12,173,495 | 10,801,119 | 9,640,725 |
Note: Ci included loss on realization of charitable remainder trusts in investment income and reported it net of investment fees, affecting total revenues and expenses by $nil in F2022, $nil in F2021, and ($1k) in F2020. Ci included donations from the Care Closet in Canadian Donations that were reported below the line. This increased revenues by $67k in F2022, $41k in F2021, and $55k in F2020. Ci reported Café income net of expenses, affecting total revenues and expenses by ($142k) in F2022, ($95k) in F2021, and ($158k) in F2020.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
1 |
$120k - $160k |
0 |
$80k - $120k |
3 |
$40k - $80k |
2 |
< $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
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: (250) 492-9027