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St. Paul's Foundation

178 – 1081 Burrard Street
Vancouver, BC V6Z 1Y6
CEO: Dick Vollet
Treasurer: Chris Fisher

Charitable Reg. #: 11925 7939 RR0001
Sector: Health - Hospital Foundation
Public Foundation

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

Audited financial statements for current and previous years available on the charity's website [Audited financial statement for most recent year]

Need for Funding

Funding Reserves Program Costs

Spending Breakdown

Cents to the Cause

2014 2015 2016
For a dollar donated, cents funding the cause after fundraising and admin costs, excluding surplus.

Full-time staff #30

Avg. Compensation $95,140

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 0
$250k - $300k 0
$200k - $250k 1
$160k - $200k 0
$120k - $160k 2
$80k - $120k 2
$40k - $80k 5
< $40k 0
Information from most recent CRA Charities Directorate filings for F2016

About St. Paul's Foundation:

Established in 1980, St. Paul’s Foundation raises funds for St. Paul’s Hospital and the nine other Providence Health Care hospitals and residences in British Columbia. The foundation focuses its efforts on: Targeted Disease Elimination, Kidney, Mental Health and Addiction, Elder Care, Breast Cancer, and Residential Care. St. Paul's Hospital specializes in heart and lung disease, HIV/AIDS, mental illness, and renal disease.

In 2015, St. Paul’s Foundation announced its plan to build a new hospital and integrated academic health campus to replace its 120-year-old building at an estimated cost of $1.2 billion. Upon completion, this will be the first research and teaching hospital in British Columbia.

In F2016, the foundation raised $30.7m and granted $15.2m to Providence Health Care to fund 45 hospital programs: 49% of the grant was spent on research, 22% on education, 15% on capital projects, 13% on equipment, and 1% on enhancing patient care.  The foundation also granted $2m to University of British Columbia and Simon Fraser University.

In April 2016, St. Paul’s Hospital Foundation Vancouver merged with Tapestry Foundation to become St. Paul’s Foundation.

Financial Review:

St. Paul’s Foundation is a Major 100 charity with F2016 donations of $30.7m. Its administrative costs are 2% of revenues and its fundraising costs are 12% of donations. For every dollar donated, 85 cents go towards St. Paul’s Foundation’s programs, falling within Ci’s reasonable range. The charity has funding reserves of $87.5m, of which $13.7m is donor-endowed. This results in a program cost coverage ratio, excluding donor-endowed funds, of 445%. This means that the charity can fund about 4.5 years of its annual program costs using its existing reserves.

This charity report is an update that is being reviewed by St. Paul’s Foundation. Changes and edits may be forthcoming.

Updated June 28, 2017 by Kevin Silberberg.

Financial Ratios

Fiscal year ending March
Administrative costs as % of revenues 2.4%3.7%3.2%
Fundraising costs as % of donations 12.2%10.8%11.5%
Program cost coverage (%) 507.3%650.9%607.9%

Summary Financial Statements

All figures in $000s
Donations 30,70824,24920,301
Investment income 10,5855,0985,317
Other income 0281
Total revenues 41,29329,37525,618
Program costs 000
Grants 17,24512,37510,887
Administrative costs 720890646
Fundraising costs 3,7422,6152,337
Cash flow from operations 19,58513,49511,749
Funding reserves 87,48180,54866,177
Note: Ci included unrealized investment gains (loss) in revenues, affecting revenues by $6m in F2016, ($933k) in F2015, and by $2.7m in F2015.

Comments added by the Charity:

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