VGH & UBC Hospital Foundation

190-855 West 12th Avenue
Vancouver, BC V5Z 1M9
President & CEO: Barbara Grantham
Board Chair: David McLean

Website: www.vghfoundation.ca
Charitable Reg. #: 13217 3063 RR0001
Sector: Health - Hospital Foundation
Public Foundation

Social 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

Most recent audited financial statements available on the charity's website [ Audited financial statement for most recent year ]

Program Cost Coverage

Funding Reserves Program Costs

Spending Breakdown

Full-time staff #52

Avg. Compensation $102,052

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 1
$250k - $300k 0
$200k - $250k 1
$160k - $200k 2
$120k - $160k 3
$80k - $120k 3
$40k - $80k 0
< $40k 0
Information from most recent CRA Charities Directorate filings for F2013

About VGH & UBC Hospital Foundation:

Founded in 1980, the Foundation raises money on behalf of the University of British Columbia Hospital, the Vancouver General Hospital, the GF Strong Rehab Centre, the Vancouver Coastal Health Research Institute, and Vancouver Community Health Services. Funds are used to expand facilities, purchase equipment, and to support patient care, research, and education. The Foundation reports that every year more than 600,000 British Columbians access the affiliated hospitals and community health services. Since 1980, the Foundation has raised over $500m.

In recent years, the Foundation has supported a number of equipment purchases including Western Canada's first surgical robot. It has also established an educational bursary for nurses, supported the construction of a number of clinical and research centres, and has endowed chairs in multiple sclerosis research and breast reconstruction surgery.

Financial Review:

The UBC & VGH Foundation's administrative costs were 14% of revenues and fundraising costs were 3% of donations. The Foundation has reserves of $189.4m, which cover annual program costs 8.4 times. Included in reserves are $65.1m in restricted funds. Ci was unable to determine what fraction of these restricted funds are donor endowed, and therefore the full amount was included in program cost coverage calculations.

Financial Ratios

Fiscal year ending March
201420132012
Administrative costs as % of revenues 13.5%15.9%14.6%
Fundraising costs as % of donations 3.4%3.6%2.1%
Program cost coverage (%) 835.0%698.3%470.2%

Summary Financial Statements

All figures in $000s
201420132012
Donations 33,67032,89529,478
Government funding 5,00000
Fees for service 002,100
Lotteries (net) 4,4953,8772,933
Business activities (net) 1,7831,5791,449
Investment income 8,9733,8253,488
Other income 2,5244,1266,070
Total revenues 56,44446,30245,518
Grants 22,68422,48228,089
Administrative costs 6,3966,7476,116
Fundraising costs 1,1421,175611
Cash flow from operations 26,22215,89710,702
Funding reserves 189,406156,999132,061
Note: Lottery income has been reported net of expenses. This reduced both revenues and expenses by $15.1m in F2014, $15.1m in F2013, and $13.3m in F2012. An $84k gain on the sale of property has been excluded from revenues in F2012.

Comments added by the Charity:

VGH & UBC Hospital Foundation is committed to ensuring that Canadians have access to correct information to help them make informed choices.

We’ve included some additional context on some of the information presented by Charity Intelligence and would be pleased to respond directly to any inquiries on our financial information

Analysis of “Funding Reserves” as defined by Charity Intelligence.

The Charity Intelligence metrics of “Funding Reserves” and “Program Cost Coverage (%)” implicitly assume that all cash and investments are freely available for use and do not account for the needs of VGH & UBC Hospital Foundation to continue raising funds in support of health care.

The following reconciliations more appropriately demonstrate coverage ratios.

The second reconciliation shows true program coverage, again, using audited financial statements.

Charity Intelligence States that the Foundation “does not disclose total endowment funds restricted by donors”.  In fact the Foundation does disclose the amounts of Endowment, Specific Purpose and General Fund on the audited financial statements.

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