Credit Valley Hospital Foundation

2200 Eglinton Avenue West
Mississauga, ON L5M 2N1
CEO: Steve Hoscheit
Board Chair: Michele Darling

Charitable Reg. #: 10520 6353 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

Audited financial statements for current and previous years 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 #14

Avg. Compensation $113,507

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 0
$250k - $300k 1
$200k - $250k 0
$160k - $200k 0
$120k - $160k 2
$80k - $120k 3
$40k - $80k 4
< $40k 0
Information from most recent CRA Charities Directorate filings for F2012

About Credit Valley Hospital Foundation:

Founded in 1982, the Credit Valley Hospital Foundation is dedicated to raising the critical funds needed to address the highest priority needs of Trillium Health Partners, Credit Valley Hospital. The Foundation raises funds to support Credit Valley Hospital in the following priority areas: revitalizing and expanding patient care spaces; equipment and technology to improve speed, safety and accuracy in patient care; and research and education to continuously improve health outcomes and expand training of care professionals. In addition, the Foundation works in collaboration with Trillium Health Centre Foundation on projects that benefit all of Trillium Health Partners which is made up of three hospital sites: Credit Valley Hospital; Mississauga Hospital and Queensway Health Centre. Trillium Health Partners also has a teaching affiliation with the Mississauga Academy of Medicine at the University of Toronto Mississauga.

In 2012, The Credit Valley Hospital Foundation successfully closed out its $45 million Lifetime of Care campaign which enabled a two-wing expansion at Credit Valley Hospital. The new block of wings house the expanded palliative care unit, complex continuing care, a larger laboratory and the new Erin Mills Regional Women's and Children's Health Centre, including a regional Advanced Level II Neonatal Intensive Care Unit, one of only five in the Greater Toronto Area.

The Foundation is currently raising money for a Phase III of expansion which will focus on the Emergency Department, Critical Care Unit and Surgery Program, including the establishment of the region's first surgical robotics program.

Financial Review:

Administrative and fundraising costs together are 38% of revenues (excluding interest income). The Foundation has funding reserves of $8.2m (including $1.4m of donor designated-endowed funds and $2.4m of expendable donor designated funds), which cover annual program costs 1.9 times. Annual program cost coverage may vary significantly year-over-year as grants are distributed in lump sums pre-determined by the Hospital's cash flow requirements for major capital redevelopment.

Financial Ratios

Fiscal year ending March
Fundraising & admin costs as % of revenues 37.7%37.5%52.4%
Program cost coverage (%) 192.6%84.1%670.2%

Summary Financial Statements

All figures in $000s
Donations 4,7774,7823,867
Business activities (net) 615328281
Special events 1,9861,0371,491
Investment income 214586774
Total revenues 7,5926,7336,413
Grants 4,2729,4403,077
Fundraising & administrative costs 2,7792,3052,956
Cash flow from operations 541(5,012)380
Funding reserves 8,2287,94120,619
Note: The revenues are exclusive of interest income in the calculation of Fundraising and Administrative costs as a percentage of revenue ratio.

Comments added by the Charity:

Ci does not include investment income in the calculation of Fundraising and administrative costs as a percentage of revenue, while the Foundation calculates it as a percentage of total revenues - 36.6% in 2013, 34.2% in 2012, and 46.1% in 2011. Annual program cost coverage may vary significantly year-over-year as grants are distributed in lump sums pre-determined by the Hospital's cash flow requirements for major capital redevelopment. Average compensation shown represents total salary and benefits costs divided by number of employees, and does not represent average salary.

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