Southlake Regional Health Centre Foundation

102-581 Davis Drive
Newmarket, ON L3Y 2P6
President & CEO: Neila Poscente
Board Chair: Dave Wattling

Website: www.southlakefoundation.ca
Charitable Reg. #: 13179 7540 RR0001
Sector: Health - Hospital Foundation
Public Foundation

Social Results Reporting

Grade: B-

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

donor
endowed
Funding Reserves Program Costs

Spending Breakdown

Full-time staff #27

Avg. Compensation $78,643

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 0
$250k - $300k 0
$200k - $250k 1
$160k - $200k 0
$120k - $160k 2
$80k - $120k 7
$40k - $80k 0
< $40k 0
Information from most recent CRA Charities Directorate filings for F2015

About Southlake Regional Health Centre Foundation:

The Southlake Regional Health Centre Foundation is the fundraising arm of the Southlake Regional Health Centre, a full-service hospital located in Newmarket, Ontario. The charity fundraises to support the Southlake Regional Health Centre and the community it serves. In F2015, the charity granted $11.7m to the Southlake Regional Health Centre and $52k to the community on behalf of the hospital. The charity reports that 29% of donations are spent on cardiac care and 21% on cancer care.

In F2014, the Southlake Regional Health Centre completed 739 pacemaker procedures, 345 defibrillator procedures, and 310 complex ablations. On average, the hospital treats 22 patients in palliative care at any given time, and 170 patients and families use the hospice facilities each year. In F2015, the foundation completed the $16m Images for Life Campaign to upgrade diagnostic imaging across the hospital. With the campaign funding, the hospital opened a new Interventional Radiology Suites in 2012 and the hospital expects to accept patients to its second MRI machine in 2016.

Financial Review:

In F2015, the Southlake Regional Health Centre Foundation spent 18% of revenues on administrative costs and 25% of donations on fundraising costs. Total overhead costs of 43% fall outside of Ci's reasonable range. The foundation has funding reserves $28.3m, including $10.6m of donor-endowed funds. The total funding reserve can cover annual grants for 2.4 years or 1.6 years excluding donor-endowed funds.

Analysis updated by Ruoxi Gao in 2016, currently under review by the Southlake Regional Health Centre Foundation.

Financial Ratios

Fiscal year ending March
201520142013
Administrative costs as % of revenues 18.2%8.2%14.5%
Fundraising costs as % of donations 25.2%17.8%19.4%
Program cost coverage (%) 240.9%720.7%344.2%

Summary Financial Statements

All figures in $000s
201520142013
Donations 7,94312,6088,562
Investment income 1,9563,2771,732
Other income 0230195
Total revenues 9,89916,11610,490
Grants 11,7604,7067,230
Administrative costs 1,4451,0471,272
Fundraising costs 2,0022,2481,663
Cash flow from operations (5,308)8,115325
Funding reserves 28,32933,91224,887
Note: Ci used fundraising allocations from the charity's T3010 CRA filing as the charity did not report fundraising costs separately from administration costs on its audited financial statements.

Comments added by the Charity:

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