Southlake Regional Health Centre Foundation
STAR RATINGCi's Star Rating is calculated based on the following independent metrics: |
✔+
FINANCIAL TRANSPARENCY
Audited financial statements for current and previous years available on the charity’s website.
B
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.
58%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 58 cents are available for programs.
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OVERVIEW
About Southlake Regional Health Centre Foundation:
Southlake Regional Health Centre Foundation is a 3-star rated charity. It has an average Results Reporting grade of B. For every dollar donated, 58 cents are available to go towards the cause. Its reserve funds can cover four years and four months of annual granting.
Southlake Regional Health Centre Foundation (SRHC Foundation) is the fundraising arm of Southlake Regional Health Centre (SRHC), a full-service hospital located in Newmarket, Ontario. SRHC Foundation notes that Southlake Regional Health Centre is the fourth busiest emergency department in Ontario. In fiscal 2024 (year ended March), SRHC Foundation granted $8.9m to Southlake Regional Health Centre. SRHC Foundation did not provide a breakdown for this spending, however Ci determined the charity’s areas of focus to be Equipment, Patient Care, Infrastructure, and Staff Education.
Equipment: SRHC Foundation raises funds for up-to-date equipment at SRHC. In F2024, the charity reported funding the first PET-CT scanner in the York region. In other regions, it reported one new harmony linear accelerator, one new mammography machine, and 17 new chemotherapy chairs.
Patient Care: SRHC Foundation hopes its funds will help improve the quality, efficiency, and effectiveness of patient care at SRHC. In F2024, Southlake Regional Health Centre reports transplanting 13 kidneys, four sets of lungs, one full liver, one left liver segment, and recovered 39 tissues. These organ and tissue donations have saved 19 lives in F2024.
Infrastructure: The current emergency department at SRHC was built in 2003 and designed for around 60,000 patients. Since then, emergency department volumes have doubled, and Southlake is now seeing over 120,000 visits each year. Construction for the new emergency department is expected to begin in the fall of 2024.
Staff Education: SRHC Foundation did not provide any quantified data for this program in F2024.
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Results and Impact
Each year, Newsweek ranks hospitals in Canada. In 2023, Southlake Regional Health Centre was ranked the 25th best hospital overall, compared to 28th in 2022.
Southlake Regional Health Centre reports that its average wait time to be seen by a doctor is 39 minutes. SRHC claims that this is the shortest door-to-doctor time among peer hospitals.
While Charity Intelligence highlights these key results, they may not be a complete representation of SRHC Foundation’s results and impact. This charity is not yet rated on impact (n/r).
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Finances
In F2024, SRHC Foundation received $11.8m in donations, up 6% from $11.2m received in F2023. In F2024, SRHC Foundation also received $4.2m in investment income, which represents 26% of total revenues. Combined administrative and fundraising costs are 42%. For every dollar donated, 58 cents are available to go towards the cause. This is outside of Ci’s reasonable range for overhead spending. In F2024, SRHC Foundation granted $8.9m to SRHC which represents 55% of total revenues.
In F2024, Southlake Regional Health Centre Foundation has $49.8m in its reserve funds, of which $14.0m are donor endowed. Excluding the donor-endowed funds, the charity’s current reserves can cover four years and four months of annual granting.
Profile updated on July 30, 2024 by Abby Stout.
Financial Review
Fiscal year ending March
|
2024 | 2023 | 2022 |
|---|---|---|---|
| Administrative costs as % of revenues | 0.0% | 16.7% | 16.8% |
| Fundraising costs as % of donations | 0.0% | 24.5% | 26.8% |
| Fundraising & admin costs as % of revenues | 42.1% | 41.0% | 43.4% |
| Total overhead spending | 42.1% | 41.0% | 43.4% |
| Program cost coverage (%) | 436.0% | 3,376.9% | 1,053.3% |
Summary Financial StatementsAll figures in $000s |
2024 | 2023 | 2022 |
|---|---|---|---|
| Donations | 11,832 | 11,160 | 9,192 |
| International donations | 0 | 10 | 8 |
| Government funding | 0 | 15 | 8 |
| Lotteries (net) | 19 | 36 | 45 |
| Investment income | 4,223 | 475 | 2,317 |
| Total revenues | 16,075 | 11,696 | 11,570 |
| Grants | 8,909 | 1,657 | 3,464 |
| Administrative costs | 0 | 1,869 | 1,553 |
| Fundraising costs | 0 | 2,736 | 2,459 |
| Fundraising & administrative costs | 4,986 | 0 | 0 |
| Total spending | 13,895 | 6,262 | 7,475 |
| Cash flow from operations | 2,180 | 5,435 | 4,095 |
| Capital spending | 12 | 17 | 12 |
| Funding reserves | 49,803 | 47,383 | 42,632 |
Note: CRA FILING: Ci used the charity’s T3010 filing with the CRA to report international donations and government funding. Ci also used the T3010 filing to separate administrative and fundraising costs. At the time of this profile, the charity’s F2024 T3010 filing was not available so total donations might be overstated. DEFERRED REVENUE: To report on a cash-basis, Ci adjusted for the change in deferred revenue. This affected total revenues by $180k in F2024, ($44k) in F2023, and $14k in F2021. DUE TO SOUTHLAKE: Ci adjusted for the change in amounts due to SRHC. This affected total expenses by $2.7m in F2024, ($2.7m) in F2023, and $357k in F2022.
Salary Information
$350k + |
1 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
1 |
$160k - $200k |
1 |
$120k - $160k |
5 |
$80k - $120k |
2 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2023
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Comments & Contact
Comments added by the Charity:
Charity Contact
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