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IWK Foundation

B220-5855 Spring Garden Road
Halifax, NS B3H 4S2
President & CEO: Jennifer Gillivan
Board Chair: Steven Moore

Website: www.iwkfoundation.org
Charitable Reg. #: 86755 8090 RR0001
Sector: Health
Public Foundation

Donor Accountability

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

95¢
75¢
avg
65¢
50¢
2014 2015 2016
For a dollar donated, cents funding the cause after fundraising and admin costs, excluding surplus.

Full-time staff #30

Avg. Compensation $65,141

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 0
$250k - $300k 0
$200k - $250k 0
$160k - $200k 0
$120k - $160k 1
$80k - $120k 3
$40k - $80k 6
< $40k 0
Information from most recent CRA Charities Directorate filings for F2017

About IWK Foundation:

Founded in 1997, IWK Health Centre Foundation is the fundraising arm of IWK Health Centre in Halifax, Nova Scotia. Donations directly support priority equipment and fund programs, research and new facilities at IWK Health. IWK Foundation’s mission is to champion excellence in health care for women and children in the Maritimes.

 In F2016, IWK Health Centre Foundation granted $13.7m to IWK Centre. Of this grant, most funded the opening of IWK Kids Rehab Centre for children and youth with physical disabilities, acquired brain injuries, and spinal cord injuries. In F2016, this rehab centre served thousands of Maritime children, inspiring these children to meet their full potential. The rehab centre provides occupational therapy, physiology, psychology, nutrition, and recreational therapy. IWK Foundation granted $1.8m in research and fellowships, including a new research chair exploring better outcomes for youth seeking emergency mental health, and a $125k fellowship for research projects in hematology, oncology, and bone marrow transplants. IWK Foundation purchased $911k in new equipment, including NeoPuffs, state-of-the art cribs, surgical drills, and central monitoring systems.

In May 2014, IWK Foundation supported the opening of the Garron Centre for Child & Adolescent Mental Health, a $10m state-of-the-art facility with 16 beds for youth with severe mental health. This new space provides warm and cozy care, a music room, an exercise room and open space, with hospital rooms able to accommodate parents. This new facility has lowered rates of aggression.

In February 2017, IWK Foundation concluded its ‘Breakthroughs in Care’ campaign, which raised $51.2m to redesign and create new space at IWK Health Centre for mental health, critical care, rehabilitation, women’s health, and research. The foundation reports that new Intensive Care Units, a redeveloped Early Labour and Assessment Unit and an integrated Operating Room for Women’s Health will be opened in the coming years.

Financial Review:

IWK Health Centre Foundation is a big-cap charity with $16.8m in donations and special events revenue in F2016. Administration costs are 18.4% of total revenues and fundraising costs are 9.6% of donations. As such, for every $1 donated, 72 cents went to the cause. This falls within Charity Intelligence’s reasonable range of overhead spending.

IWK has built up funding reserves of $71.6m, that cover grants at current levels for 5 years. Donors should note that these funding reserves reflect the recent campaign and will be drawn down to fund special projects in the short-term. Investment returns on these funds declined 3% reflecting stock market declines in F2016 with unrealized losses of $5.5m, offset by investment income of $3.6m.

This charity report is an update that is currently being reviewed by IWK Health Centre Foundation. Charity Intelligence has spoken with IWK Foundation management and has made edits raising the donor accountability grade and changing the recognizing of grants to IWK Health (see financial notes below).

Updated June 5, 2017 by Juliana Badovinac, edited October 23, 2017 by Kate Bahen.

Financial Ratios

Fiscal year ending March
201620152014
Administrative costs as % of revenues 18.4%17.0%16.4%
Fundraising costs as % of donations 9.6%8.3%9.9%
Program cost coverage (%) 522.2%627.4%448.8%

Summary Financial Statements

All figures in $000s
201620152014
Donations 9,92611,33511,763
Special events 6,9237,0466,820
Investment income (1,940)3,6458,280
Other income 1,5521,3041,440
Total revenues 16,46023,33028,304
Program costs 000
Grants 13,70511,76914,951
Administrative costs 3,3823,3383,275
Fundraising costs 1,6161,5171,842
Cash flow from operations (2,243)6,7068,236
Funding reserves 71,57273,83767,101
Note: Charity Intelligence is reporting the administrative costs and fundraising costs from IWK Foundation's annual filings with the CRA Charities Directorate.  Charity Intelligence "follows the money" for donors and consistently reports grants on a cash basis, unwinding the accrued accounting provided in audited financial statements. IWK Foundation reports grants to IWK Health that include commitments and payments to make in future periods. This includes short-term timing with IWK Foundation waiting to receive receipts from IWK Health. These commitments/accrueds were $265k in F2016, $1.3m in F2014, and $12k in F2014.

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