Murchison Foundation

178 Fitzroy Street
Charlottetown, PE C1A 7L9
President: Vaughn Smith
Director: Gordon Matheson

Website: www.murchisonfoundation.com
Charitable Reg. #: 11904 9294 RR0001
Sector: Health
Public Foundation

Donor Accountability

Grade: F

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 available only through official request for information from Canada Revenue Agency [ Audited financial statement for most recent year ]

Need for Funding

Funding Reserves Program Costs

Spending Breakdown

Full-time staff #2

Avg. Compensation $52,999

Top 10 Staff Salary Range

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

About Murchison Foundation:

Founded in 1984, Murchison Foundation aims to assist in providing programs and services for people experiencing mental illness on Prince Edward Island. It seeks to fulfil this mission by granting funds to the Canadian Mental Health Association of P.E.I. (CMHA). The Foundation is named for Dr. Alexander Murchison, a pioneer of mental health services in the province, whose efforts brought great progress in mental health treatment facilities within the province.

Grants are allocated to 4 projects at CMHA: training and development; consumer and family support; Club House Programs; and residential programs and housing.

Murchison Foundation raises funds through two bingo operations in the province: Bingoworld Charlottetown and Bingoworld Summerside. It also rents out commercial space at the Murchison Centre. In F2015, revenue from these activities generated $4.1m in revenues, of which only $97k was granted to the Canadian Mental Health Association.

Financial Review:

Murchison Foundation is a medium-sized charity with $4.1m in special events fundraising in F2015. Administrative costs were 18% of revenues and fundraising costs were 78% of special events revenue. For every $1 donated, 3 cents went to the cause. This falls outside of Charity Intelligence’s reasonable range for overhead spending. Funding reserves are ($743k) due to $750k in interest-bearing debt, indicating a need for funding.

This charity report is an update that is currently being reviewed by Murchison Foundation. Changes and edits may be forthcoming.

Updated on July 5, 2017 by Juliana Badovinac.

Financial Ratios

Fiscal year ending March
201520142013
Administrative costs as % of revenues 18.4%18.5%19.3%
Fundraising costs as % of donations 78.2%77.8%69.4%
Program cost coverage (%) (762.2%)(623.7%)(458.9%)

Summary Financial Statements

All figures in $s
201520142013
Special events 4,129,6404,087,2223,595,004
Total revenues 4,129,6404,087,2223,595,004
Grants 97,497130,000130,000
Administrative costs 760,927755,510693,510
Fundraising costs 3,230,3353,179,1772,494,704
Cash flow from operations 40,88122,535276,790
Funding reserves (743,133)(810,848)(596,552)
Note: Ci allocated advertising costs to fundraising, decreasing administrative costs by $37k in F2015, $24k in F2014, and $42k in F2013. Depreciation expenses were removed from administrative costs, decreasing administrative costs be $57k in F2015, $73k in F2014, and $71k in F2013.

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