Murchison Foundation

PO Box 785
Charlottetown, PEI C1A 7L9
President: Vaughn Smith
Director: Gordon Matheson

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 #4

Avg. Compensation $43,135

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 1
< $40k 3
Information from most recent CRA Charities Directorate filings for F2012

About Murchison Foundation:

Founded in 1984, the 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. 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.

The Murchison Foundation raises funds through two bingo operations in the province: Bingoworld Charlottetown and Bingoworld Summerside. In F2012, the two locations generated $3.6m in revenues, of which only $120k was granted to the Canadian Mental Health Association.

Financial Review:

In F2012, the Foundation’s administrative costs were 19% of revenues, while fundraising costs were very high, at 77% of donations and special events revenue. Due to over $550k in long-term debt related to a mortgage and $49k in bank indebtedness, the Foundation has negative funding reserves and a negative program cost coverage.

Financial Ratios

Fiscal year ending March
Administrative costs as % of revenues 19.3%19.4%19.6%
Fundraising costs as % of donations 76.7%78.5%73.8%
Program cost coverage (%) (544.1%)(980.7%)(272%)

Summary Financial Statements

All figures in $s
Special events 3,588,7053,597,3733,868,929
Total revenues 3,588,7053,597,3733,868,929
Grants 120,00070,000262,500
Administrative costs 691,263698,072758,511
Fundraising costs 2,751,4012,825,3212,854,630
Cash flow from operations 26,0413,980(6,712)
Funding reserves (652,861)(686,512)(714,096)

Comments added by the Charity:

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