Queen Elizabeth Hospital 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.
C
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.
83%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 83 cents are available for programs.
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OVERVIEW
About Queen Elizabeth Hospital Foundation:
Queen Elizabeth Hospital Foundation is a 2-star charity. It has a C Results Reporting grade, which is below average. The charity's reserve funds can cover its program costs for over five years. For every dollar donated to QEHF, 83 cents are available to go to the cause, which is within Ci's reasonable range.
Queen Elizabeth Hospital Foundation (QEHF) raises funds for medical equipment at Queen Elizabeth Hospital (QEH). According to the Foundation, QEH is the largest healthcare provider in Prince Edward Island. In F2023, QEHF spent $5.4m on grants and $197k on program costs. The charity did not provide a breakdown of its grants or its program costs.
In F2023, Queen Elizabeth Hospital Foundation purchased a new MRI ventilator: a piece of equipment that allows people unable to breathe on their own to get an MRI. QEHF also purchased two mammography machines. The charity states the hospital performs more than 8,500 screening and diagnostic mammograms each year. QEHF helped fund the Cardiology Information System. This system uploads data from cardiac function testing across all hospitals in PEI.
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Results and Impact
Charity Intelligence found Queen Elizabeth Hospital Foundation reported many stories but little data / few results on its work. This may not be a complete representation of QEHF’s results and impact.
This charity is not yet rated on impact (n/r).
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Finances
Queen Elizabeth Hospital Foundation received $5.6m in donations and special events revenue in F2023. The charity also received $2.0m in government funding, representing 18% of total revenue. QEHF spent $5.6m on grants and program costs, which is 51% of revenue. QEHF recorded a surplus of $4.4m in F2023, which is 40% of revenue.
Administrative costs are 6% of revenue (excluding investment income) and fundraising costs are 11% of donations. For every dollar donated to the charity, 83 cents are available to go to the cause, which is within Ci’s reasonable range.
QEHF has $41.2m in reserve funds (cash and investments), of which $11.6m is donor endowed. Excluding donor-endowed funds, the charity’s reserves can cover 593%, or five years and 11 months of its annual grant and program costs.
The charity’s $39.6m in investments returned $3.4m, at a rate of 9% in F2023. In F2022, the charity’s $36.2m in investments returned -$2.6m, at a rate of -7%. Over the past nine years, Ci estimates QEHF’s investments have an average rate of return of 5%.
QEHF has $10.4m committed for future medical equipment purchases in F2023.
Charity Intelligence sent an update of this report to Queen Elizabeth Hospital Foundation for review. Changes and edits may be forthcoming.
Updated on June 6, 2024 by Liam Chapleau.
Financial Review
Fiscal year ending June
|
2023 | 2022 | 2021 |
|---|---|---|---|
| Administrative costs as % of revenues | 6.2% | 7.7% | 5.1% |
| Fundraising costs as % of donations | 10.9% | 9.5% | 9.2% |
| Total overhead spending | 17.0% | 17.1% | 14.4% |
| Program cost coverage (%) | 593.4% | 434.4% | 1,224.6% |
Summary Financial StatementsAll figures in $000s |
2023 | 2022 | 2021 |
|---|---|---|---|
| Donations | 4,205 | 4,081 | 4,355 |
| Government funding | 2,000 | 0 | 1,500 |
| Special events | 1,368 | 1,230 | 1,185 |
| Investment income | 3,438 | (2,606) | 6,162 |
| Total revenues | 11,011 | 2,704 | 13,202 |
| Program costs | 197 | 180 | 174 |
| Grants | 5,381 | 6,417 | 2,970 |
| Administrative costs | 466 | 407 | 361 |
| Fundraising costs | 605 | 503 | 511 |
| Total spending | 6,650 | 7,508 | 4,017 |
| Cash flow from operations | 4,361 | (4,803) | 9,185 |
| Capital spending | 0 | 0 | 0 |
| Funding reserves | 41,242 | 37,313 | 41,655 |
Note: 1.USE OF T3010: Ci used the charity’s T3010 filing with the CRA to report program, administrative, and fundraising costs. The charity’s T3010 reconciled with the charity’s audited financial statements.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
0 |
$120k - $160k |
0 |
$80k - $120k |
4 |
$40k - $80k |
4 |
< $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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