Princess Margaret Cancer Foundation is a 3-star charity that is financially transparent. It has a B results reporting grade, which is average. The charity has $884 million in funding reserves that can cover just under five years of its granting.

Founded in 1982, Princess Margaret Cancer Foundation (PMCF) funds research, education and patient care at Princess Margaret Cancer Centre (PMCC). This Centre is a part of the University Health Network (UHN) in Toronto. It treats over 200 types of cancer and treats more than 18,000 new patients from around the world each year. Currently, cancer is the number one cause of death in Canada, with two in five Canadians developing cancer in their lifetime. PMCC launched its new Strategic Plan for 2023 and beyond “Always Moving Forward” that is based on three strategic pillars: elevate, explore and inspire.

Research, Education and Patient Care represented 85% of grants in F2024. The charity does not provide a spending breakdown between these different areas. Almost one in five patients (23%) at the Princess Margaret’s Cancer Clinical Research Unit are enrolled in clinical trials, exceeding provincial and national levels. Through its research work, PMCC created 1,246 peer-reviewed publications in high-impact journals in 2023. In F2024, a clinical trial completed with a KRAS-targeting drug showed positive results, advancing treatment options for KRAS-related lung and colon cancers. Also, the Oncology Nursing Research Centre of Excellence was launched. In terms of education, PMCF collaborates globally with researchers, clinicians, and educators in 107 countries. PMCC runs a global cancer program that had 282 participants, six trainees and 28 fellows in the development program in F2022. For patient care, PMCF reports that its oncology teams with 72 surgeons perform over 6,000 cancer surgeries each year and provide palliative care to 160 people globally. Its radiation medicine program receives over 89,000 visits per year.

In F2024, the remaining program spending was split between Building (12% of grants) and Equipment (4% of grants). In F2024, Princess Margaret Cancer Centre Network was expanded with three additional cancer centres. Also, one new clinic, Wharton Centre for Head and Neck Cancers, was opened.

Princess Margaret Cancer Foundation is a Major 100 charity, one of Canada’s largest in terms of donations. It received $104.8m in donations and special events revenue in F2024. PMCF also received $49.6m in net lottery revenue, representing 21% of total revenues. In F2024, the charity granted $147.1m to Princess Margaret Cancer Center, which is 62% of total revenues.

Administrative costs are 6% of revenues (less investment income) and fundraising costs are 27% of donations and special events revenue (excluding donations from UHN and other affiliated foundations). This results in overhead spending of 33%. For every dollar donated to the charity, 67 cents are available to go to the cause. This is within Ci's reasonable range of 65 to 95 cents to the cause. 

PMCF has reserve funds of $884.2m, of which $214.3 is donor endowed. Excluding donor-endowed funds, the charity’s reserves can cover almost four years and 11 months of annual grant costs. Its funding reserves do not include a $17.9m endowment fund held by the University of Toronto for the benefit of graduate students conducting research at PMCC.

PMCF’s funding reserves contributed $68.7m in investment income in F2024, an estimated rate of return of 8% (compared to an investment income of $16.5m at a return of 2% in F2023). Over the last three years, Ci estimates that the charity’s investment returns have averaged 5%. PMCF has outstanding commitments to invest $37.4m in private capital over the next three to five years.

Princess Margaret Cancer Foundation discloses multiple related party transactions with University Health Network (UHN). In F2024, it paid $147.1m in grants to UHN (by Ci calculations). It paid UHN a further $19.4m for salaries, $1.7m for a lease payment for office space, and $75k for general office expenses. PMCF also decreased its net amount owed to UHN through a $3.9m increase to accounts payable and $7.5m in accounts receivable. The charity also received $1.9m in royalty payments which was included as fundraising revenue in the audited financial statements. Included in donations for PMCF, $5.3m came from affiliated foundations in F2024. This is money that travels from donors through UHN to PMCF.

Charity Intelligence has sent this update to Princess Margaret Cancer Foundation for review. Changes and edits may be forthcoming. 

Updated on August 6th, 2024 by Alexia Tudose.