Princess Margaret Cancer Foundation

610 University Ave.
Toronto, ON M5G 2M9
President & CEO: Miyo Yamashita
Board Chair: Janice Fukakusa

Charitable Reg. #:88900 7597 RR0001

STAR RATING

Ci's Star Rating is calculated based on the following independent metrics:

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✔+

FINANCIAL TRANSPARENCY

Audited financial statements for current and previous years available on the charity’s website.

B

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.

75%

CENTS TO THE CAUSE

For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 75 cents are available for programs.

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OVERVIEW

About Princess Margaret Cancer Foundation:

Founded in 1982, Princess Margaret Cancer Foundation (PMCF) raises funds to support research, patient care, and capital upgrades at Princess Margaret Cancer Centre (PMCC). Part of the University Health Network (UHN) in Toronto, the centre treats over 200 types of cancer and receives around 250,000 clinic visits each year. Princess Margaret Cancer Foundation estimates that 50% of Canadians will develop cancer during their lifetime. This amounts to around 225,000 Canadians diagnosed with cancer each year.

In F2021, PMCF granted $113.0m to Princess Margaret Cancer Centre, as well as $12.1m in unpaid amounts from prior years.

Research, Education, and Patient Care represented 82% of grants in F2021. In 2020, Princess Margaret Cancer Centre received 222,825 clinic visits and treated 82,571 patients. During the year, it received 17,433 new patients, of which 72% required treatment for malignant cancers. The centre also provided 76,108 radiation therapy visits, 5,333 surgical procedures, and 467 stem cell transplants. PMCC employs 1,304 researchers and research staff, who opened 163 new clinical studies in 2020. In addition to funding research projects, Princess Margaret Cancer Foundation supports training programs for students and fellows at PMCC. It reported that PMCC had 270 research trainees, 176 fellows, and 146 residents in 2020.

Buildings represented 15% of grants in F2021. First launched in 2017, PMCF’s Space Transformation campaign aims to raise $50 million to renovate the cancer centre’s main clinical facilities. This includes a new outpatient pharmacy, blood lab, education centre, patient lounge, childcare centre, palliative care clinic, and oncology clinic. In 2020, PMCC opened its renovated blood lab, outpatient pharmacy, and cancer education centre.

Equipment made up the remaining 3% of grants. In response to the covid-19 pandemic, PMCF helped to launch a new Frontline Fund with hospital foundations across Canada. The fund aimed to provide critical supplies to protect frontline workers and care for covid-19 patients. To date, it states that the fund has raised more than $11.5m for more than 140 hospitals.

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Results and Impact

Princess Margaret Cancer Foundation has not yet posted its 2021 annual report at the time of this update. These results refer to 2020 and earlier.

Princess Margaret self-identifies as one of the top five cancer research centres in the world. It ranks itself as 2nd in terms of the proportion of research papers published in high-impact oncology journals (15%). It also ranks itself as 5th in papers placing among the top 10% of citations in the same year and field (34%).

Research at PMCC has helped to identify that circular RNA, a rarely studied type of genetic material, is prevalent in cases of prostate cancer. A research team led by Dr. Housheng Hansen He studied 144 tumours, identifying more than 76,000 circular RNA samples. This included 30,000 samples that had not been previously described. Researchers are now testing whether circular RNAs can serve as markers to help diagnose prostate cancer earlier.

While Ci highlights these key results, they may not be a complete representation of Princess Margaret Cancer Foundation's results and impact. This charity is not yet rated on impact (n/r).

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Finances

Princess Margaret Cancer Foundation is a Major 100 charity, one of Canada’s largest in terms of donations. It received $75.3m in donations and special events revenue in F2021. PMCF also received $46.4m in net lottery revenue, representing 17% of revenues during the year. Combined administrative and fundraising costs are 25% of revenues (less investment income and net lotteries). For every dollar donated to the charity, 75 cents go to the cause. This is within Ci’s reasonable range for overhead spending. PMCF was previously outside of this reasonable range in F2020. However, its overhead costs fell by 22% in F2021, resulting in a lower overhead ratio. 

PMCF has funding reserves of $785.7m, of which $186.1m is donor-endowed. Excluding donor-endowed funds, the charity’s funding reserves can cover around 5.2 years of annual grant costs. Its funding reserves do not include a $16.9m endowment fund held by the University of Toronto for the benefit of graduate students conducting research at Princess Margaret Cancer Centre.

PMCF’s funding reserves contributed $114.4m in investment income in F2021, at an estimated rate of return of 22% (compared to an investment loss of $5.2m at a return of -1% in F2020). Over the last 11 years, Ci estimates that the charity’s investment returns have averaged 7%. PMCF has outstanding commitments to invest $12.2m in private capital over the next three to five years.

Princess Margaret Cancer Foundation discloses multiple related party transactions. In F2021, it paid $113.0m in grants and $12.1m in unpaid grant balances from prior years to UHN. It paid UHN a further $14.3m for salaries and $50k for office expenses. PMCF also received funding from UHN during the year, which Ci classified as other income. In F2021, funding from UHN consisted of $9.4m in royalty payments, $1.2m in other grants, and $19.6m in amounts receivable from prior years. Within its donations, PMCF received $480k in funding from affiliated foundations in F2021. It states that this funding consisted entirely of donor-directed donations.  

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

Updated on August 24, 2021 by Eric Zhao.

Financial Review


Financial Ratios

Fiscal year ending March
202120202019
Fundraising & admin costs as % of revenues 25.4%36.2%34.8%
Total overhead spending 25.4%36.2%34.8%
Program cost coverage (%) 517.8%440.6%572.8%

Summary Financial Statements

All figures in $000s
202120202019
Donations 68,96474,93167,416
Fees for service 43696980
Lotteries (net) 46,39841,58233,612
Special events 6,38517,45119,090
Investment income 114,444(5,153)36,964
Other income 30,0891,2863,425
Total revenues 266,323130,793161,487
Grants 125,109118,20995,247
Fundraising & administrative costs 26,74534,17731,601
Total spending 151,854152,386126,848
Cash flow from operations 114,469(21,593)34,639
Capital spending 000
Funding reserves 785,722639,310661,032

Note: According to its financial notes, PMCF includes licensing and royalty payments from other cancer charities within special events revenue. Ci reclassified these amounts as fees for service. Ci reclassified funding from UHN as other income, removing the amounts from donations. To report on a cash basis, Ci adjusted other income by changes in amounts receivable from UHN. This affected revenues by $19.6m in F2021, ($28.5m) in F2020, and ($911k) in F2019. Ci adjusted grants to UHN by changes in amounts payable to UHN. This affected revenues and expenses by $12.1m in F2021, $12.4m in F2020, and ($9.4m) in F2019.

Salary Information

Full-time staff: 81

Avg. compensation: $160,598

Top 10 staff salary range:

$350k +
3
$300k - $350k
1
$250k - $300k
1
$200k - $250k
5
$160k - $200k
0
$120k - $160k
0
$80k - $120k
0
$40k - $80k
0
< $40k
0

Information from most recent CRA Charities Directorate filings for F2020

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Comments & Contact

Comments added by the Charity:

Comment added in 2018. Updated comments may be forthcoming.

The Princess Margaret Cancer Foundation (The PMCF) raises funds to support one of the top 5 cancer research centres in the world.  The Princess Margaret raised $112.1 million in net fundraising and lottery revenue in the year ending March 31, 2018 (a record year) and had $31.6 million in investment income.

Our audited financial statements can be found at thepmcf.ca/AR2018

 We are proud of our top 5 global position. The funds raised by the Foundation through our community of supporters helps us maintain this position and advance fundamental cancer discoveries and translation of these findings into the clinics. We also have Canada’s largest clinical trials program funded primarily through foundation grants.

Read more about our top 5 position at: 

http://thepmcf.ca/Our-Impact/Top-5-Cancer-Research-Centre

The Princess Margaret is a comprehensive cancer research centre committed to research that leads to innovative therapies across the spectrum of cancer care from detection, diagnosis, targeted therapies and supportive programs for the patients and their families.  We are also a very large training organization for other cancer centres across Canada and around the world and are affiliated with the University of Toronto.

In addition, Princess Margaret Cancer Centre staff play a very large role in shaping cancer care policy and new standards of cancer care both at the provincial level and across Canada and beyond.

The Princess Margaret Cancer Centre prides itself on delivering future care now and sharing those advances across the province, across Canada and around the globe.  In the words of Medical Director Dr. Mary Gospodarowicz, “Through our interdisciplinary and well integrated basic science and clinical programs, The Princess Margaret raises the bar in cancer care. We are designing and testing future care now, uncovering new targets in our laboratories, and moving this learning into the clinic through our world leading evidence based clinical trials program.”  We are also an innovator in the use technology in cancer care to enhance diagnosis and treatment. You can read all about this at ThePMCF.ca/Transformers. The Princess Margaret embraces the whole person approach to patient care and providing the right treatment, for the right patient, at the right time.

The PMCF is making a sizable impact and stewards the funds carefully through oversight of grants to the cancer centre by our distinguished board (listed in our annual report at thepmcf.ca) and granting committee work.  The PMCF was graded B+ in Donor Accountability which is a strong rating and we are proud of our top rating of 20 out of 20 for Financial Transparency. Patient outcome measures are difficult to obtain as many of our patients once treated through our clinics -  go back into the community and may only come back to us if their cancer re-occurs.

Our administrative and fundraising costs (as calculated by Charity Intelligence) )were 22 % of revenues so for every dollar donated 78 cents went to the cause which falls within the reasonable range. Of note, this includes our general fundraising and administrative costs, as well as costs for of our strategic events, and annual giving programs.

Overall, The PMCF received a 3-star rating out of a possible 4 stars. While this is an improvement over last year’s 2 star rating, we did not get a 4 star rating mainly due to our fund balance which Is at 4.4 years.  This is disappointing in one way, but it is actually very good news in another.

According to Charity Intelligence criteria only Charities with a reserve balances under 3 times coverage receive full points. It is important to point out that, Charity Intelligence does not take into account the future long-term commitments made by The PMCF to the Cancer Centre.

Importantly, The PMCF is holding funds for three primary reasons:

  • Funds are reserved to finance initiatives in Personalized Cancer Medicine that are being developed. The fund balance is crucial for multiple-year research commitments. This extends beyond the salaries of newly-hired scientists, fellows and students as they continue to work on multi-year projects, many of which are already in progress, but also to the infrastructure: space and equipment required to deliver Personalized Cancer Medicine.
  • Long-term support of the Princess Margaret Cancer Centre research and clinical programs that require multi-year commitments for research initiatives. The Princess Margaret Cancer Centre is the largest cancer research organization in Canada, and one of the top 5 cancer research centres in the world. The cancer centre employs over a thousand people doing research. The Foundation is the primary funder of the research enterprise through philanthropy and our social enterprise programs. In order to ensure sustainability of our leading scientists and innovative programs, we must maintain a fund balance to support these individuals and their research initiatives over their multi-year timeframes. This differs from many other foundations who are primarily granting organizations that have the flexibility to turn up or down their grants depending on the funds available in any given year.
  • Transformation of the Cancer Centre. Currently in progress. Over the next many years we will be advancing our ambitious multi-phased project to transform cancer care. The first phase of this was announced in the late spring of 2017. We are in the midst of the total transformation of the main floor including a revamped  therapeutically designed  outpatient pharmacy and blood collection centre,  and our first-ever Outpatient Palliative Care Clinic and a new Gynecologic Oncology Clinic on our 5th       
  • Princess Margaret Cancer Centre has the most comprehensive Immunotherapy program in Canada and this area is very exciting and will need continued funding to ensure we continue to lead in this most promising area of cancer care.
  • The Foundation through the generous support of our community also funds innovative programs that require sustainable funding such as: Survivorship, Biobank, Cancer Informatics, Precision Genomics, Cancer Stem Cells, just to name a few.

We urge you read our FY 2018 annual report and audited financial statements in full at www.thepmcf.ca/AR2018. If you have questions, we encourage you to contact one of our staff at 416-946-6560, toll-free at 1-866-224-6560 or at info@thepmcf.ca. In doing so, we hope you will understand what efficiency and effectiveness in the social enterprise sector truly is and we hope you will continue to support the outstanding work of the Princess Margaret Cancer Centre. If you are interested in having a tour of our cancer centre or how you can support our Research and/or Transformation campaign please call our office.

Charity Contact

Website: www.thepmcf.ca
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: 416-946-6560

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