Princess Margaret Cancer Foundation

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

Charitable Reg. #:88900 7597 RR0001

STAR RATING

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

[Charity Rating: 3/5]

✔+

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.

67%

CENTS TO THE CAUSE

For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 67 cents are available for programs.



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OVERVIEW

About Princess Margaret Cancer Foundation:

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.

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Results and Impact

Princess Margaret self-identifies as one of the top five cancer research centers in the world. In F2024, researchers published work on a new test that can distinguish between different brain cancer types within ten seconds, revolutionizing patient care. In F2024, Dr. Hales, a researcher at PMCC, received $1m from the Canadian Institutes of Health Research to study the therapeutic potentials of a compound found in “magic mushrooms”, in combination with psychotherapy. PMCC reports nine doctors received significant awards and recognitions in F2024.

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 $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.

Financial Review


Financial Ratios

Fiscal year ending March
202420232022
Administrative costs as % of revenues 6.0%6.2%5.1%
Fundraising costs as % of donations 27.1%31.7%26.7%
Total overhead spending 33.1%37.9%31.9%
Program cost coverage (%) 491.3%496.8%659.6%

Summary Financial Statements

All figures in $000s
202420232022
Donations 86,74375,81772,266
Lotteries (net) 49,62772,62991,659
Special events 18,03216,69910,646
Investment income 68,72816,45337,140
Other income 14,91312,4968,713
Total revenues 238,043194,094220,424
Grants 147,070144,029111,225
Administrative costs 10,17810,9819,392
Fundraising costs 28,34829,35422,169
Total spending 185,596184,364142,786
Cash flow from operations 52,4479,73077,638
Capital spending 000
Funding reserves 884,248860,555863,887

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. To report on a cash basis, Ci adjusted for deferred donations from non-government sources. This affected revenues by ($24k) in F2024, $92k in F2023, and $93k in F2022. Ci adjusted grants to UHN by changes in amounts payable to UHN. This affected revenues and expenses by $3.9m in F2024, $846k in F2023, and ($1.1m) in F2022. Ci included revenue from affiliated foundations and UHN in Other, and removed it from Canadian donations. This affected donations by ($15k) in F2024, ($12k) in F2023, and ($9k) in F2022. Ci removed lease payments to UHN for office space from grants and included it in fundraising and administrative costs instead. 

Salary Information

Full-time staff: 107

Avg. compensation: $154,829

Top 10 staff salary range:

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

Information from most recent CRA Charities Directorate filings for F2023

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Comments & Contact

Comments added by the Charity:

No comments have been added by the charity.

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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Charitable Registration Number: 80340 7956 RR0001