William Osler Health System 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.
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.
64%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 64 cents are available for programs.
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OVERVIEW
About William Osler Health System Foundation:
William Osler Health Foundation is a 3-star charity with a below average results reporting grade and overhead spending outside of Ci’s reasonable range. It is financially transparent. With current reserves, the charity can cover just under three years of annual grants.
Founded in 2002, William Osler Health System Foundation (Osler Foundation) raises money for William Osler Health System (Osler). The healthcare group includes Brampton Civic Hospital, Etobicoke General Hospital and Peel Memorial Centre for Integrated Health and Wellness. The Foundation states that Osler’s three sites serve over 1.3 million people in one of the fastest-growing areas in Canada. In F2023, Osler Foundation granted $8.6m to the hospitals, of which 99% was allocated to capital and 1% was allocated to education and research.
In F2020, the new patient tower at Etobicoke General Hospital opened. Osler Foundation funded 100% of the equipment costs and 10% of the construction costs of the 250,000 square foot tower. The Foundation states that the tower offers an expanded emergency department, oncology clinics, and radiation oncology clinics.
Recent News: In F2022 Osler Foundation launched its Build Back, Together campaign to raise $10 million to support covid-19 recovery.
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Results and Impact
In F2023, Osler had 1,085,225 patient visits, 549,240 diagnostic services, 523,298 outpatient clinic visits, 278,916 emergency visits, 66,954 surgeries, 48,575 inpatient admissions and 7,093 births.
While Charity Intelligence highlights these key results, they may not be a complete representation of William Osler Health System Foundation’s results and impact. This charity is not yet rated on impact (n/r).
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Finances
William Osler Health System Foundation had total donations of $11.1m in F2023. Administrative costs are 10% of total revenues (less investment income) and fundraising costs are 27% of donations. This results in total overhead spending of 36%. For every dollar donated, 64 cents go to the cause, which is outside Ci’s reasonable range for overhead spending.
Osler Foundation has $25.7m in reserve funds. Reserve funds are the charity’s cash and investments and include $245k in endowments. The charity does not disclose donor-endowed separate from board-endowed funds. As such, no deduction for endowments is made to funding reserves. Osler Foundation could grant at the same level for just under three years with current reserves.
Osler Foundation’s funding reserves earned investment income of $15k in F2023. This represents an annual return on investment of 0% compared with investment returns of 2% in F2022 and 13% in F2021. The average return on investment over the past three years is 5%. As of F2022, the foundation holds its investments in stocks (28%) and bonds (67%).
Charity Intelligence sent an update of this report to William Osler Health System Foundation for review. Changes and edits may be forthcoming.
Updated on July 26, 2023 by Alessandra Castino.
Financial Review
Fiscal year ending March
|
2023 | 2022 | 2021 |
|---|---|---|---|
| Administrative costs as % of revenues | 9.3% | 7.9% | 7.8% |
| Fundraising costs as % of donations | 27.2% | 23.7% | 22.0% |
| Total overhead spending | 36.5% | 31.6% | 29.7% |
| Program cost coverage (%) | 298.8% | 418.4% | 306.6% |
Summary Financial StatementsAll figures in $000s |
2023 | 2022 | 2021 |
|---|---|---|---|
| Donations | 11,081 | 11,201 | 12,015 |
| Government funding | 0 | 0 | 232 |
| Investment income | 15 | 291 | 1,757 |
| Total revenues | 11,096 | 11,492 | 14,005 |
| Program costs | 0 | 0 | 0 |
| Grants | 8,603 | 6,503 | 8,404 |
| Administrative costs | 1,026 | 885 | 949 |
| Fundraising costs | 3,013 | 2,656 | 2,641 |
| Total spending | 12,642 | 10,044 | 11,994 |
| Cash flow from operations | (1,546) | 1,448 | 2,011 |
| Capital spending | 3 | 117 | 10 |
| Funding reserves | 25,703 | 27,207 | 25,766 |
Note: Ci included change in fair value of investments in total investment income and reported it net of investment management fees. Adjustments for change in fair value of investments affected revenues by ($662k) in F2023, ($432k) in F2022, and $1.1m in F2021. Adjustments for investment management fees affected revenues and expenses by ($48k) in F2023, ($49k) in F2022, and ($47k) in F2021. Ci adjusted for grants payable to Osler, affecting total revenues by ($47k) in F2023, ($18k) in F2022, and $55k in F2021. Ci adjusted for deferred donations, affecting total revenues by $158k in F2023, $95k in F2022, and $104k in F2021.
Salary Information
$350k + |
1 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
1 |
$160k - $200k |
4 |
$120k - $160k |
1 |
$80k - $120k |
3 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2022
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Comments & Contact
Comments added by the Charity:
Charity Contact
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