525 University Avenue, Suite 835
Toronto, ON M5G 2L3
CEO: Ted Garrard
Board Chair: Sonia A. Baxendale

Charitable Reg. #:10808 4419 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.

71%

CENTS TO THE CAUSE

For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 71 cents are available for programs.

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OVERVIEW

About SickKids Foundation:

Founded in 1972, SickKids Foundation raises money for SickKids Hospital in Toronto. Its formal name is The Hospital for Sick Kids Foundation. SickKids Hospital reports that it is Canada’s most research-intensive hospital and its largest children’s health centre. In 2020, the hospital received 315,546 ambulatory visits and 77,212 emergency visits. It also admitted 16,249 patients and performed 11,871 surgeries during the year.

In F2021, SickKids Foundation reported grants of $84.9m, of which $78.1m (92%) went to SickKids Hospital. It also paid $5.8m in unpaid grant balances from prior years to the hospital. According to its most recent annual report in 2020, SickKids Foundation allocates 64% of grants to research, 24% to patient care, 4% to education, and 8% to other programs.

Research: SickKids Research Institute had 1,752 research staff and 2,827 research trainees working on projects in 2020. SickKids Foundation helps to fund the New Investigator Research program, which grants $350,000 over three years to health researchers in their early careers. Since 2001, the program has funded 166 researchers across 45 health centres in Canada. SickKids Foundation also funds the SickKids Food Allergy and Anaphylaxis program, which aims to cure deadly food allergies, as well as the SickKids Program for Individualized Cystic Fibrosis (CF) Therapy. In partnership with Cystic Fibrosis Canada, the program researches and develops new stem cell-based treatments for CF.

Patient Care: After completing the Peter Gilgan Centre for Research and Learning in 2015, SickKids Foundation began a campaign to build a new SickKids Hospital and Patient Support Centre in downtown Toronto. The new hospital will house critical care and inpatient units, including a neonatal intensive care unit and a bone marrow transplant unit. The building will also add 437,415 square feet to SickKids. The campaign officially launched in October 2017 with a $1.3 billion fundraising goal: $600m for the two new towers, $600m for research, and $100m for health partnerships to improve patient care. SickKids Foundation has since expanded its funding goal to $1.5 billion, of which it has raised 77% as of F2021. In June 2019, the charity received a $100 million gift, the single largest gift in SickKids history, from the Peter Gilgan Foundation to fund the new hospital, renamed the Peter Gilgan Family Patient Care Tower. In October 2019, SickKids Foundation began construction on the Patient Support Centre. It estimates that construction will be completed in 2022 for the Patient Support Centre and 2029 for the new hospital.

Education: SickKids Foundation funds Community Conference Grants for events that promote knowledge sharing between health professionals, community groups, and families of patients. In 2020, SickKids Foundation funded nine conferences with $5,000 each.

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Results and Impact

SickKids Foundation has not yet posted its 2021 annual report at the time of this update. Certain results refer to 2020 and earlier.

In 2020, SickKids reported that its researchers developed the first validated model to predict the risk of sudden death in children with hypertrophic cardiomyopathy (HCM). It states that HCM is the leading cause of heart failure and sudden cardiac death among children and youth. There are currently no medications to reverse the course of HCM, and its severity is highly difficult to predict. Developed by a team led by Dr. Seema Mital, the new model can predict a child’s risk of sudden death with over 70% accuracy. SickKids Foundation states that the model will help to identify children with a high risk earlier on and prevent unnecessary surgeries for low-risk children.

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

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Finances

SickKids Foundation is a Major 100 charity, one of Canada’s largest charities in terms of donations. It received $169.2m in donations and special events revenue in F2021. Administrative costs are 5% of revenues (less investment income) and fundraising costs are 24% of donations and special events revenue. This results in total overhead spending of 29%. For every dollar donated to the charity, 71 cents go to the cause. This is within Ci’s reasonable range for overhead spending.

SickKids Foundation has $1.3 billion in funding reserves, of which $652.2m is donor-endowed. Excluding donor-endowed funds, its reserves can cover nearly 12 years of annual grant costs at the F2021 level. Its program cost coverage ratio spiked in F2021 due to a 37% decrease in grant spending combined with a 31% increase in funding reserves during the year.

The charity’s funding reserves contributed $282.4m in investment income in F2021, at an estimated rate of return of 28% (compared to an investment loss of $160.6m at a return of -14% in F2020). Over the last seven years, Ci estimates that SickKids Foundation's investment returns have averaged 6%.

SickKids Foundation lists two related parties: SickKids Hospital and SickKids Charitable Giving Fund. In F2021, it paid $78.1m in program grants, $5.8 in unpaid grant balances from prior years, $5.8m in parking and management fees, and $97k in pension plan payments to SickKids Hospital. It does not disclose donations received from SickKids Charitable Giving Fund, but states that it received a $60k management fee in F2021. Within its funding reserves, SickKids Foundation has committed $22.5m in grants to SickKids Hospital each year from 2022 to 2024, for a total of $67.5m in funding commitments.

SickKids Foundation’s T3010 filings with the CRA provide a detailed breakdown of grant recipients. In F2020, the most recent year available, its five largest grants went to SickKids Hospital ($138.0m), Children’s Hospital Foundation of Manitoba ($792k), Toronto General & Western Hospital Foundation ($382k), Air Canada Foundation ($376k), and Montreal Children’s Hospital Foundation ($362k)

According to its most recent CRA filing in F2020, SickKids Foundation uses external fundraisers. It paid external fundraisers $7.0m to raise $22.2m in F2020, at a cost of $0.32 per dollar raised.

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

Updated on July 27, 2021 by Eric Zhao.

Financial Review


Financial Ratios

Fiscal year ending March
202120202019
Administrative costs as % of revenues 4.8%3.6%4.4%
Fundraising costs as % of donations 24.4%24.1%26.8%
Total overhead spending 29.2%27.7%31.2%
Program cost coverage (%) 1,186.6%429.1%617.9%

Summary Financial Statements

All figures in $000s
202120202019
Donations 153,868167,910136,595
Lotteries (net) 2,9293,7562,114
Business activities (net) 1481,1601,240
Special events 15,31822,98821,961
Investment income 282,425(160,600)7,268
Other income 3,520483199
Total revenues 458,20835,697169,377
Grants 90,652143,822122,447
Administrative costs 8,4517,0257,105
Fundraising costs 41,20345,98742,473
Total spending 140,306196,834172,025
Cash flow from operations 317,902(161,137)(2,648)
Capital spending 5841,218852
Funding reserves 1,340,8871,026,7731,186,122

Note: To report on a cash basis, Ci adjusted grants by changes in amounts payable to SickKids Hospital. This affected expenses by $5.8m in F2021, ($1.1m) in F2020, and ($1.0m) in F2019. SickKids Foundation reports its fundraising revenue net of expenses. Ci reallocated these expenses to fundraising costs, affecting revenues and expenses by $41.9m in F2021, $47.1m in F2020, and $43.6m in F2019. Ci removed amortization on a pro-rata basis from administrative and fundraising costs.

Salary Information

Full-time staff: 210

Avg. compensation: $124,759

Top 10 staff salary range:

$350k +
3
$300k - $350k
2
$250k - $300k
5
$200k - $250k
0
$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:

The following comment was added in 2017. New comments may be forthcoming. 

SickKids Foundation is committed to optimizing available donor dollars intended for investment in The Hospital for Sick Children (SickKids). The majority of reserve funds held by the Foundation are endowed by donors, and the Foundation is not permitted to encroach on the capital. In addition, certain funds have been endowed by the Foundation’s Board of Directors, to meet long-term commitments to the Hospital. This leaves unrestricted reserve funds of $164.3m at March 31, 2017, resulting in true “program cost coverage” of 110%.

Charity Contact

Website: www.sickkidsfoundation.com
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: 416-813-6166

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Charitable Registration Number: 80340 7956 RR0001