SickKids Foundation

525 University Avenue, 14th Floor
Toronto, ON M5G 2L3
President & CEO: Ted Gerrard
Board Chair: Kathleen Taylor

Website: www.sickkidsfoundation.com
Charitable Reg. #: 10808 4419 RR0001
Sector: Health - Hospital Foundation
Public Foundation

Social Results Reporting

Grade: A-

The grade is based on the charity's public reporting of the work it does and the results it achieves.

Financial Transparency

Audited financial statements for current and previous years available on the charity's website [ Audited financial statement for most recent year ]

Program Cost Coverage

donor
endowed
Funding Reserves Program Costs

Spending Breakdown

Full-time staff #157

Avg. Compensation $104,825

Top 10 Staff Salary Range

$350k + 2
$300k - $350k 1
$250k - $300k 3
$200k - $250k 4
$160k - $200k 0
$120k - $160k 0
$80k - $120k 0
$40k - $80k 0
< $40k 0
Information from most recent CRA Charities Directorate filings for F2015

About SickKids Foundation:

Founded in 1972, SickKids Foundation is the fundraising organization for the Hospital for Sick Children in Toronto, one of the world's foremost pediatric healthcare institutions and Canada's leading centre dedicated to advancing children's health through the integration of patient care, research and education. In F2015, the Hospital received 289,621 emergency and clinic visits, admitted 15,817 patients, and performed 12,206 surgeries.

The SickKids Research Institute had 1,658 research staff and 1,166 research trainees who worked on 2,168 research projects in F2015. Crucial scientific breakthroughs in F2015 include: possible explanation of loss of early childhood memories and removal of a bone tumor using incision-less surgery. Previous milestones include: growing lung cells from the skin cells of cystic fibrosis patients, finding a common diabetes drug that might help brain injuries, and curing a toddler of inflammatory bowel disease with a bone marrow transplant.

Next to the government, SickKids is the largest funder of child health research, learning and care in Canada. In F2015, SKF grants went towards research (59% of total grants), patient care (29%), education (6%) and others (6%).

Financial Review:

Fundraising costs are 23% of donations and administrative costs are 4% of revenue. The Foundation has funding reserves of $1.1b (including $355m of donor-endowed funds), which cover annual program costs 10.1 times (or 6.8 times excluding donor-endowed funds).

This charity report is an update that is being reviewed by the foundation. Changes and edits may be forthcoming.

Financial Ratios

Fiscal year ending March
201520142013
Administrative costs as % of revenues 4.2%4.1%4.6%
Fundraising costs as % of donations 23.4%25.0%25.9%
Program cost coverage (%) 1,008.4%731.7%991.5%

Summary Financial Statements

All figures in $000s
201520142013
Donations 114,582105,46194,936
Lotteries (net) 3,2962,198648
Business activities (net) 1,3881,7471,181
Special events 16,71116,57415,196
Investment income 134,29878,348100,811
Other income 4491,8040
Total revenues 270,724206,132212,772
Grants 108,359129,33692,634
Administrative costs 5,7815,2495,198
Fundraising costs 30,77330,50328,486
Other costs 3,9003,4003,100
Cash flow from operations 121,91137,64483,354
Funding reserves 1,092,651946,381918,439
Note: Ci reported revenue gross of fundraising costs, increasing revenues by $31m in F2015, $31m in F2014, and $29m in F2013. Ci also adjusted expenses for investment management fees, increasing expenses by $3.9m in F2015, $3.4m in F2014, and $3.1m in F2013.

Comments added by the Charity:

SickKids Foundation encourages transparency and disclosure in the charitable and non-profit sector and agrees that Canadians should have access to meaningful information to allow them to make informed choices. Further, we believe that data should always be presented with appropriate context so we have provided additional information below and recommend that you visit www.sickkidsfoundation.com/publications to view the complete audited financial statements and accompanying notes which are essential to understanding our financial information. SickKids Foundation is pleased to respond to any questions about our financial statements.

Analysis of “Funding Reserve” as defined by Charity Intelligence

The Charity Intelligence metrics of “Funding Reserves” and “Program Cost Coverage (%)” implicitly assume all cash and investments balances are freely available for use and do not account for the operating needs of SickKids Foundation to continue raising funds in support of child health. The following analysis breaks out the need for these funds:

  2011 2010
Total "Financial Reserves" per Ci definition 721,653 667,168
Less: Endowments that cannot be legally used (415,437) (398,273)
Less: Amounts on hand for specific commitments to hospital (145,079) (112,825)
Actual amount available for general granting and operating costs 161,137 156,070
Granting 61,505 52,269
Operating costs 28,729 27,336
Annual costs 90,234 79,605
True cost coverage % 179% 196%
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