Caritas Hospitals Foundation

3C60 11111 Jasper Ave.
Edmonton, AB T5K 0L4
CEO: Tracy Sopkow
Board Chair: Ron Gilbertson

Website: www.caritashospitalsfoundation.org
Charitable Reg. #: 12422 0096 RR0001
Sector: Health - Hospital Foundation
Public Foundation

Social Results Reporting

Grade: C

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 #6

Avg. Compensation $88,914

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 0
$250k - $300k 0
$200k - $250k 0
$160k - $200k 0
$120k - $160k 1
$80k - $120k 0
$40k - $80k 5
< $40k 0
Information from most recent CRA Charities Directorate filings for F2015

About Caritas Hospitals Foundation:

In 1994, Edmonton General Hospital, Grey Nuns Hospital and Misericordia Hospital merged into one health group, the Caritas Health Group. Two separate foundations that served the three hospitals also merged to form Caritas Hospitals Foundation. The Foundation funds capital equipment, programs and projects and services related to acute and continuing care. All three hospitals are part of Covenant Health, a Catholic healthcare provider in Alberta. In F2015, Caritas Hospitals Foundation made $5.2 million in grants to the three hospitals.

In April, 2016, Covenant Foundation replaced Caritas Hospital Foundation, aiming to raise funds for 15 healthcare facilities across Alberta. This change was made to increase fundraising capacity, and community health awareness and education. Covenant Foundation reports that its priority campaigns in F2015 included a Neonatal Intensive Care Unit for the Misericordia Community Hospital, and a Palliative Care Institute for the Grey Nuns Community Hospital.

Financial Review:

Caritas Hospitals Foundation is a medium-sized charity, with donations and special events revenues of $2.3m in F2015. Its administrative costs are 35% of revenues, which is 10% higher than in F2014 due to a 23% increase in the Foundation's administrative expenses in F2015. The charity's fundraising costs are 13% of donations. For every $1 donated to the charity, 52 cents is put towards its programs, falling below Ci's reasonable range. The charity's funding reserves of $38.5m include $8.2m in donor-endowed funds. This results in a program cost coverage ratio, excluding donor-endowed funds, of 637%. This means that the charity can fund 6.4 years of its annual programs using its existing reserves.

This charity report is an update that is being reviewed by Caritas Hospitals Foundation. Changes and edits may be forthcoming.

Updated on August 2, 2016 by Lynn Tay.

Financial Ratios

Fiscal year ending March
201520142013
Administrative costs as % of revenues 35.4%25.6%25.7%
Fundraising costs as % of donations 13.0%11.6%20.4%
Program cost coverage (%) 745.2%1,141.2%1,398.4%

Summary Financial Statements

All figures in $000s
201520142013
Donations 1,9802,3602,727
Goods in kind 232190160
Lotteries (net) 451625(146)
Special events 359241457
Investment income 3,4013,1361,741
Other income 410
Total revenues 6,4286,5534,939
Grants 5,1662,9402,155
Administrative costs 1,071873822
Fundraising costs 303302649
Cash flow from operations (113)2,4381,314
Funding reserves 38,49933,54930,130
Note: The Foundation’s audited financial statements are presented as Caritas Hospitals Foundation. Caritas Hospitals Foundation’s statements include the audited financial statements of The General Hospital (Grey Nuns) of Edmonton Hospital Foundation and the Misericordia Hospital Foundation. Ci has adjusted Caritas staff lottery expenses and home and split lotteries expenses affecting revenues by ($4.9m) in F2015, by ($4.8m) in F2014, and by ($5.3m) in F2013. Ci has adjusted Caritas staff lottery expenses, amortization, loss on write-off of capital assets and home and split lotteries expenses affecting expenses by ($4.8m) in F2015, by ($5m) in F2014, and by ($5.4m) in F2013.

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