Covenant Foundation

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

Website: www.covenantfoundation.ca
Charitable Reg. #: 12586 8125 RR0001
Sector: Health - Hospital Foundation
Public Foundation

Donor Accountability

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 ]

Need for Funding

donor
endowed
Funding Reserves Program Costs

Spending Breakdown

Full-time staff #8

Avg. Compensation $83,645

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 0
$250k - $300k 0
$200k - $250k 0
$160k - $200k 1
$120k - $160k 1
$80k - $120k 0
$40k - $80k 6
< $40k 0
Information from most recent CRA Charities Directorate filings for F2016

About Covenant Foundation:

In 1994, Edmonton General Hospital, Grey Nuns Hospital and Misericordia Hospital merged into one health group, the Caritas Health Group. At the same time, the independent hospital foundations serving each of the hospitals began operating together as the Caritas Foundation. In April 2016, the Foundation was renamed to Covenant Foundation and is now the fundraising arm for 15 healthcare facilities across Alberta. This change was made to increase fundraising capacity, leverage resources, improve priority alignment, and reduce duplication.

Covenant Foundation funds capital equipment, programs, projects, and services related to acute and continuing care.  In F2015, Covenant Foundation made $5.1 million in grants to the three hospitals.

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. As of the date this report was written, Covenant Foundation had not yet published its F2016 annual report.

Financial Review:

Covenant Foundation is a medium-sized charity with $2.5m in donations and special events fundraising in F2016. Administrative costs were 50% of revenues and fundraising costs were 13% of donations. For every $1 donated, 37 cents went to the cause. This falls outside of Charity Intelligence’s reasonable range for overhead spending.

The Foundation has funding reserves of $38.0m, including $8.1 in donor-endowed funds. Excluding donor-endowed funds, Covenant Foundation can cover annual grants 15.1 times.

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

Updated on July 24, 2017 by Juliana Badovinac.

Financial Ratios

Fiscal year ending March
201620152014
Administrative costs as % of revenues 49.7%35.4%25.6%
Fundraising costs as % of donations 12.9%13.0%11.6%
Program cost coverage (%) 1,593.4%745.2%1,141.2%

Summary Financial Statements

All figures in $000s
201620152014
Donations 2,2721,9802,360
Goods in kind 245232190
Lotteries (net) (287)451625
Special events 229359241
Investment income (90)3,4013,136
Other income 4141
Total revenues 2,4106,4286,553
Grants 2,3885,1662,940
Administrative costs 1,2421,071873
Fundraising costs 322303302
Cash flow from operations (1,542)(113)2,438
Funding reserves 38,04538,49933,549
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. Expenses were adjusted for lottery expenses (reported as revenues net of expenses), loss on write-off of capital assets, and home and split lotteries expenses affecting expenses by ($5.2m) in F2016, ($4.8m) in F2015, and ($5m) in F2014.  

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