10130 112 Street NW
Edmonton, AB T5K 2K4
CEO: Lisa Munro
Board Chair: Carole Karbonik

Charitable Reg. #:12586 8125 RR0001


Ci's Star Rating is calculated based on the following independent metrics:

[Charity Rating: 2/5]



Audited financial statements for current and previous years available on the charity’s website.



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



The demonstrated impact per dollar Ci calculates from available program information.


Charity's cash and investments (funding reserves) relative to how much it spends on programs in most recent year.



For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 38 cents are available for programs.

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About Covenant Foundation:

Covenant Foundation is a 2-star charity with a below-average results reporting grade and overhead spending outside of Ci’s reasonable range. It is financially transparent. With its current reserves, the charity can cover 18 years of annual grants. 

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 (Covenant) and is now the fundraising arm for 21 healthcare facilities across Alberta. 

Covenant Foundation funds equipment, revitalizations of facilities, covid response programs, compassionate care and patient programs, research, and the Covenant Centres of Excellence.  Covenant granted $2.4m in F2022. This accounts for $252k in grants that were due from previous years. It granted 92% to Covenant Health, 7% to Covenant Care, and less than 1% to Covenant Living in F2022. 

Covenant Foundation is currently in a capital campaign to build a new Misericordia Emergency Department (ED). It notes that its current ED was built in 1969 to serve 25,00 patients annually, but now sees at least 50,000 people a year. The new ED will be triple the size of the old one and is expected to be open to the public in fall 2023. 

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Results and Impact

In F2022, Covenant Foundation purchased CPR Feedback Devices. They provide the medical staff with real-time corrective feedback on CPR technique. A pilot study done at Misericordia Community Hospital's emergency department showed a 27% improvement in CPR compression rates when using a CPR Feedback Device.

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

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Covenant Foundation received $2.9m in donations in F2022. It also received $3.1m in investment income, which is 51% of total revenues. Administrative costs are 44% of revenues and fundraising costs are 19% of donations. This results in a total overhead spending of 62%. For every dollar donated, 38 cents go to the cause. This is outside of Charity Intelligence’s reasonable range for overhead spending. Covenant Foundation’s overhead spending has been outside of Ci’s reasonable range for the past three years. 

Covenant had reserve funds of $43.5m. Reserve funds are the charity’s cash and investments and include $9.6m in donor-endowed funds in F2022. Excluding donor-endowed funds, Covenant Foundation can cover annual program costs for 18 years. 

Covenant used external fundraisers in F2022. The charity spent $37k to raise $5.0m from the external fundraiser for a cost of 1 cent per dollar raised.  

Of the $40.9m Covenant Foundation holds in investments, 58% is invested in equities and 35% is invested in bonds. The return on investment in F2022 was 8% and the average return on investments over the past three years was 10%. 

This charity report is an update that has been sent to Covenant Foundation for review. Changes and edits may be forthcoming. 

Updated on August 1, 2023 by Alessandra Castino.

Financial Review

Financial Ratios

Fiscal year ending March
Administrative costs as % of revenues 43.6%32.0%41.8%
Fundraising costs as % of donations 18.7%19.7%32.2%
Total overhead spending 62.3%51.7%73.9%
Program cost coverage (%) 1,806.7%2,122.8%749.9%

Summary Financial Statements

All figures in $000s
Donations 2,9242,9552,442
Goods in kind 275262261
Lotteries (net) (305)362188
Investment income 3,0727,202(24)
Other income 10617
Total revenues 5,97610,7862,884
Grants 2,3581,9553,835
Administrative costs 1,2651,1471,214
Fundraising costs 548583785
Total spending 4,1703,6855,834
Cash flow from operations 1,8067,102(2,951)
Capital spending 000
Funding reserves 43,52340,91934,453

Note: Ci reported Home lottery revenue net of expenses, affecting both revenues and expenses by ($5.4m) in F2022, ($5.2m) in F2021, and ($5.1m) in F2020. Ci included unrealized gains in investment income, affecting revenues by $366k in F2022, $5.8m in F2021, and ($1.2m) in F2020. Ci adjusted for deferred donations, affecting revenues by ($6k) in F2022, $390 in F2021, and ($25k) in F2020. Ci adjusted for grants payable, affecting expenditures by ($252k) in F2022, $124k in F2021, and $1.7m in F2020. 

Salary Information

Full-time staff: 15

Avg. compensation: $58,299

Top 10 staff salary range:

$350k +
$300k - $350k
$250k - $300k
$200k - $250k
$160k - $200k
$120k - $160k
$80k - $120k
$40k - $80k
< $40k

Information from most recent CRA Charities Directorate filings for F2022

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Comments & Contact

Comments added by the Charity:

No comments have been added by the charity.

Charity Contact

Website: www.covenantfoundation.ca
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: 780-342-8126


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Charitable Registration Number: 80340 7956 RR0001