3C60 11111 Jasper Ave. NW
Edmonton, AB T5K 0L4
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: 1/5]



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) 48 cents are available for programs.

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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 20 healthcare facilities across Alberta.

Covenant Foundation funds capital equipment, compassionate care and patient programs, renovations, research, and services related to Covenant Centres of Excellence.  Covenant Foundation's most recent T3010 filing with the CRA discloses it granted $1.9m to Covenant Health and $213k to Covenant Care in F2020.

In F2019, Covenant Health operated 1,559 continuing care beds and 984 acute care beds amounting to 288,886 resident days at 26 sites in 15 communities across Alberta. In addition, Covenant Foundation reports that Covenant Health had 188,627 emergency department visits, 398,532 outpatient visits, and 32,686 surgery cases in F2019.

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 2023.

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Results and Impact

Charity Intelligence did not find any quantified outcomes for Covenant Foundation. 

Charity Intelligence has not assessed impact on Covenant Foundation. This shows as n/r, meaning not rated.

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Covenant Foundation received $3.0m in donations in F2021. It also received $1.4m in investment income. Administrative costs are 32% of revenues and fundraising costs are 20% of donations. For every dollar donated, 48 cents go to the cause. This is outside of Charity Intelligence’s reasonable range for overhead spending. 

The Foundation has funding reserves of $40.9m, including $9.4m in donor-endowed funds. Excluding donor-endowed funds, Covenant Foundation can cover annual program costs for over 21 years. 

Covenant Foundation used external fundraisers in F2020. The charity spent $74k to raise $498k from the external fundraiser for a cost of 15 cents per dollar raised. 

Of the $38.4m Covenant Foundation holds in investments, $22.3m is in equities, $13.5m is in bonds, $1.7m in alternative investments, and $871k in cash and money market funds. Average return on investment in F2021 was 4% and over the past three years was 4%.

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

Updated on August 27, 2021 by Rachel Leteta.

Financial Review

Financial Ratios

Fiscal year ending March
Administrative costs as % of revenues 32.0%41.4%41.7%
Fundraising costs as % of donations 19.7%31.8%41.1%
Total overhead spending 51.7%73.2%82.7%
Program cost coverage (%) 2,122.8%749.9%1,864.2%

Summary Financial Statements

All figures in $s
Donations 2,954,3292,467,3432,185,370
Goods in kind 261,570260,500260,500
Lotteries (net) 361,686188,308124,939
Investment income 1,408,9891,189,2411,692,876
Other income 6,10317,22225,213
Total revenues 4,992,6774,122,6144,288,898
Grants 1,954,6483,835,3871,974,765
Administrative costs 1,147,3691,214,0331,082,092
Fundraising costs 582,848784,993897,240
Total spending 3,684,8655,834,4133,954,097
Cash flow from operations 1,307,812(1,711,799)334,801
Funding reserves 40,919,00634,452,96637,429,404

Note: Ci reported Home lottery revenue as net of expenses, affecting both revenues and expenses by ($5.2m) in F2021, ($5.1m) in F2020, and ($5.2m) in F2019. An adjustment was made to grants reflecting the change to grants payable year over year, affecting spending by $124k in F2021, $1.7m in F2020, and $37k in F2019.

Salary Information

Full-time staff: 12

Avg. compensation: $79,168

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 F2020

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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