Financials at a Glance
As the local charitable sector continues to feel the effects of a slow economic recovery, the generous support of our community in 2011-12 is deeply appreciated. Our Foundation received over $5.0 million, enabling us to grant more than $3.5 million to support care and research.
Individual Foundation grants ranged in size from as little as a few hundred dollars for specific program or project needs, to several thousands of dollars for frontline needs that touched patients across St. Joseph’s Hospital, Parkwood Hospital, Mount Hope Centre for Long Term Care, and Regional Mental Health Care London and St. Thomas.
The Foundation also made a significant contribution of $2.0 million towards its multi-year commitment to hospital redevelopment. Net of expenses and inclusive of investment income, the Foundation’s cash outflow was $0.3 million, demonstrating the extent to which all new revenue was invested immediately back into hospital care and research. Total expenses incurred to raise funds and administer grants increased slightly by 1.9 percent.
For the third consecutive year, Foundation investments showed positive returns. While more modest than the prior two years, returns were almost $1.4 million or 2.7 percent on its average investment portfolio. As of March 31, 2012, Foundation total assets were $51.9 million. Of that total, endowed funds reached $45.8 million, an increase of 1.8 percent over 2010-2011.
In 2011-12, each dollar spent on fundraising resulted in more than double the return of that investment. As we now move to focus our efforts on transformational patient care and research projects, it is expected that this return will continue to grow significantly.
Financial Statement Archives