LHSF 2011 Financial Statement - Charity Focus
LHSF 2011 Financial Statement - Charity Focus
LHSF 2011 Financial Statement - Charity Focus
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newbeginnings<br />
Take a virtual tour<br />
at lhsf.ca/<strong>2011</strong>AR<br />
<strong>2011</strong> FINANCIAL REPORT<br />
747 Baseline Road East<br />
London, Ontario N6C 2R6<br />
Telephone: 519.685.8409<br />
foundation@lhsc.on.ca<br />
VERTICAL<br />
VERSION
STATEMENT OF FINANCIAL POSITION As at March 31<br />
<strong>2011</strong> 2010<br />
(000’s) (000’s)<br />
ASSETS<br />
Cash $ 8,168 $ 18,677<br />
Investments 38,817 53,304<br />
Accounts receivable 397 292<br />
Long-term annuity 50 65<br />
Capital assets, net 57 66<br />
Other assets 738 606<br />
$ 48,227 $ 73,010<br />
LIABILITIES AND FUND BALANCES<br />
Liabilities<br />
Accounts payable and accrued charges $ 1,431 $ 1,224<br />
Deferred revenue 779 758<br />
Obligations under capital lease 47 45<br />
$ 2,257 $ 2,027<br />
Fund balances<br />
General Fund $ 952 $ 462<br />
Restricted Fund 31,763 57,496<br />
Endowment Fund 13,255 13,025<br />
$ 45,970 $ 70,983<br />
$ 48,227 $ 73,010<br />
STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCES Year ended March 31 (in thousands)<br />
GENERAL FUND RESTRICTED FUND ENDOWMENT FUND TOTAL<br />
<strong>2011</strong> 2010 <strong>2011</strong> 2010 <strong>2011</strong> 2010 <strong>2011</strong> 2010<br />
Donations $ 3,164 $ 3,264 $ 6,979 $ 9,134 $ 226 $ 34 $ 10,369 $ 12,432<br />
Lotteries 5,604 6,054 — — — — 5,604 6,054<br />
Special events 1,088 875 — — — — 1,088 875<br />
Community events 172 9 2,050 1,751 — — 2,222 1,760<br />
Investment income<br />
Realized income 355 388 665 724 2 2 1,022 1,114<br />
Unrealized income — — 785 1,758 — — 785 1,758<br />
Gross Revenue $ 10,383 $ 10,590 $ 10,479 $ 13,367 $ 228 $ 36 $ 21,090 $ 23,993<br />
Fundraising $ 1,409 $ 1,584 $ 2,321 $ 1,595 — — $ 3,730 $ 3,179<br />
Lotteries 4,034 4,511 — — — — 4,034 4,511<br />
Special events 540 474 — — — — 540 474<br />
Community events — — 434 464 — — 434 464<br />
Fundraising and event expenses $ 5,983 $ 6,569 $ 2,755 $ 2,059 — — $ 8,738 $ 8,628<br />
Excess of revenue over expenses $ 4,400 $ 4,021 $ 7,724 $ 11,308 $ 228 $ 36 $ 12,352 $ 15,365<br />
before the following<br />
Administration 331 518 545 522 — — 876 1,040<br />
Investment fees 28 29 161 162 — — 189 191<br />
Amortization 4 4 36 34 — — 40 38<br />
$ 363 $ 551 $ 742 $ 718 — — $ 1,105 $ 1,269<br />
Excess of revenue over $ 4,037 $ 3,470 $ 6,982 $ 10,590 $ 228 $ 36 $ 11,247 $ 14,096<br />
expenses for the year<br />
Fund balances, beginning of year 462 1,496 57,496 49,997 13,025 12,989 70,983 64,482<br />
$ 4,499 $ 4,966 $ 64,478 $ 60,587 $ 13,253 $ 13,025 $ 82,230 $ 78,578<br />
London Health Sciences Foundation has met the standards<br />
required to become a Better Business Bureau Accredited <strong>Charity</strong><br />
and a member of Imagine Canada. We offer the following report<br />
as part of our commitment to ethical and transparent fundraising.<br />
Disbursements for capital (7) — (30,735) — — — (30,742) —<br />
Disbursements for research and education (100) (100) (4,213) (2,875) — — (4,313) (2,975)<br />
Disbursements for patient care areas (40) (304) (1,165) (4,316 ) — — (1,205) (4,620)<br />
Interfund transfers, net (3,400) (4,100) 3,398 4,100 2 — — —<br />
Fund balances, end of year $ 952 $ 462 $ 31,763 $ 57,496 $ 13,255 $ 13,025 $ 45,970 $ 70,983<br />
We raised $10.4 million* in direct donations last year. The cost for encouraging and<br />
collecting direct donations (major gifts, single/monthly/annual gifts, planned gifts,<br />
memorial gifts) to our Foundation accounted for 17.6 cents of every dollar raised last year.<br />
Lotteries raised $5.6 million* last year. The cost for conducting our lotteries, including the<br />
cost of prizing, accounted for 19 cents of every dollar raised last year. These costs were<br />
completely covered by lottery ticket sales alone.<br />
Events raised $3.3 million* last year. The cost for conducting signature events and for<br />
supporting community events accounted for 5 cents of every dollar raised. The cost<br />
of signature events was completely covered by sponsorship and event ticket sales.<br />
Investments raised $1.8 million* last year. The cost for administration of the Foundation,<br />
including investment administration, accounted for 5 cents of every dollar raised.<br />
*All figures are gross.<br />
SOURCES OF REVENUE ($21.09 MILLION)<br />
49 %<br />
Donations<br />
42 %<br />
Events & lotteries<br />
9 %<br />
Investment income<br />
INVESTMENT IN LHSC ($36.26 MILLION)<br />
15 %<br />
Patient care,<br />
research and<br />
education<br />
85 %<br />
New facilities<br />
and equipment