LHSF 2011 Financial Statement - Charity Focus

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