Integrity. Accountability. Governance.

The Foundation is a member of Imagine Canada's Ethical Code Program. Imagine Canada's Ethical Fundraising and Financial Accountability Code sets standards in the areas of fundraising and financial reporting practice. By adhering to these standards we are complying with generally accepted practices for soliciting, managing and reporting donor dollars.

We encourage you to access our audited financial statements through our website www.tgwhf.ca and also to access our Charity Information Return filed with the Canada Revenue Agency (Form T3010A) which is available on the Canada Revenue Agency website.

Quick-jump to a section: Summarized Statement of Operations and Fund Balances, Operating Summary, Endowment Funds, Chairs, Professorships, Directorships and Fellowships.

Summarized Statement of Operations and Fund Balances

To obtain the Foundation's audited financial statements, please visit our website at www.tgwhf.ca or call the Foundation office at 416-340-3935.

1 Direct Fundraising expenses relate to marketing, production and other costs directly related to fundraising.
2 Special Events Expenses relate to the costs of banquet rentals, food and beverage and other costs necessary to execute the event and are funded by ticket sales and
sponsorships for these events.
3 General Fundraising and Administrative Expenses are the overhead costs associated with operating the Foundation.

Operating Summary

For the fiscal year ending March 31, 2011, Toronto General & Western Hospital Foundation continued to experience growth achieving total fundraising revenue of $66.8 million. This is a solid increase of 18% over the prior year.

Direct Fundraising Expenses for the year totalled $4.9 M and represents 8.1% of Gross Fundraising Revenues. General Fundraising and Administrative Expenses are $5.1 M in the year and represent 8.3% of Net Fundraising and Net Special Events revenue. Both costs are at lower levels than in any of the past three years. The Foundation is committed to maintaining cost-efficient expenses in order to be accountable to our donors and to our primary grantee, University Health Network.

Grants totalling $54.7 million for charitable purposes were made to the University Health Network (UHN). This is the highest amount of grants for a single year in the history of the Foundation. Grants support research, patient care and education at UHN and include expenditures towards building & renovation and equipment. In particular, significant grants were made for capital projects including: the Krembil Discovery Tower and continued support for the redevelopment of the Peter Munk Cardiac Centre.

Though the investment markets were volatile in the year, the Foundation was able to generate solid returns while prudently managing risks to the investment portfolios. Investment returns (which represents interest, dividend income and realized & unrealized gains/losses on investments) were positive at $15.0 M for the year.

Overall, the total fund balances are $297.4 million in 2011 compared to $281.6 million in 2010. The growth arises from strong endowment fund revenues that offset the modest reduction in expendable restricted funds. Overall, strong financial results were achieved in the areas of fundraising, cost-effectiveness, investment income and grants to UHN.

Endowment Funds

The Foundation's Endowment Funds provide a consistent and important base of funding for research and education for UHN. Researchers and scientists seek long-term and stable funding to support their critically important work. Endowment Funds at March 31, 2011 totalled $164.9 million and include 250 individual endowment funds supporting chairs, professorships, fellowships, lectureships, awards and scholarships.

Investment Management and Philosophy
The investment goal for endowments is to preserve the purchasing power of funds on a long-term basis, while funding income distribution ("payout") for fundholders. Therefore a balanced investment strategy has been adopted which involves investment in publicly traded bonds and stocks. The Investment Committee of the Foundation's Board of Directors is responsible for the development and review of the Foundation's investment policies as well as the selection of professional investment managers and the monitoring of the performance of these managers. Membership of the Committee includes leaders in the Canadian investment community.

Investment Performance
While the Foundation operated through the volatile investment markets found during the year, the Foundation's endowment achieved an 8.5% return, after investment management fees. In addition to these positive results, the strong endowment fundraising revenue of $10.7 M was another significant factor that caused the balance to reach the highest amount in the Foundation's history.

With all investment there is an element of risk, and the Foundation has always endeavoured to manage the endowment fund prudently. The Foundation will continue to monitor and review investment and payout policies in the context of the economic climate and the needs of UHN.

John Warren Chair of the Board of Directors

Jim Leech Chair, Investment Committee

 

Chairs, Professorships, Directorships and Fellowships (as of June 30, 2011)