Financial Report
Your support makes a lasting difference
Donation revenue and disbursements
During the 2023-24 fiscal year, the work of the Foundation continued to be strong and steady. The generosity and kindness of donors was consistent throughout the year even in the face of high inflation rates and economic struggles for many individuals across Canada. Donors made it possible for the Foundation to continue supporting the hospital’s mission of care, education and research, bring critically needed upgrades to medical equipment and to fuel discovery and innovation.
Receiving more than $11 million in cash gifts this fiscal year, the Foundation was able to disburse more than $8 million, including:
- $4.6 million to frontline patient care needs;
- $3.3 million to research efforts that improve care.
For every dollar spent on fundraising expenses, $2.38 was generated for patient care, teaching and research. This high efficiency return helped to increase the impact of donor gifts. Meanwhile, the Foundation maintained a strong focus on expense management, with more than 22 per cent of expenses incurred in direct fundraising costs.
Throughout the year, funds raised through lotteries made a profound contribution to critical hospital projects. Although interest in gaming waned across all sectors due to economic pressures, the proceeds raised through the spring and fall Dream Lottery and the internal Whole Lotto Love Lottery programs – more than $1.3 million – helped fund crucial, frontline patient care equipment across St. Joseph’s.
Allocations to our mission of care, education and research
Through caring donor support, the Foundation funded numerous initiatives that are already making an impact in the lives of people who rely on St. Joseph’s for care.
Allocations included more than:
- $300,000 to fund the new FLOAT system for rehabilitation, a unique overhead body weight support system that helps people learn to walk after stroke, spinal cord or brain injuries;
- $1 million to sustain the Gray Centre for Mobility and Activity, where some of Canada’s top mobility clinicians, researchers and educators are improving care and treatment;
- $264,000 to sustain several surgical fellowships across St. Joseph’s; and
- $604,000 to complete the funding needed for C-Arm Fluoroscopy equipment to ensure precision imaging during surgery.
The work of the Foundation also contributed to our research mission, transforming health care locally and around the world. These grants included nearly $1 million in salary support for scientific research positions not funded through any other source, more than $400,000 to support the ongoing work of the Mental Health INcubator for Disruptive Solutions to improve youth mental health care and $307,000 in support of game-changing dementia prevention research.
Securing future stability
The Foundation continues to build a strong endowment base to provide critical, long-term funding for both clinical and research needs, and often in support of programs for which there is no other source of funding. Endowed funds grew by 8 per cent last year, a result driven by strong investment returns. Funds administered by the Foundation also grew by a solid 8 per cent over the previous year.
Thank you for your meaningful support of St. Joseph’s mission of care. It is only through the generosity of donors that the Foundation is able to meet the pressing needs of patient care on the frontline, and to fuel medical advancements that would not otherwise be possible.
Your kindness and generosity does make a difference – thank you.
McMichael Ruth
Treasurer, Board of Directors
St. Joseph's Health Care Foundation