Financial Report
Your generosity fuels care, research and education across St. Joseph’s.
The role of donors
At St. Joseph’s, donors make a daily impact in the lives of patients and residents through their generous gifts.
Ontario hospitals receive most, but not all, of their funding from the government, approximately 75 per cent. Yet that funding covers just 75 per cent of the expenses required to provide service.
Additionally, hospitals cannot use government funding to support renovations and direct expenses related to research, and there is limited funding available for vital capital expenses like patient care equipment and technology. Hospitals must generate additional revenue to fund their remaining expenses. It is the difference that often takes organizations from good to great.
While the Foundation does not support operating costs, it does assist medical equipment costs, renovations and research that are not covered by government funding.
That is where donors come in – and this is where your kindness shines.
Your support of high priority needs in care, research and education bridges the gap between existing funding and the exceptional patient care that we offer at St. Joseph’s. We, at St. Joseph’s, are dedicated to ensuring an ongoing investment in key medical equipment and technology to support patient care, even during challenging financial times. The Foundation’s support allows the Hospital to maintain and replace equipment, upgrade clinical spaces, invest in education and advance research.
The Hospital has always believed that effective capital management includes forecasting and planning for future needs, prioritizing both equipment renewal and new innovations and being good stewards of precious financial resources. The Hospital and the Foundation work collaboratively to align top priority capital needs with donor funds.
Donation revenue and disbursements
Throughout the 2024-25 fiscal year, donors across the community continued to step up and generously support vital projects at St. Joseph’s. Their unwavering kindness helped to fund new patient care equipment, innovations in medical research and training and education to enhance the frontline of care.
Through more than $13.6 million in cash gifts raised during the fiscal year, the Foundation was able to disburse more than $8.7 million to priorities across St. Joseph’s. These disbursements all aligned with the Hospital’s funding priorities and helped to fulfill needs that otherwise would not have been possible.
For every dollar of Foundation expense, a corresponding $3.15 created a high efficiency return that helped to enhance the impact of donor gifts.
The Foundation also marked a record $36.1 million in pledged revenues, fueled by the transformational investment from Ontario’s Workplace Safety and Insurance Board. In partnership with Lawson Research Institute, this support will allow our organization to create a first-in-Canada research hub focused on solving the human and health costs of occupational injury and illness. This visionary 10-year commitment is the largest single grant ever received and stewarded by the Foundation.
Endowed Funds
2024-2025 Condensed Statement of Income (Audited)
Collective impact
During the past fiscal year, the Foundation provided vital support for capital equipment, research initiatives and training and education across the organization. One of our major achievements was a successful appeal to the community to upgrade the imaging equipment and technology in St. Joseph’s Breast Imaging Program, where donors met 56 per cent of the funds needed for this $5 million project.
More than $1.3 million was disbursed to enhance needs across the Veterans Care Program, including a new accessible bus, wardrobe renovations, a refresh of the dining spaces, cuddle beds that allow loved ones to stay close and care and comfort items.
On the research side, more than $3.3 million was disbursed to support scientific Chair positions, studentships and fellowships, equipment needs and grants to launch and sustain projects critical to our mission to continue to improve clinical care.
Careful fund management
Faced with yet another year of rising inflation and economic uncertainties, the Foundation employed careful expense management strategies to ensure finances remained steady, secure and stable. This included disciplined investment of existing donor funds and strengthening the reserve funds in the Foundation’s endowment base to sustain future expenditures and provide for inflation protection.
Your donation matters here
From equipment to research projects, your support enables the Foundation to continue fueling St. Joseph’s mission of care and meet the pressing needs of the community.
Your gifts DO make an impact. Thank you for your continued support and confidence.
McMichael Ruth
Treasurer, Board of Directors
St. Joseph's Health Care Foundation