Financial Report

Fulfilling Our Mission of Care

Donation Revenue & Operating Expenses

Fundraising was significantly challenged in 2020 with the declaration of COVID-19. Like many other charitable organizations, the work of St. Joseph’s Health Care Foundation was negatively impacted as a result. During this tumultuous year, Foundation leadership maintained a strong focus on financial and risk management and strengthening donor relationships, to ensure sustainable operations and support for patient care.

The Foundation received cash gifts totaling $12,384,558, including several large donor gifts, an outstanding community response to The St. Joseph’s Health Crisis Fund and two high-performing Dream lotteries. This critical support enabled the Foundation to continue in its mission to provide funds to the hospital, a need made more important by the pandemic.

Foundation operations were also impacted by the pandemic, which included the painful decision to temporarily reduce full time staffing levels by 20 percent. The Foundation was eligible for, and received, funding from the Canadian Emergency Wage Subsidy (CEWS), enabling staff to be recalled in early 2021. Throughout the year, management worked to reduce expenses wherever possible and launched unique initiatives to reach donors in new ways.

Foundation Assets

Total assets under management reached $98,728,954, an increase of 17 percent over 2020, a result driven primarily by the long-term investment portfolio recovery.

Endowed funds comprise 65 percent of total assets, growing by $6.9M to $63.6M in the past year. Investment income generated by these funds provide critical funding in perpetuity for specific care, teaching and research needs across St. Joseph’s.

Allocations to Our Mission of Care, Teaching & Research

Thanks to the generous support of our donor community — and despite the challenges of the pandemic — the Foundation was able to grant almost $8M to care, teaching and research needs, an increase of 15 percent over 2020.

Over $3.1M was granted to direct patient care projects, the largest of which provided approximately $1.6 million for the refurbishment of the operating rooms at St. Joseph’s Hospital. More than $250,000 was granted to St. Joseph’s Zero Suicide initiative in mental health care. Additionally, the Foundation supported over $500,000 for hospital equipment, from innovative programs such as rocking chair therapy to essential medical needs such as mattresses and rehabilitation equipment.

Over $4.6 million was granted to research needs with almost $1 million of support from endowments provided for scientific research chairs, who work within the hospital to help clinicians to improve the frontline of care. Funding was also provided for research studies to improve treatments in dementia, post-traumatic stress disorder for Veterans, youth mental health and surgical robotics, to name a few.

Of that amount, the Foundation transferred $1.6 million to Western University to augment The Ting-Yim Lee Chair in Cardiac Computerized Tomography Imaging Research, helping to create a $5 million endowed research chair for imaging research at St. Joseph’s. And, a further collaboration with Western University saw the creation of a new $5 million endowment for the William and Lynne Gray Chair in Mobility and Activity, the first of its kind in Canada.

Thanks to overwhelming community support to The St. Joseph’s Health Crisis Fund, over $350,000 was directed to urgent patient, resident and staff needs associated with pandemic. Crisis funds supported a variety of items, including technology for patients and residents to connect with loved ones, refreshments for staff, new BBQs for Veterans and patio furniture for patients to gather together safely outdoors.

As always, our deepest thanks for your continued, generous support.

Matt Pepe
Treasurer/Director
St. Joseph’s Health Care Foundation

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