Financial Report

Accountability Matters Here


2019-20 was a remarkable year for St. Joseph’s Health Care Foundation, with $12,669,211 in cash donations received, an increase of 96% over the previous year. Indeed, the Foundation saw an increase in virtually every line item of fundraising operations. While not represented in the accounting statements, the Board of Directors is also pleased to share that activity and new pledges/commitments resulted in $16,591,732 in total dollars raised. This level of activity means that, for every $1 of fundraising cost expended, $3.65 in value was realized as a result, signaling a very strong return on donor investment in our work. 

From donations given from a child’s allowance, to transformational gifts committed by visionary donors investing in future health care – all donation small and large, have made a direct impact on the health and well-being of people in our region. 


The financial performance of the past year was the culmination of the Foundation’s four-year commitment to Fundraising Performance Improvement (FPI), an initiative that brought lean, six-sigma thinking into much of the organization’s processes and business model. We are the first organization in Canada to adopt this model, and the resulting transformation has not only touched every aspect of the Foundation’s operations and governance structures and processes, but has helped us to realize a strong performance and cost ratio to support patient care and research for the long-term. 

Asset Base/Endowments

Total assets under management reached $83,729,808, a slight reduction from 2019 due to investment volatility that occurred in the last month of the fiscal year, due to the WHO declaration of pandemic. 

Of the total assets, endowed funds comprise 68% and are fully aligned to specific patient care and research activities/ programs across the organization, providing critical annual support. In the past year, the Foundation also worked collaboratively with Western to create two $5 million endowed research chairs for both imaging and mobility/activity. This transfer did result in a slight reduction in the Foundation’s endowment; however the transferred funds were also matched by Western through a unique collaboration that will enable greater critical mass for specialized research as a result. 

These funds will provide rare and more importantly, sustainable, funding for key scientific positions in our community with the potential to attract international expertise. 

Like most portfolios, earned investment income was challenged by the volatility in the marketplace toward the end of the fiscal year, which coincided with the beginning of the COVID-19 pandemic. 

Allocations to Care, Teaching & Research

The best story to share is how the strong financial performance enabled a significant increase in grants to our mission at St. Joseph’s. Grants to care, teaching and research across St. Joseph’s by the Foundation totaled $6,760,116, an increase of 65% over the previous year. Additionally, the Foundation has committed to many other large-scale hospital projects, funding for which will be transferred in the next fiscal year. One such example was the Foundation’s commitment to tripling the production capacity of St. Joseph’s Cyclotron Facility, a service critical to supporting clinical cancer care in the region, as well as to advancing imaging research in the diagnosis and treatment of many other chronic diseases. The Foundation committed to funding this project in its entirety to enable the capacity for even more patients from across our community and region to benefit from this remarkable medical technology. 

From large scale medical technology such as the refurbishment/upgrades to surgical suites at St. Joseph’s Hospital, to the creation of the new The Gray Centre for Mobility and Activity, and even to the purchase of an accessible bicycle for residents of Mount Hope, donor support through the Foundation enabled many substantial initiatives in support of patient care across many sites of St. Joseph’s. 
I hope you can see that your donation really does matter here. And, so does our accountability to you. 

Matt Pepe
St. Joseph’s Health Care Foundation