Peace Arch Hospital Foundation Projects: Financials

Financials

With a focus on ensuring quality health care is available close to home, Peace Arch Hospital Foundation has been raising funds and awareness to enhance the health and wellness of our community since 1988.

Our Board of Directors measures success by the community impact and financial efficiency with which we invest the funds entrusted to us by our generous donors. To learn more about the impact our fundraising efforts have had on health care in the community, please check out our list of past achievements.

On May 1, 2015, the Ministry of Health, Fraser Health and the Foundation announced a comprehensive $110 million site redevelopment and expansion plan for Peace Arch Hospital. This project includes an upgraded and expanded emergency department along with five brand new state-of-the-art operating rooms and a 200-bed complex care facility featuring 112 residential care beds, 73 mental health beds and a 15-bed hospice residence. Fundraising is now complete for the ER, Operating Room, and residential care projects. The PAH Foundation Lodge opened its doors in April 2020.

2020-21 Fundraising Revenue

fundraising-revenue-2021

2020-21 Disbursement of Funds

disbursement-of-funds-2021

Revenue + Expenses - 5-Year History

revenue-expenses-5year-history-2021

Financial Highlights

14%
overall fundraising costs
$2M
equipment funding goal
$23.5M
funding commitment for the Operating Suites
$15M
raised to fund ER Renovation + Expansion
$10M
raised for PAH Foundation Lodge
  • Overall fundraising costs have averaged 14 per cent over the past five years, which is well below Canada Revenue’s Agency’s guideline of 35 per cent for charities. Our board reviews costs on an annual basis to ensure they are in line with other hospital foundations in the province.
  • We aim to fund approximately $2 million annually for the hospital’s capital equipment needs and also fund special projects that include our Healthy Community Grants and other projects and initiatives that support our vision of White Rock and South Surrey becoming the healthiest community possible.
  • The Foundation completed its $15 million funding of the ER renovation and expansion project in June 2020, and is providing $23.5 million in funding for five new operating suites. Both of the projects are currently under construction and will open in late 2021.
  • We also funded $10 million for Peace Arch Hospital Foundation Lodge, a 200-bed residential care facility that includes the 15-bed George & Sylvia Melville Hospice Home. The Lodge opened in April 2020.
  • Foundation donors (in partnership with Fraser Health and the Ministry of Health) provide critical investment necessary to meet the increasing health care needs, both at our hospital and in our community, for the residents of White Rock and South Surrey. These investments of $35 million in unrestricted funds will support future expansion and enhancements on the Peace Arch Hospital campus, including equipment for medical imaging, a new ICU, and other urgent priorities the Fraser Health Authority identifies in its forthcoming updated Master Concept Plan.

Audited Financial Statements

Our financial statements are audited on an annual basis by an external public accounting firm and reviewed quarterly by our Board of Directors.

Healthy Community Grant Disbursements

The Healthy Community Grants Committee awarded $598,000 to qualified grant applicants of the 2020/2021 grant program. The program supports initiatives that enhance health and wellness to those who live in the White Rock and South Surrey area. More than $3 million has been invested in more than 185 projects since the inception of the grants program in 1999.

VISIT THE HEALTHY COMMUNITY GRANTS PAGE

Remuneration of Directors

Directors of the Foundation provide their support on a volunteer basis and are not paid fees of any kind.The Foundation may, from time to time, incur costs with parties with which certain members of its Board of Directors are associated. These transactions are considered to be in the normal course of business. For the fiscal year ending March 31, 2021, the following costs were incurred:

Legal Fees: $4,047 – BKS Law

Imagine Canada

On May 27, 2014, the Foundation was accredited under Imagine Canada’s stringent national Standards Program becoming one of the first hospital foundations in Canada to earn this credential.

Financials – Imagine Canada