Every year, we work with Island Health to determine priority equipment needs in our hospitals. When you generously donate, we commit to funding specific equipment to Island Health. Ongoing consultations with their staff ensure that equipment needs are prioritized so your donation is spent where it will have the greatest impact.
To ensure your gift supports the equipment or area of care you have chosen, we only release funds to Island Health once we have received an invoice. The hospital may need to test the equipment, train staff and make changes to the area where the equipment will be located and used. This process ensures our commitment to accountability so your funds are spent as you intended.
We take our role as stewards of your generosity seriously. Committed to keeping our fundraising costs low, we aim to spend the highest possible percentage of every donation on leading-edge equipment that directly benefits our patients. The Foundation’s average cost of fundraising of 21% falls well below Canada Revenue Agency’s (CRA) guidance to remain under 35%. The Foundation calculates its fundraising ratio, which measures costs to revenue, as defined by the CRA.
Every year, we publish an annual report edition of our In Touch newsletter, highlighting contributions to our hospitals and reporting back to our donors and the community at large about our fundraising activities and expenses. The Annual Report is created as a transparent tool to inform our stakeholders about our activities throughout the year and the details of our finances, but it also acts as a key accountability piece. Through carefully crafted content, it demonstrates the value of the work we do while highlighting the crucial role fundraising plays in the delivery of healthcare in our region.
Audited Financial Statements and Independent Auditors’ Report
The Audited Financial Statements and Independent Auditors’ Reports show the results of the 2019–20, 2018–19, and 2017–18 fiscal year audits by KPMG. The annual audit is conducted in June each year, and brought to the Board of Directors for approval in September.
The Victoria Hospitals Foundation is committed to principles of honest, open and ethical behavior in the handling and management of personal information.
Protecting the privacy of our donors, volunteers, employees, and other stakeholders is a critical priority. We value the trust of those we deal with and of the public, and we recognize that maintaining this trust requires us to be transparent and accountable in maintaining the confidentiality of the personal information that is shared with us.
The Victoria Hospitals Foundation embraces the principles of British Columbia’s Personal Information Protection Act (PIPA). We are committed to ensuring that all personal information is properly collected, used only for the purposes for which it is collected, and is disposed of in a safe and timely manner when no longer required.
We are in compliance with the following legislative bodies:
- British Columbia Gaming Policy and Enforcement Branch
- British Columbia Corporate Registry
- Canada Revenue Agency
- City of Victoria
- Internal Revenue Services
- Washington Secretary of State