2007 Canadian Orthopaedic Foundation Financial Report
The Endurance Round - back into fighting trim

Doug Thomson, CEO and
Kevin J. Orrell, M.D., FRCSC
Chairman, The Canadian Orthopaedic Foundation

Sharp-eyed readers of the Bulletin may recognize the above title from the May 2002 issue, where we used a boxing analogy to describe a grim financial report from the Foundation for the 2001 fiscal year. It was that year that the Foundation experienced a whopping deficit of over $600K. We said back then, "we may be bruised, but we're still on our feet." "Barely" would have been an accurate modifier to use at that time.

Now, over five years later, the Foundation can finally report a financial surplus. It has been a long time coming. And the surplus is no fluke. Rather it is the result of investing the time to fully understand the environment, carefully developing and executing a detailed business plan, and carrying out the sometimes painful process of restructuring staff resources to enable revenue growth while reducing expenses. The delicate balancing act has been overseen by an engaged Board of Directors. Our small but dedicated staff team has worked closely with the Board to introduce many changes over the past five years - some of which were agonizing and put tremendous pressure on our volunteers. For example, in the 2006 fiscal year, the Foundation reduced the amount we returned to local Hip Hip Hooray communities to 27%, from a historic high of over 50%. The fallout from this decision resulted in a reduced number of sites participating in Hip Hip Hooray in 2006.

However, the good news is that this restraint last year has resulted in our ability to return 50%, once again, to the HHH sites for 2007. The overused phrase "short-term pain for long-term gain" is entirely appropriate here.

Abbreviated Financial Statement
For the year ending March 31, 2007

The following information is derived from audited financial statements of the Canadian Orthopaedic Foundation. A full set of audited financial statements is available upon request.

The Foundation has a well-balanced plan that supports our Mission. The expenditures in 2006/7 are detailed below.

Is it time to cue the fireworks and the "Rocky" theme? We think so. The Foundation's achievement is worth celebrating, and it was hard fought, hard won. Let's stand tall to mark the moment, but let's also remember that the venerable Rocky Balboa was the underdog and went the distance six times in his 30-year career. Stamina and endurance, those are the marks of a champ.