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Foundation - 2004 Canadian Orthopaedic Foundation Financial Report |
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2004 Canadian Orthopaedic Foundation Financial Report
Kevin G.S. Orrell, M.D., FRCSC
Secretary/Treasurer, Canadian Orthopaedic Foundation
Halifax, NS
The Board of the Canadian Orthopaedic Foundation reviewed and approved the audited statements for the period ending March 31, 2004, at its recent teleconference meeting.
The Foundation had a strong fund-raising result for the year, with totals up four percent over prior year. Sponsorships and other donations increased by $201K, resulting in an overall increase in revenue of 18%.
The costs of running the Hip Hip Hooray! campaign increased by 20%. This negative leveraging of Hip Hip Hooray! fund-raising results reflects the decrease in average Hip Hip Hooray! donations per walker and donor, and the increased costs of postage and promotional material. The ongoing challenge for the Foundation continues to be reducing the costs for fund-raising while increasing the number of walkers. The Foundation staff is already implementing changes for next year’s event that should address this need.
The Foundation generated $991K in direct support of our Mission. This includes research and education grants as well as local site disbursements.
In 2004, the Foundation ran a deficit of $14K. Unbudgeted expenses in support of the 2003 Canadian Orthopaedic Resident’s meeting were $70K unfavourable. This variance was the most significant contributor to the 2004 deficit. A small surplus is expected for the Foundation in 2005.
The COF continues to operate in a financially prudent manner in order to maximize our investments into areas that enhance our mission: “to achieve excellence in bone and joint health, mobility and function for all Canadians through the advancement of research, education and care.”
A detailed summary of the Foundation’s financial statements is available on request to any COA member by contacting the Foundation’s office.
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Last Updated ( Wednesday, 21 March 2007 )
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