Watch foundation funds
RE: Nanaimo and District Hospital Foundation financial information.
Recently, the foundation published its financial information for the year ending June 30, 2013. The document is impressive and shows the foundation’s positive contributions towards our regional hospital. However, donors with an inquisitive eye will readily observe that some notable information has been omitted.
Omitted is an explanation of the $887,160 difference between funding sources of almost $4.2 million and funding uses of about $3.3 million. Donors to the foundation should have access to this information to verify that their donations are spent in ways that meet objectives. A cash flow statement from the foundation is therefore suggested.
Alternatively, donors will be able to retrieve the missing information from the Canada Customs and Revenue Agency website for registered charities. For 2012, the “missing” information in descending order of magnitude is: advertising and promotion (14.6 per cent of total revenue), office supplies and expenses (3.2 per cent), interest and bank charges (3.1 per cent), education and training of staff (2.2 per cent), occupancy costs (1.5 per cent) and professional and consulting fees (0.9 per cent).
Donors should be vigilant by reviewing the financial data of charities in which they are interested.
Anthonie den Boef