Foundation 2010 Audited Annual Financial Statements

Posted by Paul

We just posted our audited 2010 annual statements on our www.pmhf.ca website. Click here to see our latest audited statements hot off the press. We will have our annual report ready by the end of September. We had a great year last year at the Foundation in what was a difficult year for the economy. Our investment returns were way, way up over the year before (happily and thankfully!). Our fundraising net was $70 million before investment income. We have had some changes to the way we report out income and expenses and these changes are outlined in the notes to the statements. For example, our lotteries have big gross revenue numbers associated with them and also have large scale investment in prizes shown as expenses. Lotteries are unique to our social enterprise as we don't provide tax receipts for lottery tickets purchased. We do purchase many gorgeous homes, fully furnished, and luxury cars as well as other prizes that ticket buyers rate as "the best". Our overall administrative costs to fund the work of the Foundation remains just below 10% of net funds raised. We had major grants to the work of PMH and in support of our vision "To Conquer Cancer In Our Lifetime". Thanks to our donors, our volunteers, our community of supporters, our amazing board led by our wonderful board Chair Keith Ambachtsheer. We had a very good year last year and we are confident of an even better year this year 2010-11! Again, we are grateful beyond words to our donors, supporters, volunteers, staff, and community.

Posted on: 8/30/2010 at 10:49 AM
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