Your Dollars at Work

A Message from the President & CEO

Michael Burns President & CEOThe economics and accounting for fundraising in Canada are complex and can be challenging to understand. At The Princess Margaret Cancer Foundation (the PMCF), we view our organization as a social enterprise rather than a not-for-profit. We also strive to operate with the efficiency and effectiveness of a private sector leader but with the vision and mission of a not-for-profit cause. At the PMCF, the most important measure of efficiency is net fundraising and lottery revenue per employee. In fiscal year 2018, with net revenue of $112.1 million, the PMCF raised $1.32 million per full-time employee, making it one of the most efficient and effective charities in Canada. Our general fundraising and administrative expenses were 11.1 per cent making it among the best-in-class relative to our peers across the country.

The PMCF has one of the most  diverse portfolios in the social enterprise sector in Canada. In fiscal 2018, the PMCF raised $177.5 million in gross fundraising and lottery revenue from various innitiatives: lotteries 44%, major gifts and bequests 28%, strategic events 12% and annual programs 16%. We have two distinct revenue streams:  fundraising revenue and lottery revenue. Cost ratios associated with these revenue streams are treated differently by Canada Revenue Agency (CRA). Here is a printable Financial Summary document of The Princess Margaret Cancer Foundation for fiscal year 2018.

In fundraising revenue our gross  was $98.6 million in fiscal year 2018, and our direct fundraising expenses, including costs for logistics, marketing and other costs directly related to strategic events and annual programs, were 16.5% of gross revenue. Our net fundraising revenue was $82.4 million or 83.5 per cent of gross fundraising revenue. A report on the use of funds for our strategic brands, the Enbridge Ride to Conquer Cancer, Rexall OneWalk to Conquer Cancer and Road Hockey To Conquer Cancer, can be found on our website under Our Impact –  Major Event Impact.

Lottery revenue, which is non-tax receipted, is viewed differently by the CRA. The lotteries are a unique fundraising vehicle and are absolutely essential to The Princess Margaret research program and have helped  fund one of the top 5 cancer research centres in the world.  In fiscal year 2018, net lottery revenues were $29.7 million (37.7 per cent of gross revenue of $78.9 million), an all-time record. We view our lotteries as one of the most important social enterprises in our portfolio.  The PMCF lottery net revenue return of 37.7 per cent compares  favourably to the industry average return of 27 per cent based on the three largest charitable lotteries in Canada. The PMCF lottery cost of 62.3 per cent is substantially lower than the CRA's acceptable guidelines of 70 per cent or higher.

We take the stewardship of all monies raised for Princess Margaret Cancer Centre very seriously and have three strong  committees on the Board of the PMCF:  Audit and Risk, Governance,  and Granting, Stewardship and Impact. These committees review all relevant aspects of our fundraising and granting efforts.

Our mission is to raise and steward funds to deliver breakthrough research, exemplary teaching, and compassionate care at Princess Margaret Cancer Centre, one of the top five cancer research centres in the world.

Michael Burns
President & CEO