2

Fiscal Year: April 1, 2011 to March 31, 2012

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General Fund Restricted Fund Endowment Fund Total

2012

$ 2011

$ 2012

$ 2011

$ 2012

$ 2011

$ 2012

$ 2011

$

Revenues Donations 2,396,511 2,394,074 15,649,549 15,084,196 5,177,188 3,039,889 23,223,248 20,518,159 Bequests 1,852,410 1,727,363 973,928 527,790 - 160,392 2,826,338 2,415,545 Events 1,242,525 1,254,364 3,103,567 1,027,148 1,630,000 - 5,976,092 2,281,512 Investment income (note 3) 1,511,220 1,125,142 6,242 2,457 1,521,839 1,896,074 3,039,301 3,023,673 7,002,666 6,500,943 19,733,286 16,641,591 8,329,027 5,096,355 35,064,979 28,238,889 Expenses Fundraising and administrative 5,437,354 4,962,222 686,337 378,408 - - 6,123,691 5,340,630 Events 185,209 167,471 1,011,019 272,087 - - 1,196,228 439,558 Investment 44,995 43,599 13,059 11,872 87,826 76,605 145,880 132,076 5,667,558 5,173,292 1,710,415 662,367 87,826 76,605 7,465,799 5,912,264 Excess of revenue over expenses

before grants 1,335,108 1,327,651 18,022,871 15,979,224 8,241,201 5,019,750 27,599,180 22,326,625 Grants to St. Michael’s Hospital

(note 5) - 773,198 19,615,117 23,615,740 898,523 623,690 20,513,640 25,012,629 Excess (deficiency) of revenue

over expenses for the year 1,335,108 554,453 (1,592,246) (7,636,516) 7,342,678 4,396,060 7,085,540 (2,686,004) Fund balances - Beginning of year 5,967,200 6,913,702 39,105,089 45,276,399 28,615,305 24,183,496 73,687,593 76,373,597 Interfund transfers (1,623,191) (1,500,955) 1,588,378 1,465,206 34,812 35,749 - - Fund balances - End of year 5,679,117 5,967,200 39,101,221 39,105,089 35,992,795 28,615,305 80,773,133 73,687,593

2012

$ 2011

$

Cash provided by (used in) Operating activities Excess (deficiency) of revenues over expenses for the year 7,085,540 (2,686,004) Item not affecting cash

Change in unrealized gains on investments (555,616) (1,035,267) Changes in non-cash working capital items

Other receivables and prepaid expenses 172,426 (157,089) Accounts payable and accrued liabilities 184,554 (62,188) Deferred revenue (2,282,210) 2,096,470

4,604,694 (1,844,078) Investing activities Purchase of investments - net of proceeds (10,974,128) (1,824,725) Decrease in cash and cash equivalents during the year (6,369,434) (3,668,803) Cash and cash equivalents - Beginning of year 21,114,466 24,783,269 Cash and cash equivalents - End of year 14,745,032 21,114,466

2012

$ 2011

$

Cash provided by (used in) Operating activities Excess (deficiency) of revenues over expenses for the year 7,085,540 (2,686,004) Item not affecting cash

Change in unrealized gains on investments (555,616) (1,035,267) Changes in non-cash working capital items

Other receivables and prepaid expenses 172,426 (157,089) Accounts payable and accrued liabilities 184,554 (62,188) Deferred revenue (2,282,210) 2,096,470

4,604,694 (1,844,078) Investing activities Purchase of investments - net of proceeds (10,974,128) (1,824,725) Decrease in cash and cash equivalents during the year (6,369,434) (3,668,803) Cash and cash equivalents - Beginning of year 21,114,466 24,783,269 Cash and cash equivalents - End of year 14,745,032 21,114,466

2012

$ 2011

$

Cash provided by (used in) Operating activities Excess (deficiency) of revenues over expenses for the year 7,085,540 (2,686,004) Item not affecting cash

Change in unrealized gains on investments (555,616) (1,035,267) Changes in non-cash working capital items

Other receivables and prepaid expenses 172,426 (157,089) Accounts payable and accrued liabilities 184,554 (62,188) Deferred revenue (2,282,210) 2,096,470

4,604,694 (1,844,078) Investing activities Purchase of investments - net of proceeds (10,974,128) (1,824,725) Decrease in cash and cash equivalents during the year (6,369,434) (3,668,803) Cash and cash equivalents - Beginning of year 21,114,466 24,783,269 Cash and cash equivalents - End of year 14,745,032 21,114,466

6

7

(1)

(2)

8

Assets/liabilities Category Measurement

Cash and cash equivalents held-for-trading fair value Other receivables loans and receivables amortized cost Investments held-for-trading fair value Accounts payable and accrued liabilities other liabilities amortized cost

2012

$ 2011

$

Short-term investments 1,456,227 784,310

Bonds Government 22,300,283 20,050,677 Corporate 20,727,844 18,176,648

43,028,127 38,227,325

(3)

9

2012

$ 2011

$

Equities Canadian 7,278,292 5,688,918 US 7,278,292 4,716,454 International 6,208,969 4,303,156

20,765,553 14,708,528

Aggregate fair value 65,249,907 53,720,163

Aggregate cost 63,761,399 52,788,333

2012

$ 2011

$

Interest, dividends and realized gains 2,483,685 1,988,406 Changes in unrealized appreciation of investments 555,616 1,035,267

3,039,301 3,023,673

(4)

10

2012

$ 2011

$

Cash provided by (used in) Operating activities Excess (deficiency) of revenues over expenses for the year 7,085,540 (2,686,004) Item not affecting cash

Change in unrealized gains on investments (555,616) (1,035,267) Changes in non-cash working capital items

Other receivables and prepaid expenses 172,426 (157,089) Accounts payable and accrued liabilities 184,554 (62,188) Deferred revenue (2,282,210) 2,096,470

4,604,694 (1,844,078) Investing activities Purchase of investments - net of proceeds (10,974,128) (1,824,725) Decrease in cash and cash equivalents during the year (6,369,434) (3,668,803) Cash and cash equivalents - Beginning of year 21,114,466 24,783,269 Cash and cash equivalents - End of year 14,745,032 21,114,466

(5)

11

1-025 Queen Wing, 30 Bond Street

Toronto, Ontario, M5B 1W8

Telephone: 416.864.5000

www.stmichaelsfoundation.com