Fundraising costs vary widely from charity to charity depending on the programs they operate. London Health Sciences Foundation (LHSF) conducts a wide range of fundraising programs and activities to offer optimal support to London Health Sciences Centre (LHSC). These programs allow members of the public to support the Hospital in the manner that best suits their individual financial capability and giving style. Through any of our Ways to Give, everyone in the community can contribute and help enhance and advance the current standard of care at LHSC.

Previously, LHSF reported revenue and expenses related to charitable lotteries and fundraising events on a net basis, with direct costs such as prizing and marketing expenses deducted from revenue prior to reporting. Issuing financial statements with net revenue reported for these activities kept our Foundation in line with generally accepted accounting principles. For the 2009/2010 reporting year, Accounting Standards Board rules for reporting fundraising revenues and expenses have been amended. Under the new rules, gross revenue from lotteries and events must be reported and all direct expenses incurred - including all prizes for lotteries - must be reflected in the financial statements.

Charities such as LHSF that run cost-intensive programs - like our successful lotteries and Signature Events - will now show greater fundraising costs. Just as they did under the old accounting standards, LHSF's combined fundraising programs continue to meet the standards of the Canada Revenue Agency's Charities Directorate for acceptable fundraising costs. We are proud of this accomplishment and continue to strive to reduce fundraising costs through a variety of methods, including cost monitoring, maximizing sponsor support and the use of volunteers.

Thank you for your past and continued support. It is with the help of our donors and volunteers that we are able to meet these national fundraising standards.