Annual Report

Wales Home Foundation

Annual Report 2019-2020

TWENTY-NINTH
WALES HOME FOUNDATION

ANNUAL REPORT
For the April 1st, 2019 to March 31st, 2020
Fiscal Year
Annual General Meeting held August 27th, 2020

Mission
The Wales Home Foundation’s mission is to generate, receive,
and manage funds with a view to long-term profitability; to
disburse said funds to the Résidence Wales Home upon request,
evaluating benefits to residents and/or employees; to act
in the Résidence Wales Home's residents' and employees'
interests with a view to sustainability of operations.

President’s Report:

As I write this report, Canadians are beginning the sixth month of widespread physical distancing in response to COVID-19. Charities across the sector are reporting marked revenue decreases with more on the horizon. The pandemic's long-term impacts are difficult to predict, but I think a quick return to "normal" is unlikely.

Over the past three years as Foundation President, I have been pleased to watch our organization truly raise the bar for ourselves, the community that we serve, and our residents. While the external environment for non-profit organizations remains very challenging, our Board is determined to be the voice of change. I am proud to share that our three-year Campaign to support the CHSLD Wales Inc. expansion raised over $3,000,000.00. We are very grateful to support such an amazing project.

We are pleased that Sean McKenna accepted our offer to join the Board and welcome his ideas and experience. We are also grateful that Dr. Nelson Mitchell agreed to replace Jordan Arshinoff-Foss as our Campaign Chairman; we thank Jordan for his years of commitment, and we wish him the best in his future endeavours. We regret that Mike Chabot resigned from our Board this year.

Dr. Mitchell and his family donated funds for the new solarium off the Main Living Room, and we would like to acknowledge their generosity in this report. This major gift is the third made by the Mitchell family in recent years; they first donated for the creation of the Mitchell Wing, a fully-renovated section of Shaw 4 that includes our award-winning Wellness Room, followed by a contribution for the establishment of the technologically-advanced Mitchell Board Room. We thank them for their continued support and belief in our organization; the Mitchell family have been involved with the Wales since before its official inception.

After discussion with the Royal Bank of Canada (RBC) Dominion, the Board eliminated our bonds and restrictions on the number of bonds versus shares in the portfolio. RBC advised us that if the Foundation's money had been invested in bonds only, the portfolio would now be bankrupt.

The thirteenth annual Wales Home Foundation Golf Tournament took place on Thursday, August 8th, 2019 at Golf et académie Longchamp in Sherbrooke, Québec. The rainy morning weather did not deter the 144 players from coming together to participate in the tournament, some from as far away as Ottawa, Toronto, and Kingston! A total of 201 people attended and enjoyed the banquet supper. The tournament was once again completely full and raised over $51,000.0! Many thanks to our Fundraising and Communications Coordinator, Courtney Grainger, and her volunteers who made this event a memorable success!

Our second fundraising event of the year was our 2019 Candlelight Evening of Memories which raised a total of $7,867.92. This money was used for additional music and zootherapy for Wales residents. A total of 1,035 candles were lit during this special evening. Two large candles were lit; one in recognition of Horace Pettes Wales, the Wales Home founder, and the second for hope, especially for three employees who were battling cancer at that time. We are extremely appreciative of our community near and far for their support of this annual event. Many thanks to our Accounting Assistant, Rebecca Taylor, and her volunteers for their time and effort in this noteworthy evening.

We wish to recognize the Eric T. Webster Foundation and the Molson Foundation for their generosity as well as the estates of Jean Keough, Eleanor Stalker, and June Lester. Funds were wisely invested in improving the Shaw and Manning ambulatory units and the CHSLD expansion.

I would also like to single out one of our residents, Mrs. Lena Ross. Lena has been an extremely generous donor since she and her husband, Charlie, first became involved with the Wales. During our three-year Campaign, Lena donated $100,000.00 per year and purchased a new four-wheeler and trailer for the Wales Maintenance Department. Her contributions ultimately led to many wonderful projects and we know they will continue to do so in the future. Thank you for what you do, Lena!

As per the Sherbrooke Hospital endowment fund regulations, ninety percent of total income from dividends and interest for the fiscal year, a total of $20,183.72, was transferred from the porfolio to the Wales Home Foundation operational account. The funds were invested in the CHSLD expansion.

With great pride, I share that $1,597,062.38 was transferred from the Wales Home Foundation to the Wales Home for 2019-2020 special projects. Undertakings include the CHSLD expansion, the Shaw and Manning renovations, and Central's roof.

The Wales's new website was launched earlier this year and, since then, the Foundation has received numerous donations through its DONNA platform. The Board is very grateful for the exposure and reach this website provides.

Throughout the year, our Board was informed on the upcoming creation of a new independent living wing of condo-style apartments aptly named the Ross Wing. We believe that with the Foundation's support, this new section of the building will be unique!

I am filled with pride for the extraordinary work achieved at the Wales, the exceptional funds raised from our community, and our passionate Board's dedication. Together, we make a difference in the lives of our aging population. Our Board is inspired by the Wales Home's initiatives to advance as a leader in the senior healthcare sector. Their efforts wold not be possible without the individuals who have generously donated to our mission and those who have financially supported our Foundation over the past twenty-nine years. On behalf of the Wales Home Foundation, I wish to express our immense gratitude to those who supported our cause this year.

Respectfully submitted,
James Thompson
President

CORPORATION MEMBERS/BUSINESSES AND ORGANIZATIONS

WALES HOME FOUNDATION FINANCIAL STATEMENTS - MARCH 31ST, 2020