Endowment and Financial Management

The Foundation relies heavily on the returns of its endowment to ensure the delivery of its programs. As a result of a volatile market in 2008, the Foundation, like many other organizations, experienced a difficult year in the markets. Even so, the Foundation’s investment performance in 2008 was in the first quartile compared to similar trends, despite market volatility; although the endowment lost 6.5 percent based on market value, it did not lose as much as other similar funds.

Many of the Foundation’s programs are carried out with contributions from partners. The support of these partners, coupled with the investment returns, actual operating expenses and market losses, means that the Foundation achieved its activities with a $19 million draw on the endowment this year.

In 2008, the Foundation’s direct contributions to research and training grants and awards were slightly more than $4.7 million without accounting for partner contributions.

Auditors’ Report

To the Members

The accompanying summarized statement of financial position and summarized statement of operations are derived from the complete financial statements of Canadian Health Services Research Foundationas at December 31, 2008 and for the year then ended on which we expressed an opinion without reservation in our report dated February 11, 2009. The fair summarization of the complete financial statements is the responsibility of management. Our responsibility, in accordance with the applicable Assurance Guideline of The Canadian Institute of Chartered Accountants, is to report on the financial statements.

In our opinion, the accompanying financial statements fairly summarize, in all material respects, the related complete financial statements in accordance with the criteria described in the Guideline referred to above. These summarized financial statements do not contain all the disclosures required by Canadian generally accepted accounting principles. Readers are cautioned that these statements may not be appropriate for their purposes. For more information on the entity’s financial position, results of operations and cash flows, reference should be made to the related complete financial statements.

Chartered Accountants
Licensed Public Accountants
Ottawa, Ontario
February 11, 2009.

Print Ready Français
Governance 2008-2009 Board of Trustees and Committee Members Letter from the Chair, Board of Trustees Letter from the President and Chief Executive Officer The Cornerstones of Innovation Incubation Strategic Objective #1 Strategic Objective #2 Strategic Objective #3 Strategic Objective #4 EXTRA Researcher on Call A Model of Organizational Excellence Accountability Endowment and Financial Management Statement of Financial Position Statement of Operations	Endowment and Financial Management The Foundation relies heavily on the returns of its endowment to ensure the delivery of its programs. As a result of a volatile market in 2008, the Foundation, like many other organizations, experienced a difficult year in the markets. Even so, the Foundation’s investment performance in 2008 was in the first quartile compared to similar trends, despite market volatility; although the endowment lost 6.5 percent based on market value, it did not lose as much as other similar funds. Many of the Foundation’s programs are carried out with contributions from partners. The support of these partners, coupled with the investment returns, actual operating expenses and market losses, means that the Foundation achieved its activities with a $19 million draw on the endowment this year. In 2008, the Foundation’s direct contributions to research and training grants and awards were slightly more than $4.7 million without accounting for partner contributions. Auditors’ Report To the Members The accompanying summarized statement of financial position and summarized statement of operations are derived from the complete financial statements of Canadian Health Services Research Foundationas at December 31, 2008 and for the year then ended on which we expressed an opinion without reservation in our report dated February 11, 2009. The fair summarization of the complete financial statements is the responsibility of management. Our responsibility, in accordance with the applicable Assurance Guideline of The Canadian Institute of Chartered Accountants, is to report on the financial statements. In our opinion, the accompanying financial statements fairly summarize, in all material respects, the related complete financial statements in accordance with the criteria described in the Guideline referred to above. These summarized financial statements do not contain all the disclosures required by Canadian generally accepted accounting principles. Readers are cautioned that these statements may not be appropriate for their purposes. For more information on the entity’s financial position, results of operations and cash flows, reference should be made to the related complete financial statements. Chartered Accountants Licensed Public Accountants Ottawa, Ontario February 11, 2009.