The David Foster Foundation has revealed to CTV News how much of the money raised at a glitzy gala in Victoria will go to families in need. To celebrate its 40th anniversary, the charity hosted a star-studded fundraiser at the Victoria Convention Centre on Friday. Several high-profile people attended, including Bill Gates, Prince Harry and Meghan, Duchess of Sussex. At a free outdoor concert hosted by the charity on Saturday night, it was announced the gala had raised $14.5 million. Underneath an undeniably exuberant reception for the weekend’s events, there’s an undercurrent of scrutiny about the David Foster Foundation (DFF), which supports families with children who need organ transplants. Social media chatter has highlighted a one-star rating from charity watchdog Charity Intelligence Canada (CIC), which accuses the foundation of lacking financial transparency. CTV News sought to cut through the alleged opacity and asked how much of the money raised on Friday will go directly to families affected by organ transplants. On Tuesday, the foundation said $11.1 million of the $14.5 million will sponsor families in need. “For 40 years, the David Foster Foundation has provided non-medical financial assistance to Canadian families whose children require major organ transplants, alleviating the financial pressures families face during an incredibly challenging time,” the foundation said in a statement. “All money raised this weekend at our charitable gala through Sponsor a Family and other designated fundraising initiatives is held in a restricted funds account, accessible only to support the needs of families served by the foundation.” CTV News asked where the remaining $3.4 million will go, but did not receive a reply. Questions about how much the charity paid to produce the gala and concert — which included a Snowbirds flyover, drone show and fireworks — also went unanswered. The DFF said it has an endowment fund, which “supports” its production costs, administrative costs and overhead through investment interest and dividends. A tax form on the Canada Revenue Agency’s website shows the foundation had nearly $64 million in cash and investments in 2025. It had $49.9 million in 2024. “You would think that having audited financial statements for a charity of this size would be the law in Canada. It’s not,” said CIC managing director Kate Bahen. “$64 million in cash and investments, but (the DFF) still sees itself as not having to go through that independent and professional audit of its books.” Bahen said large charities should be required to post audited financial statements on their websites, so donors can make informed decisions. Such statements do not appear to be available on the DFF’s website. CTV News asked the charity for a response to its failing grade from CIC, but did not receive a direct answer.
