The Physicians’ Services Incorporated Foundation
This site is primarily for individuals with an interest in the research programs of the Foundation
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The Physicians’ Services Incorporated Foundation This site is primarily for individuals with an interest in the research programs of the Foundation |
About the Foundation
Organization Membership Historical Background Granting Policy and Programs
The Physicians’ Services Incorporated Foundation was incorporated on June 4th, 1970 under the laws of the Province of Ontario, and is registered with Revenue Canada as a public charitable foundation under the Federal Income Tax Act.
The membership of the Foundation is composed of physicians representing each of the seventy-five medical societies in Ontario, the Ontario Medical Association and six other persons appointed by the Board for their interest in the Foundation's activities. These six members and eight physician representatives of the medical societies form the Board of Directors. The management of the Foundation is vested in this Board. An Executive Committee acts for the Board when required between meetings of the Board.
Recommendations to the Board on investment policy and grants are made by a Finance Committee and a Grants Committee respectively; both composed of members of the Board. The Foundation’s program as approved by the Board is administered by an Executive Director responsible to the Board.
The original capital of the Foundation came from the remaining funds of Physicians’ Services Incorporated; the physician-sponsored prepaid medical care plan.
Although the Foundation does not solicit funds, as a charitable organization, it is able to accept donations or bequests and to provide receipts for tax purposes.
Physicians’ Services Incorporated commenced operation in November 1947 and soon became the largest prepaid medical care plan in Canada. P.S.I. was sponsored by the Ontario Medical Association and supported by about 8,000 practicing physicians in the Province of Ontario. These participating physicians agreed to allow the Corporation to prorate their medical fees in order to meet administrative expenses and provide the reserves required by law.
In September 1969, P.S.I. ceased operation because of the implementation by the Ontario Government of what is now the Ontario Health Insurance Plan. The Board of P.S.I. and the participating physicians decided that the funds remaining in the general reserve, after meeting all obligations to subscribers and physicians, should be used to establish a foundation, the income of which would be applied to charitable activities within the health field.
The Foundation is a granting agency and does not normally engage directly in charitable activities other than awarding medical fellowships. In accordance with the Federal Income Tax Act the Foundation cannot award grants to other than registered charities as defined by the Income Tax Act. Hospitals and medical schools come within this definition for the purpose of the Foundation’s granting activities. Organizations seeking funds from the Foundation must provide the Foundation with the organization’s charitable registration number issued by Revenue Canada. It is a policy of the Foundation to devote its funds to charitable endeavours in the health field solely within the Province of Ontario.
The Foundation’s granting interest is currently limited to two areas – education of practicing physicians and health research with emphasis on research relevant to patient care.