As of March 31, 2008

Mount Sinai Hospital Foundation of Toronto - Summarized Balance Sheet

(in thousands of dollars)
     
2008
2007    
ASSETS
Cash
 $1,892
 $1,346     
Accounts receivables and prepaid expenses
282
458     
Investments - at market
58,295
64,258     
Capital assets - net
289
327     
Total Assets
 $60,758
 $66,389     
LIABILITIES
Accounts payable and accrued liabilities
$16,684
$19,909     
Funds held under administration
860
839     
 17,544
20,748     
Fund balances
43,214
45,641     
Total liabilities and fund balances
 $60,758
 $66,389     

 

Auditors' Report on Summarized Financial Statements
To the Board of Directors of Mount Sinai Hospital Foundation of Toronto:

The accompanying summarized balance sheet and summarized statement of revenue and expenses and changes in fund balances are derived from the complete financial statements of Mount Sinai Hospital Foundation of Toronto as at March 31, 2008 and for the year then ended on which we expressed an opinion without reservation in our report dated May 23, 2008. The fair summarization of the complete financial statement is the responsibility of management. Our responsibility, in accordance with the applicable Assurance Guidelines of the Canadian Institute of Chartered Accountants, is to report on the summarized financial statements.

In our opinion, the accompanying summarized 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 of 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 Foundation's financial position, revenues and expenses and fund balances, references should be made to the related complete financial statements.

PricewaterhouseCoopers LLP
Chartered Accountants, Licensed Public Accountants
Toronto, Canada
May 23, 2008

 

Year Ended March 31, 2008

Mount Sinai Hospital Foundation of Toronto - Summarized Statement of Revenue and Expenses and Changes in Fund Balances

(in thousands of dollars)
     
2008
2007    
REVENUE
Donations, bequests and contributions
 $32,085
 $30,139     
Events - net
                               1,998
1,877     
Realized investment income
                               2,447
2,852      
Unrealized gain on investments
(1,083)
321      
Total Revenue
 $35,447
 $35,189     
EXPENSES
Fundraising and administrative
 $5,090
 $5,333     
Grants to Mount Sinai Hospital
         32,784
28,148     
37,874
      33,481     
Excess of revenue over expenses and grants for the year
(2,427)
1,708     
Fund balances - beginning of the year
    45,641
   43,933     
Fund balances - end of year

 $43,214

 $45,641     




The Best Medicine Campaign



Notes to Summarized Financial Statement
The Foundation is incorporated under the laws of Ontario as a corporation without share capital. The Foundation receives, accumulates and distributes funds and/or the income therefrom for the advancement of medical research, education and improvement of patient care at Mount Sinai Hospital (the "Hospital").

The summarized financial statements of Mount Sinai Hospital Foundation of Toronto (the "Foundation") are reported using the restricted fund method of accounting for contributions. The Foundation ensures, as part of its fiduciary responsibilities, that all funds received with a restricted purpose are expended for the purpose for which they are provided.

Accounts payable and accrued liabilities include amounts payable to the Hospital of $15,821,700 (2007--$19,316,137).

The Foundation is a public foundation registered under the Income Tax Act (Canada) and, as such, is exempt from income taxes and able to issue donation receipts for income tax purposes under Registration Number 11904 8106 RR0001.

 

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