As of March 31, 2008

Mount Sinai Hospital - Summarized Statement of Financial Position
Mount Sinai Hospital is dedicated to discovering and delivering the best patient care with the heart and values true to our heritage. An internationally recognized 472-bed acute care academic health centre affiliated with the University of Toronto, Mount Sinai Hospital brings together Bright Minds and Big Hearts to provide The Best Medicine.

(in thousands of dollars)
2008 
2007    
ASSETS
Current assets
Cash and cash equivalents  
$     17,216
 
$     18,225    
Accounts receivable
31,878
24,031     
Inventories and sundry assets
6,409
5,310     
55,503
       
47,566    
Capital grants receivable          
6,930
         
5,109     
Mount Sinai Hospital Foundation of Toronto          
6,095
         
6,339     
Property and equipment
264,139
     
239,451     
 
Total assets  
$  332,667
 
$  298,465    
 
LIABILITIES
Current liabilities  
$  137,247
 
$  123,298     
Long-term liabilities
36,274
34,029     
Deferred capital contributions
188,073
164,237     
361,594
321,564    
Net Assets (Deficiency)
(28,927)
(23,099)    
 
Total liabilities and net assets  
$  332,667
 
$  298,465     


Auditors' Report on Summarized Financial Statement

To the Directors of Mount Sinai Hospital :
The accompanying summarized statements of financial position, operations, and net assets are derived from the complete financial statements of Mount Sinai Hospital as at March 31, 2008 and for the year then ended on which we expressed an opinion without reservation in our report dated May 13, 2008.  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 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 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 Hospital's financial position, results of operations and cash flows, references should be made to the related complete financial statements.

PricewaterhouseCoopers LLP [signed]

Chartered Accountants, Licensed Public Accountants
Toronto, Canada
May 13, 2008

 

Year Ended March 31, 2008

Mount Sinai Hospital - Summarized Statement of Financial Position

(in thousands of dollars)
2008
2007
2008
2007
INCOME
Operating income
Ministry of Health and Long-Term Care
$293,473
$275,464
80.2
%
81
%
Income from patients
7,742
7,863
2.1
2
Preferred accommodation
8,352
7,487
2.3
2
Commercial activities
20,432
17,846
5.6
5
Other income and recoveries
25,794
24,076
7
7
Amortization of deferred contributions for equipment
10,161
9,296
2.8
3
365,954
342,032
100
%
100
%
Research Funding
62,700
60,665
Total Income
428,654
402,697
EXPENSES
Operating Expenses
Salaries
202,150
191,027
55.2
%
56
%
Employee benefits
49,602
41,989
13.6
12
General supplies and other expenses
57,624
57,277
15.7
17
Medical and surgical supplies
17,867
17,100
4.9
5
Drugs
21,428
18,925
5.9
6
Amortization of equipment
16,428
15,690
4.5
5
365,099
342,008
99.8
%
100
%
Research Expenditures
62,700
60,665
Total Expenses
427,799
402,673
Excess of Income over Expenses before 
the undernoted
855
24
Change in fair value of interest rate swaps
-534
-   
Excess of Income over Expenses before amortization
321
24
Amortization of Building and Research Equipment,
net of amortization of deferred contributions 
5,809
5,488
Excess of Expenses over Income
-5,488
-5,464
Net Assets (Deficiency) - Beginning of year
-23,099
-17,635
Adjustment as a result of adopting Fair Value recognition
of Financial Instruments
-340
-   
Net Assets (Deficiency) - End of year
($28,927)
($23,099)




Mount Sinai Hospital Statistics - Year Ended March 31, 2008

2008
2007    
Inpatient and Operating Room Activity
Admissions                
25,447
     
24,647     
Births                    
6,702
       
6,523     
Patient days              
140,068
   
135,524    
Average length of stay (days)                    
5.4
           
5.4     
Beds in service                     
472
          
472    
Surgical procedures                
19,431
     
18,810     
Ambulatory and Emergency Activity
Emergency department visits              
43,737
     
42,153     
Medical Imaging procedures            
184,207
   
184,642    
Ambulatory care visits              
660,100
   
658,400     
Hospital Staffing
Full time                    
2,341
       
2,288    
Part time/casual                  
1,100
       
1,088    
Medical/dental staff                     
812
          
805    
Samuel Lunenfeld Research Institute staff                 
675
          
660     
Undergraduate and postgraduate medical students               
345
          
340     
Auxiliary members                  
1,412
       
1,272     
Volunteers                    
1,033
          
885    
Volunteer hours              
115,177
   
109,628    

 

Back to top