MSH Foundation AR layout 9/5/03 12:38 PM Page 1 Supporting The Best Medicine MOUNT SINAI HOSPITAL FOUNDATION OF TORONTO ANNUAL REPORT 2001/2002 MSH Foundation AR layout 9/5/03 12:38 PM Page 2 Nicholas Offord Lloyd S. D. Fogler, QC President Chair Mount Sinai Hospital Mount Sinai Hospital Foundation of Toronto Foundation of Toronto I am pleased to present this report of the During my 25 years with the Hospital and Mount Sinai Hospital Foundation of Toronto. Foundation Boards, I have been encouraged Last year we told you how proud we were to by the support and commitment of my have raised an incredible $160 million (now colleagues in the Mount Sinai community. at $170 million) through The Best Medicine I have been greatly supported by their campaign. That sense of pride continues as dedication and faith in our ability to succeed. we prepare to launch Phase II of our cam- Confronted by our challenges over the years, paign. Our resolve is stronger than ever, even there was never a moment of doubt to in the face of a tough economic environment. distract us from our mission. We are encouraged by the continued support The achievements of The Best Medicine of our valued partners – in the Toronto com- campaign have had a tremendous impact on munity, the private sector and government. medicine, teaching and research at Mount This report is also my opportunity to Sinai. Our quest for The Best Medicine under- honour our Foundation Board's retiring Chair lines our belief that Mount Sinai patients Lloyd S. D. Fogler, QC. Lloyd has been associ- deserve the very best that medicine can offer. ated with Mount Sinai Hospital for more than I extend my sincere thanks to the Officers 25 years. His inspiring wisdom and strategic and the members of the Foundation Board advice have guided us through ever-changing and to the talented management team at challenges in our quest for The Best Medicine. Mount Sinai. Together we have accomplished On behalf of Mount Sinai, our Foundation and more than our forefathers could have the Board, I offer our heartfelt thanks. dreamed. Tomorrow, our dreams will be fulfilled by those who follow. MSH Foundation AR layout 9/5/03 12:38 PM Page 3 The Best Medicine: The successes continue The Best Medicine spirit and strength of the Jewish and other the Samuel Lunenfeld Research Institute are an campaign is the communities – in service to the broader integral part of a medical research revolution most successful community. where the prevention of illness is more than a fundraising effort Phase I of The Best Medicine campaign has dream. We are part of an international search in Canadian had a tremendous impact on Mount Sinai for the genetic basis of disease and answers to health care history. Hospital, allowing us to expand our facilities life’s pressing health problems. Because our Now, having raised and strengthen our core programs, acquire biomedical research institute is a vital part of more than $170 million, modern clinical equipment, and renew patient Mount Sinai, the fruits of our explorations in 3 it is time to assess our accomplishments, care facilities. Today, it is imperative that we the laboratory are translated into the best in contemplate the challenges we face, and chart re-energize our drive to build on our momen- bedside care for our patients. our future. tum as a health care leader. Donor support is Today we are preparing to launch Phase II Mount Sinai Hospital’s vision is to be one needed so that we can: of The Best Medicine campaign that has a target of the world’s top medical, teaching and bio- ◆ continue to deliver patient care at the of raising a further $250 million by 2005. This medical research centres. The concept of The highest level, objective is ambitious but necessary in order to Best Medicine embodies our mission to provide ◆ retain and attract the most talented meet the challenge of creating what patient our patients with the very best that medicine health care professionals, care can and should be – for us, for our chil- can offer. We know that health care can be ◆ seize opportunities as they arise to build dren, and for the next generation. Support personal and compassionate. Our caregivers on our strengths and to increase the scope from the Mount Sinai community is needed and medical scientists work in concert to ask of patient care, and now more than ever because together, we can the right questions in search of the right answers ◆ strengthen our world-class Samuel and will succeed. for patient care, teaching and research. Our Lunenfeld Research Institute. mission is to be the benchmark against which Our determination to meet our goals is Lawrence S. Bloomberg others are compared. We are a symbol of the fueled by the knowledge that our scientists in Chair, The Best Medicine MSH Foundation AR layout 9/5/03 12:38 PM Page 4 Financial reporting Auditors’ report on summarized Summarized Balance Sheet financial statements As at March 31, 2002 The accompanying summarized balance sheet 2002 2001 and summarized statement of revenue, expen- $ $ ditures and capital are derived from the com- Assets plete financial statements of the Mount Sinai Cash 252,665 649,862 Hospital Foundation of Toronto as at March Accounts receivable 31,2002 and for the year then ended on which and deposits 214,363 269,708 we expressed an opinion without reservation in Investments 49,967,371 46,413,980 our report dated May 6, 2002. Our responsi- Loan to Mount Sinai bility, in accordance with the applicable Hospital - 2,502,269 Assurance Guidelines of The Canadian Property and Institute of Chartered Accountants, is to report equipment 160,011 193,896 on the summarized financial statements. 50,594,410 50,029,715 4 In our op i n i on , the accomp a n ying sum m a - riz ed financial stateme nt fairly su m m a ri ze ,i n Liabilities al l material res p ects , the rela t ed comp l e te finan- Accounts payable and cial stateme nts in accorda n c e with the crit eria accrued liabilities 15,828,534 15,352,836 de s c ri bed in the Gui d eline referred to above. Funds held under These summarized financial statements do administration 850,578 1,013,208 not contain all the disclosures required by 16,679,112 16,366,044 Canadian generally accepted accounting principles. Readers are cautioned that these Capital 33,915,298 33,663,671 statements may not be appropriate for their 50,594,410 50,029,715 purposes. For more information on the Foundation’s financial position, results of operations and cash flows, reference should be made to the related complete financial statements. Chartered Accountants Toronto, Canada May 6, 2002 MSH Foundation AR layout 9/5/03 12:38 PM Page 5 Summarized Statement of Revenue, Expenditures and Capital For the year ended March 31, 2002 2002 2001 $ $ Revenue Donations, bequests and contributions 19,128,605 15,916,978 Events – net of expenses 1,195,687 1,043,956 Investment income 3,789,966 5,294,569 24,114,258 22,255,503 Expenditures Salaries and benefits 2,388,577 2,080,468 Professional and consulting fees 246,764 90,683 5 Office equipment and maintenance 181,915 155,641 General and administrative 694,704 692,656 Direct marketing 630,963 644,959 4,142,923 3,664,407 Excess of revenue over expenditures before grants 19,971,335 18,591,096 Grants 19,719,708 18,895,815 Excess of revenue over expenditures (expenditures over revenue) for the year 251,627 (304,719) Balance of capital - Beginning of year 33,663,671 33,968,390 Balance of capital - End of year 33,915,298 33,663,671 MSH Foundation AR layout 9/5/03 12:38 PM Page 6 Financial reporting Chairs/Directorship As at March 31, 2002 $ Apotex Chair in Molecular Oncology 1,994,573 Anne Tanenbaum Chair in Morgan Firestone Chair in Developmental and Molecular Psychotherapy* 601,000 Biology 1,130,902 Sydney G. Frankfort Chair in Sandra and Lionel Waldman Family Family Medicine* 1,021,051 Chair for the Physician-in-Chief* 586,993 D. H.Gales Directorship for the 14,042,890 Surgical Skills Centre 324,312 Bernard I. Ghert Family Foundation The goal of the Sam & Judy Pencer and Family Chair in Orthopaedics* 809,000 Chair in Applied General Psychiatry is to make Koffler Directorship for the Samuel Fellowships practical systemic changes in mental health Lunenfeld Research Institute 377,458 As at March 31, 2002 $ 6 care delivery in order to reach communities Marvelle Koffler Chair in Breast Irving R. Gerstein Research who are missed by the current model, says Research* 1,020,268 Temmy Latner / Dynacare Chair in Fellowship in Cancer 409,373 Chair holder Dr. Joel Sadavoy. The Chair was Head and Neck Oncology* 1,833,204 Norm Hollend Fellowship in funded a year ago and the first project is a Leadership Sinai Chair in Surgery* 129,195 Oncology Research 439,210 Wellness Centre in the Chinese community. Mount Sinai Hospital Auxiliary Hy Isenbaum Research Fellowship Located in a storefront within one of Chair in Fetal Health 400,125 in Oncology 409,272 David McColm Fellowship in Toronto’s Chinese neighborhoods, it is meant, Sam & Judy Pencer Family Chair Lung Cancer Research 409,272 above all, to be accessible. It brings together in Diabetes Research* 1,032,366 Sam and Judy Pencer and Family 1,667,127 tenets of Chinese and Western medicine and is Chair in Applied General run in concert with partners in the Chinese Psychiatry* 1,024,600 community.