2005 - 2006 - Mount Sinai Hospital

MOUNT SINAI HOSPITAL FOUNDATION OF TORONTO
SUMMARIZED STATEMENT OF REVENUE AND EXPENSES AND CHANGES
IN FUND BALANCES Year Ended March 31, 2006
(in thousands of dollars) 2006 2005
REVENUE
Donations, bequests and contributions $ 25,111 $ 21,179
Events — net 1,285 2,417
Realized investment income 3,245 1,675
Unrealized gain on investments 2,356 1,580
Total Revenue $ 31,997 $ 26,851
EXPENSES
Fundraising and administrative $ 4,445 $ 4,021
Grants to Mount Sinai Hospital 21,704 19,570
26,149 23,591
Excess of revenue over expenses
and grants for the year 5,848 3,260
Fund balance — beginning of year 38,085 34,825
Fund balance — end of year $ 43,933 $ 38,085
WHERE OUR REVENUE COMES FROM
79% Donations, bequests, and
contributions
17% Investment income
4% Events — net
HOW OUR REVENUE IS USED
86% Grants for patient care, research
> Construction and equipment
> Clinical research and programs
> Samuel Lunenfeld Research
Institute
> Other programs
14% Fundraising and administrative
THE BEST MEDICINE CAMPAIGN
2005-06
reached $293 million
2003
launched
The Best Medicine
campaign Phase II
2001
raised $150 million
$ in Millions
300
250
200
150
100
By 2008
The Best Medicine
campaign has the
goal of raising a
total of $400 million
1995
launched $100 million
The Best Medicine
campaign
50
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Fiscal Year
Notes to Summarized Financial Statements
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
$14,345,932 (2005 — $15,851,339).
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.
The Foundation has opted for the early
adoption of The Canadian Institute of Chartered
Accountant’s new recommendations for
accounting for financial instruments. In
preparing its financial statements for fiscal
2006, the Foundation has applied the guidelines
of the standard with effect from April 1,
2004. Based on the guidance in the standard,
investments are recorded at market value with
changes in unrealized gains and losses being
recorded in the statement of revenue and
expenses and changes in fund balances.
2005–06 ANNUAL REPORT
49