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Mount Sinai Hospital is one of Canada’s

pre-eminent patient care, research and academic health

sciences centres. We focus on providing patient and family-centred care,

increasing our role as an academic health sciences centre and enhancing

our community health partnerships. This report tells you about some of the

people and programs whose breakthrough work is transformational.

Thank you for supporting Mount Sinai and helping us discover

and deliver the best patient care.

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Joseph MapaPresident and CEO, Mount Sinai Hospital

Lawrence S. Bloomberg O.Ont.Chair of the Board, Mount Sinai Hospital

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“ OUR COMMITMENT IS TOEXCELLENCE; INNOVATION, TECHNOLOGY AND RENEWAL ARE OUR ROADMAP TO THE FUTURE.”

“ WE ARE TRANSFORMING THE WAY WE ARE DELIVERING CARE.”

THE FUTURE COMES QUICKLY. SO TODAY AT MOUNT SINAI

Hospital, we are building for tomorrow to ensure our

patients continue to receive the best possible care and to

guarantee excellence in clinical care, research and medical

education. Our focus is on the Best Medicine. Our

commitment is to excellence; innovation, technology

and renewal are our roadmap to the future.

We are playing a leading role in the health care of Ontario,

and we are transforming the way we are delivering care

in areas in which we specialize, including women’s and

infants’ health, surgery and oncology, musculoskeletal

disease, chronic and intensive medicine, inflammatory

bowel disease and biomedical research. Over the past year,

for example, we have recruited an outstanding expert in

the care of the elderly from The Johns Hopkins University

School of Medicine, who will introduce new models of

care for elderly patients — the most significant growing

demographic in hospital care. Mount Sinai Hospital is also

introducing another emerging best practice with its inter-

professional approach to preventing the development of

resistance to life-saving antibiotic therapy.

In the past year, there have been exciting advances in

technology at Mount Sinai Hospital. Those advances are

key to improving the patient experience and patient

safety. We implemented a new Information System in the

Schwartz/Reisman Emergency Centre, a breakthrough

that provides minute-by-minute tracking of Emergency

Department use and performance. This system was

recognized by an Ontario-wide hospital innovation award,

Innovations in Real-Time Reporting of Quality Data for

Quality Outcomes. It was wonderful to be recognized

for our contribution to improving the efficiency of the

Emergency Department.

An equally important new technology, implemented

this year to enhance patient safety and quality of care, is

our EMeds or electronic medication project. This innovation

allows doctors and nurses to order, dispense and

administer patient medication electronically. It improves

accuracy and efficiency, a crucial step leading to increased

patient safety. EMeds is a vital building block to an

electronic health record — an advancement that will bring

significant benefits to all patients.

Our journey to the future must include advances in

biomedical research. We are well equipped at Mount

Sinai Hospital to take that journey. The Samuel Lunenfeld

Research Institute (SLRI) is marking its 25th anniversary.

In a short quarter century, it has achieved so much. The

Lunenfeld is among the world’s leaders in biomedical

research. The Institute’s budget for 2009/10 was $90

million, 90% of which was derived through winning

competitive external research grants. On a proportional

basis, considering the number of principal investigators,

this ranks the highest in Canada and among the top 1%

in the United States. The impact of this funding is equally

as significant. The quality of research conducted by

investigators in the Institute and the Hospital, as judged by

the journals in which their work is published, puts

our organization in the leading 1% of institutions in

North America. Through its accomplishments, it’s clear the

Lunenfeld is playing a vital role to help lead us into the

future and to realize our vision of personalized medicine

through strong linkage between our clinical

and research programs.

The Lunenfeld’s genomics expertise, working in

partnership with Mount Sinai’s clinical Centres of

Excellence, is putting the Hospital at the front line of

personalized medicine, a field that offers more accurate

and individually-adjusted diagnoses and treatments

for patients. In a review this year of the Lunenfeld’s

effectiveness and potential to enhance the impact of

research on patient care, a panel of biomedical and clinical

directors from prominent research institutes in North

America noted that “… Mount Sinai Hospital and its SLRI

may be in a unique position to become Canada’s first

truly translational general hospital. The quality of science

and medical care is excellent. It already hosts several

internationally competitive clinical programs that can

be focused on as prototypes for a truly translational

research capacity.”

Renewal is a key ingredient in our recipe for a

successful future. Those plans are well underway now.

Renew Sinai is a multi-year capital redevelopment project

aimed at improving the patient experience by rejuvenating

the Hospital’s physical space.

A significant milestone was achieved this year. The

six-floor addition to our existing building was completed.

Now the focus is on building the interior of the new

structure to ensure a space that is supportive of patients

and their families’ needs. This project represents renewal

of a third of our total space including the Women’s and

Infants’ Health Program and a new in-patient medical

floor. We’re proud of the progress we’ve made to date and

excited about the next steps. They include new critical care,

emergency, surgical and inpatient units made possible

through a planning and design grant from the Ontario

Government. We’re building a Hospital that will serve

patients today and for generations to come.

Plans for the future must be built on a solid financial

foundation or they simply become dreams. Mount Sinai

Hospital continues to take a prudent and responsible

approach to budget management. We have reported

a budgetary surplus, again, this fiscal year. We have

continued to improve our cost per case performance

year over year and we are amongst the low cost peer

group. Productivity continues to improve through system

redesign and organizational realignment.

These days, strong governance is more important than

ever. Mount Sinai Hospital continues to benefit from the

experience, skills, and oversight of our Board Members,

Committee Members, Chairs and Deputy Chairs. By serving

the Hospital well, they serve our patients and improve the

patient experience.

This year there is a strong emphasis on performance

measurement to promote continuous improvement.

Mount Sinai Hospital’s first Patient Outcomes Report, along

with an expanded version of the Annual Report, will be

published on the website.

One metric we are very proud of is the number of

students who receive training at Mount Sinai Hospital.

As one of the University of Toronto’s principal teaching

hospitals, this year, Mount Sinai trained 325 medical

students and residents, 393 nursing students, and 277

post-doctoral fellows doing advanced clinical training

and/or research. Students learn from the Hospital’s

accomplished clinical staff and researchers, taking part in

innovative teaching programs including simulation and

inter-professional team-based training.

Our human resources strategy is building excellence

now and for the future. Mount Sinai was named Canada’s

Most Admired Corporate Culture-Public Sector for 2009

and was the only hospital to be named one of Canada’s

Top Diversity Employers for the same period. We were

named one of the Best Employers for New Canadians

in Canada and for the fourth consecutive year, one of the

GTA’s Top Employers.

Building a modern and accomplished hospital takes

more than government funding. We appreciate that

government recognizes Mount Sinai Hospital’s leadership

role in the provincial health system and we are grateful for

the province’s support. Our ambitions to be the best are

also buttressed by a number of revenue sources. Our loyal

and generous donors continue to make the difference.

Our business development area continues to expand its

portfolio of activities. The Mount Sinai Hospital Foundation,

the Auxiliary and Leadership Sinai are a vital part of our

Hospital community.

Mount Sinai Hospital was founded by the Jewish

community in service to the broader community. We

take pride in this heritage and are bound by our belief

in the crucial role Mount Sinai plays provincially and

nationally. Without our nurses, physicians, researchers,

staff, volunteers, Board, Board Committee members

and donors, Mount Sinai Hospital could not achieve its

ambition for excellence today or in the future. We thank

you for your service.

LAWRENCE S. BLOOMBERG O.Ont.Chair of the Board

Mount Sinai Hospital

JOSEPH MAPAPresident and CEO

Mount Sinai Hospital

MessageA year of breakthroughs, a focus on excellence

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DR. GREG RYAN KNEW THAT THE OUTLOOK WAS BLEAK FOR

a pregnant mother whose baby had a life-threatening

heart condition. Virtually the only hope for survival was

an experimental and risky heart procedure, used in just a

handful of centres worldwide.

A team comprising Dr. Ryan, head of Mount Sinai’s

Fetal Medicine Unit, and colleagues from The Hospital

for Sick Children, inserted a tiny coronary balloon into

the unborn baby’s heart to open the severely narrowed

aortic valve — the first successful procedure of its kind

in Canada. Immediate improvement in heart function

followed, allowing the baby to remain a crucial four more

weeks in utero. After delivery, she underwent further

surgery to correct her condition. Today, her heart is

functioning and developing normally.

Highly-sophisticated ultrasound technology, generously

provided by Mount Sinai donors, was critical in

diagnosing the problem and performing the procedure.

Without this caliber of equipment, such ground-breaking

procedures would simply be impossible.

Physicians across Canada frequently call upon the

expertise of Dr. Ryan and other fetal medicine leaders at

Mount Sinai when their patients face complex problems

requiring leading-edge therapy. Mount Sinai takes pride

in having one of the best and most widely recognized

fetal therapy programs in the world.

Dr. Greg RyanA life-saving first

A RENOWNED GENETICIST IN THE EMERGING AREA

of personalized medicine, Dr. Katherine Siminovitch

continues to lead research that enables excellence in

patient care.

In a study published in May, 2009, Dr. Siminovitch, a

Senior Investigator and clinician who holds the Sherman

Family Research Chair in Genomic Medicine, reported the

discovery of a new genetic pathway (a gene ‘road map’)

that could provide individualized treatment options for

patients with a devastating liver disease. The discovery

also offers great hope in treating other autoimmune

diseases, including rheumatoid arthritis.

Dr. Siminovitch identified three genes in one pathway

that confer susceptibility to primary biliary cirrhosis

(PBC), a potentially fatal autoimmune disease that

destroys bile ducts in the liver. Until now, the cause

of PBC has remained unknown and there is only one

available medical treatment. Since her initial discovery,

Dr. Siminovitch has identified four additional genes that

contribute to risk for PBC.

“This finding provides the very first clues into the

causes of primary biliary cirrhosis and gives us new ideas

for treating this and many other autoimmune diseases

that affect so many Canadians,” says Dr. Siminovitch.

Dr. Katherine SiminovitchA genetic breakthrough

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THE ABILITY OF SOME HOSPITAL-ACQUIRED INFECTIONS

to resist all antibiotics presents a serious challenge.

Dr. Andrew Morris, an infectious diseases specialist, sees

first-hand how patients in an intensive care unit (ICU) can

contract C. Difficile, methicillin-resistant Staphylococcus

aureus (MRSA) and other harmful “superbugs.”

Now an innovative new multidisciplinary program Dr.

Morris launched in 2009 is strengthening patient safety

and improving on infection control.

The Antimicrobial Stewardship Program (ASP), a

first of its kind in Canada, takes a methodical approach

to maximize the effective use of antibiotics. A key

focus is helping doctors determine more precisely

the right antibiotics for patients and the right time to

administer them.

Started in the ICU, the ASP has meant fewer

superbugs. Patients appear to be doing better and fewer

antibiotics are being prescribed.

Mount Sinai is partnering with Pfizer Canada to extend

the ASP so doctors nationally and internationally can

learn from the innovation. Dr. Morris will lead a research

program in antimicrobial stewardship to determine

the best ways for all doctors to use antibiotics. This

partnership will also deliver new educational programs

and resources—such as an on-line information portal.

Dr. Andrew MorrisA patient safety advance

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MOUNT SINAI IS A LEADING CENTRE FOR WOMEN’S AND

Infants’ Health, and our researchers and physicians are

at the forefront of discoveries in the field. Neonatologist

Dr. Prakesh Shah and other Mount Sinai researchers

recently identified that pregnant women who take

multivitamin supplements have a reduced risk of having

babies with low birth weights.

Dr. Shah and his colleagues looked at 13 studies

published worldwide to assess the effects of

multivitamins on birth weight. Three other Mount Sinai

physicians participated: Drs. Arne Ohlsson, Neonatologist

(retired), Vibhuti Shah, Neonatologist, and Kellie Murphy,

Maternal Fetal-Medicine Specialist.

Low birth weight increases the likelihood that infants

will be admitted to the Neonatal Intensive Care Unit

(NICU), need multiple procedures, develop infections and

have a higher risk of mortality. Adults who were low

birth weight babies are more likely to develop diabetes,

high blood pressure and coronary disease.

“Low birth weight and related complications are

considered the most common cause of global infant

mortality under the age of five years,” says Dr. Shah.

“That’s why it’s so important to reduce the number of

babies born with low birth weight.”

Dr. Prakesh ShahGroundbreaking paediatrics

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CONSIDERED ONE OF THE TOP SURGERY EDUCATORS ACROSS

Toronto’s teaching hospital system, Dr. Peter Ferguson

is leading an innovative pilot program at Mount Sinai to

make the training of future orthopaedic surgeons more

efficient. The goal is to give orthopaedic residents more

practical experience and sooner.

Typically, surgical residents train for a fixed period

of five years. Mount Sinai’s program, offered with the

University of Toronto’s Surgery Department, uses a

Competency-Based Curriculum (CBC), the only one of its

kind in the world. Under Dr. Ferguson’s guidance, three of

the university’s 12 orthopaedic residents are learning all

the components of orthopaedic training. But they move

on to each new competency when they are ready rather

than having to wait until a new training year.

The program is intensive. Residents use Mount Sinai’s

Surgical Skills Centre to develop proficient technical skills

such as suturing and repairing fractures before they get

to the operating room and are involved in looking after

patients. Dr. Ferguson believes the result will be more

timely training, with residents getting better hands-on

exposure, evaluation and feedback.

“There is immense interest around the world in

the program,” says Dr. Ferguson. “This really has the

potential to have a big impact on surgical training.”

Dr. Peter FergusonA teaching transformation

THE WORK OF DR. ROBERT CASPER EXEMPLIFIES THE

Samuel Lunenfeld Research Institute’s focus on

translating research discoveries into innovations for

better patient care.

A Senior Investigator and clinician who holds the

Camille Dan Family Research Chair in Translational Cell

Biology, Dr. Casper applies his creativity to produce

significant breakthroughs, including a major advance in

the area of breast cancer.

In a study published in October, 2009, in collaboration

with scientists at the University of Toronto, Dr. Casper

reported an innovative method for measuring levels

of estrogen in clinical samples. The ‘Lab on a Chip’

approach uses silicon wafer-based electronics technology

to extract estrogen from very small tissue samples. The

technique combines multiple tests into one lab device,

making diagnoses more accurate and less intrusive than

traditional breast biopsies.

The discovery is equally important for women who

already have breast cancer, and are taking drugs to

reduce estrogen levels and stop tumour growth.

“Using this technique, we can measure estrogen

levels directly in the breast tissue,” says Dr. Casper.

“This is important because we can assess a woman’s

response to therapy and determine the need for higher

doses of treatment.”

Dr. Robert CasperA major innovation inbreast cancer diagnosis

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THE DEVELOPMENT OF MOUNT SINAI’S ELECTRONIC

health record system reached a major milestone this

year with the implementation of EMeds and electronic

Patient Care Orders. The project is the largest rollout

in the Hospital’s history. Electronic records of patients’

medications are an essential advance to improve

patient safety and enable the ordering, dispensing and

administration of medication with greater speed and

accuracy than ever before.

General Internal Medicine and Cardiology, Emergency

and Surgery were the first inpatient areas to use the

new technology, developed with input from all relevant

clinical groups. The project has also benefited from the

generous support of the Mount Sinai Hospital Auxiliary’s

Advancing EMeds pledge.

The new system enables electronic access to patients’

records from anywhere within the hospital. Physicians

input their patient care orders directly into the system,

where they are reviewed by Pharmacy for drug

interactions and verified. The medication is then dispensed

and delivered to the bedside medication cabinet.

Nurses and other clinicians are now able to perform

all the functions in medication administration at the

patient bedside, furthering Mount Sinai’s commitment

to more patient-centred care through modern and

efficient technology.

EMedsAdvancing patient carethrough technology

RENEW SINAI IS THE MOST SIGNIFICANT INITIATIVE IN

our modern history to rejuvenate our facilities. This

ambitious undertaking is driven by our commitment to

enhance safety, quality care, clinical outcomes and the

patient experience.

For Mount Sinai’s single biggest patient group, renewal

brings a new and expanded space for the Lawrence

and Frances Bloomberg Centre for Women’s and Infants’

Health. We are upgrading the leading-edge technology

we use to care for the approximately 1,000 critically ill

babies and the 1,600 women with high-risk pregnancies

that we see each year. The larger, contemporary space

allows more single rooms for patients, enabling the

highest standards of infection control as well as greater

family privacy and a patient-centred environment that

leads to better health outcomes.

Our six-floor expansion is complete; the interior is

being built. The first program will move into the space

in 2011. Concurrently, with the help of a Ministry of

Health and Long-Term Care planning grant, we are also

planning the modernization of our surgical suites, the

Schwartz/Reisman Emergency Centre, critical care and

patient units. This will ultimately further efficiency and

improve wait times.

We appreciate that the Ontario government recognizes

Mount Sinai’s role in the provincial health system through

financial support for Renew Sinai. This, along with

indispensable donor funding, is making Renew Sinai

possible. Renewal will ensure the hospital keeps growing

as a leading academic health sciences centre.

Renew SinaiA state-of-the-art space

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THEY WILL PROBABLY NEVER REALIZE IT, BUT FAMILIES

across Ontario will soon benefit from improved access to

maternity care, thanks to the thoughtful gift of one family.

A donation of $1.5 million from Ada Slaight and the

Slaight Family Foundation has established Dr. Anne

Biringer as Director of Family Medicine Maternal Care,

and is enabling her work to strengthen the ability of

family doctors throughout the province to provide the

full scope of prenatal and maternal care. The funds will

support education and mentorship strategies at the

undergraduate and postgraduate levels, the development

of web-based programs and simulations and research

focused on preparing newly minted family doctors for

this essential component of family practice.

“I have received wonderful care from Dr. Biringer,

and I wanted to recognize this in a way that allows her

aspirations to become a reality,” said Mrs. Slaight.

“My family is thrilled that this gift will create

improvements in communities beyond the hospital,

through research, education and mentorship,” said her

son, Gary Slaight, overseer of his family’s philanthropy.

“I’m honoured to have the Slaight family’s support,”

said Dr. Biringer. “This donation will help to transform

maternity care for families and their physicians.”

Ada SlaightFrom one family to many

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JOHN DANIELS TAPS HIS CHEST AND SAYS, “I EXIST HERE

with 11 stents, which keep me alive.” His heartfelt

connection to cardiac care, coupled with his more than

30 years on the Mount Sinai Hospital Board, inspired

Mr. Daniels, founder and CEO of Daniels Corporation, and

his wife Myrna to support research into heart disease.

That inspiration touched the whole family, for when they

learned of their parents’ $5-million donation, the couple’s

five sons — David, Mark, Robert, Zev and Peter Daniels —

decided to contribute a further $3 million.

Research is a particular interest for Mr. Daniels, who

says, “I wouldn’t be here if not for all the research that

was done in the area of stents and cholesterol.” The

John H. Daniels Cardiac Research Centre will support the

clinical research activities of our Division of Cardiology,

conducted within a complex of research catheterization,

physiology, exercise and sleep laboratories unique in

North America.

“If I can improve the quality of life for others, that’s

important,” says Mr. Daniels, for whom giving back to

the community has mattered throughout his career. The

involvement of the whole family is eloquent proof that

the power of philanthropy reaps rewards from generation

to generation.

John DanielsThe power of philanthropy

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Mount Sinai HospitalSummarized Statement of Financial PositionAs at March 31, 2010

(in thousands of dollars) 2010 2009

Assets

Current assets

Restricted cash and cash equivalents 27,758 14,061

Accounts receivable 28,121 61,531

Inventories, prepaid expenses, deposits and sundry assets 7,233 6,434

63,112 82,026

Capital grants receivable 676 1,534

Mount Sinai Hospital Foundation of Toronto 5,495 5,795

Property and equipment 291,910 289,834

Total assets 361,193 379,189

Liabilities

Current liabilities 128,619 160,058

Long-term liabilities 45,408 38,236

Deferred contributions 224,065 215,170

Total liabilities 398,092 413,464

Net assets (deficiency) (36,899) (34,275)

Total liabilities and net assets 361,193 379,189

AUDITORS’ REPORT ON SUMMARIZED FINANCIAL STATEMENTS

To the Directors of Mount Sinai Hospital:

The accompanying summarized statements of financial position,

operations and changes in net assets (deficiency) are derived

from the complete financial statements of Mount Sinai Hospital

as at March 31, 2010 and for the year then ended on which

we expressed an opinion without reservation in our report

dated May 25, 2010. 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.

[signed PricewaterhouseCoopers LLP]

Chartered Accountants, Licensed Public Accountants

Toronto, Canada

May 25, 2010

By The NumbersKey Metrics for 2009/2010

1 Patient Satisfaction results are for the Fiscal Year 2009/10 and are preliminary data. Overall Rating of Care by Response Type results for the same reporting period show that 80% of patients and families rank the care provided at Mount Sinai as excellent or very good, and 79% would recommend Mount Sinai Hospital to friends and family. [Patient Satisfaction Source: NRC Picker Quarterly Reports] 2 A surgical site infection (SSI) is an infection that can develop after an operation. One important preventative practice is giving an appropriate antibiotic to the patient immediately before the surgery. Ventilator associated pneumonia (VAP) is a hospital-acquired lung infection that may occur in patients who need to be on a mechanical ventilator (breathing machine) for more than two days. We report both indicators, as required by the Ministry of Health and Long-Term Care. Ontario acute teaching hospitals average for FY 2009/10 Q4.

88.2% 78.1%

OVERALL CARE RECEIVED (EMERGENCY DEPARTMENT)

94.2% 91.5%

Patient Satisfaction1

OVERALL CARE RECEIVED (INPATIENT)

MSH

MSH

MSH

MSH

Greater Toronto Area (GTA) Peers Benchmark

Provincial

Ontario Acute Teaching Hospitals Average

All Hospitals Average

KNEE REPLACEMENT

57 days 176 days

SURGICAL ONCOLOGY

55 days 62 days

Wait Times (90th percentile)

HIP REPLACEMENT

69 days 161 days

Patient Safety Indicators 2

SURGICAL SITE INFECTION ANTIBIOTICADMINISTRATION COMPLIANCE (AS A %)

99% 94%

VENTILATOR ASSOCIATED PNEUMONIA RATE

0.3 2.6

Physician SatisfactionHOSPITAL AS OVERALL PLACE TO WORK

92% 70%

Employee SatisfactionHOSPITAL AS OVERALL PLACE TO WORK

88% 83%

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MOUNT SINAI HOSPITAL TRACKS CLINICAL OUTCOMES

and gathers extensive performance data. Reporting

on performance is a central component of our

dedication to patient and family-centred care.

These are some of Mount Sinai’s key metrics for

2009/10. In all cases we exceeded the benchmarks.

Our complete Patient Outcomes Report for 2009 is

published on our website.

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(in thousands of dollars) 2010 2009

Income

Operating Income

Ministry of Health and Long-Term Care 317,047 307,305

Patient revenue 8,383 8,341

Preferred accommodation 8,358 7,921 Commercial activities 9,086 15,501

Other income and recoveries 27,638 25,632

Amortization of deferred contributions for equipment 8,163 9,417

378,675 374,117

Research Funding 68,871 72,016

Total Income 447,546 446,133

Expenses

Operating Expenses

Salaries 219,368 209,715

Employee benefits 48,909 48,458

General supplies, other and interest 65,400 63,494

Medical and surgical supplies 19,465 19,300

Drugs 9,241 15,509

Amortization of equipment 13,544 15,210

375,927 371,686

Research expenditures 68,871 72,016

Total Expenses 444,798 443,702

Excess of income over expenses before the undernoted 2,748 2,431

Change in fair value of interest rate swaps 1,299 (1,590)

Excess of income over expenses before amortization 4,047 841

Amortization of building and research equipment,

net of amortization of deferred contributions 6,671 6,189

Excess of expenses over income (Note) (2,624) (5,348)

Net assets (deficiency) - Beginning of year (34,275) (28,927)

Net assets (deficiency) - End of year (36,899) (34,275)

Note: Amortization of building is not funded by the Ministry of Health and Long-Term Care resulting in an excess of expenses over income.

Total Research Funding ($81 Million)

By the Numbers

Total Funding By Grant Type ($81 Million)

21%

8%

4%

8%

30%

3%

4%

5%

4%

13%

Other Research SponsorsIndustry Sponsored ResearchInfrastructure Programs (CFI/OIT)Province of OntarioCanadian Institute of Health ResearchGenome CanadaNational Institute of HealthCanadian Cancer SocietyFederal Indirect Costs ProgramMount Sinai Hospital Foundation

77%

9%

6%

4%

4%

Operating Grants

Infrastructure Grants

Career / Traineeship Awards

Industry Sponsored Research

Clinical Trials

Mount Sinai HospitalSummarized Statement of Operations and Changes in Net Assets (Deficiency) Year ended March 31, 2010

Samuel Lunenfeld Research InstituteSummary of Funding As at March 31, 2010

16

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The Samuel Lunenfeld Research Institute

tracks outcomes of our scientists’

competition for health research funding

and the number of research papers they

publish in leading biomedical research

journals. These are some of the Lunenfeld’s

key metrics. In both cases, our scientists

exceeded the benchmarks.

21%

8%

4%

8%

30%

3%

4%

5%

4%

13%

77%

9%

6%

4%

4%

Other Research Sponsors

Industry Sponsored Research

Infrastructure Programs (CFI/OIT)

Province of Ontario

Canadian Institutes of Health Research

Genome Canada

National Institutes of Health

Canadian Cancer Society

Federal Indirect Costs Program

Mount Sinai Hospital Foundation

Operating Grants

Infrastructure Grants

Career / Traineeship Awards

Industry Sponsored Research

Clinical Trials

Lunenfeld National Average

Research Funding

% SUCCESS IN CANADIAN INSTITUTES OFHEALTH RESEARCH (CIHR) COMPETITION FALL 2009

33% 18%

Source: Canadian Institutes of Health Research(CIHR) Open Grants Competition Fall 2009

Lunenfeld TAHSN2 Average

Percentage of publications inTop Biomedical Journals in 2009

% OF PRIMARY PAPERS IN TOP 1% OFBIOMEDICAL JOURNALS (IMPACT FACTOR >17)1

10% 2.7%

Source: PubMed and Institute for Scientific Information

1 The journal impact factor is a measure of the frequency with which the “average article” in a journal has been cited in a particular period. The impact factor of a journal is calculated by dividing the number of current year citations to the source items published in that journal during the previous years (2-5). The impact factor is useful in clarifying the significance of absolute (or total) citation frequencies. Journals with an impact factor greater than 17 represent the top 1% of all journals (Source: Institute for Scientific Information).2 Toronto Academic Health Sciences Network (not including Lunenfeld data)

2550

0 0

% %

9930-MSH-AR09-10.indd 18-19 6/3/10 10:39 AM

(in thousands of dollars) 2010 2009

Assets

Cash 2,309 599

Accounts receivables and prepaid expenses 933 165

Investments — at market value 65,697 58,350

Foreign currency forward contract asset 558 –

Capital assets 196 253

Total Assets 69,693 59,367

Liabilities and Fund Balances

Grants and other payables to Mount Sinai Hospital 22,364 16,746

Accounts payable and accrued liabilities 528 518

Foreign currency forward contract liability – 1,992

Total Liabilities 22,892 19,256

Fund balances 46,801 40,111

Total Liabilities and Fund Balances 69,693 59,367

AUDITORS’ REPORT ON SUMMARIZED FINANCIAL STATEMENTS

To the 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,

2010 and for the year then ended on which we expressed an

opinion without reservation in our report dated June 2, 2010.

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.

[signed PricewaterhouseCoopers LLP]

Chartered Accountants, Licensed Public Accountants

Toronto, Canada

June 2, 2010

Mount Sinai Hospital Foundation of TorontoSummarized Balance Sheet As at March 31, 2010

Mount Sinai Hospital Foundation of TorontoSummarized Statement of Revenue and Expenses and Changes in Fund BalancesYear ended March 31, 2010

(in thousands of dollars) 2010 2009

Revenue

Donations, bequests and contributions 32,289 42,677

Events 1,805 2,085

Fundraising Revenue 34,094 44,762

Investment income (loss) 8,918 (8,064)

Total Revenue 43,012 36,698

Expenses

Fundraising and administrative 6,230 5,572

Events 398 389

Grants to Mount Sinai Hospital 29,694 33,840

Total Expenses 36,322 39,801

Changes in Fund Balances

Excess of revenue over expenses and grants for the year 6,690 (3,103)

Fund balances - beginning of year 40,111 43,214

Fund balances - end of year 46,801 40,111

Sources of 2010 Revenue

Uses of 2010 Revenue

NOTES TO SUMMARIZED FINANCIAL STATEMENTS

The Mount Sinai Hospital Foundation of Toronto 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. All funds received with a restricted purpose are extended

for the purpose for which they are provided.

The Foundation is a public foundation registered under the Income Tax Act (Canada) and,

as such, is exempt from income tax purposes under Registration Number 11904 8106 RR0001.18

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2009

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4%

21%

75%

Events

Investment

Donations

14%

1%

85%

Fundraising and administrative

Events

- Clinical excellence

- Education

- Research

- Capital Redevelopment

75%

4%

21%

Donations

Events

Investments

4%

21%

75%

Events

Investment

Donations

14%

1%

85%

Fundraising and administrative

Events

- Clinical excellence

- Education

- Research

- Capital Redevelopment

14%

1%

85%

Fundraising and administrative

Events

- Clinical excellence

- Education

- Research

- Capital Redevelopment

9930-MSH-AR09-10.indd 20-21 6/3/10 10:39 AM

CHAIR OF THE BOARD

Lawrence S. Bloomberg O.Ont.

IMMEDIATE PAST CHAIR

Bernard I. Ghert C.M.

VICE CHAIRS

Geoffrey Bledin

Michael D. Bregman

Gerald W. Schwartz O.C.

Edward Sonshine Q.C.

Lawrence M. Tanenbaum O.C.

TREASURER

Jay S. Hennick

SECRETARY

Heather Reisman

DIRECTORS

Brent Belzberg

Peter F. Cohen

Leslie Gales

Peter C. Godsoe O.C.

Chaviva M. Hošek O.C.

Thomas E. Kierans O.C.

Mitchell Kunin

Joseph Lebovic

Rebecca MacDonald

Stephen M. Pustil

Philip Reichmann

Robert A. Rubinoff

Honey Sherman

John N. Turner P.C., C.C.,Q.C.

George Wasserstein

Howard I. Wetston Q.C.

Charles M. Winograd

Mark D. Wiseman

EX OFFICIO DIRECTORS

Dr. David W. Tannenbaum

Chair

Medical Advisory Council

Barbara Kerbel-May

President - Auxiliary

Dr. Christina MacMillan

President

Medical Staff Association

Dr. Catharine Whiteside

Dean, Faculty of Medicine

University of Toronto

HONORARY OFFICERS

Lloyd S.D. Fogler Q.C.

Irving R. Gerstein C.M.,O.Ont.

Bernard I. Ghert C.M.

Murray B. Koffler O.C.,O.Ont.

Joseph Lebovic

Wolf Lebovic

Alvin B. Rosenberg Q.C.

Kenneth Rotenberg

Isadore Sharp O.C.

Monty M. Simmonds Q.C.

Gerald P. Turner

SENIOR LEADERSHIP

Joseph Mapa

President and CEO

Mount Sinai Hospital

Debbie Fischer

Senior Vice President, Organizational

Development and Performance (CPO)

Dr. Maureen Shandling

Senior Vice President, Medical

Joan Sproul

Senior Vice President, Finance (CFO)

Altaf Stationwala

Senior Vice President and Chief

Operations Officer

Dr. Thomas Stewart

Chief Clinical Officer

Physician-in-Chief

Leslie Vincent

Senior Vice President, Patient Care

and Chief Nursing Executive (CNE)

Neil Closner

Vice President

Business Development

Prateek Dwivedi

Vice President and Chief Information

Officer (CIO)

Susan Horvath

Vice President, Philanthropy

CHIEFS OF SERVICE

Dr. Alan Bocking

OB/Gynaecologist-in-Chief

Dr. Patrice Bret

Radiologist-in-Chief

Dr. Jeremy Freeman

Otolaryngologist-in-Chief

Dr. Jeffrey Hurwitz

Ophthalmologist-in-Chief

Dr. Rita Kandel

Chief of Laboratory Medicine

Dr. Shoo Lee

Paediatrician-in-Chief

Dr. Molyn Leszcz

Psychiatrist-in-Chief

Dr. Donald Low

Microbiologist-in-Chief

Dr. Gerald O’Leary

Anaesthetist-in-Chief

Dr. Michael Sigal

Dentist-in-Chief

Dr. Thomas Stewart

Chief Clinical Officer

Physician-in-Chief

Dr. David Tannenbaum

Family Physician-in-Chief

Dr. Jim Woodgett

Director, Samuel Lunenfeld

Research Institute

Dr. Jay Wunder

Surgeon-in-Chief

CHAIRS

Michael Bregman

Robert A. Rubinoff

IMMEDIATE PAST CHAIR

Edward Sonshine Q.C.

TREASURER

Geoffrey Bledin

SECRETARY

Maxwell Gotlieb

DIRECTORS

Lawrence S. Bloomberg O.Ont.

Richard M. Cooper

David Cynamon

Camille Dan

Stephen H. Diamond

Lisa DraperSusan Erem

Gary S. Fogler

Ronald Frisch

Frank B. Gerstein

Ira Gluskin

Carole Grafstein C.M.

Alan Greenberg

Barbara Hennick

Debbie Kimel

Thomas Koffler

Joseph Lebovic

Fred A. Litwin

R.S. (Butch) Mandel

Stephen Miller

Andrew G. Phillips

Joel Reitman

Jeffrey L. Rosenthal

Jordan Sarick

Neil Shinder

Howard Sokolowski

Kenneth M. Tanenbaum

Richard E. Venn

Frederic A. Waks

Larry Wasser

Jack Winberg

Jonathan A. Wolfe

EX OFFICIO DIRECTORS

Kenny Albert

Brian Gluckstein

Barbara Hania

Barbara Kerbel-May

Thomas E. Kierans O.C.

Mitchell Kunin

Joseph Mapa

Lawrence M. Tanenbaum O.C.

Dr. James Woodgett

HONORARY OFFICERS

Lloyd S.D. Fogler Q.C.

Irving R. Gerstein C.M.,O.Ont.

Bernard I. Ghert C.M.

Murray B. Koffler O.C.,O.Ont.

Joseph Lebovic

Kenneth Rotenberg

Gerald J. Shear

Dr. Louis Siminovitch C.C.

Morton M. Smith Q.C.

SENIOR LEADERSHIP

Susan Horvath

President

Harold Heft

Vice President, Advancement

Marc Shwec

Vice President, Finance and

Operations

Joan Stevens

Vice President, Donor

Engagement

Board of Directors 2009-2010

Mount Sinai HospitalBoard of Directors 2009-2010

Mount Sinai Hospital Foundation

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9930-MSH-AR09-10.indd 22-23 6/3/10 10:39 AM

Enhanced patient-care areas. State-of-the-art medical equipment. Unparalleled research

and laboratory space. Optimal health-care delivery. These are what Renew Sinai will bring

to Mount Sinai Hospital.

By supporting Renew Sinai, Mount Sinai’s transformational capital plan, you can help us

usher in a new era of outstanding patient care and world-leading medical research.

To donate, please call 416-586-8203 or visit mshfoundation.ca

Mount Sinai Hospital Foundation

1001-522 University Avenue

Toronto, Ontario

M5G 1W7

For more about Mount Sinai, please see our online Annual Report 2009/10

at mountsinaiannualreport0910.ca or visit mountsinai.ca

Mount Sinai Hospital and Samuel Lunenfeld Research Institute of Mount Sinai Hospital

Joseph and Wolf Lebovic Health Complex

600 University Avenue

Toronto, Ontario

M5G 1X5

416-586-4800

Renew Sinai

9930-MSH-AR09-10.indd 24 6/3/10 10:39 AM