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, 2009 and for the year then ended on which we expressed an opinion without reservation in our report dated May 20, 2009. 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.

Chartered Accountants, Licensed Public Accountants
Toronto, Canada
May 20, 2009

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 extended for the purpose for which they are provided.

Accounts payable and accrued liabilities include amounts payable to the Hospital of $15,671,768 (2008 - $15,821,700).

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.