Enduring Strength E N D OW M E N T I M P A C T R E P O R T 201 6 - 2017
“Someone’s sitting in the shade today because someone planted a tree a long time ago.” WA R R E N B U F F E T T
FORESIGHT. This is the shared hallmark of donors like you who create endowments. Your long term vision and investment in our future ensures that Sinai Health System benefits from a stable source of income every year — income that supports world-leading medical research and outstanding patient care. Since its earliest days as a maternity and convalescent hospital on Yorkville Avenue, through its move to University Avenue nearly seven decades ago, Mount Sinai has been generously supported by a remarkable community with the capacity to envision our future. You and your endowment are part of this legacy of foresight and generosity, a legacy that has made Mount Sinai so successful in years past and that will secure our continued success through generations to come. We are deeply grateful. Thank you.
Dr. Gary Newton President & CEO Sinai Health System
Joseph Mapa CEO Sinai Health Foundation
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Peter and Shelagh Godsoe and Dr. Samir Sinha
Ensuring world leading clinical care through endowed chairs Endowed chairs help attract and retain world leaders to direct and grow Sinai’s patient care, teaching and research programs. Supported by the Peter and Shelagh Godsoe Chair in Geriatrics, Dr. Samir Sinha is writing the prescription for health system reforms to better serve Canada’s aging population.
Lauded as a visionary of Canadian banking, Peter Godsoe, O.C., O.Ont. has a keen eye for smart investments. The former Scotiabank CEO applies that same acumen to the charitable passions he shares with his wife, Shelagh. Peter and Shelagh’s interest was piqued when they learned in 2013 of an emerging strategy to improve care for Mount Sinai’s aging patient population. While touring the Ben and Hilda Katz Acute Care for Elders (ACE) Unit, they met Dr. Samir Sinha — the then 36-year-old Director of Geriatrics and chief architect of Sinai’s now internationally recognized ACE strategy. “That made our decision very easy,” says Peter. “This was clearly a world-class person.” Dr. Sinha was already developing the Government of Ontario’s Seniors Strategy, and would soon be asked to play a lead role in developing a National Seniors Strategy. Bolstered by the Godsoes’ support, today Dr. Sinha is a man on a mission to ensure our health care systems are elder-friendly — and that we don’t neglect to address the additional complicated and linked issues of housing, transportation and social inclusion that can challenge the opportunity of older Canadians to age in the place of their choosing.
“ The Godsoes’ generosity supports my engagement with other researchers, health systems and governments across Canada and around the world, which allows us to share ideas and best practices to advance care for older adults.” — DR. SA M I R SI N HA P ETE R AN D S H E L AGH GO DS O E C HAI R I N GE R I ATR I C S; DI R EC TO R O F GE R I ATR I C S, S I N AI H EALTH SYS TE M
but live well, is already being felt with over $1 billion in new investments in home care and other initiatives recommended through his ongoing work as the Provincial Lead for Ontario’s Senior Strategy. When asked about the motivation and impact of their gift, Peter’s thoughts turn closer to home. “The hospital was there for us in our early years, and it’s always good to give back,” he says. “Of course you’re also starting to think about it because you’re getting older.” With the latest census showing that Canada’s seniors now outnumber children, adds Peter, it was a timely investment. “People like Samir are making the system better,” he says. “It’s very important that Mount Sinai continue to attract this kind of leadership.”
The impact of Dr. Sinha’s efforts to support older adults so they don’t just live longer,
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Sam Lipson catches up with Dr. Jay Wunder
Paying it forward to benefit other patients and families For grateful patients and families who wish to support Sinai, endowments provide an opportunity to share better health with others — both now and over generations to come. The Samuel Lipson Fund for Excellence in Sarcoma is helping cancer patients get back on their feet.
Sam Lipson, 36, will never forget the day he was diagnosed with cancer. At just 19 years old, preparing to head off to university in Montreal, his future was suddenly cast in doubt. But Dr. Jay Wunder, the young surgeon tasked with delivering the news, put him at ease. “He said right off the bat that I would be cured,” recalls Sam. “From that moment on, I had a positive outlook.” Sam was admitted to hospital that day and started on chemotherapy to shrink the tumour in his leg. He spent the next year in and out of Mount Sinai. Months of chemotherapy were followed by surgery to remove the cancer and rebuild his leg and knee, and then more chemo to ensure that the disease was gone for good. Sam’s father, Jeffrey, credits two factors with saving his son’s life and limb:
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Sam during chemo treatment
Sam at this year’s Sporting Life 10K
“ When Terry Fox was diagnosed with osteosarcoma, amputation was automatic and the cure rate was about 5%. The Samuel Lipson Fund for Excellence in Sarcoma is “We were lucky,” says Jeffrey, “this cancer enabling us to cure more sarcoma is rare, it could have gone undiagnosed far patients than ever. Today the longer. And then to have immediate access to world-renowned specialists right here.” cure rate in patients like Sam is close to 80%, with limbs spared in In gratitude for their son’s excellent care, nearly every case. Supported by Jeffrey and his wife, Beverly, generously created an endowment to support sarcoma the Lipson fund, we know we can research at Mount Sinai. “We were so thankful,” continue to do even better." intervention by Sam’s grandmother, who insisted on an x-ray when Sam developed a painful mass in his leg, and Sinai’s expertise in sarcoma — the cancer that claimed Canadian hero, Terry Fox.
says Jeffrey. “We just wanted to help other families, and research was a hospital priority.” Today Sam is feeling better than ever. And how is his leg holding up? “I’ll be running a 10K race this weekend,” he laughs. “Supporting kids with cancer. It feels great to give back!”
— DR. JAY WU N DE R R U BI N O FF/ GR OS S C HAI R I N O R THO PAE DI C O N C O LO GY; L EADE R S H I P S I N AI C HAI R I N SU R GE R Y; SU R GEO N- I N- C H I E F, S I N AI H EALTH SYS TE M
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The Pustil family and friends with Dr. Bernard Zinman at Dinner With Scientists 2016
Building an enduring family legacy Endowments provide an opportunity for individuals and families to grow an enduring legacy over time. Initially established to honour beloved parents, the Pustil family endowments support advances made by the world’s highest impact diabetes research team.
Diabetes features prominently in Steve Pustil’s earliest memories of his father. Diagnosed with the disease in his early 20s, Irving Pustil lived a full life — thanks in part to the care of clinician-scientist Dr. Bernard Zinman, who helped Irving control his blood sugar levels in his later years. Irving also did his part to maintain his own health. Steve recalls the frequent blood sugar testing, twice-daily insulin injections and occasional side effects his father experienced, as well as the ever looming threat of longer-term health issues.
“My father watched what he ate and he exercised regularly,” says Steve. “It made me conscious of my health and lifestyle choices.” He credits his father’s influence with helping to successfully lessen his own diabetes risk. In turn, Steve and his wife, Suzie, have instilled health conscious habits in their children. When Irving passed away in 1989, at the age of 70, the Pustil family honoured his memory by creating an endowment to support diabetes research. Over the years, additional contributions marked the passing of Steve’s
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Irving & Frances Pustil
“ The generous support of the Pustil Family has enabled us to maintain the growth of our research program, explore innovative approaches to clinically relevant problems and establish preliminary data. This data markedly enhances our ability to obtain the increasingly competitive granting agency support required to advance world-class research.” — D R . B E RNARD ZI N MAN, CM ST E P H E N & SU ZI E PUSTI L DIABET ES RESEARCH SCI E NTIST; SAM AND JUDY PENCER FAMILY CHAIR IN DIABETES RESEARCH; D I R E C TOR, L E A DE RSH I P SI N AI CE N TRE FO R DIABETES
mother and both of Suzie’s parents. The Irving & Frances Pustil and Louis & Lillian Weinstein Endowment for Diabetes has grown nearly fivefold as a result. “As a member of the Hospital’s Board of Directors and Co-Chair of the Business Development Committee, it’s clear to me that endowments are critical to sustaining research excellence at Sinai,” says Steve. Matching funds inspire a new gift In 2013, when they were approached about creating an endowed diabetes scientist position at the Lunenfeld-
Louis & Lillian Weinstein
Tanenbaum Research Institute (LTRI), the Pustils didn’t hesitate. “The matching fund created by Larry Tanenbaum and his family was an incentive we couldn’t ignore,” says Steve. “Knowing he would match our gift dollar-for-dollar, and that our investment would leverage additional government funded research grants — it was a once-in-a-lifetime opportunity to multiply the impact of our contribution.” The Pustils couldn’t have been more delighted when Dr. Zinman — a senior investigator at the LTRI — was appointed the inaugural Stephen & Suzie Pustil Diabetes Research Scientist. Reflecting on the advances in diabetes care his family has helped support, Steve marvels at the quality of life improvements. “Blood sugar testing is much easier and newer medicines are helping patients achieve better control of their diabetes so they can live full and healthy lives,” he says. “It’s very gratifying.”
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Frances and Isadore “Rossi” Rosenthal
Investing in tomorrow’s health care through today’s medical research Supported by nearly 500 endowments, Sinai Health System’s Lunenfeld-Tanenbaum Research Institute is bringing a healthier future to Canadians and the world through discoveries that result in new and better ways to prevent, diagnose and treat today’s most challenging illnesses.
The Lunenfeld-Tanenbaum Research Institute (LTRI) was founded in 1985 by Mount Sinai’s forward-thinking leaders, who were determined to propel the hospital to excellence on the world stage. Now ranked among the world’s top biomedical research institutes, the LTRI reflects the impact of a generous donor community whose support predates the Institute by more than a decade.
“ I think of my parents when I read about discoveries coming from Sinai. They would be delighted with the advances that their support continues to help make possible.” — SUSA N SAC C H I
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“ Our products are bold ideas. We are an incubator that lets these ideas thrive. Our return on investment is measured in years. It’s an investment in the future.” — D R . J I M WO O D GET T KOF F L E R DI RE C TOR, LU N E N FE LD -TAN E N BAUM RESEARCH I N STIT U TE
Among those early benefactors was Isadore “Rossi” Rosenthal, who established an endowment fund for medical research at Mount Sinai in 1975. “My father was always very specific about the causes he supported,” recalls Rossi’s daughter, Susan Sacchi. “He was always generous with his family and with charities.” Susan and her brother have continued to build their father’s legacy to honour their parents’ memory. Together, they have grown the Frances and Rossi Rosenthal Family Endowment more than fivefold in size and many times over in impact. To ensure research of the highest calibre, the LTRI was founded on the principle that the hospital would never cover even such basic overhead costs as heat and light. Its viability depends on the generosity of benefactors, and on the ability of its researchers to attract competitive research grants through the excellence, relevance and impact of their work. Endowments supporting the LTRI are pooled to generate an annual revenue stream that funds the advanced scientific facilities, equipment and highly qualified personnel who enable new medical breakthroughs. Supported by Sinai’s generous donor community, the LTRI’s researchers have:
• developed new ways to safely harness the healing power of stem cells, accelerating global development of tomorrow’s stem cell therapies and regenerative medicine; • opened the door to more accurate diagnosis, prognosis, and personalized medicine for a wide range of cancers, autoimmune and other diseases; • led the way in reducing diabetes complications, made discoveries leading to new type 2 diabetes drugs, and developed innovative approaches to help patients potentially reverse the course of the disease; • advanced strategies to better manage pregnancy complications, reduce preterm births, and set babies on the path to longer, healthier lives; and, • cast light on brain development and function, leading to new ways to test for schizophrenia and autism, as well as lay the groundwork for the first drug approved for the treatment of advanced Alzheimer’s disease.
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Financials Sinai Health Foundation (the Foundation) returned 7.96% for the twelve months ended March 31, 2017. While the Foundation’s Board of Directors recognizes that there can be no returns without the assumption of certain levels of risk, no investment decision is taken without first applying strict risk measurement and management principles. Indeed, the primary driver of all investment decisions is risk management. Endowment Allocations
LTRI Specialized Cancer Care Chronic Disease Management Women’s & Infants’ Health Education Healthy Aging and Geriatrics Emergency Medicine Other
Long Term Endowment Fund: 1 -Year Annual Rates of Return 25.00%
22.00%
20.00% 12.60%
15.00%
11.10%
5% 0.00%
2.80% FY08
7.96%
1.80% FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
1.70%
(5.00%) (10.00%)
Actual return Target return S/D +6% S/D -6%
(15.00%) (20.00%) (25.00%)
9.10%
7.10%
10.00%
20.10%
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Foundation Total Assets (in millions)
Total Assets:
2012
2013
2014
2015
2016
2017
$69.6
$68.3
$94.1
$112.8
$115.9
$129.6
Foundation Annualized Rate of Return
8.0% 5.0% 1 year
3 years
6.7% 4.7% 5 years
10 years
Common Investment Committee Sinai Health System, Sinai Health Foundation, Bridgepoint Foundation CHAIR
MEMBERS
E X- O F F I C I O M E M B E R S
Charles Winograd
Richard M. Cooper Jerry Cukier Peter Freed Ira Gluskin Robert F. Grundleger Steven Hershenhorn Moti Jungreis Joseph Lebovic Peter Levitt Fred A. Litwin Jason Marks Mark Nashman Neil Petroff Ariella Rohringer Meir Rotenberg Larry Ullman
Brent S. Belzberg David Cynamon Paul Gallagher Jeffrey Rosenthal Howard Sokolowski, O.Ont.
VICE-CHAIR
David Kaufman
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Where care connects
Hospital + Rehabilitation + Home Care + Research
Sinai Health System is comprised of Bridgepoint Active Healthcare; Circle of Care; Lunenfeld-Tanenbaum Research Institute and Mount Sinai Hospital, Joseph & Wolf Lebovic Health Complex — from healthy beginnings to healthy aging. Sinai Health Foundation with its partners Arthritis Research Foundation and Bridgepoint Foundation, raises and stewards funds to support Sinai Health System. The generous support of our community fuels everything we do from connected care to scientific discovery.
ENDOWED FUNDS
+ YOU =
for to come
2017113F