2024-25 HCB Annual Report

The Harvard Club of Boston

2024-25 ANNUAL REPORT Your Harvard home to gather locally and connect globally. Our Club. Our Community.

2024-25 Board of Governors PRESIDENT Marcus O.P. DeFlorimonte, gb’95, pmd VICE PRESIDENTS Susan Kendall ’81, ks’99 Jillian Campbell McGrath, Legacy SECRETARY David Rodriguez, YG’12

DeFlorimonte

Kendall

McGrath

Rodriguez

Cronin

Carmona

Carter

Consigli

Cornish

Freed

Gaines

Grasso

Jacobovits

Karmon

Micci

Millin

Sibble

Saragoni

TREASURER Michael F. Cronin ’75, gb’77 HOUSE COMMITTEE CHAIR Juan Carmona, g’10, ph’10, ph’14, m’16 DIRECTORS Bithiah L. Carter, exu'01 Anthony Consigli, ’89 Charles F. Cornish, Legacy Andy S. Freed, ’90, ks’94 Michael Gaines, gb’96 Martin Grasso, ’78 Courtney L. Jacobovits, gsd’16, MIT’23 Sarah C. Karmon, HAA Dr. Elizabeth Micci, Ed. L D ‘18 Debbie Millin, gb’22, amp’22 Edward Matson Sibble, Jr. ’73 Jan Saragoni, ks’89

Secretary’s Report Membership Annual Report 2023 – 2024 Deceased Resigned Suspended Full Members Elected Commonwealth Members Elected

5.040 (31) (1,260) (70) 1,823 23

Membership Annual Report 2024 – 2025

5,525

The Secretary regrets to announce that since the last annual report, the following Members have died:

Theodore M. Buck ’50, l’53 Jonathan L.S. Byrnes, gb’80 Joanne O’D. Carroll, assoc.

Robert J. Castelli, ks’96 Robert Clancy, exg’82 Richard J. Clasby ‘55 Edward M. Condit, l’56 Charles H.N. de Vegvar ‘50 Dr. Harris C. Faigel ’56, m’64 Dr. Dennis P. Girard, HMS faculty Earle Groper ‘54 Peter K. Gunness ’57, ged’59 Dr. David Korn ’54, m’59 Dr. Iolanda E. Low, m’53 Lawrence Lucchino, YG’91

Respectfully Submitted, David Rodriguez, YG’12 Secretary

Michael Edward Lytton, l’83 Dr. Richard H. Matthews, HMS Faculty Netilia McArthur, assoc.

William D. Nichols, l’54 Joseph J. O’Donnell ’67, gb’71 Ronald Allen Partnoy, Y’56, l’61 William R. Plumer ‘57 Donald Quinn ‘60 John S. Reed ‘56 Richard S. Scipione ‘59 Richard D. Stone ‘51 Louis E. Tobasky, ged’57 Joseph S. Ullian ’52, g’57 Christina Whiting, MIT’19 George L. Wrenn, exu’97

President's Report Transform Our Thinking, Embrace Change, Evolve to Remain Relevant, Value I’ve had the privilege of serving as the President of our Club for the past three years and as House Committee Chair for four years before that along with serving on the Athletic Committee as Chair and the Budget and Finance Committee and Member Experience Committee. It’s been a unique and fulfilling experience, and I appreciate the opportunity to serve the Club and get to interact with so many of our members. On May 5, I will proudly pass the gavel to our new President Susan Kendall, I thought I would reflect on all that’s evolved at our Club.

As my third year as President of the Harvard Club of Boston concludes, I am humbled and honored to be your President. It’s been another good year for us as we have embraced new members especially in the categories of students, families and international members. Our Club continues to have a new vibrancy of fun and fellowship, and Harvard alumni want to be members of our community. To date we have over 6,000 members! I am grateful for the conversations with you, our members. You care about our club and your willingness to engage on many levels is fundamental to our success now and the future.

The Harvard Club of Boston exists because of Harvard University. We may not be the University, be we are of the University. We continue to embrace Harvard and strengthen our partnerships with the University on many levels. Our partnership with the University is the foundation of alumni network and fosters connection between our current members and is the basis for attracting future ones.

The details of our accomplishments over the past year are outlined in the committee reports of the Annual Report. Below are some highlights.

Transform Our Thinking Two years ago, coming out of the pandemic, the Board of Governors committed its vision and focus to becoming the flagship of the Harvard Alumni network and the best alumni club in the world. This meant looking at everything we do and how we preform what we do.

We laid the foundation for strengthened connections with Harvard and affiliated organizations. It has become the primary consideration in forming any and all partnerships. We have co-hosted events throughout the Harvard affiliated network from the HAA and their Shared Interest Groups to athletics, the arts, healthcare, business, student groups, campus administration and student engagement, medical and law organizations. I am proud to report, that the University now initiates conversations with HCB around hosting events and supporting initiatives. This is wonderful progress but there’s still lots more work to do in this area and we look forward to many more future collaborations.

Communication is the key to meaningful connection. This year our Member Experience team continued their excellent work on improving our ability to connect through upgrades for our app and website, improving our automation of our letters of introduction for reciprocal club access along with the introduction of online booking for hotel rooms for members and implementing digital access for members to the clubhouse and member only spaces.

President's Report We have the blessing and privilege of having a historic clubhouse for our alumni home. This gives us a special place to hold our many events throughout the year. That said, we are constantly evaluating what we have, how we use our space and what is represented in our space, so all feel welcome and that they belong. Over the past year we have: Renovated our Veritas Lounge Invested in increasing the number, variety and quality of our member events Invested in significant improvements to our Member Commons Invested in many pieces of artwork that connect us to the University and represent today’s Harvard Increased our presence at Harvard events on campus Added the shields of the Houses and Schools to Harvard Hall Established a reciprocal arrangement with the Harvard Club of New York Embrace Change When I first joined the HCB over 30 years ago, it was a place that was represented by our more vintage alumni. Children and families came to the Club for special occasions but for the most part they were not part of the fabric of our community. I’m proud to say that this year we invested in the future of our Club by investing in spaces and programming that’s more attractive to families.

We installed a lactation room for nursing mothers. Harvard University has over 50 rooms and an app regarding locations and amenities. This was an imperative for the HCB to remain relevant with the University.

We increased our targeted programing for children and families.

We invested in creating a family activities room and will begin babysitting services staring in June of this year.

Our renovations to the Veritas Lounge made it easier for young families and others to maneuver and enjoy dining services adding a vibrancy as members gather to enjoy each other’s company.

In the future we look to consider more amenities to retain and attract members always focused on value proposition of a HCB membership As we move forward in the future and consider making improvements to our clubhouse and enhancing our programming we are compelled to think about the intergenerational and cultural demographics of our membership and adjust accordingly to ensure everyone feels welcome and that they belong.

Evolve To Remain Relevant This is the most important thing we must continue to do if we are to survive and thrive as and alumni club. This requires us to be willing to take calculated risks while being true to our traditions. This we have done so in this year two ways I will highlight.

Installation of our outdoor dining venue, The Patio at Veritas. This is the best branding opportunity we will ever have for our Club, and just as important, it’s a wonderful amenity for our members.

This amenity is a great way for members to engage in fun and fellowship at their club in a private setting, enjoying the vibrancy of Commonwealth Avenue. This addition is truly progress in our quest to evolve and remain relevant to the needs of our members.

President's Report Member engagement and community connection happens on different levels. It happens through social or intellectual events. Another way of connection and engagement is participation in significant volunteer opportunities with purpose driven organizations. Our new initiative, Harvard Cares is rebranding of our Harvard with A Heart community service program created by past President Karen Van Winkle. This is an opportunity for members to work in community and connect with other through with common causes. mission-driven organizations and meaningful volunteer opportunities. As part of our rebranding launch, a nonprofit showcase was recently held which featured opportunities for members to “pay it forward” by building connections through service. A wonderful result of this event was the number of families who came to find ways they could volunteer together.

The two examples of the above are one of many ways we seek to evolve to remain relevant. Relevance, product, connection and engagement are our keys to our vibrancy and growth as an alumni club.

Value Our financial position continues to be strong. We have fully recovered from the pandemic and are planning for the future. We have our HCB management team along with members and our new members, to thank for our fiscal recovery. Membership retention and acquisition is the most important factor to our Club’s financial stability. Because of the excellent work of management and the Budget & Finance Committee we’ve been to achieve some financial milestones over the past year.

Completion of our three year roof repair project, cost $3 million, cash Reconstruction of the clubhouse sub-basement, $1.5 million cash Termination of the pension plan. This will save the Club $900k per year. Many kudos to past President Mike Shanahan and General Manager, Steve Cummings who began the initiative, Club Treasurer Mike Cronin who has kept the initiative on track through his leadership on the Pension Committee, and CFO Sara LaWare and Human Resources Director, Lisa Armetta who did whatever was necessary to bring this initiative to completion We are blessed to have a dedicated facilities team that takes much pride maintaining our 112-yearold clubhouse. The Facilities Renewal Assessment helps pay for the cost of repairs and upgrades, along with many “behind the scenes” projects that keep our building operating and maintained in good order.

The Harvard Club of Boston has again been named a Platinum Club of America. We were awarded the distinction as the 8th ranked City Club in the United States. We congratulate Steve Cummings, our General Manager, and his team for this achievement.

Membership in a private alumni club located in a major city is discretionary. That said, our commitment to equitable pricing means that every member feels valued and empowered to enjoy all the amenities our club has to offer. Simultaneously, we maintain fiscal responsibility to ensure we can sustain and even improve the superior experience our members deserve. We continue to seek ways to enrich the value proposition of a HCB membership. We value you as a member and want you to feel that receive value for your investment in the Harvard Club of Boston.

President's Report The 415 Newbury Street project continues to progress, albeit slowly due to real estate market conditions. While the project has received most of the key permits it requires from the City of Boston, the economic environment for undertaking construction of a project of this scope is unfavorable at this time. Our development partner, Trinity Financial, has chosen to delay seeking the final permits until conditions improve.

The challenges the project faces in this current market include: a) higher interest rates, b) increased construction costs, and c) lower than expected apartment rental rates. We do not expect these challenges to subside in the near future, but we are continuing to work closely with the developer, so we are both ready to move forward when conditions do improve.

The HCB staff an integral component in the life of our club. Steve Cummings, our General Manager and recognized leader in the private club industry, is now in his 14th year of award-winning management of the HCB team. We have been fortunate to have the expertise of seasoned staff along with a continuing influx of new hires with fresh perspectives over the past years. This combination has proven to be a wonderful model for providing quality service for our members. Thank you to our staff for your dedicated service. We appreciate everything they do on our behalf.

Devoted, earnest, thoughtful – those are some of the words I use to describe my fellow members of the Board of Governors. They engage with purpose, provide forthright oversight and supportive guidance to management. They are committed stewards of our Club, and I am grateful for their time, talents and service. The board service of Anthony Consigli, ’89, Courtney Jacobovits gsd ’16, MIT ’22, and Charles Cornish, legacy, concludes after this year’s annual meeting. Thank you, Anthony, Courtney and Charles, your contributions have served us well and we are greatly appreciative.

Committee service is one the best ways to be involved in our club community. Thank you to our members who serve on our committees. Your input has helped to influence the experiences for all of our members and guests. Thanks also to our Special Interest Groups which provide an avenue for members to enjoy the fellowship of the those with similar interests. Collectively your involvement makes our club better.

Thank the members who stepped forward to make suggestions or offer encouragement to us over the past years. When members ask what they can to assist the club, one thing always come to mind.

Spread the word, talk to fellow alumni and friends about becoming members and invite them to do so.

The most important asset of the HCB is its members. We are strengthened by the richness shared individually and collectively through inclusion, connectivity and engagement throughout Harvard, affiliated schools and neighboring communities. Many thanks to all of you for choosing to be members of our beloved Club. As a member of the greatest alumni network in the world, thank you for filling our Club with a spirit of unity and congeniality, respect and kindness. Your loyalty and support make us thrive as a community, onward together.

President's Report In closing, I’d like to thank you all once again for entrusting me with the leadership of our Club these past three years. I am excited about the possibilities ahead of us and confident that Susan, our Board of Governors, committee members, staff, and our management team will make our Club even stronger in the coming years. I look forward to taking it all in from a seat on The Patio at Veritas.

Respectfully submitted, with gratitude and much appreciation,

Marcus O. P. DeFlorimonte, gb’95 pmd Go Crimson, One Harvard!

Treasurer's Report In fiscal year 2024 revenues totaled $19,988,093 up 7.88% from $18,257,859 in fiscal year 2023.

Improvements occurred in all areas except parking. Membership dues increased $596,625 or 8.63%.

Food and beverage revenues increased $698,189 or 7.89%. Room revenues increased $107,494 or 6.51%, Parking revenues decreased $51,368 or 8.85% and athletics revenues increased $20,847 or 6.91%.

Operating income before fixed expenses and income taxes decreased $134,635 or 4.52%. This was due to increased wages and other inflationary costs pressures as well as a significant increase of $288,386 in spending on Club events benefiting our membership. Fixed expenses decrease by $11,536. Taxes also increased by $54,217. Entrance fees increased $42,213 or 8.95%. Overall, the change in net assets before pension related charges decreased to $1,316,969 from $1,745,369 which included $328,766 in a one-time net gain from the sale of the liquor license from the closed downtown location.

The Harvard Club of Boston’s Retirement Plan was terminated on June 14, 2024.

At the end of the last fiscal year our pension fund had an underfunded position of $3,720,786 due to changes in actuarial assumptions regarding the present value of plan benefits, portfolio performance and contributions. Our plan was a defined benefits plan and was the largest liability for the Club requiring approximately $900,000 in annual costs for payments of benefits, insurance, and administrative expenses. The plan’s investments were subject to the volatility of the financial markets.

The Club recognized this exposure and froze the plans for non-union staff in 2012 and for the union employees in 2015, but we continued to fund the plan for our vested participants. Until 2023 historically low interest rates prohibited funding these obligations with annuities. In 2024 with improved market performance and the availability of attractively priced annuities we completed the process of terminating the plan with participants now receiving their benefits from a highly rated insurance company or accepting a lump sum payment which they could roll over into their personal retirement accounts. The process was arduous, requiring the efforts of actuaries and legal counsel as well as significant administrative efforts by our staff, especially our CFO, Sara LaWare, and our HR Director, Lisa Armetta. In addition to the plan’s assets the Club needed to contribute an additional $2.75 million in expenses and additional plan assets to fully fund the termination. This was funded by our cash balances and $500,000 from our line of credit. The retirement’s obligation is zero and we no longer need to fund the $900,000 in the annual costs of maintaining the plan. The Club continues to support our 401K Plan with $212,000 in 2024 and $187,000 in 2023 in matching contribution, respectively.

We began the year with $5,416,804 in cash and ended the year with $3,004,592 while utilizing $500,000 on our line of credit. In fiscal year 2024 the Club spent $2,832,261 on capital expenditures in long delayed deferred maintenance of our roof and subbasement repairs. Additional investment will continue in 2025 with $2.3 million budgeted. Long term debt used to fund prior renovations totaled $7,196,000 compared to $7,633,347 in 2023. At the end of fiscal 2024 the entire mortgage is a current liability as we need to refinance the note in 2025. We are confident that the note can be refinance although we expect a higher interest rate than the 2.55% rate we pay currently. With sensible cost controls, working capital management, and despite significant capital expenditure, the Club hopes to end the fiscal year 2025 with a positive cash balance.

Treasurer's Report Fiscal year 2024 was a strong year for our Club which we hope will continue in fiscal year 2025. Our management team has been instrumental in managing cash, controlling expenses, and maintaining the financial integrity of our Club while restoring the traditional programs along with creatively adding new activities at the Club.

Respectfully Submitted, Michael F. Cronin ’75, gb’77 Treasurer

Budget & Finance The Budget and Finance Committee is pleased to submit this report. The Committee met several times during the year to monitor financial results and advise on development of the fiscal 2025 budget. In addition, the Committee thanked Chip Flowers, who stepped down after serving on the committee for several years. New committee members Ameek Ponda and Michael Haynes were welcomed to the committee.

Our report includes a summary of fiscal 2024 financial performance and year-to-date fiscal 2025 financial results relative to budget.

Fiscal Year 2024 (September 1st, 2023 through August 31st, 2024) Fiscal Year 2024 ended with the Club in strong financial position. The Club’s strategic investment in member experience is proving valuable as both membership numbers and engagement continue to improve. The Club exceeded budgeted revenue in all categories except parking. Club staff managed expenses well and the year ended with a sound $1.3 million surplus. Similar to previous years, major contributors to the surplus were food, beverage and overnight room rentals.

Favorable financial conditions allowed the Club to terminate its legacy pension plan in Fiscal 2024. In short, the Club no longer has a liability for future pension obligations and will not need to fund annual pension plan maintenance costs. Assets from the Club’s pension program and available cash were used to fund the termination, along with $500,000 borrowed on the Club’s line of credit. Additional details can be found in the Club Treasurer’s annual report and the Fiscal Year 2024 audit. The termination process took several months and required an enormous amount of effort from Club staff. In particular Ms. LaWare, Ms. Armetta and their teams are to be commended for their persistence and commitment to completing the process.

The Club continued its ongoing capital improvement program, including the Veritas Lounge reconfiguration, roof replacements and subbasement repairs. The Club has begun a comprehensive review of the building and its assets and will update and prioritize future capital projects.

The Club’s liquidity remains strong, although cash used for capital projects and the pension termination resulted in a decline in cash at year-end. The Club’s existing construction loan will be refinanced in Fiscal 2025.

Fiscal YTD 2025 (September 1st, 2024 through February 28th, 2025) Budget planning for Fiscal Year 2025 began in April 2024. Ms. LaWare and Mr. Cummings discussed assumptions for growth in revenue and expenditures with the Committee. The budget includes adjustments to accommodate the expansion of Athletics services to all member categories, reflecting a major improvement in member benefits. This year’s budget projects a modest increase in clubhouse activity as well as continued gains in membership. Moderate increases in member dues were incorporated and expenditure budgets were adjusted to reflect enhanced member experience, inflation and other anticipated increases.

Budget & Finance In addition, the Fiscal Year 2025 capital budget anticipates roughly $2.3 million in capital maintenance, repairs and projects. At its June 2024 meeting the Committee unanimously recommended that the Board of Governors approve the Fiscal Year 2025 operating and capital budgets.

Fiscal Year 2025 financial results through February 28, 2025 (six months) show good overall financial performance with year-to-date net income higher than budget. Revenues in food, beverage and overnight rooms are trending close to budget and most expenditures are lower than budget. Although membership dues are running slightly below budget, net membership levels are increasing and are ahead of the same time period last year. As planned, expenses for member events continue to grow, reflecting many high profile and well-attended events. The Committee is grateful to the Membership Experience Team for its commitment to achieving high levels of membership growth and satisfaction.

Capital expenditures for major repair, maintenance and enhancement projects are ongoing, and the Club will need to manage its cash carefully to fund capital projects. The Budget and Finance Committee continues to collaborate with staff on initiatives to develop key performance indicators (KPIs) and longrange capital and operating planning. The Committee expresses its appreciation to Mr. Cummings, Ms. LaWare and the entire staff for their exceptional management of the Club’s finances.

The Club faces several major strategic challenges which will impact the Club’s long-term financial health: 1. future maintenance and capital needs, 2. membership growth and 3. redevelopment of our property at 415 Newbury Street. The Budget and Finance Committee is grateful for the spirit of cooperation and open communication among the Club’s Officers, Board, Management, committee leaders and members.

We welcome input and feedback from our fellow club members at any time during the year. The Chair expresses thanks to Budget & Finance committee members for contributing their considerable expertise and strategic thinking as we strive to deliver the highest possible value to our members while maintaining robust long-term financial health for the Club.

Respectfully submitted, Susan L. Kendall, ’81, ks ‘99 Chair Budget & Finance Committee Susan Kendall ’81, ks’99, Chair Michael Cronin '75, gb'77 Vice Chair Marcus DeFlorimonte, gb’95, pmd Michael Gaines gb’96 Michael Haynes gb ‘09 Cheryl LaMonica, gb’20, gmp Debbie Millin gb’22, amp Ameek Ponda ’89, l‘92

House Introduction It is a distinct privilege to present the 2025 House Committee Report as we approach our Annual Meeting. This report reflects the continued efforts of our dedicated Committee to enrich every dimension of the Harvard Club of Boston - spanning our facilities, athletics, fine arts, food and beverage, and reciprocal club offerings. Together, these domains form the foundation of an inclusive and vibrant community, built on a shared commitment to excellence and member engagement.

I am deeply grateful to the sub-committee leaders and all contributors whose collaborative spirit has shaped the work described in the following sections. What follows is a unified overview of this year's achievements and forward-looking projects, crafted with care to reflect the Club’s evolving vision.

Sub-Committees Athletics: Under Jillian McGrath’s forward-thinking leadership, the Athletics Sub-Committee has propelled several key initiatives that continue to reshape the fitness and wellness experience at the Club.

Among the most notable changes is the integration of athletic facilities into the standard club membership - a move implemented this past fall. This decision has strategically expanded member access to fitness spaces without requiring an additional fitness-specific membership, resulting in expanded usage across our athletic amenities.

In parallel, we continue to prioritize engagement through family-oriented enhancements. The addition of a lactation room—accessible by appointment via our mobile app and front desk—reflects our commitment to meeting the needs of all members. Further expanding our support for families, plans are underway to repurpose the former spin studio into a dedicated play space for young children and their caregivers. This new area will be designed to foster creativity and learning through age-appropriate activities and structured programs, with the goal of opening later this year.

Our squash program continues to rebound from the impact of the COVID-19 pandemic, with participation driven by our popular box league format. Meanwhile, virtual fitness offerings—ranging from guided meditation to total body workouts—continue to thrive, with 23 classes available weekly.

Responding to members’ enthusiasm for emerging activities, pickleball is now offered on the upstairs doubles court, complete with equipment on-site. Introductory sessions are featured regularly in the Club calendar to welcome new players.

Jillian McGrath’s comprehensive and inspiring leadership is helping us deliver an engaging, accessible, and evolving athletic environment that reflects the contemporary needs of our membership.

Facilities: Thanks to the steady and detail-oriented leadership of Mr. Glen Ballard, the Facilities SubCommittee has successfully advanced several operational upgrades aimed at preserving the Clubhouse’s integrity and enhancing the overall member experience. These efforts span both major renovations and essential maintenance projects, all coordinated with precision and care.

House Noteworthy updates include the repainting of the fourth and fifth floors following the removal of outdated wallpaper, creating a refreshed visual ambiance. On the patio, plans for enhanced outdoor dining are in progress, with new furnishings, lighting, and an outdoor bar already procured.

Upcoming carpeting replacements for the first and second floors—including the Aesculapian Room—are being scheduled with care to minimize disruption. Looking ahead, the Massachusetts Room will receive flooring, window, and drapery upgrades during the next budget cycle. Preparations are also underway for a major kitchen remodel set to begin in June 2026, which will address both health code compliance and life safety enhancements.

Fine Arts: Led by Ms. Peri Onipede, the Fine Arts Sub-Committee has taken thoughtful steps toward deepening the relationship between our Club’s art collection and its architectural and historical context.

Through a collaborative and research-informed approach, the committee continues to explore how our shared spaces reflect the Club’s heritage and values.

In February 2025, the Club returned six paintings—previously displayed in the Massachusetts Room—to the Harvard Art Museums, while actively working to renew the loan of the Benjamin Franklin portrait currently displayed outside that room. Similar discussions are underway regarding the Josiah Quincy painting at the University’s Quincy House, which the Club owns and for which a new acknowledgment plaque is being prepared.

A curated selection of photographs recently acquired from the University has been installed on the third floor and in Veritas Lounge. Conservation work on the Nicholas Boylston portrait, carried out by Gianfranco Pacobene Studio, has also been completed. Plans are being considered for its return, including a member seminar exploring Boylston’s significance and ties to the University.

Through Ms. Onipede’s insightful direction, the Fine Arts team is creating a more meaningful, historically aware, and aesthetically enriching environment for all Club members.

Food & Beverage: The Food & Beverage Sub-Committee, managed by Ms. Courtney Jacobovits, has entered a period of revitalization aimed at transforming the Club’s culinary offerings and service experience. Drawing on her business acumen and best-in-class knowledge related to customer service, Ms. Jacobovits is implementing a series of thoughtful improvements that touch every aspect of our dining experience.

Initial efforts included immersive tours and discussions of the Club’s kitchen facilities - led by Chef Adam - to better understand spatial limitations and collaborate on innovative offerings. In response, new vegetarian and vegan options have been introduced, such as the Black Bean and Quinoa Burger and the Chana Masala “Buddha Bowl.” Popular appetizers have been made available on the Lounge Menu, while the vegetarian sandwich has been revamped with naan bread for a modern twist. Oat milk is now a staple offering at Veritas, and mocktails are being actively promoted through special event menus and seasonal highlights. In addition, the Club’s front patio is being renovated for seasonal outdoor dining, with the full menu set to be available by mid-May, just in time for commencement.

House With an eye toward future innovation, the sub-committee is developing new drink menus that spotlight non-alcoholic options, including zero-proof cocktails, beers, and wines. Ms. Jacobovits’s work continues to enrich the Club’s dining culture, blending tradition with culinary creativity to elevate every member experience.

Reciprocal Clubs: In response to the renewed interest for travel and cultural exploration, the Reciprocal Clubs Sub-Committee—led with skill and vision by Mr. Mat Sibble—has significantly expanded the Club’s reciprocal offerings. Over the past year, this initiative has resulted in both increased engagement and a broader, more diverse array of partnerships. Recent additions to our reciprocal network include Tattersall’s Club in Brisbane, the Granite Golf Club in Uxbridge, Hillside Tennis Club in Montreal, and The Merion Cricket Club in Pennsylvania. Further expansions are underway, with eleven new club partnerships in the pipeline. These span locations as varied as London, Paris, Zurich, Bethesda, Gwadar, and Vienna—reflecting a commitment to strategic global reach. Each partnership is carefully evaluated to ensure alignment with the Club’s standards for accessibility, quality, and community. To this end, member feedback is instrumental to our process. We invite continued input on reciprocal experiences and recommendations for future affiliations, as we work to build a global network that reflects our members’ interests and values.

Conclusion In closing, I extend my deepest gratitude to all individuals who have contributed to this year’s House Committee Report, and to the dedicated teams behind each sub-committee. The progress we have achieved together is a testament to your hard work and vision. Special recognition is owed to our General Manager, Steve Cummings, and to our outgoing President, Marcus DeFlorimonte. Their unwavering support and steady leadership have guided us through a year of transformation and renewal. Their commitment - and that of our exceptional staff - continues to inspire and uplift our Club community. It is a privilege to serve alongside such remarkable colleagues. As we move forward, let us remain devoted to the principles that make the Harvard Club of Boston an enduring institution: excellence, transformational engagement, and camaraderie. Together, we will continue to cultivate an environment where friendships are nurtured, and our shared legacy is celebrated.

Respectfully submitted, Dr. Juan J. Carmona, g‘10, ph’10, m’16 Chair House Committee Members Dr. Juan J. Carmona, g‘10, ph’10, m’16, Chair Anthony M. Consigli, ’89 Charles F. Cornish, Legacy Victoria Cornish Colin Hendrickson; Courtney L. Jacobovits, gsd’16, MIT’22

Jillian C. McGrath, Legacy John I. Meyer, gsd’77 Peri Onipede David Rodriguez, YG’12 Edward M. Sibble, ’73 Isaac Silberberg, MIT’16 Jennifer Titus

Member Experience Belonging Begins Here: Designing the Harvard Club of Tomorrow Foreword: “The best way to predict the future is to create it.” - Peter Drucker At the Harvard Club, we recognize that the needs and expectations of our members are constantly evolving, and we are committed to meeting the moment. Over the past year, our Member Experience Committee, in close work with the Membership & Marketing Department, has pushed forward a transformative agenda rooted in connection, innovation, and inclusion. We have embraced experimentation, championed collaboration, and stayed focused on delivering meaningful, memorable experiences.

Mission and Vision The Member Experience Committee exists to enrich every touchpoint a member has with our community - whether they have just joined or have been part of the Club for decades. By nurturing authentic connections, providing high-value experiences, and amplifying Harvard ties, we aim to cultivate a thriving membership that is proud to call the Club home.

We continue to be guided by the foundational “4 P’s” of marketing: Product, Promotion, Place, and Price.

Product While we may not be the University, we remain deeply of it. Our identity is inextricably linked to Harvard and that relationship is the foundation of our member experience.

One year ago, we laid the groundwork for stronger ties with Harvard-affiliated organizations, and since then, we’ve doubled down. From the Harvard Varsity Club to the Harvard Alumni in Healthcare group, we have co-hosted events, launched new partnerships, and built bridges across the broader alumni ecosystem. We have extended this network to include the American Repertory Theater (ART), Harvard Undergraduate Sports Lab, Harvard Student Engagement Office, Harvard Alumni in Healthcare, Alumni Network for Harvard Women, and international groups like the Harvard Club of Ireland.

We also introduced a Shared Interest Group (SIG) membership initiative, giving us direct connections to leaders in groups such as: Harvard Alumni Entrepreneurs, Harvard Black Alumni Society, Harvard Alumni in Wine & Food, Harvard Alumni in Healthcare, Alumnae-i Network for Harvard Women, and Harvard Real Estate Alumni Organization. These groups not only welcomed us into their networks, but also provided access to their memberships, allowing us to build meaningful, mutually beneficial partnerships.

As a result, our programming has grown more dynamic and diverse, offering members richer opportunities to connect, collaborate, and engage with a broader segment of the Harvard community.

Member Experience A major milestone this year was the re-launch of Harvard Cares, our new nonprofit initiative designed to connect members with mission-driven organizations and meaningful volunteer opportunities. As part of our launch, we hosted two signature events: a nonprofit showcase featuring over 20 organizations and a global webinar on sustainable travel practices in partnership with Dyme Travel. These events marked the beginning of a robust and ongoing quarterly series of Harvard Cares programming, which includes both in-person and virtual opportunities for members to engage, give back, and build connections through service.

We also expanded access and impact with a revamped Saturday of Symposia, held in collaboration with the Harvard Alumni Association. The event sold out and was live streamed - for the first in the program’s storied history - to alumni in more than 10 countries - a powerful reminder of the Club’s global reach.

Promotion Communication is at the heart of connection. This year, we launched a new public and member-facing website that has made it easier than ever to explore programs, register for events, and stay informed.

We also fully automated our Letter of Introduction program for reciprocal club access - freeing up staff time to focus on member-centric improvements.

A new mobile app debuted this year, aligned with the introduction of digital member access. In the coming year, expect more innovations: we have partnered with Harvard Student Agencies to develop data-driven insights into our 5,000+ member base. These insights will help us personalize programming and communication to serve you better.

We will also introduce interactive messaging boards and member-to-member texting (similar to WhatsApp), empowering members to connect, share ideas, and build community in real time.

And yes - the gingerbread Widener Library was a delightful, custom-built surprise this holiday season. A new tradition has begun. Stay tuned for what sweet surprise we’ll unveil next.

Place We have worked hand-in-hand with other committees and departments to enhance the Clubhouse experience for all. Member feedback directly shaped the creation of the new lactation room, the upcoming family activity space, and the launch of family-focused events and babysitting services (coming this summer) — all designed to support our growing community of young families.

We were also proud to play a role in branding and programming for The Patio at Veritas, and contributed to the evolving vision for The Lounge and other Clubhouse spaces. These efforts have made our spaces more inclusive, engaging, and aligned with modern member needs.

In total, we hosted more than 200 events at the Clubhouse, beyond its walls, and through curated excursions. This included the introduction of new clubhouse activations, such as mixers and more casual gatherings that gave members relaxed, meaningful ways to connect with one another.

We also invested in making the holiday season more magical, with an expanded lineup of festive events and professional, welcoming décor that brought warmth and joy to every corner of the Clubhouse.

Member Experience Price This year, we took deliberate steps to make membership more accessible, particularly for students, undergraduate families, and international members. We know that pricing plays a critical role in shaping who can participate in our community. That’s why we continuously assess membership dues through the lens of equity, opportunity, and value. Our commitment is to ensure that all members - regardless of where they are in their Harvard journey - feel empowered to take full advantage of everything the Club offers. At the same time, we remain fiscally responsible, ensuring that member contributions translate into tangible improvements and world-class experiences.

One of our most important responsibilities is maintaining our historic Clubhouse - one of only two physical Harvard Club structures in the world. While not every member is able to enjoy it daily, this iconic space powers our expansive member network and provides a meaningful sense of connection and continuity. The investments made in the Clubhouse are not only about facilities; they are about preserving our legacy, strengthening our foundation, and ensuring that our Clubhouse serves as a true flagship for the Harvard alumni community, both now and for generations to come.

Looking Ahead This past year has been one of innovation, partnership, and progress. But the work continues. In the coming months, we will expand feedback loops to bring member voices more directly into the planning process. We will refine our programs, upgrade our communications, and explore bold new ideas to elevate the Harvard Club experience.

Above all, we are grateful- to our members, our collaborators, and our community. Thank you for being part of the journey. The best is yet to come.

Respectfully submitted, Andy Freed ’90, ks’94, Co Chair Jan Saragoni, ks’89, Co Chair Member Experience Committee Andy Freed ’90, ks’94, Co Chair Jan Saragoni, ks’89, Co Chair Ginger Ahn, Y’99 Mary Bradley, exg’11 John Cornish, Legacy Michael Cronin ’75, gb’77 Geri Denterlein, ks’90

Susan Kendall ’81, ks’99 Cheryl LaMonica, gb’21, gmp Sarah Leaf-Herrmann Dr. Elizabeth A. Micci, Ed.L.D ‘18 Debbie Millin, gb’22, amp Andrew Rodriguez, gb’95 Alfonso Torrijos ’94

Nominating Committee A recap as to the duties of and process used by the Nominating Committee.

The Nominating Committee itself is nominated by the Board of Governors each year and voted in by the Members at the Annual Meeting, to serve until the following Annual Meeting. The slate of candidates for the Nominating Committee, including its Chair, is typically presented by the Club President to the Board of Governors in February or March. The Committee consists of members of the Club who the Board feels either have been active in the Club or have insight into candidates from the community, or both.

The Nominating Committee meets each year with the Executive Committee of the Board of Governors and the General Manager to discuss the current productivity and functionality of the Board of Governors, the range of issues which are being considered by the Board, and the areas where the Executive Committee and the General Manager thought they might need additional help from future Board members. That meeting took place in January 2025. The Committee reviewed the rosters of the various Club Committees and discussed the leadership of those committees and potential successors to those leaders. The Committee also invited each member of the Executive Committee and the General Manager to feel free to contact the Chair of the Nominating Committee if they had any concerns about the performance of any fellow officer or Board member.

In the weeks following that meeting, the Chair of the Nominating Committee had conversations with each of the members of the Executive Committee and many of the Board members, soliciting their opinions on their willingness to serve in the future, their own assessments of the performance of fellow Board members and officers, and their thoughts about potential leaders developing on various committees. In addition, all members of the Nominating Committee and the General Manager were encouraged to seek input from Club Members at large about their satisfaction with the current Board and Executive Committee. The Committee also solicited suggestions from club leadership and other community members for potential nominees for the Board of Governors and reviewed their qualifications and membership credentials.

The Nominating Committee had a meeting on its own in March 2025 where it considered feedback from all of the above-mentioned sources and reviewed the needs of the Board of Governors for the upcoming year and in future years. At that meeting the Committee reviewed a list of potential Board members that is maintained by the Chair and the Club’s Membership Secretary. That list includes information on the member’s tenure with the Club, committee activity, frequency of use at the Club, and professional and educational expertise. Based upon the discussion in that meeting, the Nominating Committee priority ranks their preliminary choices for officer and Board positions and asks the Chair to have a conversation with each person so identified regarding that person’s willingness and availability to serve. With feedback from those conversations in hand, the Nominating Committee reconvened in March and, considering the information gathered by the Chair, chose a proposed slate of Officers and Board members for election at the Club’s Annual Meeting. This listing is posted in the Clubhouse and also shared via email notifications regarding the proxy voting process.

Nominating Committee We are pleased with the slate of candidates we were able to present this year, and would be happy to receive suggestions for consideration as future members of the Board of Governors from any Member.

Suggestions may be submitted to the Chair of the Nominating Committee via the Club’s Membership Secretary.

Respectfully submitted, Michael H. Shanahan, gb’82 Chair Nominating Committee Michael H. Shanahan, gb’82, Chair Matthew G. Hegarty ‘82 Ruby Henry ’03 Nicholas J. Iselin ’87, gsd’92 Sarah Karmon, HAA Amy Norton, dv’16 Tamara E. Rogers ’74 Geraldine Acuna Sunshine ’92, k’96 Karen M. Van Winkle ’80

Audit Committee After the close of the Club’s 2024 fiscal year, the Audit Committee reviewed the financial reporting process, internal controls and the 20224 financial reports of the Harvard Club of Boston(“the Club”), the Harvard Club of Boston Retirement Plan for Employees (“the Retirement Plan”), the Harvard Club of Boston Foundation (“the Club Foundation”) and the Higginson 1908 Foundation (‘the Higginson Foundation”).

The financial reports of the Club, the Retirement Plan, the Club Foundation and the Higginson Foundation were prepared by each entity’s management, and PKF, the independent public accounting firm serving as each such entity’s independent certified public accountants, audited the financial reports of the Club and the Retirement Plan, compiled the financial report of the Club Foundation and reviewed the financial report of the Higginson Foundation.

All of the 2024 audits, the compilation and the review were completed in an efficient and timely manner, and no material weaknesses in the internal controls over the financial reporting processes have been identified by PKF. The Audit Committee also appointed PKF to serve as the independent certified public accountants of the Club, the Retirement Plan, the Club Foundation and the Higginson Foundation for fiscal year 2025.

Respectfully submitted, Daniel J. Murphy III, ’63, l’66, Chair

Audit Committee Daniel J. Murphy III, ’63, l’66, Chair Paul J. Brennan ’67 Larry Cheng ’96 Charles Frick Cornish, Legacy, CPA Michael F. Cronin ’75, gb’77 Richard Hart Harrington ’58 Susan Kendall '81, ks’99 Thomas Kent ’75, CPA

Athletics I hope this annual report finds you and your loved ones doing well and staying healthy. We’ve had an exciting year in Athletics, and I’m thrilled to share the details. If you are not an Athletic member, please swing by to see what the buzz is all about!

This past Fall, the club made the exciting decision to eliminate the need for a separate fitness membership. All members are now welcome to use the fitness facilities as part of their regular club dues.

As you can imagine, we have seen a significant increase in usage and activity in Athletics – very exciting!

Please remember that you need to have a liability waiver on file to use the facilities. Click here Waiver Link to submit your waiver. The athletic department areas are now accessible via the QR code that is on the HCB app under “membership card”. Once you have submitted your waiver the fitness center and locker room doors will be assigned to your digital membership card. If you have any questions about access or programming, please reach out to Valerie Phillips.

Family-friendly programming continues to be a priority with the opening of our lactation room for both members and employees. Members can reserve time via the mobile app, please visit the front desk for the key. To this end, we are excited to announce the buildout of a children’s play space in the old spin studio. This will be a dedicated space for young children and caregivers. It will be filled with activities for young minds and offer ample programming opportunities for our youngest club members! We hope the space will be open late Spring and you can expect much more to come on this front.

Squash is another wonderful way that families can engage with athletics. We encourage all parents and grandparents to bring the children in their lives to an introduction to squash event. For children who already play squash, junior clinics are offered on Saturday mornings, and we have reinstituted the children’s challenge ladder.

As for squash, Box league is a great way to play competitive matches and meet fellow members. Boxes are held monthly, and you can see Sharon Bradey to sign up. We continue to host ‘Introduction to Squash’ evenings for adults. These are a great way to learn about the sport, get a great workout and meet fellow members.

I’d like to congratulate the winners of our marquee squash tournaments: Robert Banker Cup (Doubles) Main draw: Francisco Carbajal and Audrey Wayne defeated Sam Landay and Tim Monroe Consolation draw: Wally Hyde and Jose Eguigure defeated James Foley and Lovey Roundtree Club Championship (Singles and Doubles) Kate Heuck, Jack Wain, Stephen Monk, John O’Leary, Sam Brandeis, Aaron Harsh, Sam Heuck/Sam Brandies, Sam Brandies/Taylor Nordan The success of our virtual fitness programs continues. We offer 23 virtual classes each week, ranging from Meditation to Total Body Fitness. If you have not tried one of these classes, I encourage you to do so.

Athletics We continue to offer pickle ball to our members. Pickle Ball is available for play on our upstairs doubles court. You can find the net and equipment ready to use next to the court. This is one way we continue to evolve in order to meet the needs and desires of members. Look for ‘Introduction to Pickle Ball’ evenings on the calendar.

None of this would have been possible without the dedication and hard work of Valerie Phillips, our Athletic Department Manager, and Sharon Bradey, our Head Squash Professional. Thank you, Valerie and Sharon!

Respectfully submitted, Jillian McGrath Chair Athletics Committee Jillian Campbell McGrath Legacy, Chair Rebecca Brownell, Legacy John Cornish, Legacy Samuel Heuck, MIT’22 Kevin Sullivan, sd’94 Jack Wain, Legacy

Family Squash Night

Reciprocal Club Committee The reciprocal clubs program continually ranks as one of the most important and enjoyable benefits of membership. Joining the Harvard Club of Boston gives our members access to a network of over 180 premier clubs throughout the United States and the world, offering a variety of dining, overnight accommodations and athletic facilities.

The Reciprocal Clubs Committee actively seeks to establish new club relationships in cities or countries where our members’ business or leisure travels may take them, as well as helping increase Harvard Club revenue through hosting reciprocal club members during their stays in the Boston area. Each of our reciprocal clubs is screened, directly or indirectly, against strict criteria. The Committee also reviews and makes recommendations in relation to the day-to-day operation of the reciprocal club network. In 2024, we added 5 new reciprocal clubs to our network. Currently, we have 11 potential clubs under review.

Harvard Club member requests for Letters of Introduction have increased significantly over the past year. In the past six months, members have created over 2,500 requests using our newly improved automated system. Introductions are now emailed directly to the reciprocal club and the member, removing the need for staff intervention. There has been a shift in destinations as well with visits to international locations accounting for just over 50% of our requests. Dubai, France and the United Kingdom are of great (and growing) interest with New York, Chicago and Washington DC remaining our most popular US destinations.

We will also maintain our ongoing effort to find new locations for squash, golf, beach, athletic and social facilities for our members to use when they travel. Our Committee’s plans for the future also include maintaining the quality of our current network, and continuing to seek reciprocal club relationships in new geographies, especially in Asia, Latin America and the developing world.

Harvard Club members who visit private clubs around the world which may be good candidates for reciprocity are encouraged to suggest new additions for consideration by the committee.

Respectfully submitted, Edward Matson Sibble, Jr. ’73 Chair Reciprocal Club Committee Edward Matson Sibble, Jr. ’73, Chair Aida Birley Constance M. Everson, gb’81 J. Christian Kryder, MIT’83 Ranganath Papanna, HMS Faculty Frederick Schernecker ’90 Jennifer Titus, exg’21

New Reciprocal Clubs

Higginson 1908 Foundation, Inc The Higginson Foundation was established by a group of friends of the Club to provide for a more flexible charitable entity that can pursue a broader charter than the prior Club foundation. In keeping with IRS regulations, this new Foundation is managed independently of the Club’s Board of Governors which adds flexibility to the range of activities for the entity. The Higginson Foundation is an IRS approved 401(c)3 charity that can accept tax deductible gifts. The charter of the new Foundation established these priorities: The Foundation was organized as a Massachusetts nonprofit corporation on November 23, 2015 to preserve and protect old and historic buildings in and around Boston, Massachusetts, including, specifically the Clubhouse of the Harvard Club of Boston (sometimes referred to as “the Club”), as well as to preserve and protect historically significant artwork exhibited in and around Boston, Massachusetts, including within the Clubhouse of the Club, in order to perpetuate the further education of posterity with regard to the architectural, historic, artistic and general cultural heritage of the Boston area. The Foundation was further organized to encourage education and personal advancement for youth in the Greater Boston area, to foster scientific, literary and educational interests among members of the Club and to advance the interests and promote the welfare of Harvard University. The Foundation intends to carry out its educational purposes by, among other activities, organizing a speaker series to educate members of the Harvard Club of Boston and the Harvard University community on matters of public interest and by awarding scholarships and fellowships for study at institutions of higher education.

Our principal source of fundraising has been a voluntary member assessment by the Club. We appreciate the members who contributed to the Foundation in this fashion – we were able to raise more than $205,000 last year through your generosity. This year’s voluntary assessment will be included with the Club’s April statements and we hope you will continue to support the Foundation.

Along with the existing Harvard Club of Boston Foundation, we continued our support of Harvard scholarships, summer fellowships, and the Harvard Book Prize. We were also able to support an upgrade to the lighting and/or the restoration and preservation of several key pieces of the Club’s art, add some art to the member commons, and support a soon-to-be-revealed addition to the walls of Harvard Hall – crests of all the Harvard schools.

We also partnered with the Club on an exciting new initiative. Harvard has identified 30 “Rising Scholars” – freshmen at the College (typically first-generation students) who come from under-resourced high schools. To make them feel more welcome in the Harvard community, the Club has given all 30 of them complimentary Club memberships. To make the Club more accessible to them, the Foundation has partnered with the Club to provide a monthly allowance that can be used at the Club for dining, events, etc.

The Financial Statements of the Higginson 1908 Foundation and the legacy Harvard Club of Boston Foundation as of June 30, 2024 are included in this Annual Report, and detail the support the foundations provided. As of this writing the Higginson Foundation has approximately $825,000 in assets and we have plans for continued fundraising activities in 2025 so we can broaden our support in the future.

Higginson 1908 Foundation, Inc I am also pleased to note the addition of two past presidents Glenn Johnson ’79 b’84 and W. Shaw McDermott, Esq. ‘71 to the Foundation as Trustees.

Once again, we appreciate your voluntary contributions in support of the Higginson 1908 Foundation and look forward to expanded activities in support of the Foundation, the Club, and the community in the coming year.

Respectfully submitted, Michael H. Shanahan, gb’82 President Higginson 1908 Foundation, Inc. Committee Michael H. Shanahan, gb’82, President & Trustee Katherine Craven ‘94, Treasurer & Trustee Nicholas J. Iselin ’87, gsd ’92, Secretary & Trustee Philip C. Haughey ’57, Trustee Glenn Johnson ‘79, gb’84, Trustee Wm. Shaw McDermott, Esq. ’71, Trustee Karen VanWinkle ’80, Trustee

HCB Foundation This Foundation was formed in 1950 with the following purpose: “The purposes of this Trust are to foster scientific, literary, and educational interests among the members of the Harvard Club of Boston and to advance the interests and promote the welfare of Harvard University.”

The assets of the Foundation are invested in the Harvard endowment and showed a net increase from $13,671,716.97 as of June 30, 2023, to $14,342,443.06 as of June 30, 2024.

The Foundation’s principal programs continue to be: Harvard Club of Boston scholarships providing a portion of the annual financial aid for 133 Harvard College students from the Greater Boston area. These awards totaled $509,849.00 in the year ended June 30, 2024.

Prize Book program awarding 358 Prize Books and hosting the annual Breakfast honoring Prize Book winners and teachers, and leaders in education.

Summer Community Service fellowships for students volunteering at Boston non-profit organizations.

In fiscal year 2024, the Foundation received a distribution of approximately $101,984.64 to reimburse the Club and the Higginson Foundation for current and prior administration and programming costs as well to provide funds for the Prize Book Program, the community service fellowships and the Horblit Concert Fund. In addition, the Foundation received an additional generous bequest of $73,707.33 to the Augustus Thorndike, Class of 1919 Scholarship Fund from the John Lowell Thorndike Charitable Trust.

The Foundation works in cooperation with the Higginson 1908 Foundation in funding these programs.

The Higginson Foundation is an independent 501(c)3 organization formed in 2017. All new fundraising from Club members is now being solicited on behalf of the Higginson Foundation. A report from its trustees appears elsewhere in this Annual Report.

We thank our Club members for their past contributions to the Foundation which enable us to continue to support these important programs. We also thank our Club staff for all of the time they devote to the Foundation’s programs and their efforts to make all of them successful.

Respectfully submitted, Respectfully submitted, Michael F. Cronin ’75, gb ‘77 Chair Foundation Committee Michael F. Cronin ’75, gbs ’77, Chair Ameek Ponda ’89, l‘92, Vice Chair Matthew G. Hegarty ’82 Paul J. Brennan ’67, Emeritus John P. Reardon, Jr. ’60, Emeritus

Prize Book The main function of the Prize Book Committee is to orchestrate the Prize Book Breakfast traditionally held on the first Wednesday in October in Harvard Hall. In the year 2024, the 31st Annual Prize Book Breakfast was held on Wednesday, October 2nd. The students invited to this function all received Prize Books through their secondary schools. These books are financially sponsored by individual members of the Harvard Club of Boston and its affiliates.

About 180 students, parents, and guests attended a delicious breakfast in Harvard Hall. These individuals came from all over New England to participate in the function. Most students and their guests had an extremely positive response to entering Harvard Hall. Many of these individuals expressed awe to me that such a magnificent room existed in Boston. Several students told me that the Harvard Hall looked so very magical like a scene from a Harry Potter movie.

Club President Marcus O.P. DeFlorimonte welcomed the audience to the Harvard Club and congratulated the students on their excellent academic accomplishments. Dean Rakesh Khurana of Harvard College was the Keynote Speaker. Dean Khurana spoke of the importance of the students to reflect on their first twelve years of education and he encouraged them to thank their parents, grandparents, and other loved ones who helped them become all they can be. Dean Khurana spoke of the tremendous amount of encouragement his parents, especially his mother, gave to him as he navigated his academic and occupational career. Harvard Club President DeFlorimonte presented Dean Khurana with the Friends of Education Award in acknowledgment of his decades of leadership in the field of high education not only at Harvard University but on a global sphere.

Committee member, Louis J. DiBerardinis presented several secondary school teachers with certificates of Excellence in Teaching Awards. These teachers honored were selected by their school headmasters/principals not only because they excelled in teaching, but because each teacher was a leader on campus to encourage the establishment of extracurricular activities designed to promote student development.

Prize Book All members of the Harvard Club of Boston are invited to financially sponsor a Prize Book for a nominal fee. Please contact Cheryl Moderski, Director of Member Relations, for further information. We are especially looking for sponsors of secondary schools in Boston.

The Prize Book Committee thanks the entire culinary and waitstaff for serving the breakfast. We also thank the club manager and his staff for the excellent manner in which the staff of the Harvard Club make each and every visitor feel welcomed. We also thank Marcus O.P. DeFlorimonte, President of the Harvard Club of Boston, for personally taking the time to visit the guests at every one of the tables, to thank them for attending the breakfast and to wish them good luck in their endeavors in the future. We also thank the Higginson 1908 Foundation and the Harvard Club of Boston Foundation for financially sponsoring this event.

Respectfully submitted, Dr. Barbara D. Pulaski, ph’73 Chair Prize Book Committee Barbara D. Pulaski, ph’73, Chair Paul J. Brennan ’67 Marcus DeFlorimonte, gb’95, pmd Louis DiBerardinis, ph’75 Philip C. Haughey ’57 Dr. Elizabeth A. Micci, Ed.LD ’18 Lidija Ortloff ’82 Karen Van Winkle ‘80

Schools Committee In recent years the number of “first-gen” students applying to Harvard has continued to increase, now up to 20% of our applicants. This group of new applicants makes interviewing all the more interesting.

Our interviewers continue to appreciate the Interview Priority (IVP) given to each applicant. This means interviews are done only with applicants who are strong candidates for admission.

As it has in so many aspects of our lives ZOOM has been playing a big role in our interviewing process. In our 2020-2021 interviewing year it was essentially the only way to interview applicants. Over the last three years it has become a very time-efficient way to do interviews. Nevertheless, we find many interviewers still like in-person interviews, when possible. We hope this flexibility will encourage members to give interviewing a try.

Please contact Cheryl Moderski at the Club if you would like to learn more about interviewing.

Respectfully submitted, Paul J. Brennan ‘67 Chair Schools Committee Paul J. Brennan ‘67, Chair Barbara F. Berenson ’80 Kevin M. Bolan ’92 Michelle M. Cannon ’97 Mary Ann Pesce Choate ’77 James W. Courtemanche ’82 David J. Crowley ’79 Kathleen Dorkin ’70 Elizabeth F. Frates ’80 Deborah Kaufman Goldfine ‘85 Robert E. Joyce ’87 Benjamin N. Levy ’69 Karen Malone ’04 Lidija M. Ortloff ‘82 Ameek A. Ponda ’89 William F. Samuelson ’74 Susan S. Samuelson ’74 Matthew D. Schnall ‘90 Christopher G. Thomas ’75 Matthias Wagner ‘90

HARVARD CLUB OF BOSTON Financial Statements for years ended August 31, 2024 and 2023

Table of Contents

Page Independent Auditors’ Report

1–2

Financial Statements Statements of Financial Position

3

Statements of Changes in Net Assets

4

Statements of Activities

5

Statements of Cash Flows

6–7

Notes to Financial Statements

8 – 19

Independent Auditors’ Report To the Board of Governors Harvard Club of Boston Opinion We have audited the accompanying financial statements of the Harvard Club of Boston (a nonprofit organization) (the "Club"), which comprise the statements of financial position as of August 31, 2024 and 2023, and the related statements of changes in net assets, activities and cash flows for the years then ended, and the related notes to the financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Harvard Club of Boston as of August 31, 2024 and 2023, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Club and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Club's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

Auditors' Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards, we: 

Exercise professional judgment and maintain professional skepticism throughout the audit.



Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.



Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Club’s internal control. Accordingly, no such opinion is expressed.



Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.



Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Club’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

Change in Accounting Principle As discussed in Note 2 to the financial statements, the Club adopted FASB Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments – Credit Losses in 2023. Our opinion is not modified with respect to this matter.

Boston, Massachusetts December 11, 2024

2

HARVARD CLUB OF BOSTON Statements of Financial Position

August 31 2024

2023

Assets Current assets Cash and cash equivalents Accounts receivable – net Inventories Prepaid expenses Prepaid pension cost Current portion of note receivable

$

Total current assets Property and equipment – net Right-of-use asset – operating leases Right-of-use asset – finance lease Other assets Total assets

3,004,592 2,810,122 144,533 231,750 24,037 –

$

5,416,804 2,747,186 130,286 182,676 – 25,675

6,215,034

8,502,627

21,602,108 866 6,095 444,214

20,102,808 5,929 8,072 348,449

$

28,268,317

$

28,967,885

$

500,000 478,457 1,372,093 1,556,694 1,846,563 7,196,300 866 1,967

$

– 406,365 1,601,241 1,088,074 1,757,097 437,128 5,063 1,892

Liabilities and Net Assets Current liabilities Line of credit Accounts payable Accrued expenses Advance deposits Deferred revenue Current portion of long-term debt Current portion of operating lease liabilities Current portion of finance lease liability Total current liabilities

12,952,940

5,296,860

Long term debt – net Net retirement obligation Operating lease liabilities – net Finance lease liability – net Deferred compensation

– – – 4,353 423,929

7,196,299 3,720,786 866 6,321 328,164

13,381,222

16,549,296

14,887,095

12,418,589

Total liabilities Commitments Net assets without donor restrictions Total liabilities and net assets

See notes to financial statements

$

28,268,317

$

28,967,885

3

HARVARD CLUB OF BOSTON Statements of Changes in Net Assets Years Ended August 31, 2024 and 2023

Balance, August 31, 2022

$ 10,133,416

Change in net assets

2,285,173

Balance, August 31, 2023

12,418,589

Change in net assets

2,468,506

Balance, August 31, 2024

See notes to financial statements

$ 14,887,095

4

HARVARD CLUB OF BOSTON Statements of Activities

Year Ended August 31 2024 2023 Operating revenues Dues and assessment Rooms Food and beverage Parking Athletics Other

$

Total operating revenues

7,507,773 1,759,934 9,550,600 529,176 322,678 317,932

$

6,911,148 1,652,440 8,852,411 580,544 301,831 229,485

19,988,093

18,527,859

Operating expenses Cost of sales – food and beverage Other expenses Rooms Food and beverage Parking Athletics Club events Membership and marketing Administrative and general Energy costs Repairs and maintenance

2,273,421

2,068,441

1,096,416 6,421,327 252,291 455,930 517,797 1,392,123 3,439,417 376,480 918,538

1,011,246 5,856,859 226,699 459,624 229,411 1,413,460 3,117,643 343,788 821,700

Total other expenses

14,870,319

13,480,430

Total operating expenses

17,143,740

15,548,871

Operating income before fixed expenses and provision for income taxes

2,844,353

2,978,988

1,986,201

1,997,734

858,152

981,254

Provision for income taxes

55,291

619

Operating income

802,861

980,635

514,108 – –

471,895 (35,927) 328,766

514,108

764,734

1,316,969

1,745,369

1,151,537

539,804

Fixed expenses Operating income before provision for income taxes

Non-operating income (expense) and other changes in net assets Entrance fees Insurance loss, net Gain on sale of liquor license, net of taxes of $123,581 Total non-operating income Changes in net assets before pension related changes other than net periodic pension cost Pension related changes other than net periodic pension cost Changes in net assets

See notes to financial statements

$

2,468,506

$

2,285,173

5

HARVARD CLUB OF BOSTON Statements of Cash Flows

Year Ended August 31 2024 2023 Operating activities Change in net assets Adjustments to reconcile change in net assets to net cash provided by operating activities Depreciation Gain on sale of liquor license Loss on disposal of assets Amortization of right-of-use asset Lease expense - operating leases Deferred compensation Change in prepaid pension cost Change in net retirement obligation Forgiveness of note receivable Interest income from note receivable Changes in operating assets and liabilities Accounts receivable Inventories Prepaid expenses Accounts payable Accrued expenses Advanced deposits Deferred revenue Net retirement obligation Operating lease liabilities Net cash provided by operating activities

$

Investing activities Purchases of property and equipment Proceeds from sale of liquor license, net Issuance of notes receivable Payments on notes receivable Increase in investments - deferred compensation Net cash used in investing activities Financing activities Payments on finance lease Proceeds from line of credit Payments on long-term debt Net cash provided by (used) in financing activities Net change in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year

See notes to financial statements

$

2,468,506

$

2,285,173

1,046,289 – – 1,977 5,208 (95,765) – (1,151,537) 24,612 (612)

1,096,085 (328,766) 96,736 1,812 40,970 (40,586) (205,892) (539,804) 25,224 (1,224)

(62,936) (14,247) (49,074) 55,213 74,403 468,620 89,466 (2,593,286) (5,208) 261,629

(158,098) 2,647 (10,032) (246,689) 52,257 (22,204) (2,110) – (40,970) 2,004,529

(2,832,261) – – 1,675 95,765 (2,734,821)

(1,202,165) 328,766 (3,500) 4,800 40,586 (831,513)

(1,893) 500,000 (437,127) 60,980

(1,671) – (421,846) (423,517)

(2,412,212) 5,416,804

749,499 4,667,305

3,004,592

$

5,416,804

6

HARVARD CLUB OF BOSTON Statements of Cash Flows (Continued)

Year Ended August 31 2024 2023 Supplemental schedule of noncash investing and financing activities Purchases of property and equipment unpaid at year end in accounts payable

$

142,356

$

125,477

Purchases of property and equipment unpaid at year end in accrued expenses

$

55,909

$

359,460

Right-of-use assets acquired upon ASC 842 implementation Operating leases

$

–

$

36,100

Right-of-use assets acquired after ASC 842 implementation Operating leases Finance lease

$ $

– –

$ $

9,543 9,703

Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases Operating cash flows from finance lease Financing cash flows from finance lease

$ $ $

5,208 280 1,893

$ $ $

40,970 320 1,671

$ $

279,064 49,388

$ $

302,032 123,000

Supplemental disclosure of cash flow information Cash paid during the year for interest Cash paid during the year for income taxes

See notes to financial statements

7

HARVARD CLUB OF BOSTON Notes to Financial Statements

Note 1 – Nature of operations Harvard Club of Boston (the “Club”) is a member owned alumni club located on Commonwealth Avenue in Boston, Massachusetts. Membership consists primarily of members who have a current or past affiliation with Harvard University and live predominately in the metropolitan Boston area. The Club’s primary sources of revenue are dues and entrance fees, guest room rentals, sales of food and beverages, athletic fees and parking fees.

Note 2 – Summary of significant accounting policies Adoption of new accounting standard In June 2016, the Financial Accounting Standards Board (FASB) issued guidance Accounting Standards Codification (ASC) 326, Financial Instruments – Credit Losses which significantly changed how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net assets. The most significant change in this standard is a shift from an incurred loss model to the expected loss model. Under the standard, disclosures are required to provide users of the financial statements with useful information in analyzing an entity’s exposure to credit risk and the measurement of credit losses. Financial assets held by the Club that are subject to guidance in FASB ASC 326 were accounts receivable.

The Club adopted the standard effective September 1, 2023. The impact of the adoption was not considered material to the financial statements and primarily resulted in new and enhanced disclosures only.

Basis of presentation The financial statements of the Club have been prepared in accordance with accounting principles generally accepted in the United States of America, which required the Club to report information regarding its financial position and activities according to the following net asset classifications.

Net assets without donor restrictions: Net assets that are not subject to donor-imposed restrictions and may be expended for any purpose in performing the primary objectives of the organization. These net assets may be used at the discretion of the Club’s management and Board of Governors.

Net assets with donor restrictions: Net assets subject to stipulations imposed by donors and grantors.

Some donor restrictions are temporary in nature; those restrictions will be met by actions of the Club or by the passage of time; other donor restrictions are perpetual in nature, whereby the donor has stipulated funds be maintained in perpetuity.

Donor restricted contributions are reported as increases in net assets with donor restrictions. When a restriction expires, net assets are reclassified from net assets with donor restrictions to net assets without donor restrictions in the Statements of Activities.

Functional allocation of expenses The costs of program and supporting services activities have been summarized on a functional basis in Note 13. The note also presents the natural classification detail of expenses of the Club by function. Accordingly, certain costs have been allocated among the programs and supporting services benefited.

Cash and cash equivalents The Club considers investments with an original maturity of three months or less when purchased to be cash equivalents. As of August 31, 2024, and 2023, the Club's cash equivalents were comprised primarily of money market funds.

8

HARVARD CLUB OF BOSTON Notes to Financial Statements

Accounts receivable The Club extends credit to its members for dues, parking, athletics, and food and beverage purchases.

Credit is also extended to outside parties that contract to hold events at the Club. Receivables that are over 30 days old are considered past due. No collateral is required to support accounts receivable. The beginning balance of accounts receivable as of September 1, 2022, was $2,589,088.

For the year ended August 31, 2024, the Club maintains an allowance for expected credit losses. This allowance is set up as a reserve based on credit quality, which is derived from the balance in the various aging categories and historical losses experienced relative to those categories. The allowance is then adjusted for current conditions and reasonable and supportable forecasts of future events. When management determines that a receivable is uncollectible, the balance is removed from the receivables balance and is charged against the allowance.

The allowance for expected credit losses for accounts receivable and the related activity for the year ended August 31, 2024 is as follows: Beginning balance Provision for credit losses Write-offs Recoveries

$

55,000 68,191 (63,190) –

Ending balance

$

60,001

For the year ended August 31, 2023, the Club maintained an allowance for potentially uncollectible accounts. This allowance was set-up as a reserve based on the balance in the various aging categories and historical losses experienced relative to those categories. When management determined that a receivable was uncollectible, the amount was removed from the receivables balance and was charged against the allowance. Subsequent recoveries of amounts previously written off are credited directly to revenue. The allowance for accounts receivable was approximately $55,000 at August 31, 2023.

Inventories Inventories consist of food, beverages and supplies and are valued at the lower of cost (first-in, first-out) or net realizable value.

Property and equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method and various accelerated methods over estimated service lives as follows: buildings – 40 years; building improvements – 10 to 40 years; furniture, fixtures and equipment – 3 to 12 years. The cost of retired or disposed property and related accumulated depreciation is removed from the respective accounts.

Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to operations as incurred.

Leases For leases with a lease term greater than one year, the Club recognizes a lease asset for its right-to-use the underlying leased asset and a lease liability for the corresponding lease obligation. The Club determines whether an arrangement is or contains a lease at contract inception. Leases with a duration greater than one year are included in right-of-use assets (ROU), current portion of lease liabilities, and lease liabilities, net of current portion in the Club’s Statement of Financial Position. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term.

9

HARVARD CLUB OF BOSTON Notes to Financial Statements

In determining the present value of lease payments, the Club has elected to use a risk-free discount rate determined using a period comparable with that of the lease term. This election applies to all of the Club’s leases when the interest rate is not stated in the agreement. The Club considers the lease term to be the noncancelable period that it has the right to use the underlying asset, including all periods covered by an option to (1) extend the lease if the Club is reasonably certain to exercise the option, (2) terminate the lease if the Club is reasonably certain to not exercise that option, and (3) extend, or not to terminate, the lease in which exercise of the option is controlled by the lessor. Lease expense for operating leases is recognized on a straight-line basis over the expected lease term and is reported within operating expenses in the Statement of Activities. ROU assets for finance leases are amortized on a straight-line basis to the earlier of the end of its useful life or lease term. Variable lease expenses are recorded when incurred. The Club does not report ROU assets and lease liabilities for its short-term leases (leases with a term of 12 months or less). Instead the lease payments of those leases are reported as lease expense on a straight-line basis over the lease term.

Impairment of long-lived assets The Club evaluates long-lived assets and intangible assets with definite lives for impairment whenever events or changes in business circumstances indicate that the carrying amount of an asset may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the future undiscounted cash flows arising from the assets with the carrying value of the asset. If impairment is indicated, the asset is written down to its estimated fair value on a discounted cash flow basis.

Collections The Club, over the years, has received contributions of historic and/or artistic materials. The Club has not capitalized these materials since they are held and preserved for public exhibition in keeping with the Club’s exempt purpose and are not intended to be sold.

Pension benefits The Club's pension benefit costs are accounted for using actuarial valuations which recognize the funded status of its defined benefit pension plan on the Statements of Financial Position and recognize changes in the funded status that arise during the period but are not recognized as components of net periodic benefit cost as changes in net assets without donor restrictions. Effective June 14, 2024, the Plan was terminated.

See Note 9 for more information.

Revenue and revenue recognition Membership dues, which are nonrefundable, and are recognized over the membership period. Room revenue is recognized when the booked room is provided to the Member. Food and beverage and parking revenues are recognized at the time of purchase. Athletics consist of athletic facility season fees which are recognized as revenue over the applicable season period. Payments for such goods and services are generally received at the point of sale in the form of member account charges. All amounts owed by members are payable in 30 days following presentation of the bill. The Club recognizes revenue at the point in time when goods have been provided and/or services have been rendered. With the exception of goods and services provided in connection with membership dues and athletic facility season fees, which are recognized over the applicable period, all goods and services are recognized at a point in time.

Membership dues received in advance of providing access to the exchange services are recorded as a deferred revenue (contract liability) on the Statements of Financial Position. The beginning balance of deferred revenue as of September 1, 2022, was $1,759,207.

10

HARVARD CLUB OF BOSTON Notes to Financial Statements

Entrance fees Entrance fees are recorded as other changes in net assets in the period in which they are due.

Contributed services Many members have contributed significant amounts of time to the Club’s activities. The financial statements do not reflect the value of these services because they do not meet the recognition criteria.

Insurance recoveries The Club carries liability insurance to mitigate its exposure to certain losses, including those relating to property damage. The Club records the estimated amount of insurance proceeds for property damage and other losses incurred as an asset (typically a receivable from the insurer) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the amount of the losses incurred is considered a gain contingency and is not recorded in other income until the proceeds are received.

Income taxes The Club is exempt from income taxes on member income in accordance with Section 501(c)(7) of the Internal Revenue Code. The Club is, however, subject to income taxes on its income from nonmembers and on its investment income. Management of the Club has evaluated its uncertain tax positions and related income tax contingencies and does not believe that any material uncertain tax positions exist.

The Club’s tax returns are generally subject to examination by the Internal Revenue Service and the Commonwealth of Massachusetts for a period of three years from the date they are filed.

Operating income (loss) Operating income (loss) pertains to ordinary, day-to-day operations and includes revenues from dues and assessments, user fees and sales of food and beverages, less related expenses. The Club excludes from operating income (loss) entrance fees and unusual, nonrecurring items, such as special assessments.

Accounting estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Credit risk The principal financial instruments subject to credit risk are cash and cash equivalents. Credit risk represents the accounting loss that would be recognized at the reporting date if the parties failed to perform as contracted.

The total of these financial instruments at times exceed the insured amounts. To mitigate credit risk, the Club places its cash and cash equivalents in investment grade companies or financial institutions. The Club has not experienced any losses on its deposits. The Club’s defined benefit pension assets are invested in separate investment accounts with Bank New York Mellon.

11

HARVARD CLUB OF BOSTON Notes to Financial Statements

Note 3 – Liquidity and availability Financial assets available for general expenditure, that is, without donor restrictions limiting their use, within one year of the Statements of Financial Position date, are comprised of the following at August 31: 2024 Cash and cash equivalents Accounts receivable – net

2023

$

3,004,592 2,810,122

$

5,416,804 2,747,186

$

5,814,714

$

8,163,990

As part of the Club’s liquidity management plan, cash in excess of daily requirements is invested in a money market account. The Club also has a line of credit available to meet short-term needs. See Note 7 for information about this arrangement.

As further described in Note 8, the Club has a $7,196,300 real estate mortgage loan as of August 31, 2024, which matures in April 2025. As of the Statement of Financial Position date, the Club does not have sufficient cash on hand to satisfy this obligation. Management of the Club is currently in the process of identifying capital sources to refinance its existing indebtedness. Based on management’s historical experience with their lender, the Club believes it is probable they will be successful in refinancing the existing indebtedness. The Club’s current and anticipated cash flow is expected to be sufficient to support a refinancing of the current outstanding indebtedness, while maintaining reasonable debt service coverage ratios. There can be no assurance that a refinancing will occur or on the terms currently contemplated or at all. If sufficient financing cannot be arranged to satisfy the outstanding obligation due in 2025, Club’s management would need to identify other sources of capital to satisfy the current outstanding real estate mortgage loan.

Note 4 – Note receivable The Club had a note receivable with a key employee for an amount advanced in connection with employment.

The note bore interest at a rate of 2.55% per annum. The note was unsecured. As of August 31, 2024, the note receivable was settled.

Note 5 – Property and equipment Property and equipment consists of the following: 2024 Land and buildings Parking lot land and improvements Building improvements Furniture, fixtures and equipment Construction in progress

$

857,238 309,734 26,521,663 10,841,156 4,084,733 42,614,524 (21,012,416)

$

857,238 309,734 26,485,863 10,336,257 2,079,843 40,068,935 (19,966,127)

$

21,602,108

$

20,102,808

Accumulated depreciation Ending balance

2023

Depreciation expense was $1,046,289 and $1,096,085 for 2024 and 2023, respectively.

12

HARVARD CLUB OF BOSTON Notes to Financial Statements

As of August 31, 2024, construction in progress consists of legal and consulting costs related to planning and scoping for a future construction project (the “Project”) of approximately $1,338,000. The Project remains in a preliminary phase, and the Club will not break ground on the Project until a finalized agreement has been reached with a developer.

As of August 31, 2024 construction in progress also consists of on-going capital repairs to the Clubhouse’s subbasement structure and roof of approximately $2,579,000. The subbasement and roof repairs are scheduled to be completed during the year ending August 31, 2025.

Note 6 – Deferred compensation The Club maintains a deferred compensation plan with a key employee under the provisions of Internal Revenue Code Section 457(b). Accrued deferred compensation, representing the vested portion of the future cash payments, approximates $424,000 and $328,000 as of August 31, 2024 and 2023, respectively. The Club contributed $46,000 and $45,000 to the plan for the years ended August 31, 2024 and 2023, respectively.

Note 7 – Line of credit The Club has a revolving line of credit with a bank under which the Club can borrow up to $5,000,000 for working capital purposes through February 28, 2025. Amounts borrowed bear interest at the bank’s Base Rate, as defined in the agreement. (8.50% as of August 31, 2024 and 2023). Interest is payable monthly. The amount outstanding under the revolving line of credit was $500,000 as of August 31, 2024. There was no outstanding balance as of August 31, 2023.

Note 8 – Long-term debt Long term debt consists of the following: 2024 Eastern Bank - $10M term loan

$

Less: current maturities Long-term debt – net

2023

7,196,300

$

(7,196,300) $

–

7,633,427 (437,128)

$

7,196,299

The Club has a commercial real estate mortgage loan that matures in April 2025. The loan bears interest at a fixed rate of 3.69%. Principal and interest is payable monthly based on a 20-year amortization schedule.

The line of credit and the commercial real estate mortgage are secured by substantially all real property of the Club and contain customary financial covenants.

Note 9 – Retirement plans Defined benefit pension plan The Club maintained a noncontributory defined benefit pension plan (the “Plan”) for eligible employees for which the Club elected to curtail the plan and freeze the benefits as of September 1, 2012. Benefits were based on employees’ years of service and compensation as defined in the plan. The Club’s policy was to contribute amounts sufficient to fund benefits provided by the plan, based on ERISA’s minimum annual funding requirements. Contributions were intended to provide not only for benefits attributed to services incurred to date, but also for those expected to be earned in the future. The Plan’s actuary performed the computations required for financial statement disclosure as of August 31, 2024 and 2023.

13

HARVARD CLUB OF BOSTON Notes to Financial Statements

Effective June 14, 2024, the Plan was terminated and a letter was filed with the Internal Revenue Service on May 6, 2024, for an advance determination related to the termination of the Plan. The Club is awaiting a determination letter from the Internal Revenue Service approving the termination of the Plan.

The following table presents defined benefit plan disclosures required under current accounting standards.

2024

2023

Accumulated benefit obligation, beginning of year Benefits accumulated and net plan experience Interest cost Benefits paid Change in assumptions

$

11,755,343 (2,684,272) 650,411 (9,333,817) (314,180)

$

12,326,886 339,865 531,923 (747,100) (696,231)

Accumulated benefit obligation, end of year

$

73,485

$

11,755,343

Development of funded status Projected benefit obligation Fair value of plan assets

$

73,485 97,522

$

11,755,343 8,034,557

$

24,037

$

(3,720,786)

$

24,037 –

$

2,447,830 (6,168,616)

$

24,037

$

(3,720,786)

$

–

$

6,168,616

Over (under) funded status Amounts recognized in the Statements of Financial Position consist of the following: Prepaid pension cost Unrecognized loss Net retirement obligation Items recognized in the Statements of Financial Position not yet recognized as a component of net periodic benefit cost Unrecognized loss Weighted-average assumptions Discount rate Expected return on plan assets Rate of compensation increase Activity for the year Net periodic benefit cost Club contribution Benefits paid Components of net periodic benefit cost Interest cost Expected return on assets Amortization of loss Net periodic benefit cost

4.80% 6.00 N/A

5.15% 6.00 N/A

$

513,153 646,009 9,333,817

$

445,116 651,008 747,100

$

625,608 (445,327) 332,872

$

532,094 (452,027) 365,049

$

513,153

$

445,116 14

HARVARD CLUB OF BOSTON Notes to Financial Statements

Plan assets The Plan’s weighted-average asset allocations, by asset category, are as follows: Asset Category Common stocks Equity securities Debt securities Total

2024

2023

0% 0 100

31% 26 43

100%

100%

Asset allocations reflect the investment policy set by the Club’s Retirement Committee and communicated to the investment manager.

The following table summarizes investments, at fair value, held by the Plan:

2024 Cash equivalents Corporate bonds Corporate stocks Mutual funds Accrued interest and dividends Payable to the Club Total investments

2023

$

97,522 – – – – –

$

15,568 1,542,012 2,570,824 4,059,203 22,566 (175,616)

$

97,522

$

8,034,557

Fair value refers to the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. The fair value hierarchy gives the highest priority to quoted market prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). Fair value measurements are required to be separately disclosed by level within the fair value hierarchy. The Plan’s investments at August 31, 2024 are classified as Level 1, and at August 31, 2023 are classified as Level 1 and 2.

In 2023, certain administrative fees incurred by the Plan were paid for by the Club. These fees are due to the Club from the Plan and are included in accounts receivable on the Statements of Financial Position. As of August 31, 2023, these fees totaled $175,616.

Defined contribution plans The Club maintains defined contribution plans under Section 401(k) of the Internal Revenue Code. Club employees who satisfy certain conditions are eligible to participate in the plans and contribute eligible compensation, subject to certain limitations. Substantially all administrative costs are borne by the Club.

Employee contributions to the defined contribution plans are matched by the Club under safe harbor provisions. The Club matches contributions up to 5% of eligible compensation. During 2024 and 2023 there were approximately $212,000 and $187,000 in employer matching contributions, respectively.

Note 10 – Leases The Club leases fitness and office equipment under non-cancellable lease agreements expiring at various dates through September 2027. One lease includes a renewal option which can extend the lease term for one year, which the Club is not reasonably certain to exercise. Therefore, the payments associated with the extension are not included in the ROU asset nor the lease liability recognized as of August 31, 2024.

15

HARVARD CLUB OF BOSTON Notes to Financial Statements

Variable payments are not determinable at lease commencement and are not included in the measurement of the ROU asset and liability. The Club’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The weighted-average discount rate applied to calculate the lease liabilities and the weighted-average remaining lease term for the Club’s leases at August 31 are as follows:

Weighted average remaining lease term – operating leases: Weighted average remaining lease term – finance lease: Weighted average discount rate – operating leases: Weighted average discount rate – finance lease:

2024

2023

0.17 years 3.08 years 4.54% 3.90%

1.17 years 4.08 years 4.54% 3.90%

The components of lease expense for the years ended August 31 are as follows: 2024 Finance lease expense Amortization of ROU assets Interest on lease liabilities Operating lease expense Short term lease expense

2023

$

1,977 280 5,208 10,683

$

1,812 320 40,970 –

$

18,148

$

43,102

The future maturities of the operating and finance lease liabilities are as follows as of August 31, 2024: Year Ending August 31, 2025 2026 2027 2028

Operating $

Total undiscounted cash flows Less: present value discount Lease liabilities Reported on Statements of Financial Position Current portion of lease liabilities Lease liabilities – net Lease liabilities

868 – – –

Finance $

868 (2)

2,172 2,172 2,172 180 6,696 (376)

$

866

$

6,320

$

866 –

$

1,967 4,353

$

866

$

6,320

Note 11 – Labor subject to collective bargaining agreement Approximately 56% of the Club’s labor force is covered by a collective bargaining agreement, which expired on June 30, 2024. Subsequent to the agreement’s expiration, a one-year extension of the agreement was automatically triggered wherein the Club’s labor force is subject to the same conditions set forth in the expired collective bargaining agreement until a new agreement can be negotiated.

16

HARVARD CLUB OF BOSTON Notes to Financial Statements

Note 12 – Fixed expenses The components of fixed expenses are as follows: 2024 Real estate and personal property taxes Insurance Interest expense Depreciation Interest expense – finance lease Amortization – finance lease Total

2023

$

511,596 146,995 279,064 1,046,289 280 1,977

$

474,722 122,763 302,032 1,096,085 320 1,812

$

1,986,201

$

1,997,734

Note 13 – Functional expenses The financial statements report certain categories of expenses that are attributed to more than one program or supporting function. Therefore, expenses require allocation on a reasonable basis that is consistently applied. The expenses that are allocated include repairs and maintenance, insurance, real estate taxes, depreciation and amortization, interest and utilities, which are allocated based on a square-footage basis.

Also, salaries and wages and payroll taxes and benefits are allocated on the basis of estimates of time and effort.

The Club’s expenses by nature and function for the year ended August 31, 2024 are as follows:

Program Services

Membership Development

General and Administrative

6,136,624 1,905,284 2,501,247 1,001,997 208,233 489,938 395,134 – 237,870 117,433 352,211 177,940 267,250 78,958 140,773 135,759 10,683

$

813,310 243,076 – 22,146 62,294 10,829 7,969 – 5,150 248,941 4,391 23,666 5,907 10,680 3,111 58 –

$

1,833,479 481,571 – 24,123 313,105 10,829 7,969 388,140 129,828 3,999 7,700 158,241 6,187 168,355 27,578 58 5,208

$

$ 14,157,334

$

1,461,528

$

3,566,370

$ 19,185,232

Salaries and wages $ Payroll taxes and benefits Cost of sales Depreciation and amortization Professional fees/outside services Real estate taxes Utilities Credit card fees Repairs and maintenance Promotion Supplies Office Interest Miscellaneous Insurance Laundry and linen Lease expense – operating & short-term Total expenses

Total 8,783,413 2,629,931 2,501,247 1,048,266 583,632 511,596 411,072 388,140 372,848 370,373 364,302 359,847 279,344 257,993 171,462 135,875 15,891

17

HARVARD CLUB OF BOSTON Notes to Financial Statements

The Club’s expenses by nature and function for the year ended August 31, 2023 are as follows:

Salaries and wages Payroll taxes and benefits Cost of sales Depreciation and amortization Professional fees/outside services Promotion Real estate taxes Utilities Supplies Repairs and maintenance Credit card fees Interest Office Miscellaneous Insurance Laundry and linen Lease expense – operating Total expenses

Program Services

Membership Development

General and Administrative

5,576,211 1,652,802 2,225,505 1,049,685 171,562 73,224 454,626 357,554 338,517 217,741 – 289,246 63,267 115,857 117,567 139,558 36,630

$

670,405 188,495 – 23,200 62,105 437,461 10,048 7,277 2,899 4,782 – 6,393 37,193 27,358 2,598 155 –

$

1,650,622 473,068 – 25,012 305,670 4,297 10,048 7,277 4,656 116,669 329,715 6,713 133,659 82,890 32,512 155 4,340

$

$ 12,879,552

$

1,480,369

$

3,187,303

$ 17,547,224

$

Total 7,897,238 2,314,365 2,225,505 1,097,897 539,337 514,982 474,722 372,108 346,072 339,192 329,715 302,352 234,119 226,105 152,677 139,868 40,970

Note 14 – Related parties Harvard Club of Boston Foundation The Harvard Club of Boston Foundation ("Foundation") is a trust established by the Club and administered by the trustee in accordance with the Declaration of Trust and the laws of the Commonwealth of Massachusetts. The Foundation is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code. The Club's Board of Governors serves as trustee. The trustee appoints and oversees a committee with responsibility for the Foundation's day-to-day operations. The Foundation fosters scientific, literary and educational interests among members of the Club and advances and promotes the welfare of Harvard University.

The Club provides administrative support staff to the Foundation, for which the Foundation reimburses the Club. The Foundation owes the Club approximately $52,000 as of August 31, 2024 The Higginson 1908 Foundation, Inc. The Higginson 1908 Foundation, Inc. ("Higginson Foundation") was organized as a not-for-profit corporation on November 23, 2015 and is administered by its Board of Directors in accordance with its bylaws and the laws of the Commonwealth of Massachusetts. The Higginson Foundation is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code. The Higginson Foundation's purpose is to preserve and protect old and historic buildings, artwork and other property in Boston, Massachusetts and its surrounding area in order to perpetuate the further education of posterity with regard to the arts and the architectural, historic, and general cultural heritage of the Boston, Massachusetts area. Its further purpose is to encourage education and personal advancement for youth in the Greater Boston area, to foster scientific, literary and educational interests among members of the Club and to advance the interests and promote the welfare of Harvard University.

18

HARVARD CLUB OF BOSTON Notes to Financial Statements

The Club’s Commonwealth Avenue Clubhouse will be the first historic renovation project. The Foundation will make grants to the Club to restore artwork owned and exhibited by the Club. The officers and directors of the Higginson Foundation are members of the Club and some are current board members of the Club; however, the Higginson Foundation will remain an independent organization dedicated solely to its charitable and educational purposes. It is expected that the Higginson Foundation will take over several charitable programs currently conducted by the Foundation.

The Club provides administrative support staff to the Higginson Foundation, for which the Higginson Foundation reimburses the Club. The Higginson Foundation owes the Club approximately $11,000 as of August 31, 2024. The Club requests that its members donate funds for students attending Harvard University, Harvard Prize Books, and for the appraisal and cataloguing of the art collection at the Club. Donations collected by the Club are remitted to the Higginson Foundation. As of August 31, 2024 and 2023, the Club owed the Higginson Foundation approximately $3,100 and $9,000, respectively. The Club accounts for the donations as agency transactions and does not reflect them in its financial statements. Donations received for 2024 and 2023 totaled approximately $204,000 and $183,000, respectively.

Note 15 – Liquor license sale On October 17, 2022, the Club entered into an agreement to sell the Club’s One Federal Street, Boston, Massachusetts liquor license (the “License”) for approximately $452,000. The Club reported a net gain of $328,766 on the Statements of Activities, which is net of the related Federal and state income taxes of $123,581.

Note 16 – Subsequent events The Club has evaluated all events and transactions through December 11, 2024, the date the financial statements were available to be issued. There are no events or transactions that occurred that would require recognition or disclosures in the financial statements.

19

HARVARD CLUB OF BOSTON FOUNDATION Financial Statements for years ended June 30, 2024 and 2023 (With Independent Accountants’ Compilation Report)

Table of Contents

Page Independent Accountants’ Compilation Report

1

Financial Statements Statements of Financial Position

2

Statements of Activities and Changes in Net Assets

3

Statements of Functional Expenses

4

Statements of Cash Flows

5

Notes to Financial Statements

6–13

Independent Accountants’ Compilation Report To the Trustee Harvard Club of Boston Foundation Management is responsible for the accompanying financial statements of the Harvard Club of Boston Foundation (a nonprofit organization), which comprise the statements of financial position as of June 30, 2024 and 2023, and the related statements of activities and changes in net assets, functional expenses, and cash flows for the years then ended, and the related notes to the financial statements in accordance with accounting principles generally accepted in the United States of America. We have performed compilation engagements in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy and completeness of the information provided by management. We do not express an opinion, a conclusion, nor provide any assurance on these financial statements.

Boston, Massachusetts December 11, 2024

HARVARD CLUB OF BOSTON FOUNDATION Statements of Financial Position (See Independent Accountants’ Compilation Report)

June 30 2024

2023

Assets Cash and cash equivalents Investment Total assets

$

329,519 14,342,443

$

152,535 13,671,717

$ 14,671,962

$ 13,824,252

$

$

Liabilities and Net Assets Liabilities Accrued expenses Due to Harvard Club of Boston Due to The Higginson 1908 Foundation, Inc. Total liabilities

6,800 51,885 7,652

6,300 – –

66,337

6,300

6,781,149

6,530,338

7,434,559 389,917 7,824,476

6,968,471 319,143 7,287,614

14,605,625

13,817,952

$ 14,671,962

$ 13,824,252

Commitments Net assets Without donor restrictions Board-designated endowment funds With donor restrictions Restricted by purpose Perpetual in nature Total net assets with donor restrictions Total net assets Total liabilities and net assets

See notes to financial statements

2

HARVARD CLUB OF BOSTON FOUNDATION Statements of Activities and Changes in Net Assets (See Independent Accountants’ Compilation Report)

Year Ended June 30, 2024

Revenues and other support Investment income, net Contributions Net assets released from restrictions Total revenues and other support

Without Donor Restrictions

With Donor Restrictions

$

$

Other decrease in net assets Change in net assets Net assets, beginning of year

See notes to financial statements

$

Total

Without Donor Restrictions

With Donor Restrictions

$

$

994,291 73,707 (531,136)

$ 1,283,853 73,707 –

536,862

1,357,560

592,917

514,849 16,287 38,751 569,887

–

514,849 16,287 38,751 569,887

–

–

250,811 6,530,338

820,698

Expenses Program expenses Scholarships and fellowships Prize book expenses Management and general expenses Total expenses

Net assets, end of year

289,562 – 531,136

Year Ended June 30, 2023

6,781,149

$

94,961 – 497,956

267,256 – (497,956)

Total $

362,217 – –

(230,700)

362,217

480,295 17,661 37,183 535,139

–

480,295 17,661 37,183 535,139

–

(86,000)

–

(86,000)

536,862

787,673

(28,222)

(230,700)

(258,922)

7,287,614

13,817,952

6,558,560

7,518,314

14,076,874

7,824,476

$ 14,605,625

6,530,338

$ 7,287,614

$ 13,817,952

$

3

HARVARD CLUB OF BOSTON FOUNDATION Statements of Functional Expenses (See Independent Accountants’ Compilation Report)

Year Ended June 30, 2024 Scholarships and Fellowships Grants to organizations Prize book expenses Professional fees Administrative services Filing fees Total expenses

$

$

514,849

514,849

Program Total

Prize Books $

$

– 16,287

16,287

$

$

Management and General

514,849 16,287 – – –

$

531,136

$

Total $

514,849 16,287 7,740 30,976 35

$

569,887

7,740 30,976 35 38,751

Year Ended June 30, 2023 Scholarships and Fellowships Grants to organizations Prize book expenses Professional fees Administrative services Total expenses

See notes to financial statements

Program Total

Prize Books

Management and General

Total

$

480,295

$

– 17,661

$

480,295 17,661 – –

$

– – 6,788 30,395

$

480,295 17,661 6,788 30,395

$

480,295

$

17,661

$

497,956

$

37,183

$

535,139

4

HARVARD CLUB OF BOSTON FOUNDATION Statements of Cash Flows (See Independent Accountants’ Compilation Report)

Year Ended June 30 2024 2023 Operating activities Change in net assets Adjustments to reconcile change in net assets to net cash used by operating activities Investment gains Change in accrued expenses Change in due to Harvard Club of Boston Change in due to The Higginson 1908 Foundation, Inc.

$

Net cash used by operating activities

787,673

$

(258,922)

(1,229,901) 500 51,885 7,652

(323,104) – – (38,824)

(382,191)

(620,850)

Investing activities Additional investment in Harvard University Pooled General Investment Account Proceeds from redemption of investment in Harvard University Pooled General Investment Account

(52,659)

(38,726)

611,834

790,108

Net cash provided by investing activities

559,175

751,382

176,984 152,535

130,532 22,003

Net change in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year

See notes to financial statements

$

329,519

$

152,535

5

HARVARD CLUB OF BOSTON FOUNDATION Notes to Financial Statements (See Independent Accountants’ Compilation Report)

Note 1 – Organization purpose and operation The Harvard Club of Boston Foundation ("Foundation") is a trust established by the Harvard Club of Boston ("Club") and administered by the Trustee in accordance with the Declaration of Trust and the laws of the Commonwealth of Massachusetts. The Club's Board of Governors serves as the Trustee ("Trustee"). The Trustee appoints and oversees a committee with responsibility for the Foundation's day-to-day operations.

The Foundation fosters scientific, literary and educational interests among members of the Club and advances and promotes the welfare of Harvard University. General operating purposes are: 

Granting scholarships to undergraduate students attending Harvard College;



Granting scholarships and fellowships to students attending selected Harvard University graduate schools;



Granting nonprofit management fellowships to Harvard College students for work at Harvard University's Phillips Brooks House;



Providing Horblit concert stipends to Harvard University students who perform concerts; and



Awarding Harvard Prize Books to outstanding high school students (primarily from Massachusetts) who have just completed their junior year in high school, as well as honoring outstanding Massachusetts high school teachers and other individuals who inspire curiosity and excellence in students.

Note 2 – Accounting policies Basis of accounting The financial statements of the Foundation have been prepared on the accrual basis in conformity with accounting principles generally accepted in the United States of America. Consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred.

Classification and reporting of net assets Accounting principles generally accepted in the United States of America requires the Foundation to report information regarding its financial position and activities according to the following net asset classifications: Net assets without donor restrictions: Net assets that are not subject to donor-imposed restrictions and may be expended for any purpose in performing the primary objectives of the organization.

These net assets may be used at the discretion of the Foundation’s Trustee.

Net assets with donor restrictions: Net assets subject to stipulations imposed by donors and grantors. Some donor restrictions are temporary in nature; those restrictions will be met by actions of the Foundation or by the passage of time; other donor restrictions are perpetual in nature, whereby the donor has stipulated funds be maintained in perpetuity.

Donor restricted contributions are reported as increases in net assets with donor restrictions if they are received with donor stipulations that limit the use of the donated assets. When a restriction expires, that is, when a stipulated time restriction ends, or purpose restriction is accomplished, net assets with donor restrictions are reclassified to net assets without donor restrictions in the Statements of Activities and Changes in Net Assets, as net assets released from restrictions.

6

HARVARD CLUB OF BOSTON FOUNDATION Notes to Financial Statements (See Independent Accountants’ Compilation Report)

Cash and cash equivalents The Foundation considers all unrestricted highly liquid investments with an initial maturity of three months or less to be cash equivalents.

Investment Investment is carried at fair value. See discussion under Note 5 – Fair Value Measurements for a description of the methodologies used for assets measured at fair value. Investment income is reported in the Statements of Activities and Changes in Net Assets and consists of interest income, realized and unrealized gains and losses, less external and direct internal investment expenses.

Contributions The Foundation recognizes contributions when cash, securities or other assets; an unconditional promise to give; or a notification of a beneficial interest is received. Conditional promises to give, that is, those with a measurable performance or other barrier and a right of return, are not recognized until the conditions on which they depend have been met.

Scholarships and fellowships The Foundation recognizes expenses for scholarships and fellowships when they are approved and are unconditionally promised to the recipients. Scholarship awards are conditioned on the recipients remaining enrolled as students at Harvard University and the awards are recognized annually as this condition is met.

Functional expense allocations The costs of program and supporting services activities have been summarized on a functional and natural classification basis in the Statements of Functional Expenses. Expenses that can be identified with a specific program or supporting service are charged directly to the program or supporting service. Expenses which apply to more than one functional category have been allocated based on estimates made by management.

Use of estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

Credit risk The principal financial instruments subject to credit risk are cash and cash equivalents. Credit risk represents the accounting loss that would be recognized at the reporting date if the parties failed to perform as contracted. The total of these financial instruments at times exceed the insured amounts. To mitigate credit risk, the Foundation places its cash and cash equivalents in investment grade companies or financial institutions. The Foundation has not experienced any losses on its deposits.

7

HARVARD CLUB OF BOSTON FOUNDATION Notes to Financial Statements (See Independent Accountants’ Compilation Report)

Note 3 – Liquidity and availability Financial assets available for general expenditure, that is, without donor or other restrictions limiting their use, within one year of the Statement of Financial Position date are comprised of the following:

Cash Investment

2024

2023

$ 329,519 467,899

$ 152,535 417,942

$ 797,418

$ 570,477

Endowment funds consist of donor-restricted endowments and funds designated by the Board as endowments. Income from donor-restricted endowments is restricted for specific purposes and is not available for general expenditure.

Board-designated endowment of $6,781,149 and $6,530,338 at June 30, 2024 and 2023, respectively, is subject to an annual spending rate. Although it is not the intent to spend from this board-designated endowment (other than amounts appropriated for general expenditure as part of the Board’s annual budget approval and appropriation), these amounts could be made available if necessary.

Note 4 – Investment and investment income The Foundation has an agreement with Harvard University ("University") pursuant to which the University invests the Foundation's funds. The agreement provides that the Foundation's funds may be pooled with other funds managed by the University. The Foundation has the right to withdraw these funds.

The investment in the Harvard University Pooled General Investment Account (“GIA”) is carried at fair value as provided by the University. The investments in the Pooled Account are managed by Harvard Management Company ("HMC"), a wholly-owned subsidiary of the University. The Foundation has categorized the investment as a Level 2 fair value measurement in accordance with the Fair Value Measurements topic of the FASB Accounting Standards Codification ASC 820.

Units in the GIA are assigned to each fund on the basis of the fair value of the GIA at or near the time assets are received for investment. Investment income is allocated among the funds based on each fund’s units.

The GIA’s investment strategy incorporates a diversified asset allocation approach and maintains, within defined limits, exposure to the movements of the global public and private equity, fixed income, real estate, and commodities markets. Exposure to these markets is achieved through direct investments in individual securities, investments in special purpose vehicles and/or through investment in vehicles advised by external managers. (See Harvard University's 2024 financial report for additional information).

Investments in global markets involve a multitude of risks such as price, interest rate, market, sovereign, currency, liquidity, and credit risks, amongst many others. The University manages exposure to these risks through established policies and procedures related to its ongoing investment diligence and operational due diligence programs. The University anticipates that the value and composition of its investments may, from time to time, fluctuate substantially in response to any and all of the risks described herein.

8

HARVARD CLUB OF BOSTON FOUNDATION Notes to Financial Statements (See Independent Accountants’ Compilation Report)

The following is a summary of investment income, net: 2024 Interest earned on operating cash Harvard University Pooled General Investment Account Realized gains Unrealized gains (losses) Other income Investment income, net

$

1,293

2023 $

536,588 693,313 52,659 $ 1,283,853

387 692,514 (369,410) 38,726

$

362,217

Note 5 – Fair value measurements The Fair Value Measurements topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820 establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

The fair value of the Foundation’s investment in the Harvard University Pooled General Investment Account is determined based on per unit Net Asset Value (“NAV”) provided by Harvard University. There has been no change in the methodology used.

The method described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.

Note 6 – Scholarships and fellowships The Foundation provided funds to Harvard College for undergraduate scholarships totaling $509,849 and $475,295 for the years ended June 30, 2024 and 2023, respectively. The Foundation also provided a Summer Community Fellowship to Harvard College in the amount of $5,000 during each of the years ended June 30, 2024 and 2023.

Note 7 – Tax status The Foundation is exempt from Federal and State income taxes under Section 501(c)(3) of the Internal Revenue Code. The Foundation is in the process of filing with the Internal Revenue Service to be classified as a private foundation. Contributions to the Foundation are deductible by donors for income tax purposes.

The Income Taxes topic of the FASB ASC prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management of the Foundation has evaluated its uncertain tax positions and related income tax contingencies and does not believe that any material uncertain tax positions exist.

9

HARVARD CLUB OF BOSTON FOUNDATION Notes to Financial Statements (See Independent Accountants’ Compilation Report)

The Foundation’s tax returns are generally subject to examination by the Internal Revenue Service and the Commonwealth of Massachusetts for a period of three years from the date they are filed.

Note 8 – Net assets with donor restrictions Net assets with donor restrictions are restricted for the following purposes: June 30 Subject to appropriation and expenditure for a specified purpose General scholarship fund Nathaniel J. Young, Jr. scholarship fund Mark M. Horblit (’05) concert fund Prize book fund Original gifts Scholarship funds Sayward H. Farnum (’35) Albert Hale (1893) Richard Harte (’17) George B. Henderson (’16) William A. Lincoln (’35) James H. Lowell (’14) Kenneth C. Mittell (’34) Francis E. Park, Jr. (’22) Mary T. Parry Virginia Poehler Thorvald S. Ross (’12) Merle G. Summers Herbert E. Whiting (’26) Augustus Thorndike (1919) World War II Mark M. Horblit (’05) concert fund Prize book fund Total net assets with donor restrictions

2024

2023

$ 6,212,681 169,244 191,916 860,718 7,434,559

$ 5,817,944 215,245 168,270 767,012 6,968,471

7,962 2,917 20,705 100,000 51,838 13,067 3,095 1,317 3,760 13 21,983 225 10,000 70,774 330 307,986 5,364 76,567 389,917

7,962 2,917 20,705 100,000 51,838 13,067 3,095 1,317 3,760 13 21,983 225 10,000 – 330 237,212 5,364 76,567 319,143

$ 7,824,476

$ 7,287,614

Nathaniel J. Young, Jr. Scholarship Fund The Fund is to be used “to support scholarships for men and women students at Harvard College from the City of Boston public high and Latin schools”.

10

HARVARD CLUB OF BOSTON FOUNDATION Notes to Financial Statements (See Independent Accountants’ Compilation Report)

Net assets released from donor restrictions by incurring expenses satisfying the restricted purpose or by occurrence of the passage of time or other events specified by the donors are as follows: June 30 Satisfaction of purpose restrictions General scholarship fund Nathaniel J. Young, Jr. scholarship fund Prize book fund

2024

2023

$ 468,848 46,001 16,287

$ 437,086 43,209 17,661

$ 531,136

$ 497,956

Note 9 – Endowment net assets The Foundation’s endowment consists of approximately 17 individual funds established for a variety of purposes. Its endowment includes both donor-restricted endowment funds and funds designated by the Board to function as endowments. As required by accounting principles generally accepted in the United States of America, net assets associated with endowment funds, including funds designated by the Board to function as endowments, are classified and reported based on the existence or absence of donorimposed restrictions.

The Foundation has adopted investment and spending policies for endowment assets that attempt to provide a reasonable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. The endowment assets are invested in a manner intended to produce results that exceed the price and yield results of the S&P 500 index while assuming a reasonable level of investment risk.

The Foundation has a policy for appropriating for distribution an amount that considers the distribution in relation to the total percentage of the endowment, as well as the long-term expected return on its endowment.

The Board of the Foundation has interpreted the State Prudent Management of Institutional Funds Act (SPMIFA) as requiring the preservation of the fair value of the original gift as of the gift date of the donorrestricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, the Foundation classifies as net assets with donor restrictions (a) the original value of gifts donated to the endowment in perpetuity, (b) the original value of subsequent gifts to the endowment in perpetuity, and (c) accumulations to the endowment in perpetuity made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. Donor-restricted amounts not retained in perpetuity are subject to appropriation for expenditure in a manner consistent with the standard of prudence prescribed by SPMIFA. In accordance with SPMIFA, the Foundation considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: 1.

2.

3.

4.

5.

The duration and preservation of the fund The purposes of the Foundation and the donor-restricted endowment fund General economic conditions The expected total return from income and the appreciation of investments The investment policies of the Foundation

11

HARVARD CLUB OF BOSTON FOUNDATION Notes to Financial Statements (See Independent Accountants’ Compilation Report)

The following is the composition of endowment net assets by type of fund: Without Donor Restrictions Donor-restricted endowment funds Original donor-restricted gift amount and amounts required to be maintained in perpetuity by donor Accumulated investment gains Board-designated endowment funds Total, June 30, 2024

Donor-restricted endowment funds Original donor-restricted gift amount and amounts required to be maintained in perpetuity by donor Accumulated investment gains Board-designated endowment funds Total, June 30, 2023

$

– – 6,781,149

With Donor Restrictions

$

559,161 7,265,315 –

Total

$

559,161 7,265,315 6,781,149

$ 6,781,149

$ 7,824,476

$14,605,625

Without Donor Restrictions

With Donor Restrictions

Total

$

– – 6,530,338

$ 6,530,338

$

534,388 6,753,226 –

$

534,388 6,753,226 6,530,338

$ 7,287,614

$13,817,952

Without Donor Restrictions

With Donor Restrictions

Total

$ 6,558,560 94,961

$ 7,518,314 267,256

$14,076,874 362,217

(123,183)

(497,956)

(621,139)

6,530,338 289,562

7,287,614 994,291 73,707

13,817,952 1,283,853 73,707

(38,751)

(531,136)

(569,887)

$ 6,781,149

$ 7,824,476

$14,605,625

The following is a summary of the changes in endowment net assets:

Endowment net assets, June 30, 2022 Investment income, net Appropriation of endowment assets for expenditure Endowment net assets, June 30, 2023 Investment income, net Contributions Appropriation of endowment assets for expenditure Endowment net assets, June 30, 2024

12

HARVARD CLUB OF BOSTON FOUNDATION Notes to Financial Statements (See Independent Accountants’ Compilation Report)

Note 10 – Related party Harvard Club of Boston The Club is a member owned alumni club located in Boston, Massachusetts. The Club’s primary purpose is to provide a social meeting place for its members. The Club’s Board of Governors serves as the Trustee of the Foundation; however, the Foundation remains an independent organization dedicated solely to its charitable and educational purposes. The Foundation’s operations are maintained separately from the Club’s operating activities and its assets are not available to the Club.

Note 11 – Other decrease in net assets In March 2023, the Foundation provided a $86,000 transfer to The Higginson 1908 Foundation, Inc. as a reimbursement for prior period expenses which were paid for by The Higginson 1908 Foundation, Inc. on behalf of the Foundation. Due to the nature of the transaction, the amount has been presented as a decrease in net assets on the Statements of Activities and Changes in Net Assets for the year ended June 30, 2023.

Note 12 – Subsequent events The Foundation has evaluated all events and transactions through December 11, 2024, the date the financial statements were available to be issued. There were no events or transactions that occurred that would require recognition or disclosure in the financial statements.

13

THE HIGGINSON 1908 FOUNDATION, INC. Financial Statements for the years ended June 30, 2024 (Reviewed) and 2023 (Compiled) (With Independent Accountants’ Review Report and Independent Accountants’ Compilation Report)

Table of Contents

Page Independent Accountants' Review Report on 2024 Financial Statements and Independent Accountants' Compilation Report on 2023 Financial Statements

1–2

Financial Statements Statements of Financial Position Statements of Activities and Changes in Net Assets Statements of Cash Flows Notes to Financial Statements

3 4–5 6 7 – 10

Independent Accountants’ Review Report on 2024 Financial Statements and Independent Accountants’ Compilation Report on 2023 Financial Statements To the Board of Directors of The Higginson 1908 Foundation, Inc. Review of 2024 Financial Statements We have reviewed the accompanying financial statements of The Higginson 1908 Foundation, Inc., (a nonprofit organization), which comprise the statement of financial position as of June 30, 2024, and the related statements of activities and changes in net assets and cash flows for the year then ended, and the related notes to the financial statements. A review includes primarily applying analytical procedures to management’s financial data and making inquiries of entity management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion.

Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement whether due to fraud or error.

Accountants’ Responsibility Our responsibility is to conduct the review engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Those standards require us to perform procedures to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. We believe that the results of our procedures provide a reasonable basis for our conclusion.

We are required to be independent of The Higginson 1908 Foundation, Inc. and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our review.

Accountants’ Conclusion Based on our review, we are not aware of any material modifications that should be made to the accompanying 2024 financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America.

Compilation of 2023 Financial Statements Management is responsible for the accompanying financial statements of The Higginson 1908 Foundation, Inc., which comprise the statement of financial position as of June 30, 2023, and the related statements of activities and changes in net assets and cash flows for the year then ended, and the related notes to the financial statements in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. We do not express an opinion, a conclusion, nor provide any assurance on the 2023 financial statements.

Boston, Massachusetts December 11, 2024

2

THE HIGGINSON 1908 FOUNDATION, INC. Statements of Financial Position (See Independent Accountants' Review Report and Independent Accountants’ Compilation Report)

June 30 2024 2023 (Reviewed) (Compiled) Assets Current assets Cash and cash equivalents Certificates of deposit Due from the Harvard Club of Boston Foundation Due from the Harvard Club of Boston Total assets

$

260,514 535,406 7,652 3,103

$

290,956 273,924 – 8,648

$

806,675

$

573,528

$

9,566 8,000 11,154

$

– 5,000 –

Liabilities and Net Assets Current liabilities Accounts payable Accrued expenses Due to the Harvard Club of Boston Total liabilities

28,720

5,000

Net assets Net assets without donor restrictions Net assets with donor restrictions

690,806 87,149

466,209 102,319

Total net assets

777,955

568,528

Total liabilities and net assets

See notes to financial statements

$

806,675

$

573,528

3

THE HIGGINSON 1908 FOUNDATION, INC. Statement of Activities and Changes in Net Assets For the Year Ended June 30, 2024 (See Independent Accountants' Review Report)

(Reviewed) With Donor Restrictions

Without Donor Restrictions Revenues and support Contributions Investment income Net assets released from restrictions Total revenues and support

$

Expenses Program expenses Prize Book Fellowship Art restoration Total program expenses Supporting services expense Management and general Professional fees Administrative services provided by Harvard Club of Boston Other fees Total management and general Fundraising and development Administrative services provided by Harvard Club of Boston Total expenses

207,631 27,205 15,170 250,006

$

– – (15,170) (15,170)

Total $

207,631 27,205 – 234,836

4,072 5,000 6,098 15,170

4,072 5,000 6,098 15,170

8,490

8,490

1,530 119 10,139

1,530 119 10,139

100 25,409

–

100 25,409

Change in net assets

224,597

(15,170)

209,427

Net assets – beginning of year

466,209

102,319

568,528

Net assets – end of year

See notes to financial statements

$

690,806

$

87,149

$

777,955

4

THE HIGGINSON 1908 FOUNDATION, INC. Statement of Activities and Changes in Net Assets For the Year Ended June 30, 2023 (See Independent Accountants' Compilation Report)

(Compiled) With Donor Restrictions

Without Donor Restrictions Revenues and support Contributions Interest income Net assets released from restrictions Total revenues and support

$

Expenses Program expenses Prize Book Fellowship Art restoration Total program expenses Supporting services expense Management and general Professional fees Administrative services provided by Harvard Club of Boston Other fees Total management and general Fundraising and development Printing and mailing Total expenses

187,004 6,161 31,827 224,992

$

– – (31,827) (31,827)

Total

$

187,004 6,161 – 193,165

4,415 5,000 22,412 31,827

4,415 5,000 22,412 31,827

5,469

5,469

1,600 103 7,172

1,600 103 7,172

396 39,395

–

396 39,395

86,000

–

86,000

Change in net assets

271,597

(31,827)

239,770

Net assets – beginning of year

194,612

134,146

328,758

Other increase in net assets

Net assets – end of year

See notes to financial statements

$

466,209

$

102,319

$

568,528

5

THE HIGGINSON 1908 FOUNDATION, INC. Statements of Cash Flows (See Independent Accountants' Review Report and Independent Accountants’ Compilation Report)

Years Ended June 30 2024 2023 (Reviewed) (Compiled) Operating activities Change in net assets Changes in operating assets and liabilities Due from the Harvard Club of Boston Foundation Due from the Harvard Club of Boston Accounts payable Accrued expenses Due to the Harvard Club of Boston Net cash provided by operating activities

$

209,427

$

239,770

(7,652) 5,545 9,566 3,000 11,154 231,040

38,824 149,984 – – – 428,578

Investing activities Purchase of short-term investments Maturities of short-term investments Interest income added to principal Net cash used by investing activities

(780,005) 525,005 (6,482) (261,482)

(360,000) 90,000 (3,924) (273,924)

Net change in cash and cash equivalents Cash and cash equivalents, beginning of year

(30,442) 290,956

154,654 136,302

Cash and cash equivalents, end of year

See notes to financial statements

$

260,514

$

290,956

6

THE HIGGINSON 1908 FOUNDATION, INC. Notes to Financial Statements (See Independent Accountants' Review Report and Independent Accountants’ Compilation Report) Note 1 – Organization The Higginson 1908 Foundation, Inc. (the "Foundation"), a charitable corporation, was organized under the laws of the Commonwealth of Massachusetts in 2015. The Foundation’s purpose is to: 

Preserve and protect old and historic buildings in and around Boston, Massachusetts, including specifically the Clubhouse of the Harvard Club of Boston (the “Club”), in order to perpetuate the further education of posterity with regard to the architectural, historic, and general cultural heritage of the Boston area.



Preserve and protect historically significant artwork exhibited in and around Boston, Massachusetts, in order to perpetuate the further education of posterity with regard to the arts.



Encourage education and personal advancement for youth in the Greater Boston area.



Foster scientific, literary and educational interests among members of the Club and to advance the interests and promote the welfare of Harvard University.

The Foundation’s fundraising activities consist primarily of the solicitation of Club members by direct mailings and an annual solicitation by the Club.

Note 2 – Summary of significant accounting policies Basis of accounting The Foundation prepares its financial statements in accordance with accounting principles generally accepted in the United States of America, which includes the application of accrual accounting.

Consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred.

Classification and reporting of net assets Accounting principles generally accepted in the United States of America require the Foundation to report information regarding its financial position and activities according to the following net asset classifications: Net assets without donor restrictions: Net assets that are not subject to donor-imposed restrictions and may be expended for any purpose in performing the primary objectives of the organization.

These net assets may be used at the discretion of the Foundation’s Board of Directors.

Net assets with donor restrictions: Net assets subject to stipulations imposed by donors, and grantors. Some donor restrictions are temporary in nature; those restrictions will be met by actions of the Foundation or by the passage of time; other donor restrictions are perpetual in nature, whereby the donor has stipulated funds be maintained in perpetuity.

Donor restricted contributions are reported as increases in net assets with donor restrictions if they are received with donor stipulations that limit the use of the donated assets. When a donor restriction expires, that is, when a stipulated time restriction ends, or purpose restriction is accomplished, net assets with donor restrictions are reclassified to net assets without donor restrictions and reported in the Statements of Activities and Changes in Net Assets as net assets released from restrictions.

7

THE HIGGINSON 1908 FOUNDATION, INC. Notes to Financial Statements (See Independent Accountants' Review Report and Independent Accountants’ Compilation Report) Cash and cash equivalents The Foundation considers all unrestricted highly liquid investments with an initial maturity of three months or less to be cash equivalents. Cash equivalents at June 30, 2024 and 2023 consist of a money market fund.

Contributions The Foundation recognizes contributions when cash, securities or other assets; an unconditional promise to give; or a notification of a beneficial interest is received. Conditional promises to give, that is, those with a measurable performance or other barrier and a right of return, are not recognized until the conditions on which they depend have been met.

Income taxes The Internal Revenue Service has determined that the Foundation qualifies as an exempt organization under Internal Revenue Code Section 501(c)(3). In addition, the Foundation qualifies for the charitable contribution deduction under Section 170 (b)(1)(A) and has been classified as an organization that is not a private foundation under Section 509(a)(2).

The Income Taxes topic of the FASB Accounting Standards Codification prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management of the Foundation has evaluated its tax positions and does not believe that any material uncertain tax positions exist. The Foundation’s policy is to record interest expense and penalties, if any, in management and general expenses. For the years ended June 30, 2024 and 2023 there was no interest and penalties expense recorded.

The Foundation's tax returns are generally subject to examination by the Internal Revenue Service and the Commonwealth of Massachusetts for a period of three years from the date they are filed.

Functional expense allocations The costs of program and supporting services activities have been summarized on a functional basis in the Statements of Activities and Changes in Net Assets, as well as by natural classification detail. Expenses that can be identified with a specific program or supporting service are charged directly to the program or supporting service. Expenses which apply to more than one functional category have been allocated based on estimates made by management.

Accounting estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

8

THE HIGGINSON 1908 FOUNDATION, INC. Notes to Financial Statements (See Independent Accountants' Review Report and Independent Accountants’ Compilation Report) Note 3 – Fair value measurements The Fair Value Measurements standard provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under the Fair Value Measurements Standard are described as follows: Level 1 – Inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date; Level 2 – Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value can be determined through the use of models or other valuation methodologies; and Level 3 – Inputs to the valuation method are unobservable inputs in situations where there is little or no market activity for the asset or liability and the reporting entity makes estimates and assumptions related to the pricing of the asset or liability including assumptions regarding risk.

The following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy.

Certificates of deposit Certificates of deposit are recorded based on their carrying values, which approximates fair value and are classified as level 2. The certificates mature in less than one year.

Note 4 – Liquidity and availability Financial assets available for general expenditure, that is, without donor restrictions limiting their use, within one year of the Statements of Financial Position date, are comprised of the following as of June 30:

Cash and cash equivalents Short-term investments Due from the Harvard Club of Boston Foundation Due from the Harvard Club of Boston

2024

2023

$ 173,365 535,406 7,652 3,103

$ 188,637 273,924 – 8,648

$ 719,526

$ 471,209

The Foundation strives to maintain liquid financial assets sufficient to cover at least six months of general expenditures. Financial assets in excess of daily cash requirements are invested in certificates of deposit and money market funds.

Note 5 – Net assets with donor restrictions Net assets with donor restrictions are restricted for the following purposes at June 30, 2024 and 2023: Scholarships for Harvard College students from the greater Boston area; Harvard College Community Service fellowships; Internship programs; Harvard Prize Books to be awarded to outstanding high school juniors and appraisal and cataloguing of the art collection at the Harvard Club of Boston.

9

THE HIGGINSON 1908 FOUNDATION, INC. Notes to Financial Statements (See Independent Accountants' Review Report and Independent Accountants’ Compilation Report) Note 6 – Related party transactions The Club is a member owned alumni club located in Boston, Massachusetts. The Club’s primary purpose is to provide a social meeting place for its members. The Foundation has a special relationship with the Club, as the Club is expected to receive funds from the Foundation to preserve and protect the Club’s physical infrastructure as well as the cultural and artistic materials held by the Club. The Foundation remains an independent organization dedicated solely to its charitable and educational purposes. The Foundation’s operations are maintained separately from the Club’s operating activities and its assets are not available to the Club.

The Club provides administrative support staff to the Foundation, for which the Foundation reimburses the Club. The Club requests that its members donate funds to the Foundation. Donations collected by the Club are remitted to the Foundation. The Club accounts for the donations as agency transactions and does not reflect them in its financial statements. Donations reimbursable to the Foundation by the Club during 2024 and 2023 totaled approximately $204,000 and $183,000, respectively.

Note 7 – Other increase in net assets In March 2023, the Foundation received an $86,000 transfer from the Harvard Club of Boston Foundation as a reimbursement for prior period expenses which were paid for by the Foundation on behalf of the Harvard Club of Boston Foundation. Due to the nature of the transaction, the amount has been presented as an increase in net assets on the Statement of Activities and Changes in Net Assets for the year ended June 30, 2023.

Note 8 – Subsequent events The Foundation has evaluated subsequent events and transactions through December 11, 2024, the date the financial statements were available to be issued. There were no events or transactions that occurred that would require recognition or disclosure in the financial statements.

10

The Harvard Club of Boston

2024-25 ANNUAL REPORT Your Harvard home to gather locally and connect globally. Our Club. Our Community.