2014-08-14T17:14:45-05:00 2013-09-30 PricewaterhouseCoopers LLP 125 High Street Boston MA 02110 990 2012-10-01 042129889 Schepens Eye Research Institute Inc % CAROLANN WILLIAMS SCHE 6179120100 20 Staniford Street Suite Boston MA 02114 CAROLANN WILLIAMS 6175733942 2014-07-09 true PRICEWATERHOUSECOOPERS LLP 6175305000 2012 2015-11-30 17:44:51Z JOHN FERNANDEZ 243 CHARLES STREET BOSTON MA 02114 40825427 false X www.schepens.harvard.edu X 1950 MA SEE SCHEDULE O. 27 24 237 50 0 26554067 23922926 0 0 1249229 1195606 776296 804917 28579592 25923449 159927 186108 0 0 15888049 15157803 0 0 442668 9433966 10880262 25481942 26224173 3097650 -300724 50344869 48266788 23140570 21485992 27204299 26780796 X SEE SCHEDULE O false false 19280493 0 451157 The Institute has research at every stage of development from the critical new ideas that are changing the way researchers around the world look at the future of treatment, to products in late-stage clinical trIAls, set to make an immediate impact on the lives of people struggling with vision-roBbing dIseases and injuries. The Institute has made tremendous progress in developing new cures for macular degeneration, diabetic retinopathy, glaucoma, other types of retinal and optic nerve degenerations and damage, dry eye and eye tissue transplants. There has also been great strides made in the development of new technologies - new lenses and devices - to help those with low vision make the absolute most out of the vision they have until we can reversE vision loss. 19280493 true true false false false false false false false true true true false true true true false true false false true false false false true false false true false true true false false false false false false false false false false true true false false false true true true false false true 25 0 true 237 true false false false false false true true false false false false X 27 24 false false false false true true true true true false false true true true true true true false false false MA X X CAROLANN WILLIAMS 6175734265 20 STANIFORD STREET Boston MA 02114 X Kathryn C Vecellio 4.0 4.0 X 0 Glenn P Strehle 4.0 0.0 X 0 Sherman H Starr 4.0 0.0 X 0 David Snyder MD 4.0 0.0 X 0 Eleanor G Shore MD 4.0 0.0 X 0 Joseph F Rizzo III MD 60.0 0.0 X 0 John Reilly 4.0 0.0 X 0 Nancy Raquet 4.0 0.0 X 0 Patricia Patricelli 4.0 0.0 X 0 Scott Newquist 4.0 0.0 X 0 Victoria McCullough 4.0 4.0 X 0 Renee Manger 4.0 0.0 X 0 Kay Lyons 4.0 0.0 X 0 Donald R Korb OD 4.0 0.0 X 0 Charles de Gunzburg 4.0 4.0 X 0 Mark B Abelson MD 4.0 0.0 X 0 KennetT F Burnes 4.0 0.0 X 0 Gerard D Goldstein 4.0 0.0 X 0 KennetH M Fischer 4.0 0.0 X 262650 0 993 DeWalt H Ankeny Jr 4.0 4.0 X 0 William F Aikman 4.0 0.0 X 0 John Sutton 4.0 0.0 X 0 Frans Van de Velde 4.0 0.0 X 0 John R Fernandez 4.0 56.0 X X 0 810694 155041 WYCLIFFE GROUSBECK 4.0 6.0 X 0 0 0 JOAN W MILLER MD 4.0 56.0 X 0 781005 56306 ANNETTE NOVA 4.0 4.0 X 0 Lily Bentas 4.0 6.0 X 0 0 0 Jonathan Uhrig 4.0 6.0 X 0 0 0 SUSAN WILLIAMS 4.0 56.0 X 0 268612 19064 MAUREEN KELLEY 4.0 56.0 X 0 172383 28262 CAROLANN WILLIAMS 4.0 56.0 X 360843 11502 PATRICIA D'AMORE 60.0 0.0 X 260609 0 51655 REZA DANA 60.0 0.0 X 243465 0 46959 ELIEZER PELI 60.0 0.0 X 272815 0 42927 ALAN K LONG 30.0 30.0 X 0 221708 8547 JAVIER BALLOFFET 20.0 40.0 X 0 313354 36405 DARLENE DARTT 60.0 0.0 X 196001 0 51259 ANDRIUS KAZLAUSKAS 60.0 0.0 X 184094 0 46522 ILENE GIPSON 60.0 0.0 X 177250 0 36490 MARY CHATTERTON 60.0 0.0 X 191172 0 21243 David Sullivan 60.0 0.0 X 186215 0 32079 1974271 2928599 645254 19 false true false MINTZ LEVIN COHN FERRIS ONE FINANCIAL CENTER BOSTON MA 02111 LEGAL SERVICES 128025 1 210990 2466016 16660756 4585164 27569 23922926 0 398381 398381 0 222614 222614 153715 22569 131146 0 131146 131146 15676634 14879409 797225 797225 797225 210990 0 0 0 PARKING INCOME 531390 52496 52496 ALL OTHER REVENUE 900099 398661 398661 451157 25923449 451157 1549366 186108 186108 0 0 0 789057 789057 0 10157355 9005630 1151411 314 748068 663246 84822 2755197 1913730 841442 25 708126 620043 88083 7750 7750 178667 156238 22429 88315 88315 0 0 120431 120431 444688 291834 133899 18955 10904 1339 5974 3591 1751050 1721750 25398 3902 75444 75444 147506 6990 140516 5149229 2610453 2538616 160 277466 273152 3203 1111 0 80798 78635 2163 16517 16517 909104 54962 457949 396193 1197669 766508 431161 166509 580 165929 PROCESSING AND FILING FEES 40814 357 38499 1958 MEMBERSHIP DUES 26024 25094 895 35 MISCELLANEOUS 92634 7812 84822 OTHER DEVELOPMENT COSTS 98743 31531 50788 16424 26224173 19280493 6501012 442668 0 0 513975 459817 2043302 1616281 0 0 0 0 0 0 0 0 0 0 148107 30650 69068120 49288278 20049593 19779842 0 0 8482954 6097314 0 0 0 500846 19106938 19782038 50344869 48266788 2420186 1825492 0 0 3125932 1507312 9508200 9191278 0 0 0 0 0 0 0 0 8086252 8961910 23140570 21485992 X 3649465 2805899 11143069 11548132 12411765 12426765 27204299 26780796 50344869 48266788 X -300724 -122779 X false true X true true true X 23901174 27600132 25889793 26554067 23922926 127868092 0 0 23901174 27600132 25889793 26554067 23922926 127868092 0 127868092 1334459 778104 831091 506619 620995 4071268 0 458249 582303 1040552 132979912 0.96156 0.96068 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 26323518 15000 1056820 2261146 124869 25009323 24836780 2512819 895242 130839 26323518 28264768 -2394135 998810 35043 24836780 26069898 4502516 2135240 172406 28264768 24449540 100000 2619572 967886 131328 26069898 0.14000 0.86000 false true true 202818 202818 41174875 23797384 17377491 8276783 8264457 12326 19272904 17225914 2046990 140740 523 140217 19779842 DOMESTIC EQUITIES 0 CASH AND CASH EQUIVILANTS 60653 FIXED INCOME 6036661 6097314 DUE FROM AFFILIATES 18912009 OTHER ASSETS 870029 19782038 0 DEFERRED CREDIT 5080630 DEFERRED RENT 1477510 CHARITABLE GIFT ANNUITY OBLIGATIONS 2403770 8961910 X SCHEDULE D, PART V, LINE 4 The intended use of SCHEPENS' endowment funds is TO PROVIDE A PREDICTABLE stream of funding to the supported research activities while seeking to maintain the purchasing power of the endowment assets. SCHEDULE D, PART X, LINE 2 SCHEPENS EYE RESEARCH INSTITUTE, INC. ("SCHEPENS") WAS INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS WITH ITS AFFILIATED ORGANIZATIONS. THE INCOME TAX FOOTNOTE IS AS FOLLOWS: THE FOUNDATION AND ITS AFFILIATES QUALIFY AS TAX-EXEMPT ORGANIZATIONS UNDER THE INTERNAL REVENUE CODE. THE FOUNDATION, INFIRMARY, ASSOCIATES, SCHEPENS AND EMBANKMENT ARE TAX-EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND CIRCLE IS TAX-EXEMPT UNDER 501(C)(25) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. MANAGEMENT HAS EVALUATED ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES AND THERE WAS NO IMPACT TO THE FOUNDATION'S FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2013. true South Asia Program Services CONFERENCES 4213 Europe (Including Iceland and Greenland) Program Services CONFERENCES 26211 North America Program Services CONFERENCES 1392 31816 31816 false false false false false false THE ORGANIZATION IDENTIFIES FOREIGN EXPENDITURES SEPERATELY ON ITS BOOKS AND RECORDS. NIGHT OF SIGHT 210990 210990 0 210990 210990 true Trustees of Boston University 881 Commonwealth Avenue Boston MA 02114 042103547 501(c)(3) 48868 Massachusetts Eye & Ear Infirmary 243 Charles Street Boston MA 02114 042103591 501(c)(3) 74229 University of Massachsuetts Medical School RESEARCH FUNDING SERVICES 55 LAKE AVENUE NORTH WORCESTER MA 01655 043167352 501(c)(3) 63011 3 Schedule I, Part I, Line 2 Subawards are issued through a consortium agreement between the Schepens Eye Institute (SERI) and the recipient institution. The agreement specifies the terms of the subaward, and includes a detailed budget and scope of work to be performed by the recipient institution. Awarded funds are encumbered by a purchase order that is assigned to a unique fund number. Payments to recipient institutions made against the purchase order are recorded in the SERI accounting system so that individual payments and purchase order balances can be monitored. Disbursement of funds for subawards require the written approval of the Principal Investigator ("PI"). Frequent progress reports and other forms of communication are required between the PI and the subrecipient institute to ensure that the scope of work is progressing at a satisfactory pace. true true false false false false false true false KennetH M Fischer 0 0 0 0 262650 0 993 0 0 0 263643 0 0 0 John R Fernandez 0 640224 0 169660 0 810 0 132843 0 22198 0 965735 0 0 JOAN W MILLER MD 0 677686 0 85486 0 17833 0 34495 0 21811 0 837311 0 0 SUSAN WILLIAMS 0 225529 0 25509 0 17574 0 10660 0 8404 0 287676 0 0 MAUREEN KELLEY 0 168771 0 3250 362 0 6857 0 21405 0 200645 0 0 PATRICIA D'AMORE 225609 0 35000 30091 0 21564 0 312264 0 0 0 REZA DANA 193465 0 50000 25395 0 21564 0 290424 0 0 0 ELIEZER PELI 222815 0 50000 29023 0 13904 0 315742 0 0 0 DARLENE DARTT 196001 0 24495 0 26764 0 247260 0 0 0 ANDRIUS KAZLAUSKAS 184094 0 21765 0 24757 0 230616 0 0 0 ILENE GIPSON 177250 0 22087 0 14403 0 213740 0 0 0 MARY CHATTERTON 126265 0 0 64907 14085 0 7158 0 212415 0 0 0 CAROLANN WILLIAMS 286775 73660 408 9982 1520 372345 0 0 David Sullivan 186215 0 19507 0 12572 0 218294 0 0 0 Peter Bex 160783 0 18230 0 19557 0 198570 0 0 0 ALAN K LONG 0 184720 0 18768 18220 0 7541 0 1006 0 230255 0 0 JAVIER BALLOFFET 0 225600 0 68339 19415 0 14617 0 21788 0 349759 0 0 SCHEDULE J, PART I, LINE 3 OFFICERS, DIRECTORS, & KEY EMPLOYEES OF SCHEPENS EYE RESEARCH INSTITUTE, INC. ("SCHEPENS") ARE LEASED FROM THE MASSACHUSETTS EYE AND EAR INFIRMARY ("THE INFIRMARY"), A RELATED ORGANIZATION. THE INFIRMARY USED A COMPENSATION COMMITTEE, COMPENSATION SURVEY, APPROVAL BY THE BOARD, AND AN INDEPENDENT COMPENSATION CONSULTANT TO ESTABLISH THE COMPENSATION OF THE PRESIDENT. SCHEDULE J, PART I, LINE 4A KENNETH M. FISHER ENTERED INTO A SEVERANCE AGREEMENT WITH THE ORGANIZATION EFFECTIVE DECEMBER 31, 2011. UNDER THE AGREEMENT MR. FISHER IS ENTITLED TO SALARY CONTINUATION FOR A PERIOD OF 18 MONTHS. PAYMENTS UNDER THIS AGREEMENT ARE INCLUDED IN SCHEDULE J, PART II, COLUMN (B)(III). MARY CHATTERTON ENTERED INTO A SEPERATION AGREEMENT WITH THE ORGANIZATION EFFECTIVE SEPTEMBER 5, 2012. UNDER THE AGREEMENT MS. CHATTERTON IS ENTITLED TO SALARY CONTINUATION FOR A PERIOD OF 8 MONTHS. PAYMENTS UNDER THIS AGREEMENT ARE INCLUDED IN SCHEDULE J, PART II, COLUMN (B)(III). SCHEDULE J, PART I, LINE 4B JOHN FERNANDEZ PARTICIPATES IN A DEFERRED COMPENSATION ARRANGEMENT WITH MASSACHUSETTS EYE AND EAR. UNDER THIS AGREEMENT, MR. FERNANDEZ WILL BE CREDITED $120,000 FOR EACH YEAR. EACH ANNUAL CREDIT WILL VEST ON THE FOURTH ANNIVERSARY OF THE DATE SUCH CREDIT WAS MADE OR UPON (1) THE ATTAINMENT OF THE AGE OF 65 WHILE EMPLOYED; (2) TERMINATION WITHOUT CAUSE OR RESIGNATION FOR GOOD REASON; (3) DEATH; (4) DISABILITY; OR (5) CHANGE OF CONTROL OF MASSACHUSETTS EYE AND EAR WITHIN THE MEANING OF SECTION 409A OF THE INTERNAL REVENUE CODE. SCHEDULE J, PART I, LINE 7 THE BOARD OF TRUSTEES OF THE MASSACHUSETTS EYE AND EAR INFIRMARY, UPON RECOMMENDATIONS OF THE COMPENSATION COMMITTEE, APPROVE A BONUS PROGRAM FOR CERTAIN INDIVIDUALS LISTED ON THE SCHEDULE J. THE PROGRAM REQUIRES THAT SUPERVISORY PERSONNEL MAKE THE DETERMINATION OF (1) ELIGIBILITY AND (2) AMOUNT OF BONUS DOLLARS BASED ON OVERALL JOB PERFORMANCE. THE CEO OF THE INFIRMARY HAS THE AUTHORITY TO (1) OVERRULE RECOMMENDATIONS MADE BY SUPERVISORS AND (2) MAKE BONUS DETERMINATIONS FOR VICE PRESIDENT LEVEL PERSONNEL. THE COMPENSATION COMMITTEE OF THE BOARD HAS THE FINAL AUTHORITY FOR BONUSES PAID TO THE CEO AS WELL AS THE VICE PRESIDENTS. TOTAL COMPENSATION FOR LISTED INDIVIDUALS, INCLUDING BONUS PAYMENTS, WAS ANALYZED BY INDEPENDENT COMPENSATION CONSULTANTS, DETERMINED TO BE REASONABLE COMPENSATION, AND APPROVED BY THE BOARD. NO COMPENSATION PAYMENT CAN BE MADE IN EXCESS OF THESE AMOUNTS. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2010-12-30 10000000 REFUND PRIOR ISSUE 1/14/1998 false false false A 0 0 10000000 771650 0 0 172500 0 0 90915 8964935 0 2010 true false true true A 0 A false true false false false false 0 false 0 false true A true X 6100 donor determined X 18914 donor determined X gift certificates 0 2555 fmv false false false Form 990, Part I, Line 1 & PART III, LINE 1 DESCRIPTION OF ORGANIZATION MISSION THE SCHEPENS EYE RESEARCH INSTITUTE ("SCHEPENS") FIGHTS BLINDNESS BY DEVELOPING NEW TECHNOLOGIES, THERAPIES AND KNOWLEDGE TO RETAIN AND RESTORE VISION. THROUGH A CONTINUUM OF DISCOVERY, THE INSTITUTE WORKS TOWARD A FUTURE IN WHICH BLINDNESS IS PREVENTED, ALLEVIATED AND ULTIMATELY CURED. Form 990, Part VI, Section A, line 6 The Foundation of the Massachusetts Eye and Ear Infirmary, Inc. is the sole member of the Institute. FORM 990, PART VI, SECTION A, LINE 7A The Board of Directors are elected by the Member. FORM 990, PART VI, SECTION A, LINE 7B The following actions shall require approval by the Member: 1. Approval of all long-term or master strategic or business plans of the Corporation and any substantive changes thereto; 2. Approval of any substantive changes to the vision and mission statement of the Corporation; 3. Approval of annual and long-term operating and capital budgets of the Corporation; 4. Approval of the merger, consolidation, or dissolution of the Corporation; 5. Approval of any material change in the types of research conducted by the Corporation, including additions thereto and discontinuations thereof, which are not expressly identified and provided for in the previously approved strategic and/or business plans; 6. Appointment or removal of financial auditors of the Corporation; 7. Approval of the Corporations plan of insurance; 8. Approval of the organization or acquisition of any subsidiary or affiliate of the Corporation, or the conducting of all or any part of the Corporations business through one or more affiliated corporations, partnerships, limited liability companies or other arrangements or entities; 9. Approval of any academic or other material strategic affiliation of the Corporation with third parties; Form 990, part VI, Section B, line 11B SCHEPENS'S FORM 990 IS PREPARED BY PRICEWATERHOUSECOOPERS, LLP USING INFORMATION PROVIDED BY MANAGEMENT. AFTER THE FORM 990 IS COMPLETED, IT IS REVIEWED BY THE DIRECTOR FINANCE OPERATIONS OF THE INFIRMARY. THE FORM 990 IS THEN PRESENTED TO THE FINANCE COMMITTEE FOR FURTHER REVIEW AND APPROVAL AS AUTHORIZED BY THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS IS ALSO GIVEN THE FORM 990 FOR REVIEW WITH TIME TO SUBMIT COMMENTS AND QUESTIONS BEFORE FINAL FILING. FORM 990, Part VI, Section B, Line 12C ALL EMPLOYEES OF SCHEPENS ARE LEASED FROM THE INFIRMARY AND COVERED BY THE INFIRMARY CONFLICT OF INTEREST POLICY. MEMBERS OF THE STAFF ARE REQUIRED TO DISCLOSE CONFLICTS OF INTEREST TO THEIR CHIEF OF SERVICE, DEPARTMENT AND DIRECTOR OF LABORATORY/UNIT. MEMBERS OF THE BOARD OF DIRECTORS ARE REQUIRED TO DISCLOSE ANNUALLY, IN WRITING, ANY INTERESTS THAT COULD RISE TO CONFLICTS. THE OFFICE OF THE INTERNAL LEGAL COUNSEL OBTAINS AND REVIEWS THE ANNUAL CONFLICTS OF INTEREST STATEMENTS SUBMITTED BY MEMBERS OF THE BOARD OF DIRECTORS, AND REPORTS ON THE SAME TO THE AUDIT AND COMPLIANCE COMMITTEE OF THE BOARD. WITH RESPECT TO INTERESTS DISCLOSED BY THE BOARD MEMBERS THAT COULD GIVE RISE TO CONFLICTS OF INTEREST, THE INTERNAL LEGAL COUNSEL REVIEWS ALL TRANSACTIONS BETWEEN SUCH INTERESTS AND AFFILIATES OF SCHEPENS, TO DETERMINE WHETHER THESE TRANSACTION WERE CONDUCTED AT ARM'S LENGTH. FORM 990, Part VI, Section B, Line 15 EMPLOYEES ARE LEASED FROM THE INFIRMARY. PLEASE SEE THE INFIRMARY'S RETURN FOR COMPENSATION DISCLOSURES. THE CHAIRMAN OF THE COMPENSATION COMMITTEE OF THE BOARD OF THE MASSACHUSETTS EYE AND EAR INFIRMARY PRESENTS A RECOMMENDATION TO THE COMPENSATION COMMITTEE WHO HAVE FINAL APPROVAL OF THE CEO'S BASE SALARY AND BONUS AMOUNT. THE CEO RECOMMENDS EXECUTIVE SALARIES TO THE COMPENSATION COMMITTEE OF THE BOARD WHO HAS FINAL AUTHORIZATION TO APPROVE IT. TOTAL COMPENSATION FOR THE CEO, CHIEFS AND VICE PRESIDENTS, INCLUDING BONUS PAYMENTS, INCLUDING COMPARABILITY DATA, IS ANALYZED BY INDEPENDENT COMPENSATION CONSULTANTS AND IS DETERMINED TO BE REASONABLE. FORM 990, PART VI, SECTION B, LINE 19 SUMMARIZED FINANCIAL STATEMENTS ARE AVAILABLE ON THE INFIRMARY'S WEBSITE: WWW.MASSEYEANDEAR.ORG. AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. SCHEPENS' GOVERNING DOCUMENTS AND FORM 990 ARE AVAILABLE UPON REQUEST. THE CONFLICT OF INTEREST POLICY IS ALSO AVAILABLE UPON REQUEST. FORM 990, Part VII COMPENSATION IS FOR PROFESSIONAL SERVICES AND NOT FOR SERVICE AS OFFICERS. SCHEPENS LEASES EMPLOYEES FROM THE INFIRMARY. PLEASE SEE THE INFIRMARY'S RETURN FOR COMPENSATION DISCLOSURES. 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