2013-08-14T13:42:03-05:00 2012-09-30 PricewaterhouseCoopers LLP 125 High Street Boston MA 02110 990 2011-10-01 042129889 Schepens Eye Research Institute Inc % CAROLANN WILLIAMS SCHE 6179120100 20 Staniford Street Boston MA 02114 CAROLANN WILLIAMS 2013-08-08 true PRICEWATERHOUSECOOPERS LLP 6175305000 2011 2016-02-24 21:20:13Z JOHN FERNANDEZ 243 CHARLES STREET BOSTON MA 02114 61650810 false X www.schepens.harvard.edu X 1950 MA SEE SCHEDULE O. 26 23 182 65 0 0 5510942 26554067 0 0 44055 1249229 78508 776296 5633505 28579592 67284 159927 0 0 3895832 15888049 22 0 635121 2990236 9433966 6953374 25481942 -1319869 3097650 48192747 50344869 25280863 23140570 22911884 27204299 X SEE SCHEDULE O false false 19252739 0 458249 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. 19252739 true true false false false false false false false true true true false true true true false true false false false false false false true false false true false true true false false false false false false false false false false false false false false false true true true false false true 38 0 true 182 true false false false false false true true false false false false X 26 23 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 3.0 X 0 Glenn P Strehle 3.0 X 0 Sherman H Starr 3.0 X 0 David Snyder MD 3.0 X 0 Eleanor G Shore MD 3.0 X 0 Joseph F Rizzo III MD 3.0 X 0 John Reilly 3.0 X 0 Nancy Raquet 3.0 X 0 Patricia Patricelli 3.0 X 0 Scott Newquist 3.0 X 0 Victoria McCullough 3.0 X 0 Renee Manger 3.0 X 0 Kay Lyons 3.0 X 0 Donald R Korb OD 3.0 X 0 Charles de Gunzburg 3.0 X 0 Mark B Abelson MD 3.0 X 0 KennetT F Burnes 3.0 X 0 KennetH M Fischer 3.0 X 0 275183 33393 DeWalt H Ankeny Jr 3.0 X 0 William F Aikman 3.0 X 0 John Sutton 3.0 X 0 Frans Van de Velde 3.0 X 0 John R Fernandez 5.0 X X 0 751550 173740 WYCLIFFE GROUSBECK 3.0 X 0 JOAN W MILLER MD 3.0 X 0 731929 56018 ANNETTE NOVA 3.0 X 0 Lily Bentas 3.0 X 0 Jonathan Uhrig 3.0 X 0 SUSAN WILLIAMS 3.0 X 0 261351 18750 MAUREEN KELLEY 5.0 X 116294 21907 NANCY TREVETHICK 3.0 X 119568 0 12977 CAROLANN WILLIAMS 5.0 X 192813 4368 PATRICIA D'AMORE 40.0 X 224646 0 43531 REZA DANA 40.0 X 250677 0 44861 ELIEZER PELI 40.0 X 280140 0 48436 DARLENE DARTT 40.0 X 202736 0 50102 ANDRIUS KAZLAUSKAS 40.0 X 177399 0 48456 ILENE GIPSON 40.0 X 181342 0 36943 MARY CHATTERTON 40.0 X 183684 0 29360 JOAN STEIN STREILEIN 40.0 X 166408 0 29927 1786600 2329120 652769 19 false true false MINTZ LEVIN COHN FERRIS GLOVSKYPOP PO BOX 4539 BOSTON MA 02212 LEGAL 112361 ONEILL ATHY CASSEY PC 1310 19TH STREET NW WASHINGTON DC 20036 LEGAL 120006 2 954610 21380666 4218791 7989 26554067 0 494644 494644 0 11975 11975 133830 49207 84623 84623 84623 33678522 32923937 754585 754585 754585 319523 98074 221449 221449 0 0 PARKING INCOME 531390 48190 48190 ALL OTHER REVENUE 900099 410059 410059 458249 28579592 458249 1567276 159927 159927 0 0 0 779826 779826 0 11144992 9256793 1640018 248181 802748 666745 118127 17876 2408841 1901093 462146 45602 751642 609978 125461 16203 8598 8598 159821 19761 140060 37839 37839 0 0 125477 125477 582852 289125 109092 184635 17824 9318 8506 1762965 1706901 -22259 78323 86649 69319 17330 0 4870237 2643136 2223861 3240 274732 251144 9980 13608 0 59543 55186 3397 960 168 168 0 1075786 688503 387283 55032 23938 31094 PAYROLL PROCESSING 16814 16814 MEMBERSHIP DUES 27103 24829 2169 105 MEALS AND BEVERAGES 12605 10933 1461 211 MISCELLANEOUS 259921 95602 146648 17671 25481942 19252739 5594082 635121 0 0 273147 513975 1771614 2043302 0 0 0 0 0 0 0 0 0 0 75521 148107 68140203 48090610 19937658 20049593 0 0 25178948 8482954 0 0 0 0 955859 19106938 48192747 50344869 3159445 2420186 0 0 3404096 3125932 9808850 9508200 0 0 0 0 0 0 0 0 8908472 8086252 25280863 23140570 X 171488 3649465 10328631 11143069 12411765 12411765 22911884 27204299 48192747 50344869 X 3097650 1194765 X false true true X true true X 22923339 23901174 27600132 25889793 26554067 126868505 22923339 23901174 27600132 25889793 26554067 126868505 0 126868505 1284546 1334459 778104 831091 506619 4734819 458249 458249 132061573 0.96068 0.95120 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 24836780 2512819 895242 130839 26323518 28264768 -2394135 998810 35043 24836780 26069898 4502516 2135240 172406 28264768 24449540 100000 2619572 967886 131328 26069898 0.17000 0.83000 false false 202818 202818 40684550 23176514 17508036 8276783 8261101 15682 18973819 16652472 2321347 2233 523 1710 20049593 DOMESTIC EQUITIES 169404 CASH AND CASH EQUIVILANTS 107487 FIXED INCOME 8206063 8482954 DUE FROM AFFILIATES 18375258 OTHER ASSETS 731680 19106938 0 DEFERRED CREDIT 5583440 DEFERRED RENT 1812041 CHARITABLE GIFT ANNUITY OBLIGATIONS 690771 8086252 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: SCHEPENS AND ITS AFFILIATES QUALIFY AS TAX-EXEMPT ORGANIZATIONS UNDER THE INTERNAL REVENUE CODE. SCHEPENS, INFIRMARY, ASSOCIATES, THE FOUNDATION, 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. DINNER 319523 319523 63662 34412 0 319523 319523 63662 34412 98074 221449 true Brigham and Women's 75 Francis Street Boston MA 02115 042697983 501(c)(3) 52142 UMDNJ - School of Osteopathic Medicine 40 East Laurel Road Stratford NJ 08084 221980408 501(c)(3) 5190 Trustees of Boston University 881 Commonwealth Avenue Boston MA 02215 042103547 501(c)(3) 34313 Massachusetts Eye and Ear Infirmary 243 Charles Street Boston MA 02114 042103591 501(c)(3) 68282 4 Schedule I, part I, Line 2 Schepens Eye Research Institute follows OMB AND A-133 GUIDELINES FOR subrecipient compliance. false true false false false false false true false KennetH M Fischer 261040 0 14143 0 33393 0 0 0 308576 0 0 John R Fernandez 0 599160 0 144000 0 8390 0 145574 0 28166 0 925290 0 0 JOAN W MILLER MD 0 617189 0 96998 0 17742 0 33860 0 22158 0 787947 0 0 SUSAN WILLIAMS 0 221205 0 23085 0 17061 0 9584 0 9166 0 280101 0 0 PATRICIA D'AMORE 182646 0 42000 23780 0 19751 0 268177 0 0 0 REZA DANA 190677 0 60000 25110 0 19751 0 295538 0 0 0 ELIEZER PELI 220140 0 60000 28685 0 19751 0 328576 0 0 0 DARLENE DARTT 202736 0 25151 0 24951 0 252838 0 0 0 ANDRIUS KAZLAUSKAS 177399 0 20185 0 28271 0 225855 0 0 0 ILENE GIPSON 181342 0 22889 0 14054 0 218285 0 0 0 MARY CHATTERTON 183684 0 23015 0 6345 0 213044 0 0 0 JOAN STEIN STREILEIN 166408 0 21125 0 8802 0 196335 0 0 0 CAROLANN WILLIAMS 182687 10000 126 3486 882 197181 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 4B EFFECTIVE APRIL 18, 2011, JOHN FERNANDEZ ENTERED INTO A DEFERRED COMPENSATION ARRANGEMENT WITH MASSACHUSETTS EYE AND EAR INFIRMARY UNDER THE AGREEMENT, MR. FERNANDEZ WILL BE CREDITED $120,000 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 INFIRMARY WITHIN THE MEANING OF SECTION 409A OF THE INTERNAL REVENUE CODE. SCHEDULE J, PART I, LINE 7 BONUSES PAID BY THE ORGANIZATION WERE FOR DUTIES AS CO-DIRECTORS OF RESEARCH. THE AMOUNTS WERE DETERMINED AND APPROVED BY THE BOARD OF TRUSTEES. MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2010-12-30 10000000 REFUND PRIOR ISSUE 1/14/1998 false false false 0 0 10000000 771650 0 0 172500 0 0 90915 8964935 0 2010 true false true true false false false false 0.00000 0.00000 0.00000 true false false false 0 false 0 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 AUDITOR 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 AUDITOR 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. THE FORM 990 IS AVAILABLE ON THE ATTORNEY GENERAL'S WEBSITE AND IS ALSO AVAILABLE UPON REQUEST. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE 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. FORM 990, PART VII THE FOLLOWING INDIVIDUALS WORKED AT RELATED ORGANIZATIONS DURING THE YEAR ENDED SEPTEMBER 30, 2012: DEWALT ANKENY - 4 HOURS LILY BENTAS - 10 HOURS CHARLES DE GUNZBURG - 4 HOURS JOHN FERNANDEZ - 55 HOURS WYCLIFFE GROUSBECK - 4 HOURS MAUREEN KELLEY - 57 HOURS VICTORIA MCCULLOUGH - 4 HOURS JOAN MILLER - 57 HOURS ANNETTE NOVA - 4 HOURS JONATHAN UHRIG - 8 HOURS KATHRYN VECELLIO - 4 HOURS SUSAN WILLIAMS - 55 HOURS CAROLANN WILLIAMS - 55 hours Form 990, Part XI, line 5, Changes in Net Assets Net unrealized GAIN on investmeNTs: $1,194,765 Foundation of the Massachusetts Eye and 243 Charles Street Boston MA 02114 042785453 PARENT MA 501(C)(3) 9 N/A false Massachusetts Eye and Ear Infirmary 243 Charles Street Boston MA 02114 042103591 Hospital MA 501(C)(3) 3 Foundation true Massachusetts Eye and Ear AssociatesInC 243 Charles Street Boston MA 02114 222658209 Patient care MA 501(C)(3) 9 Foundation true Embankment Services Inc 14 David Mugar Way Boston MA 02114 043272965 Support MA 501(C)(3) 11 Type 1 Foundation true Circle Company Inc 243 Charles Street Boston MA 02114 042801791 TITLE HOLDING MA 501(C)(25) n/a Foundation true false true true false false false false false false false false false true false true true false false Massachusetts Eye and Ear Infirmary B 68282 SUB GRANT PMT Massachusetts Eye and Ear Infirmary C 709308 SUB GRANT PMT FOUNDATION OF THE MA EYE AND EAR INFIRMARY C 245302 SUB GRANT PMT