2013-08-14T13:39:20-05:00 2012-09-30 PRICEWATERHOUSECOOPERS LLP 125 HIGH STREET BOSTON MA 02110 990 2011-10-01 042785453 FOUNDATION OF THE MASSACHUSETTS EYE AND EAR INFIRMARY INC % PHILLIP C JOHNSON FOUN 6175733942 243 CHARLES STREET BOSTON MA 02114 CAROLANN WILLIAMS 2013-08-08 true PRICEWATERHOUSECOOPERS LLP 6175305000 2011 2016-02-25 16:41:14Z JOHN FERNANDEZ 243 CHARLES STREET BOSTON MA 02114 167167203 false X WWW.MASSEYEANDEAR.ORG X 1983 MA SEE SCHEDULE O. 20 17 0 19 42768 33185 7847609 8066534 0 0 7596007 32168125 -1275096 1455438 14168520 41690097 12327666 11939626 0 0 0 0 0 0 0 1869401 1461755 14197067 13401381 -28547 28288716 130056377 180851159 20412649 40147711 109643728 140703448 X SEE SCHEDULE O. false false 12306286 11939626 0 THE FOUNDATION IS ORGANIZED EXCLUSIVELY FOR THE BENEFIT OF AND TO CARRY OUT THE PURPOSE OF THE MASSACHUSETTES EYE AND EAR INFIRMARY ("THE INFIRMARY"), A TAX-EXEMPT MEDICAL AND SURGICAL HOSPITAL, WHICH PROVIDES PATIENT CARE, RESEARCH AND EDUCATION IN OPHTHALMOLOGY, OTOLARYNGOLOGY AND RELATED SPECIALTIES. THE FOUNDATION RAISES FUNDS, INVESTS FUNDS AND MAKES GRANTS TO THE INFIRMARY. 12306286 true true false false false false false false false true false true false true true true false true false false true false false false true false false true true true false false false false false false false false true false false false false true true true false false true 12 1 0 true true false false false false true true false false false false X 20 17 false false false false false false false true true false false true true true true true true false false false MA NY X PHILLIP C JOHNSON 6175733105 243 CHARLES STREET BOSTON MA 02114 X JOHN R FERNANDEZ 10.0 X X 0 751550 173740 WYCLIFFE GROUSBECK 4.0 X X 0 0 0 JONATHAN UHRIG 4.0 X X 0 0 0 LILY H BENTAS 4.0 X X 0 0 0 RICHARD H ALDRICH 2.0 X 0 0 0 DEWALT PETE ANKEY 2.0 X 0 0 0 JAMES CARLISLE 2.0 X 0 0 0 CHARLES DE GUNZBERG 2.0 X 0 0 0 SAMUEL FLEMING 2.0 X 0 0 0 HARVEY FREISHTAT 2.0 X 0 0 0 JOSEPH W HALEY 2.0 X 0 0 0 LYLE HOWLAND 2.0 X 0 0 0 DIANE E KANEB 2.0 X 0 0 0 JONATHAN KUTCHINS 2.0 X 0 0 0 VICTORIA MCCULLOUGH 2.0 X 0 0 0 JOAN W MILLER MD 2.0 X 0 731929 56018 JOSEPH B NADOL JR MD 2.0 X 0 775106 63215 ANNETTE NOVA 2.0 X 0 0 0 WILLIAM ROMAN 2.0 X 0 0 0 FREDERICK THORNE 2.0 X 0 0 0 KATHRYN VECELLIO 2.0 X 0 0 0 SUSAN WILLIAMS 2.0 X 0 261351 18750 MAUREEN KELLEY 2.0 X 0 116294 21907 CAROLANN WILLIAMS 4.0 X 0 192813 4368 PETER CHINETTI 0.0 X 0 365089 22615 0 3194132 360613 0 true true false CAMBRIDGE ASSOCIATES 125 HIGH STREET BOSTON MA 02110 INVESTMENT CONSULTNT 231807 1 1472382 400000 6194152 470004 8066534 0 1349835 42768 1307067 0 0 0 0 155908796 125089876 30818920 30818290 30818290 201020 1472382 387230 -186210 -186210 0 0 0 0 GAIN ON BENEFICIAL INTEREST IN TRUSTS 1641648 1641648 1641648 41690097 42768 33580795 11769849 11769849 169777 169777 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5604 5604 26523 26523 0 0 0 0 359545 359545 24501 24501 0 0 115413 1417 113996 0 0 0 0 0 0 97309 97309 0 0 0 0 0 0 0 0 0 0 0 0 REIMBURSE MEEI FOR SAL/FRING 522224 522224 MISCELLANEOUS 178372 111169 67203 FOOD 129593 129593 BOOKS & SUBSCRIPTIONS 2671 2671 13401381 12306286 1095095 0 334931 204518 0 0 3051636 2566040 0 0 0 0 0 0 0 0 0 0 0 0 0 29916181 66091601 79184819 94052449 0 0 0 0 17568810 17936551 130056377 180851159 92865 51125 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20319784 40096586 20412649 40147711 X 24591652 52077675 35290209 36575900 49761867 52049873 109643728 140703448 130056377 180851159 X 28288716 2771004 X false true true X false X 9442018 5065977 6228576 7847609 8066534 36650714 9442018 5065977 6228576 7847609 8066534 36650714 4392763 32257951 2043659 1269120 1216632 676409 1349835 6555655 63958 244740 33185 341883 1641648 1641648 45189900 72897799 0.71383 0.67080 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 86399272 1269332 6139492 2803513 1280042 89724541 60472244 29640100 1622561 4005052 1330581 86399272 60355993 736023 4138384 3579845 1178311 60472244 60792309 993556 3611396 3713026 1328242 60355993 0.09412 0.36212 0.54376 false false INVSTMNT IN LIMITED PARTNERSHP 41112318 C FIXED INCOME INVESTMENTS 5565060 C PRIVATE EQUITY 23504928 EMERGING MARKET 14340726 INFLATION HEDGE 2257185 INTERNATIONAL EQUITY 7272232 94052449 BENEFICIAL INTEREST IN TRUSTS 14528673 REMAINDER INTEREST-CHAR TRUST 379589 DUE FROM AFFILIATES 28289 INTEREST IN PROFESSORSHIP 3000000 17936551 0 CHAR GIFT ANNUITY & UNITRUST PAYBLE 704023 DUE TO AFFILIATES 39392563 40096586 SCHEDULE D, PART V, LINE 4: THE ENDOWMENT FUNCTIONS TO SUPPORT THE MISSION OF THE MASSACHUSETTS EYE AND EAR INFIRMARY TO PROVIDE SUPERIOR PATIENT CARE AND RESEARCH. THE INCOME FROM THE ENDOWMENT FUNDS ARE SUBJECT TO DONOR-IMPOSED STIPULATIONS USUALLY FOR RESEARCH, EDUCATION AND PATIENT CARE. SCHEDULE D, PART X, LINE 2: THE FOUNDATION OF THE MASSACHUSETTS EYE AND EAR INFIRMARY, INC. ("THE FOUNDATION") 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. Central America and the Caribbean 0 0 Investments 43552865 0 0 0 0 43552865 43552865 true false true true true false SENSE-ATION 1046469 937219 109250 39284 4490 242299 GOLF 277470 185700 91770 59858 33681 1 349463 349463 7618 1673402 1472382 201020 99142 4490 283598 387230 -186210 true MASSACHUSETTS EYE AND EAR INFIRMARY 243 CHARLES STREET BOSTON MA 02114 042103591 501(C)(3) 8471313 0 N/A N/A MASSACHUSETTS EYE AND EAR ASSOCIATES INC 243 CHARLES STREET BOSTON MA 02114 222658209 501(C)(3) 2619901 0 N/A N/A HARVARD UNIVERSITY 124 MOUNT AUBURN ST CAMBRIDGE MA 02138 042303580 501(C)(3) 300000 0 N/A N/A SCHEPENS EYE RESEARCH INSTITUTE INC 20 STANIFORD STREET BOSTON MA 02114 042129889 501(C)(3) 245302 0 N/A N/A MASSACHUSETTS GENERAL HOSPITAL 55 FRUIT STREET BOSTON MA 02114 041564655 501(C)(3) 33333 0 N/A N/A EMBANKMENT SERVICES INC 14 DAVID MUGAR WAY BOSTON MA 02114 043272965 501(C)(3) 100000 0 N/A N/A 6 0 FREE MEDICAL CARE FOR INDIVIDUALS 2793 169777 0 N/A N/A SCHEDULE I, PART I, LINE 2: THE FOUNDATION IS THE PARENT OF THE INFIRMARY AND THE MASSACHUSETTS EYE AND EAR ASSOCIATES (THE "ASSOCIATES"), A RELATED GROUP OF TAX-EXEMPT ENTITIES. TRANSFERS ARE MADE BETWEEN THESE GROUPS TO CARRY OUT THE MISSION THEY ARE DEDICATED TO: PATIENT CARE, RESEARCH AND TEACHING. THE BOARD OF DIRECTORS, MANAGEMENT TEAMS, MEDICAL DOCTORS, AND EMPLOYEES, WORK CLOSELY TO MONITOR AND ENSURE THAT THE POLICIES AND PROCEDURES IN PLACE WITH RESPECT TO THESE TRANSFERS ARE BEING CARRIED OUT TO FURTHER THE CHARITABLE CAUSE OF ALL ENTITIES. true true false false false false false false false JOHN R FERNANDEZ 0 599160 0 144000 0 8390 0 145574 0 28166 0 925290 0 JOAN W MILLER MD 0 617189 0 96998 0 17742 0 33860 0 22158 0 787947 0 0 JOSEPH B NADOL JR MD 0 676291 0 72973 0 25842 0 33860 0 29355 0 838321 0 0 SUSAN WILLIAMS 0 221205 0 23085 0 17061 0 9584 0 9166 0 280101 0 0 CAROLANN WILLIAMS 0 182687 0 10000 0 126 0 3486 0 882 0 197181 0 0 PETER CHINETTI 0 179957 0 0 0 185132 0 18656 0 3959 0 387704 0 0 SCHEDULE J, PART I, LINE 3: THE FOUNDATION OF THE MASSACHUSETTS EYE AND EAR INFIRMARY, INC. ("THE FOUNDATION") DOES NOT HAVE ANY PAID EMPLOYEES. EMPLOYEES OF THE FOUNDATION 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: IN CONNECTION WITH HIS DEPARTURE EFFECTIVE MAY 1, 2011, PETER CHINETTI RECEIVED 12 MONTHS OF SALARY AND BENEFITS CONTINUATION. 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. X 26 470004 HI/LO MEAN false true false SCHEDULE M, PART I, COLUMN (B) THE FOUNDATION IS REPORTING THE NUMBER OF CONTRIBUTIONS RECEIVED DURING THE YEAR. FORM 990, PART I, LINE 1 & PART III, LINE 1: THE FOUNDATION OF THE MASSACHUSETTS EYE AND EAR INFIRMARY, INC. ("THE FOUNDATION") IS ORGANIZED EXCLUSIVELY FOR THE BENEFIT OF AND TO CARRY OUT THE PURPOSE OF THE MASSACHUSETTS EYE AND EAR INFIRMARY, (THE "INFIRMARY") A TAX EXEMPT MEDICAL AND SURGICAL HOSPITAL WHICH PROVIDES PATIENT CARE, RESEARCH AND EDUCATION IN OPHTHALMOLOGY, OTOLARYNGOLOGY AND RELATED SPECIALTIES. THE FOUNDATION RAISES FUNDS, INVESTS FUNDS AND MAKES GRANTS TO THE INFIRMARY. FORM 990, PART VI, LINE 1A: THE FOUNDATION'S BYLAWS STATE THE FOLLOWING: THERE SHALL BE AN EXECUTIVE COMMITTEE CONSISTING OF THE CHAIR OF THE BOARD OF DIRECTORS, WHO SHALL CHAIR THE COMMITTEE, THE VICE CHAIR(S) OF THE BOARD OF DIRECTORS, IF ANY, THE SECRETARY, THE TREASURER, THE PRESIDENT OF THE CORPORATION, AND TWO OTHER MEMBERS OF THE BOARD OF DIRECTORS APPOINTED ANNUALLY ON A ROTATING BASIS BY THE BOARD OF DIRECTORS UPON RECOMMENDATION OF THE CHAIR OF THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE SHALL HAVE THE POWER TO TRANSACT ALL EMERGENCY BUSINESS OF THE CORPORATION DURING THE PERIOD BETWEEN THE MEETINGS OF THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE SHALL ALSO TRANSACT SUCH BUSINESS, PERFORM SUCH DUTIES, AND EXERCISE SUCH POWERS AS MAY BE DIRECTED OR DELEGATED BY THE BOARD OF DIRECTORS FROM TIME TO TIME. THE EXECUTIVE COMMITTEE SHALL KEEP A RECORD OF ITS PROCEEDINGS. ALL ACTIONS OF THE EXECUTIVE COMMITTEE SHALL BE REPORTED TO THE BOARD OF DIRECTORS AT ITS NEXT REGULAR MEETING. FORM 990, PART VI, LINE 11B: THE FOUNDATION'S FORM 990 IS PREPARED BY PRICEWATERHOUSECOOPERS, LLP USING INFORMATION PREPARED 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, LINE 12C: ALL EMPLOYEES OF THE FOUNDATION 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 THE FOUNDATION, TO DETERMINE WHETHER THESE TRANSACTION WERE CONDUCTED AT ARM'S LENGTH. FORM 990, PART VI, 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 WHICH 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, 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. THE FOUNDATION 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: RICHARD ALDRICH - 2 HOURS DEWALT ANKENY - 5 HOURS LILY BENTAS - 9 HOURS JAMES CARLISLE - 2 HOURS CHARLES DE GUNZBURG - 5 HOURS JOHN FERNANDEZ - 50 HOURS SAMUEL FLEMING - 4 HOURS HARVEY FREISHTAT - 4 HOURS WYCLIFFE GROUSBECK - 7 HOURS JOSEPH W. HALEY - 6 HOURS LYLE HOWLAND - 2 HOURS DIANE KANEB - 2 HOURS MAUREEN KELLEY - 53 HOURS JONATHAN KUTCHINS - 4 HOURS VICTORIA MCCULLOUGH - 5 HOURS JOAN MILLER - 58 HOURS JOSEPH NADOL - 58 HOURS ANNETTE NOVA - 5 HOURS WILLIAM ROMAN - 4 HOURS FREDERICK THORNE - 2 HOURS JONATHAN UHRIG - 7 HOURS KATHRYN VECELLIO - 5 HOURS CAROLANN WILLIAMS - 72 HOURS SUSAN WILLIAMS - 57 HOURS FORM 990, PART XI, LINE 5: OTHER CHANGES IN NET ASSETS: NET UNREALIZED LOSSES ON INVESTMENTS $2,771,004 ------------- TOTAL OTHER CHANGES IN NET ASSETS $2,771,004 MASSACHUSETTS EYE & EAR INFIRMARY 243 CHARLES STREET BOSTON MA 02114 042103591 HOSPITAL MA 501(c)(3) 3 FOUNDATION true MASSACHUSETTS EYE & EAR ASSOCIATES INC 243 CHARLES STREET BOSTON MA 02114 222658209 PATRIENT 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 I FOUNDATION true CIRCLE COMPANY INC 243 CHARLES STREET BOSTON MA 02114 042801797 TITLE HOLDNG MA 501(c)(25) N/A FOUNDATION true SCHEPENS EYE RESEARCH INSTITUTE INC 20 STANIFORD STREET BOSTON MA 02114 042129889 RESEARCH MA 501(c)(3) 7 FOUNDATION true true true false false false false false false false false true false true true true false false true EMBANKMENT SERVICES INC B 100000 CASH MASSACHUSETTS EYE AND EAR INFIRMARY B 8471313 CASH MASSACHUSETTS EYE AND EAR ASSOCIATES INC B 2619901 CASH SCHEPENS EYE RESEARCH INSTITUTE INC B 245302 CASH CIRCLE COMPANY INC C 400000 CASH MASSACHUSETTS EYE AND EAR INFIRMARY K 1554606 CASH MASSACHUSETTS EYE AND EAR INFIRMARY N 522224 CASH MASSACHUSETTS EYE AND EAR INFIRMARY O 789326 CASH MASSACHUSETTS EYE AND EAR ASSOCIATES INC R 4455191 CASH