Notes to Financial Statements

The Club was eligible for the credit due to having its operations fully or partially suspended as a result of a COVID-19 related shut down order. During the years ended August 31, 2022 and 2021, the Club claimed credits totaling $124,061 and $1,626,340, respectively.

Note 17 – Risks and uncertainties

Beginning in January 2020, global financial markets have experienced, and continue to experience, significant volatility resulting from the spread of a virus known as COVID-19. The outbreak has had a material adverse effect on global, national and local economies, as well as on the Club’s operations by disrupting supply chains and delaying transactional activities. The potential impact of a pandemic, epidemic or outbreak of a contagious disease on the Club’s operations is difficult to predict, and this could have a material adverse effect on the Club’s results of operations and financial condition. Future potential impacts may include continued disruptions or restrictions on the Club’s ability to offer in-person events and accurate forecasting of the following year budget. Management is carefully monitoring the situation and evaluating its options during this time.

Note 18 – Subsequent events

The Club has evaluated all events and transactions through December 14, 2022, the date the financial statements were available to be issued. In addition to the matter discussed in Note 17, the Club identified the following:

On October 17, 2022, the Club entered into a purchase and sale agreement to sell one of the Club’s liquor licenses to a third party for $450,000. The closing of the sale is contingent upon final regulatory approvals.

Harvard Club Of Boston Foundation

Financial Statements for years ended June 30, 2022 and 2021 (With Independent Accountants’ Compilation Report)

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, 2022 and 2021, 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.

December 14, 2022