HARVARD CLUB OF BOSTON FOUNDATION

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

Note 10 – Related party

Harvard Club of Boston

The Club is a member owned social 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 at 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.

The Higginson 1908 Foundation, Inc.

The Higginson 1908 Foundation, Inc. ("Higginson Foundation") is a not-for-profit corporation 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. Its 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.