HARVARD CLUB OF BOSTON RETIREMENT PLAN FOR EMPLOYEES

Notes to Financial Statements

The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and such changes could materially affect the amounts reported in the Statements of Net Assets Available for Benefits.

Plan contributions are made and the actuarial present value of accumulated plan benefits are reported based on certain assumptions pertaining to interest rates, inflation rates and employee demographics, all of which are subject to change. Due to uncertainties inherent in the estimations and assumptions process, it is at least reasonably possible that changes in these estimates and assumptions in the near term would be material to the financial statements.

Note 10 – American Rescue Plan Act of 2021

The Plan implemented the provisions of the American Rescue Plan Act of 2021 (ARPA-21) that was signed into law on March 11, 2021. The ARPA-21 provisions implemented by the Plan are as follows:

 The Extended Amortization provisions are effective with the Plan year beginning September 1, 2020, and all subsequent plan years.

 The Extension of Pension Funding Stabilization Percentages provisions for IRC §430 purposes are effective with the Plan year beginning September 1, 2020, and all subsequent plan years.

The extended amortization provisions allow for all current shortfall amortization basis for prior plan years to be reduced to zero and all new shortfalls to be amortized over 15 years. The pension funding stabilization provisions allow for the use of higher segment interest rates used to calculate pension liabilities for minimum funding purposes, which could initially result in a lower plan liability and thus reduce the funding requirement. The implementation of these provisions reduced the Plan’s 2022 and 2021 funding requirements.

Note 11 – Related parties

Affiliates of the Custodian sponsor investments and provide recordkeeping services to the Plan. These investments and the administrative fees associated with these services qualify as party-in-interest transactions.

As of August 31, 2022, the Plan owes the Plan Sponsor $171,008 for the 2021 PBGC premium.

Note 12 – Subsequent events

The Plan has evaluated all events and transactions through December 14, 2022, the date the financial statements were available to be issued. There were no subsequent events or transactions that occurred that would require recognition or disclosure in the financial statements.

HARVARD CLUB OF BOSTON RETIREMENT PLAN FOR EMPLOYEES

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

Plan Year Ending August 31, 2022

PLAN NO. 001 EIN# 04-1423320

HARVARD CLUB OF BOSTON RETIREMENT PLAN FOR EMPLOYEES

Schedule H, Line 4j - Schedule of Reportable Transactions Plan Year Ending August 31, 2022

PLAN NO. 001 EIN# 04-1423320

HARVARD CLUB OF BOSTON RETIREMENT PLAN FOR EMPLOYEES PLAN SPONSOR'S EIN:04-1423320 PLAN NUMBER:001

374COMMONWEALTHAVENUE BOSTON,MA02215 PLANYEARENDINGAUGUST31,2022

ScheduleH,Line4j-SCHEDULEOFREPORTABLETRANSACTIONS

Represents a series of transactions with same broker in excess of 5%of the plan market value as of September 1, 2021:

Represents a series of transactions in securities of the same issue in excess of 5%of the plan market value as of September 1, 2021: