Circle Company Inc

“The foundation is the sole member of circle.”

“The directors are elected by the sole member (the foundation).”

“Circle's budget is approved by the foundation.”

“Circle's form 990 is prepared by pricewaterhousecoopers, llp using information provided by management. After the form 990 is completed it is reviewed by the manager of investments and foundation accounting of the foundation. 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.”

“All employees of embankment are leased from the infirmary and are covered by the infirmary conflict of interest policy. Members of the staff are required to disclose conflicts of interest to their chief of service or 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 legal counsel obtains and reviews the annual conflict of interest statements 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 board members that could give rise to conflicts of interest, the internal legal counsel reviews all transactions between such interests. The internal legal counsel contains and reviews the annual conflict of interest of the foundation to determine whether these transactions were conducted at arm's length.”

“Circle company does not have any paid employees. Employees of circle 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 which has 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. The compensation comittee meeting was held on november 18, 2015. 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.”

“Summarized financial statements are available on the infirmary's website: www.masseyeandear.org. Audited financial statements are available upon request. Governing documents, the form 990 and the conflict of interest policy are also available upon request.”

“Compensation is for professional services and not for services as officers. Circle does not have any employees; please see the infirmary's return for compensation disclosures.”

“Circle company, inc.'s ("circle"circle company's") mission is to promote the interests of the foundation of the massachusetts eye and ear infirmary, inc., (the "foundation") a massachusetts charitable corporation, by acquiring, receiving, holding, managing or disposing of real properties for the benefit of the foundation. Circle company collects rental or lease payments for real property from embankment services, inc. (a related section 501(c)(3) organization with respect to the john jefferies house). Circle company also receives rental payments from certain merchants as well as the massachusetts eye and ear infirmary. Form 990, part iii, line 3: the john jeffries house was sold during fiscal 2016. Proceeds of the sale were directed to a related organization, the mass eye and ear foundation.”

“Transfer to affiliate $(2,735,704) net assets released from restriction (1,976,043) ------------- total (4,711,747)”