Fernwood Group Fund

“Richard descherer and thomas golden have a business relationship based on a common employer. Patricia harris and allison jaffin have a business relationship based on a common employer.”

“The organization's directors are its only members.”

“The organization has no committees with the authority to act on behalf of the governing body.”

“A draft of the form 990 is distributed to each director for final review with an opportunity to recommend changes before the president signs and files the return.”

“The organization's conflict of interest policy requires the officers, directors, and key employees of the organization ("covered officials") to disclose all actual and potential conflicts of interest. The conflict of interest policy is distributed to all covered officials of the organization annually. Each covered official must disclose any and all facts that may be construed as a conflict of interest, both through an annual disclosure process and whenever such actual or potential conflict occurs. The board of directors determines whether a conflict of interest exists and whether such conflict materially and adversely affects the interests of the organization. A covered official whose potential conflict is under review may not debate, vote, or otherwise participate in such determination. If the board of directors determines that an actual or potential conflict of interest does exist, the board must also determine an appropriate remedy.”

“No compensation was paid to any directors or officers and, as such, no review of comparability data was necessary.”

“No documents are available to the public.”

“Unrealized gain on marketable securities 33,927,388.”

“The basis of accounting for fernwood group fund is a modified cash basis of accounting. Revenues, such as grants and contributions, and interest and dividend income are recognized when received rather than when earned. Expenses are recorded when paid rather than when incurred. The basis of accounting is on a modified cash basis because marketable investments are recorded at fair value.”