2024-05-13T07:12:01-05:00 2023-06-30 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2022-07-01 042013908 BOSTON MEDICAL LIBRARY C/O DAVID M PINKHAM CPA LLC BOST 7818340444 475 SCHOOL ST SUITE 13 MARSHFIELD MA 02050 RICHARD S PIETERS MD PRESIDENT 7818340444 2024-05-01 1 RICHARD PIETERS MD 000001578 0 HARRY A KALAJIAN JR CPA P00464296 6174399700 2024-05-01 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z RICHARD S PIETERS MD 475 SCHOOL ST SUITE 13 MARSHFIELD MA 02050 1804154 0 X HTTPS://BML.ORG/ X 1877 MA TO BE A LIBRARY FOR THE DISSEMINATION OF MEDICAL KNOWLEDGE, THE PROMOTION OF MEDICAL EDUATION AND SCHOLARSHIP, AND THE PRESERVATION AND CELEBRATION OF MEDICAL HISTORY. 21 21 2 21 0 0 101250 52183 593 3600 1655323 586138 0 0 1757166 641921 0 0 0 0 76824 33155 55 0 226 1028448 1029025 1105327 1062180 651839 -420259 21641148 22342336 191209 200389 21449939 22141947 X THE BOSTON MEDICAL LIBRARY IS A PHYSICIANS NON-PROFIT ORGANIZATION INCORPORATED IN 1877. THE BML MISSION, REVISED IN 2004, IS "TO BE A LIBRARY FOR THE DISSEMINATION OF MEDICAL KNOWLEDGE, THE PROMOTION OF MEDICAL EDUATION AND SCHOLARSHIP, AND THE PRESERVATION AND CELEBRATION OF MEDICAL HISTORY, AND THEREBY TO ADVANCE THE QUALITY OF HEALTH AND HEALTHCARE OF THE PEOPLE." THE BOSTON MEDICAL LIBRARY IS TO SUPPORT AND OPERATE FOR THE BENEFIT OF THE MASSACHUSETTS MEDICAL SOCIETY. THE BOSTON MEDICAL LIBRARY SERVES AS A RESOURCE FOR THE MEDICAL SCHOOL FACULTIES AND MEDICAL STUDENTS OF HARVARD MEDICAL SCHOOL, BOSTON UNIVERSITY MEDICAL SCHOOL, TUFTS UNIVERSITY SCHOOL OF MEDICINE AND THE UNIVERSITY OF MASSACHUSETTS MEDICAL SCHOOL; PRACTICING PHYSICIANS AND DENTISTS. IN 1946, THE BOSTON MEDICAL LIBRARY FORMALLY BECAME THE LIBRARY FOR THE MASSACHUSETTS MEDICAL SOCIETY. 0 0 378424 3600 MAINTENANCE OF LIBRARY OF MEDICINE AND ALLIED SCIENCES, THE PROMOTION AND ADVANCEMENT OF MEDICAL SCIENCE AND MEDICAL EDUCATION, AND THE CELEBRATION OF MEDICAL HISTORY 378424 1 1 0 0 0 0 0 1 0 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 12 0 1 2 1 0 0 0 0 0 0 0 0 0 0 X 21 21 1 1 0 0 0 1 0 1 1 0 0 1 1 1 1 1 0 0 0 0 MA X DAVID M PINKHAM CPA LLC 7818340444 475 SCHOOL STREET SUITE 13 MARSHFIELD MA 02050 X RICHARD S PIETERS MD TRUSTEE/PRESIDENT 5.00 X X 0 0 0 SUBRAMANYAN JAYASANKAR MD TRUSTEE/CHAIR OF BOARD 1.00 X 0 0 0 EDITH JOLIN MD VP/SECRETARY/TRUSTEE 5.00 X X 0 0 0 JAMES GESSNER MD TRUSTEE/TREASURER 3.00 X X 0 0 0 SHAAN GANDHI MD ASSIT. TREASURER/TRUSTEE 1.00 X X 0 0 0 MARY JANE HOULIHAN MD TRUSTEE/VICE PRESIDENT 1.00 X X 0 0 0 JOEL RUBENSTEIN MD TRUSTEE 1.00 X 0 0 0 JACK EVJY MD TRUSTEE 1.00 X 0 0 0 KEN SHAMIR MD TRUSTEE 1.00 X 0 0 0 LEAH DORET MD TRUSTEE 1.00 X 0 0 0 EMILY GALL MD RESIDENT TRUSTEE 1.00 X 0 0 0 NIKI NIKRUI MD TRUSTEE 1.00 X 0 0 0 ALFRED DEMARIA MD TRUSTEE 1.00 X 0 0 0 DAVID LEADER DMD TRUSTEE 1.00 X 0 0 0 DEEB SALEM MD TRUSTEE 1.00 X 0 0 0 GLENN MARKENSON MD TRUSTEE 1.00 X 0 0 0 KRISTIN ROBSON MD TRUSTEE 1.00 X 0 0 0 JAMES FELDMAN MD TRUSTEE 1.00 X 0 0 0 KARL BENEDICT MD TRUSTEE 1.00 X 0 0 0 MCKINLEY GLOVER MD TRUSTEE 1.00 X 0 0 0 MICHELE PUGNAIRE MD TRUSTEE 1.00 X 0 0 0 0 0 0 0 0 0 0 NUTTER MCCLENNEN & FISH LLP 155 SEAPORT BOULEVARD BOSTON MA 02210 LEGAL SERVICES 392796 AKA STRATEGY PO BOX 521 STOCKBRIDGE MA 01262 STRATEGIC PLANNING 129600 2 27083 25100 52183 DUES 561000 3600 3600 3600 586570 586570 1161801 1162233 -432 -432 -432 641921 3600 0 586138 30480 30480 2675 2675 379404 379404 108100 108100 52656 52656 1544 1544 6671 6671 1536 1536 69000 69000 7 7 3254 3254 5876 5876 TRANSITION COSTS 270901 257131 13770 STRATEGIC PLANNING 129600 129600 FILING FEES 250 250 FUNDRAISING EXPENSES 226 226 1062180 378424 683530 226 346443 27449 332798 93 20961907 22280890 0 33904 21641148 22342336 189126 166485 2083 0 0 33904 191209 200389 X 12453463 12504902 8996476 9637045 21449939 22141947 21641148 22342336 -420259 1112267 0 X X 0 1 X 1 0 X X 1 MASSACHUSETTS MEDICAL SOCIETY 042050773 10 1 0 0 1 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 X 1 1 SCHEDULE A, PART IV, SECTION A, LINE 2 SEE THE ANSWER TO QUESTION 3. SCHEDULE A, PART IV, SECTION A , LINE 3B: SEE SCHEDULE A, PART IV, SECTION A, LINE 3C. SCHEDULE A, PART IV, SECTION A , LINE 3C: THE ORGANIZATION CONFIRMED THE SUPPORTED ORGANIZATION'S STATUS THROUGH THE IRS BUSINESS MASTER FILE. THE ORGANIZATION CONFIRMED THAT THE SUPPORTED ORGANIZATION WOULD MEET THE SUPPORT TESTS UNDER SECTION 509(A)(2) BY CONDUCTING AN ANALYSIS OF THE SUPPORT TEST. THE ORGANIZATION DOES NOT PROVIDE GRANTS TO ITS SUPPORTED ORGANIZATION, BUT ENSURES THAT ITS FINANCIAL AND PROGRAMMATIC ACTIVITIES ARE FOR SECTION 170(C)(2) PURPOSES. SCHEDULE A, PART IV, SECTION D, LINE 3: BY REASON OF THE RELATIONSHIP DESCRIBED IN SECTION (2), ALL FIVE OF THE OFFICERS OF THE ORGANIZATION ARE MEMBERS OF THE SUPPORTED ORGANIZATION. MEMBERS APPOINTED BY THE SUPPORTED ORGANIZATION SIT ON THE FINANCE AND INVESTMENT COMMITTEES OF THE ORGANIZATION. FURTHERMORE, THE PRESIDENT OF THE ORGANIZATION HAS THE OPPORTUNITY EVERY YEAR TO PRESENT TO THE GOVERNING BOARD OF THE SUPPORTED ORGANIZATION REGARDING THE ORGANIZATION'S AFFAIRS. AN OFFICER OF THE SUPPORTED ORGANIZATION ALSO IS DESIGNATED AS THE CONTACT PERSON FOR THE ORGANIZATION. SCHEDULE A, PART IV, SECTION E , LINE 2A: SEE SCHEDULE A, PART IV, SECTION E , LINE 2B. SCHEDULE A, PART IV, SECTION E , LINE 2B: THE ORGANIZATION'S MAINTENANCE AND SUPPORT OF A MEDICAL LIBRARY, ITS PRIMARY FUNCTION, DIRECTLY FURTHERS THE EXEMPT PURPOSES OF SUPPORTED ORGANIZATION, MASSACHUSETTS MEDICAL SOCIETY. THE LIBRARY IS A CRUCIAL RESOURCE TO THE SUPPORTED ORGANIZATION IN ALLOWING IT TO CARRY OUT THE PURPOSES SUPPORTED BY THE ORGANIZATION. SEE THE RESPONSE TO PART IV, SECTION D, QUESTION 3, ABOVE REGARDING RESPONSIVENESS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 8996476 0 731180 90611 9637045 25341282 1250 -3499504 12846552 8996476 20208951 1660 5166542 35871 25341282 20453143 5225 -200503 48914 20208951 20078897 66421 367712 59887 20453143 0.00000 1.00000 0.00000 1 0 0 OPERATING LEASE LIABILITY 33904 33904 X 1701532 1112267 -52656 1059611 641921 0 641921 1009524 0 1009524 52656 52656 1062180 PART III, LINE 1A: LITERARY PROPERTY PURCHASED OR RECEIVED AS A GIFT IS NOT CAPITALIZED. SUCH COLLECTIONS, WHICH ARE HELD FOR PUBLIC EXHIBITION OR EDUCATION, PROTECTED AND PRESERVED AND SUBJECT TO THE LIBRARY'S POLICY TO USE ANY PROCEEDS FROM SALE OF COLLECTIONS TO ACQUIRE OTHER COLLECTION ITEMS, ARE NOT RECOGNIZED AS ASSETS IN THE STATEMENTS OF FINANCIAL POSITION. NO LITERARY PROPERTY WAS PURCHASED FOR EITHER OF THE YEARS ENDED JUNE 30, 2023 OR 2022. PART III, LINE 4: LITERARY COLLECTION CONSISTS OF CURRENT AND HISTORICAL MEDICAL LITERATURE, ART OBJECTS AND MEDICAL ARTIFACTS THAT WERE EITHER PURCHASED OR DONATED TO THE LIBRARY FOR PUBLIC EXHIBITION, EDUCATION AND PRESERVATION. PART V, LINE 4: THE LIBRARY'S ENDOWMENT CONSISTS OF APPROXIMATELY SEVENTY INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. SUBJECT TO UPMIFA, AS DESCRIBED BELOW, THE PRINCIPAL MAY BE SPENT GIVEN A GOOD-FAITH DETERMINATION THAT SUCH SPENDING IS PRUDENT. THE BOARD OF TRUSTEES OF THE LIBRARY HAS INTERPRETED THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT ("UPMIFA") AS ENACTED BY THE COMMONWEALTH OF MASSACHUSETTS EFFECTIVE JUNE 30, 2009, AS REQUIRING THE PRESERVATION OF THE ORIGINAL FAIR VALUE OF THE DONOR-RESTRICTED GIFT ABSENT EXPLICIT DONOR STIPULATIONS TO THE CONTRARY. THE SPENDING POLICY AND PHILOSOPHY, INCLUDING THE LONG TERM INVESTMENT MANAGEMENT POLICIES AND PROCEDURES, WERE DESIGNED TO FUNCTION AS INTEGRATED PROCESSES AND ARE ADMINISTERED TO REFLECT THE FOLLOWING FACTORS, AS DESCRIBED IN UPMIFA, FOR PRUDENT STEWARDS OF ASSETS: - THE DURATION AND PRESERVATION OF A FUND; - THE PURPOSE OF THE ORGANIZATION AND THE DONOR DESIGNATIONS THERETO; - GENERAL ECONOMIC CONDITIONS; - THE POSSIBLE EFFECTS OF INFLATION AND DEFLATION; - THE EXPECTED TOTAL RETURN OF THE CHARITABLE ASSETS; - OTHER RESOURCES OF THE ORGANIZATION; AND - THE INVESTMENT POLICIES. IN ESTABLISHING ITS SPENDING POLICY, THE LIBRARY CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT. ACCORDINGLY, THE BOARD OF TRUSTEES OF THE LIBRARY HAS TRADITIONALLY AUTHORIZED THE APPROPRIATION FOR EXPENDITURE FROM ENDOWMENT FUNDS OF UP TO THREE PERCENT (3%) OF THE RESPECTIVE FUND'S VALUE, AS DEFINED, IN ANY FISCAL YEAR. THIS IS CONSISTENT WITH THE LIBRARY'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS HELD FOR A SPECIFIED TERM AS WELL AS TO PROVIDE ADDITIONAL REAL GROWTH THROUGH NEW GIFTS AND INVESTMENT RETURN. IN ORDER TO ADDRESS FUNDING FOR INCREASED TRANSITION COSTS RELATED TO THE BOSTON MEDICAL LIBRARY'S FUTURE PLANS, EFFECTIVE JANUARY 2022, THE BOARD OF TRUSTEES VOTED TO PAUSE THE 3% SPENDING POLICY AND ELIMINATE BOARD-DESIGNATED RESTRICTIONS. IN ORDER TO ADDRESS FUNDING FOR INCREASED TRANSITION COSTS RELATED TO THE BOSTON MEDICAL LIBRARY'S FUTURE PLANS, EFFECTIVE JANUARY 2022, THE BOARD OF TRUSTEES VOTED TO PAUSE THE 3% SPENDING POLICY AND ELIMINATE BOARD-DESIGNATED RESTRICTIONS. BOARD-DESIGNATED ENDOWMENT FUNDS HAVE BEEN REDESIGNATED AS UNDESIGNATED. THE SPENDING POLICY FOR THE YEAR ENDED JUNE 30, 2022 IS REFLECTED IN THE BOARD APPROVED BUDGET. PART X, LINE 2: THE LIBRARY IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. TAX POSITIONS, INCLUDING THE POSITION THAT THE LIBRARY QUALIFIES AS A TAX-EXEMPT ENTITY, TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE LIBRARY'S TAX RETURNS ARE REQUIRED TO BE EVALUATED TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE-LIKELY-THAN-NOT" OF BEING SUSTAINED BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET A MORE-LIKELYTHAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE IN THE CURRENT YEAR. THE LIBRARY DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS AT JUNE 30, 2023 AND 2022 WHICH REQUIRE ACCRUAL OR DISCLOSURE. GENERALLY, THE LIBRARY IS SUBJECT TO FEDERAL AND STATE TAX EXAMINATION BY TAX AUTHORITIES FOR ALL YEARS SUBSEQUENT TO JUNE 30, 2019. THE LIBRARY'S POLICY IS TO RECOGNIZE ANY INTEREST AND PENALTIES RELATED TO TAX MATTERS AS AN EXPENSE WHEN PAID. PART XI, LINE 2D - OTHER ADJUSTMENTS: RECLASS INVESTMENT EXPENSES FROM REVENUE TO EXPENSE -52,656. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASS INVESTMENT EXPENSES FROM REVENUE TO EXPENSE 52,656. FORM 990, PART VI, SECTION A, LINE 2 DRS. PIETERS AND JOLIN ARE SPOUSES. FORM 990, PART VI, SECTION A, LINE 3 BOSTON MEDICAL LIBRARY DELEGATES CONTROL OVER ITS ACCOUNTING FUNCTION TO DAVID M. PINKHAM, CPA, LLC. THE ORGANIZATION'S ACCOUNTING EXPENSES FOR THE YEAR WERE $55,900. FORM 990, PART VI, SECTION A, LINE 7A MASSACHUSETTS MEDICAL SOCIETY, THE BOSTON MEDICAL LIBARARY (BML)'S SUPPORTED ORGANIZATION, APPOINTS 10 OF THE 21 MEMBERS OF THE BML BOARD OF TRUSTEES FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE REVIEWED BY BOSTON MEDICAL LIBRARY'S PRESIDENT AND TREASURER PRIOR TO BEING FILED. THE 990 IS PROVIDED TO ALL BOARD MEMBER TO REVIEW BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CORPORATION MAY ENTER INTO CONTRACTS OR TRANSACTIONS WITH AN OFFICER, TRUSTEE OR FELLOW OR WITH ANY CORPORATION OR OTHER CONCERN IN WHICH AN OFFICER, TRUSTEE OR FELLOW IS A STOCKHOLDER, PARTNER DIRECTOR, OFFICER OR EMPLOYEE OR IS OTHERWISE INTERESTED. IN THE ABSENCE OF FRAUD OR BAD FAITH, NO SUCH CONTRACT OR TRANSACTION SHALL BE INVALIDATED OR AFFECTED BY THE FACT THAT THE PRESENCE OF SUCH INTERESTED PERSON WAS NECESSARY TO CONSTITUTE A QUORUM AT A MEETING OF THE BOARD OF TRUSTEES (OR ANY AUTHORIZED COMMITTEE THEREOF) AT WHICH SUCH CONTRACT OR TRANSACTION WAS AUTHORIZED OR THAT THE VOTE OF SUCH INTERESTED PERSON WAS NECESSARY FOR THE ADOPTION OF SUCH CONTRACT OR TRANSACTION, PROVIDED THAT IF SUCH INTEREST WAS MATERIAL, IT SHALL HAVE BEEN DISCLOSED TO THE TRUSTEES OR FELLOWS VOTING ON SUCH CONTRACT OR TRANSACTION. A GENERAL NOTICE TO ANY PERSON VOTING ON SUCH CONTRACT OR TRANSACTION THAT AN OFFICER, TRUSTEE OR FELLOW HAS A MATERIAL INTEREST IN ANY CORPORATION OR OTHER CONCERN SHALL BE SUFFICIENT DISCLOSURE AS TO SUCH OFFICER, TRUSTEE OR FELLOW WITH RESPECT TO ALL CONTRACTS AND TRANSACTIONS WITH SUCH CORPORATION OR OTHER CONCERN. MORE INFORMATION IS AVAILABLE UPON REQUEST. THE BOARD ADOPTED A CONFLICT OF INTEREST POLICY THAT INCLUDES ANNUAL REVIEW OF THE AFFIDAVITS SIGNED BY ALL TRUSTEES & OFFICERS & IF CONFLICTS EXIST THE BOARD WILL DEAL WITH THEM ACCORDINGLY. FORM 990, PART VI, SECTION B, LINE 15 BML HAD TWO EMPLOYEES IN FY2023. BML ALSO REIMBURSED THE PERSONNEL SERVICES PROVIDED BY HARVARD DURING THE TAX YEAR. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND THE CONFLICTS OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. THE FORM 990 IS AVAILABLE UPON REQUEST FOR A NOMINAL FEE CHARGED FOR REPRODUCTION AND POSTAGE. FORM 990, PART XII, LINE 2C THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. MASSACHUSETTS MEDICAL SOCIETY 860 WINTER STREET WALTHAM MA 02451 042050773 ASSOCIATION MA 501(C)(6) NONE 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MASSACHUSETTS MEDICAL SOCIETY C 27083 CASH