Harvard Square Business Association

What it reported doing in 2025

The harvard square business association was founded in 1910 for the sole purpose of promoting commerce in harvard square, while being good stewards of the square over the past several years, we have added the tagline, "while being good stewards of the outside space". There are many ways to accomplish our stated goals. Several years ago, it was determined that experiential marketing was a method that seemed to work best for harvard square. Subsequently, a series of annual events were created to attract people that spanned the entire demographic spectrum. On october 12th, 2025, we celebrated our 46th annual oktoberfest celebration and generated $ 73,010 in income and had expenses of $35,921. It is estimated that we had about 25,000 visitors during the 6-hour period. Attendance was much lower due to rainy conditions. However, as always, our hope is that people of all ages have a great time, visit our stores, eat in our restaurants and remember the square fondly so that they come back as a frequent visitor. We also hope that they tell all their friends to do the same. The square is still enjoying a high occupancy rate and our membership continues to grow; we are currently enjoying a membership of still over 400, of which, 75% are locally-owned independent businesses. Our major expense for 2025 was marketing expense of $50,161 for various harvard square business association events in the public space. Our events are always free, open-to-the-public, family-friendly and welcoming to all. Oktoberfest was our third largest expense at $25,128. The major expense categories are truly an investment that reinforces our commitment to being a welcoming, clean and safe space for all our visitors, neighbors, students and businesses and to be good stewards of the public space. We organized 65 events in 2025 that were free, family-friendly and open to the public that took place in the outside public space. In 2025, we continued our advocacy for infrastructure improvements by the city of cambridge. The harvard square kiosk restoration project is now complete and fully occupied. The plaza restoration project is underway. There are ten phases of which several are now complete. The entire plaza and streetscape improvements for this project will be complete in the spring of 2026. We continue to see new businesses open, major private developments are in the permitting process and the future remains bright.

Financial Efficiency

• Mission deployment rate: Limited
• Program expense ratio: Limited
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 2 of 6 controls in place; rating input score 33
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
• Governance controls: 6 of 8 controls in place; rating input score 75
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: -2.9%; rating input score 23; 23rd percentile among comparable filings
• Total-asset coverage ratio: 0.37; rating input score 19; 19th percentile among comparable filings
• Liabilities to assets ratio: 0; rating input score 88; 88th percentile among comparable filings
• Officer compensation ratio: 33.5%; rating input score 6; 6th percentile among comparable filings

Growth

• Program expense growth: Limited
• Revenue growth: 3.2% per year; rating input score 100; 26th percentile among comparable filings
• Asset growth: -6.7% per year; rating input score 0; 5th percentile among comparable filings