2023-05-15T20:30:18+00:00 2022-06-30 350921680 CROWE LLP 401 East Las Olas Blvd Suite 1100 Fort Lauderdale FL 333014230 990 2021-07-01 843505125 1693 Partners Fund 1693 7572211906 5300 Discovery Park Blvd 3RD FLOOR Williamsburg VA 231882695 F BRIAN HIESTAND CHIEF INVESTMENT OFFICER 2023-05-15 true BRIAN HIESTAND 999009999 Brittney Kocaj P01320603 9542028600 2021 2023-04-26 12:10:37Z F BRIAN HIESTAND 5300 Discovery Park Blvd 3RD FLOOR Williamsburg VA 231882695 207038949 false X NONE X 2019 VA INVEST ENDOWMENT ASSETS SUPPORTING WILLIAM & MARY AND ITS AFFILATED ORGANIZATIONS. 11 11 0 13 -1077252 0 0 26170964 38706072 77827180 0 38706072 103998144 0 0 0 0 0 2389794 39414052 2389794 39414052 36316278 64584092 943135079 899776773 459749 930432 942675330 898846341 INVEST ENDOWMENT ASSETS SUPPORTING WILLIAM & MARY AND ITS AFFILATED ORGANIZATIONS. false false 39414052 26170964 INVEST ENDOWMENT ASSETS SUPPORTING WILLIAM & MARY AND ITS AFFILIATED ORGANIZATIONS. 39414052 true false false false false false false false true false true false false false true true true false false true false false false false false false false false true false false false false false false false false false false false false false true false false false true X 8 0 true 0 true true true HK UK CA DA false false false false false false false false false false X 11 11 false false false false true true false true true false false true true true true true true false false false X Christine Gionis 7572211906 5300 DISCOVERY PARK BOULEVARD WILLIAMSBURG VA 231882695 ELIZABETH CABELL JENNINGS CHAIR/TRUSTEE 1.0 1.0 X X 0 0 0 JODY W FORSYTH VICE CHAIR/TRUSTEE 1.0 1.5 X X 0 0 0 ANDREW W HORROCKS TRUSTEE 1.0 1.5 X 0 0 0 CLIFFORD B FLEET III TRUSTEE 1.0 1.5 X 0 0 0 DARPAN SUBHASH KAPADIA TRUSTEE 1.0 1.0 X 0 0 0 DAVID J JALLITS TRUSTEE 1.0 1.0 X 0 0 0 DAVID R COVIN TRUSTEE 1.0 1.0 X 0 0 0 J SCOTT PERKINS TRUSTEE 1.0 1.0 X 0 0 0 JAMES E MALLORY TRUSTEE (TERM BEGAN OCTOBER 8, 2021) 1.0 1.0 X 0 0 0 KARIM HK AHAMED TRUSTEE 1.0 0.0 X 0 0 0 KEVIN M O'NEILL TRUSTEE (TERM ENDED OCTOBER 8, 2021) 1.0 0.0 X 0 0 0 MICHAEL K POWELL TRUSTEE (TERM ENDED OCTOBER 8, 2021) 1.0 1.5 X 0 0 0 PAUL R ECKERT TRUSTEE 1.0 0.0 X 0 0 0 AMY S SEBRING SECRETARY/TREASURER 1.0 14.0 X 0 88165 18918 F BRIAN HIESTAND CHIEF INVESTMENT OFFICER 40.0 10.0 X 0 488797 62077 WILLIAM D COPAN JR CHIEF OPERATING OFFICER/ASSISTANT TREASURER 37.5 12.5 X 0 227806 43469 CATHERINE MOUNTJOY DIRECTOR OF INVESTMENTS 40.0 5.0 X 0 343425 45514 0 1148193 169978 0 false true false 1693 Management Company LLC 5300 Discovery Park Boulevard Williamsburg VA 231882695 Professional Services 2501759 William Blair & Company LLC 150 North Riverside Plaza Chicago IL 60606 Professional Services 356465 Vulcan Value Partners LLC Three Protective CTR 2801 HWY 280 South Suite 300 Birmingham AL 35223 Professional Services 258752 Deloitte & Touche LLP 4022 Sells Drive Hermitage TN 370762903 ACCOUNTING SERVICES 157427 Deloitte Tax LLP 4022 Sells Drive Hermitage TN 370762903 TAX SERVICES 107145 5 0 Member contributions 525920 26170964 26170964 0 0 0 0 26170964 11472980 -1077252 12550232 0 0 169395005 103040805 66354200 0 66354200 66354200 0 0 0 0 0 103998144 26170964 -1077252 78904432 34965 34965 308163 308163 4050521 4050521 298531 298531 0 0 Member withdrawals 33630693 33630693 Foreign Exchange Charges & Tax Expense 80105 80105 Foreign taxes withheld 122124 122124 Organizational Expenses for WAMIT transfer 888950 888950 0 0 0 0 39414052 39414052 0 0 113277 631397 31929978 48303870 2824802 2517750 0 0 0 0 0 0 0 0 272477868 234585613 635789154 613738143 0 0 0 943135079 899776773 459749 930432 0 0 0 0 459749 930432 X 942675330 898846341 942675330 898846341 943135079 899776773 X 64584092 -108441375 28294 X false true X true false X X X 4 WILLIAM & MARY FOUNDATION 540734117 5 true 28590487 0 MARSHALL-WYTHE SCHOOL OF LAW FOUNDATION 541224563 5 true 2248933 0 WILLIAM AND MARY BUSINESS SCHOOL FOUNDATION 237079011 5 true 2101070 0 MURRAY 1693 SCHOLARS FOUNDATION 464365190 5 true 690203 0 4 33630693 0 true true false false false false false false false false false false false false false true false Schedule A, Part IV, Section A, Line 2 Supported Org. Without IRS Status 509(a)1 or (2) MURRAY 1693 SCHOLARS FOUNDATION IS A TYPE I SUPPORTING ORGANIZATION PURSUANT TO SECTION 509(A)(3) WHOSE PURPOSE IS TO SUPPORT THE WILLIAM & MARY 1693 SCHOLARS PROGRAM IN ORDER TO PROVIDE SCHOLARSHIP FUNDING FOR STUDENTS OF WILLIAM & MARY (THE UNIVERSITY). IN FULFILLMENT OF THIS PURPOSE, MURRAY 1693 SCHOLARS FOUNDATION IS A SUPPORTING ORGANIZATION OF THE WILLIAM & MARY FOUNDATION AND THE UNIVERSITY. SUPPORT OF A UNIVERSITY IS GENERALLY RESERVED FOR ORGANIZATIONS DESCRIBED UNDER SECTION 509(A)(1) AND 170(B)(1)(A)(IV). 942675330 26199258 -30736319 33630693 5661235 898846341 0 861829700 100191848 17031565 2314653 942675330 0 0 0 0 0 0 0.0 1.0 0.0 false false Diversifying Strategies 86096786 F Domestic Equity 84858366 F Fixed Income 32369398 F Foreign Equity 104320886 F Private Equity 219545370 F Real Assets 85863152 F Transitional Trading 684185 F 613738143 0 X -30736319 -108441375 -122124 -108563499 77827180 26170964 26170964 103998144 5661235 0 0 5661235 33752817 33752817 39414052 Schedule D, Part V, Line 4 Intended uses of endowment funds THE 1693 PARTNERS FUND IS A POOLED VEHICLE TO INVEST THE ENDOWMENT ASSETS SUPPORTING WILLIAM & MARY AND ITS AFFILIATED ORGANIZATIONS. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote On April 20, 2020, the Internal Revenue Service determined that the Fund was exempt from federal income tax on income derived from activities related to its exempt purpose under Internal Revenue Code ("IRC") Section 501(c)(3). Additionally, the Fund is classified as a public charity under IRC Section 509(a)(3). However, the Fund may incur federal and state income taxes on unrelated business income. No provision for income taxes was required for the fiscal years ended June 30, 2022 and 2021. The Fund follows the provisions of FASB ASC Topic 740, Income Taxes ("ASC 740"), related to accounting for uncertainty in income taxes. ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the financial statements. ASC 740 requires the evaluation of tax positions that are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. Management has analyzed the tax positions taken by the Fund and has concluded that, as of June 30, 2022 and 2021, there are no uncertain tax positions taken or expected to be taken that would require recognition or disclosure in the financial statements. As of June 30, 2021, the Fund had net operating losses available for carryforward in the amount of $460 as a result of unrelated business taxable income ("UBTI") resulting from its partnership investments. UBTI is taxed at the prevailing corporate tax rate. Due to the uncertainty about whether these losses will result in a tax asset, no tax asset is recorded in the financial statements. Net operating losses arising in tax years ending after December 31, 2017 have an indefinite carryforward period. Additionally, losses arising in tax years beginning after December 31, 2017 are limited to 80% of taxable income in the year deducted. The filing deadline for the June 30, 2022 return is May 15, 2023. The Fund may be subject to routine audits by taxing jurisdictions. The fiscal years ended June 30, 2022 and 2021 are open to examination. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 FOREIGN TAXES WITHHELD - -122124 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Member contributions - 26170964 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements FOREIGN TAXES WITHHELD - 122124 Member withdrawals - 33630693 Central America and the Caribbean 0 0 Investments 97293853 East Asia and the Pacific 0 0 Investments 4494912 Europe (Including Iceland and Greenland) 0 0 Investments 47379960 South Asia 0 0 Investments 2260639 North America (Canada & Mexico only) 0 0 Investments 3360476 South America 0 0 Investments 298816 0 0 0 0 0 0 155088656 0 155088656 true false true true true false Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements CENTRAL AMERICA AND THE CARIBBEAN-Accrual; EAST ASIA AND THE PACIFIC-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual; NORTH AMERICA (CANADA & MEXICO ONLY)-Accrual; SOUTH AMERICA-Accrual; SOUTH ASIA-Accrual false false false false false false false false false F BRIAN HIESTAND CHIEF INVESTMENT OFFICER 0 304595 0 182629 0 1573 0 30640 0 31437 0 550874 0 0 WILLIAM D COPAN JR CHIEF OPERATING OFFICER/ASSISTANT TREASURER 0 203907 0 21000 0 2899 0 22054 0 21415 0 271275 0 0 CATHERINE MOUNTJOY DIRECTOR OF INVESTMENTS 0 219787 0 122932 0 706 0 19459 0 26055 0 388939 0 0 Schedule J, Part I, Line 3 ARRANGEMENT USED TO ESTABLISH THE TOP MANAGEMENT OFFICIAL'S COMPENSATION THE ORGANIZATION DOES NOT HAVE ANY EMPLOYEES OF RECORD. ALL WORK IS PERFORMED BY EMPLOYEES OF WILLIAM & MARY (THE UNIVERSITY). COMPENSATION IS GENERALLY ESTABLISHED WITHIN THE GUIDELINES OF THE UNIVERSITY, INCLUDING COMPARABLE MARKET DATA AS APPROPRIATE. COMPENSATION FOR THE CHIEF INVESTMENT OFFICER IS DETERMINED IN PART BY THE BOARD OF MANAGERS OF THE 1693 MANAGEMENT COMPANY LLC (THE INVESTMENT MANAGER OF THE FUND - A WHOLLY OWNED SUBSIDIARY OF THE W&M FOUNDATION), WHICH CONSIDERED A SURVEY OF COMPENSATION OF INDIVIDUALS IN SIMILAR POSITIONS AT SIMILAR ORGANIZATIONS. Schedule J, Part II COMPENSATION FROM UNRELATED ORGANIZATION THE INDIVIDUALS LISTED IN PART II ARE EMPLOYEES OF WILLIAM & MARY (THE UNIVERSITY). THE 1693 PARTNERS FUND AND THE UNIVERSITY ARE NOT RELATED ENTITIES. THE EMPLOYEE COMPENSATION IN PART II IS 100% PAID BY THE UNIVERSITY. THE 1693 MANAGEMENT COMPANY LLC (THE INVESTMENT MANAGER OF THE FUND - A WHOLLY OWNED SUBSIDIARY OF THE W&M FOUNDATION), REIMBURSES THE UNIVERSITY FOR ALL COMPENSATION COSTS, WHICH ARE PAID BY THE 1693 PARTNERS FUND FOR ALL OR A PORTION OF THE COMPENSATION FOR THESE INDIVIDUALS BASED ON THE INVESTMENT MANAGEMENT AGREEMENT BETWEEN THE 1693 PARTNERS FUND AND THE 1693 MANAGEMENT COMPANY. Form 990, Part VI, Line 6 Classes of members or stockholders The Members of the Fund are composed of the William & Mary Foundation (the "W&M Foundation"), Marshall-Wythe School of Law Foundation, William & Mary Business School Foundation and Murray 1693 Scholars Foundation, each of which is qualified as a tax-exempt organization under Section 501(c)(3) of the IRC. The member organizations (with the exception of the Murray 1693 Scholarship Foundation) appoint the Board of Trustees of the Fund for a three year term of service. A majority of the Trustees are appointed by W&M Foundation. Assets upon dissolution of the Fund are distributed to the members in proportion to their respective depository account balances and any remaining property is distributed equally among the members or such other tax-exempt organizations under Section 501(c)(3) of the IRC as determined by the Board. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The Members of the Fund are composed of the William & Mary Foundation (the "W&M Foundation"), Marshall-Wythe School of Law Foundation, William & Mary Business School Foundation and Murray 1693 Scholars Foundation, each of which is qualified as a tax-exempt organization under Section 501(c)(3) of the IRC. The member organizations (with the exception of the Murray 1693 Scholarship Foundation) appoint the Board of Trustees of the Fund for a three year term of service. A majority of the Trustees are appointed by W&M Foundation Form 990, Part VI, Line 11b Review of form 990 by governing body THE FUND PROVIDED A COPY OF FORM 990 TO THE GOVERNING BODY BEFORE IT WAS FILED. PRIOR TO FILING FORM 990, THE CHIEF INVESTMENT OFFICER AND CHIEF OPERATING OFFICER REVIEW A DRAFT OF THE FORM. THE CHIEF INVESTMENT OFFICER AND CHIEF OPERATING OFFICER REVIEW THE FINAL VERSION PRIOR TO SIGNING. Form 990, Part VI, Line 12c Conflict of interest policy ANNUAL DISCLOSURES ARE REVIEWED FOR POSSIBLE CONFLICTS, WHICH ARE ADDRESSED IN THE MANNER OUTLINED IN THE CONFLICT OF INTEREST POLICY. MATTERS RAISED EITHER PRIOR TO OR DURING A MEETING OF THE BOARD OR ANY COMMITTEE ARE ADDRESSED AT THAT TIME. THE POLICY COVERS BOARD MEMBERS AND KEY STAFF MEMBERS. VOTING BOARD MEMBERS ARE RESTRICTED FROM VOTING ON MATTERS IN WHICH THEY MAY HAVE A CONFLICT, AND ARE EXCUSED FROM MEETINGS WHEN A VOTE IS TAKEN. DETERMINATION OF WHETHER A CONFLICT EXISTS IS MADE AT THE COMMITTEE OR BOARD LEVEL, BASED ON AUTHORITY TO TAKE ACTION. Form 990, Part VI, Line 19 Required documents available to the public THE SEPARATE, INDEPENDENT FINANCIAL STATEMENTS OF THE FUND ARE MADE AVAILABLE UPON REQUEST. THE ORGANIZATION'S CONSOLIDATED FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST AND ON THE WILLIAM & MARY FOUNDATION WEBSITE. THE CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE GENERALLY NOT AVAILABLE TO THE PUBLIC. Form 990, Part XI, Line 9 Other changes in net assets or fund balances TRANSFER FROM WAMIT - 28294; PART VI, SECTION B, LINE 15 AND PART V, LINE 1B PROCESS FOR DETERMINING COMPENSATION THE ORGANIZATION DOES NOT HAVE ANY EMPLOYEES OF RECORD. ALL WORK IS PERFORMED BY EMPLOYEES OF WILLIAM & MARY (THE UNIVERSITY). THE UNIVERSITY IS REIMBURSED FOR ALL OR PART OF SALARY AND BENEFIT COSTS. COMPENSATION IS GENERALLY ESTABLISHED WITHIN THE GUIDELINES OF THE UNIVERSITY, INCLUDING COMPARABLE MARKET DATA AS APPROPRIATE. COMPENSATION LISTED FOR THE DIRECTOR OF INVESTMENTS REPRESENTS PAY AS A KEY EMPLOYEE. COMPENSATION FOR THE CHIEF INVESTMENT OFFICER IS DETERMINED IN PART BY THE BOARD OF MANAGERS OF THE 1693 MANAGEMENT COMPANY LLC (THE INVESTMENT MANAGER OF THE FUND - A WHOLLY OWNED SUBSIDIARY OF THE W&M FOUNDATION), WHICH CONSIDERED A SURVEY OF COMPENSATION OF INDIVIDUALS IN SIMILAR POSITIONS AT SIMILAR ORGANIZATIONS. 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