2023-05-15T12:46:55-05:00 2022-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 021293742 990 2021-07-01 046013152 UNIVERSITY OF MASSACHUSETTS FOUNDATION INC UNIV 6172875590 100 CARLSON AVENUE BUILDING 12 NEWTON MA 02459 BARRY F MORRISON CHIEF FINANCIAL OFFICER 6172875590 2023-04-27 1 BARRY MORRISON 999009999 LYNNE JOHNSON P00757336 6179129000 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z X JAMES R JULIAN JR 100 CARLSON AVENUE BUILDING 12 NEWTON MA 02459 831699999 0 X WWW.UMASSFOUNDATION.ORG X 1950 MA THE MISSION OF THE UNIVERSITY OF MASSACHUSETTS FOUNDATION, INC. IS TO FOSTER AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF THE UNIVERSITY OF MASSACHUSETTS AS STATED IN THE ORIGINAL 1950 ARTICLES OF ORGANIZATION. THE FOUNDATION RECEIVES, INVESTS AND DISBURSES PRIVATE GIFTS FOR THE BENEFIT OF THE UNIVERSITY OF MASSACHUSETTS AND ITS EDUCATIONAL MISSION. 21 21 13 27 210866 188879 21752731 295558007 0 0 23050208 7212542 12308898 12528433 57111837 315298982 18578950 19248681 0 0 2499792 1854260 0 0 4664441 7694677 8097235 28773419 29200176 28338418 286098806 842030994 988407109 6046557 17483437 835984437 970923672 TO FOSTER AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF THE UNIVERSITY OF MASSACHUSETTS AS STATED IN THE ORIGINAL 1950 ARTICLES OF ORGANIZATION. TO INVEST PRIVATE SUPPORT FOR THE BENEFIT OF THE UNIVERSITY OF MASSACHUSETTS. 0 0 19248681 19248681 12528433 THE UNIVERSITY OF MASSACHUSETTS FOUNDATION, INC. INVESTS FUNDS FOR THE BENEFIT OF THE UNIVERSITY OF MASSACHUSETTS INCLUDING, BUT NOT LIMITED TO SUPPORT OF THE SCHOLARSHIP AND EDUCATION PROGRAMS AND GENERAL PROGRAM SERVICES EXPENDITURES. 19248681 1 1 0 1 0 0 0 0 1 1 1 1 0 0 1 1 1 0 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 17 0 1 13 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 0 0 0 MA AK AR CA CO DC HI KY MD ME MI MN NH NJ NY OH OK OR SC TN UT WA WI WV NV X BARRY F MORRISON 6172875590 100 CARLSON AVENUE BUILDING 12 NEWTON MA 02459 JONATHAN GIBBONS CHIEF INVESTMENT OFFICER 40.00 X 742749 0 300313 GEOFFREY BOWES MANAGING DIRECTOR, INVESTMENT TEAM 40.00 X 356638 0 162256 JUDITH A MURPHY ASSOC. VP FIN/CTRL (UNTIL JAN 2022) 40.00 X 203232 0 50098 LINDA LIANG DIRECTOR OF OPERATIONS 40.00 X 192574 0 54169 DANIEL SWARTZ EXEC DIR ADV. SYSTEMS (UNTIL JAN. 2022) 40.00 X 134526 0 42756 CHRISTOPHER J YOULDEN INVMT. ASSOCIATE (UNTIL APR. 2022) 40.00 X 158060 0 16356 SANDY FISHER ASSOC VP ADV. SYSTEMS (UNTIL JAN 2022) 40.00 X 153289 0 17710 MARY L BURNS DIRECTOR 1.00 X 0 0 0 LISA A CALISE DIRECTOR 1.00 X 0 0 0 NATHAN P CHESLEY DIRECTOR 1.00 X 0 0 0 DOUGLAS CLIGGOTT DIRECTOR (UNTIL JULY 2021) 1.00 X 0 0 0 MICHAEL F COLLINS MD DIRECTOR 1.00 X 0 0 0 JOSE J CORTEZ DIRECTOR 1.00 X 0 0 0 SANDRA E COSTA DIRECTOR (UNTIL DEC. 2021) 1.00 X 0 0 0 JOSE F DEMEDERIOS DIRECTOR 1.00 X 0 0 0 ROBERT D ETTINGER DIRECTOR (UNTIL DEC. 2021) 1.00 X 0 0 0 DANIEL E FEDER DIRECTOR 1.00 X 0 0 0 GRACE K FEY DIRECTOR (AS OF JAN. 2022) 1.00 X 0 0 0 PATRICIA C FLAHERTY DIRECTOR (UNTIL DEC. 2021) 1.00 X 0 0 0 MARK A FULLER DIRECTOR 1.00 X 0 0 0 PHILIP W JOHNSTON DIRECTOR 1.00 X 0 0 0 ROBERT J MANNING DIRECTOR 1.00 X 0 0 0 JACQUELINE MOLONEY DIRECTOR (UNTIL JUNE 2022) 1.00 X 0 0 0 R NORMAN PETERS ESQ DIRECTOR 1.00 X 0 0 0 ROBERT R REITANO DIRECTOR 1.00 X 0 0 0 SUZANNE L STEFANY DIRECTOR 1.00 X 0 0 0 MARCELO M SUAREZ-OROZCO DIRECTOR 1.00 X 0 0 0 KUMBLE R SUBBASWAMY DIRECTOR 1.00 X 0 0 0 VICTOR WOOLRIDGE DIRECTOR 1.00 X 0 0 0 EDWARD H D'ALELIO CHAIR/DIRECTOR 3.00 X X 0 0 0 STEPHEN R DUNNE TREASURER/DIRECTOR (UNTIL JULY 2021) 1.00 X X 0 0 0 WARREN J ISABELLE DIRECTOR, TREASURER (AS OF DEC 2021) 1.00 X X 0 0 0 MARIA D FURMAN SECRETARY/DIRECTOR 1.00 X X 0 0 0 JAMES R JULIAN JR EXECUTIVE VP/EX-OFFICIO 10.00 X 0 0 0 MICHAEL BARONE INTERIM CFO (AS OF DEC. 2021) 40.00 X 0 0 0 THERESA CURRY VP DEVEL CONST ENG ASSOC GEN COUNSEL (AS OF APR 2022) 40.00 X 0 0 0 1941068 0 643658 7 0 1 0 AFFINAQUEST LLC PO BOX 670769 DALLAS TX 752670769 FUNDRAISING SOFTWARE SUPPORT 895603 ELLUCIAN COMPANY LP 62578 COLLECTIONS CENTER DRIVE CHICAGO IL 606930625 IT CONSULTANTS 747909 SALESFORCEORG DEPARTMENT 34293 PO BOX 39000 SAN FRANCISCO CA 94139 FUNDRAISING SOFTWARE 495154 ANTHOLOGY INC OF MISSOURI PO BOX 850001 DEPARTMENT 9909 ORLANDO FL 328859909 FUNDRAISING SOFTWARE 449011 MINTS LEVIN COHN FERRIS GLOVSKY & PO PO BOX 4539 BOSTON MA 022124539 PROFESSIONAL SERVICES 390396 16 5702681 289855326 51416126 295558007 -8607499 210866 -8818365 532221058 516401017 15820041 15820041 15820041 INVESTMENT MANAGEMENT 561000 12528433 12528433 12528433 315298982 12528433 210866 7001676 X 19248681 19248681 208748 208748 1227994 476889 751105 122800 47689 75111 184199 71533 112666 110519 42920 67599 743192 743192 220799 220799 16500 16500 1428274 1171857 256417 171415 154759 16656 3422037 213093 3208944 301364 152084 149280 46312 21811 24501 421821 421821 134360 134360 BAD DEBT EXPENSE 965857 965857 SUPPLIES 225304 223142 2162 29200176 19248681 5287054 4664441 659818 1787228 29693039 170929064 872657 788879 4055700 18964529 3752001 15634348 15212528 348630214 300535028 446624696 495014904 842030994 988407109 820812 3303465 2644998 11844588 2580747 2335384 6046557 17483437 X 44342310 51261487 791642127 919662185 835984437 970923672 842030994 988407109 X 286098806 -150306063 -838302 -15206 X X 0 1 X 1 0 X 29674159 19711320 31505786 21752731 295558007 398202003 29674159 19711320 31505786 21752731 295558007 398202003 214220968 183981035 1259134 12934 -1091446 -5748192 -8818365 -14385935 300485 124456 110835 210866 746642 58989 73800 42400 175189 384737899 57463724 0.47820 0.88010 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2017 AMOUNT: $ 58,989. 2018 AMOUNT: $ 73,800. 2019 AMOUNT: $ 42,400. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 16500 16500 0 PART II-B, LINE 1: UNIVERSITY OF MASSCHUSETTS FOUNDATIONS ENGAGED DEMPSEY ASSOCIATES, A LOBBYING FIRM, TO PROVIDE LOBBYING SERVICES DURING FY22. 1 1108177995 -145674298 27172474 935331223 0 752775857 137043285 -142114096 18877050 141660 -10681711 739368047 552052478 19576038 195834717 18981733 139918 -4434275 752775857 533837450 19925437 12198932 15995820 139656 -2226135 552052478 503365416 18957583 27365478 16083108 192248 -424329 533837450 462630321 28109753 28122699 15915791 157366 -575800 503365416 0.01120 0.94270 0.04610 0 0 3069140 3069140 15843523 3700135 12143388 51866 51866 0 15212528 554000 F ALTERNATIVE INVESTMENTS 494460904 F 495014904 OBLIGATIONS TO BENEFICIARIES OF SPLIT-INTEREST AGREEMENTS 2335384 2335384 X 18577422 -150306063 -146415497 -296721560 315298982 0 315298982 56372650 27172474 27172474 29200176 0 29200176 PART IV, LINE 1B: AGENCY ACCOUNTS ARE INVESTMENTS HELD ON BEHALF OF THE UNIVERSITY OF MASSACHUSETTS AND THE EDWARD M. KENNEDY INSTITUTE. PART IV, LINE 1D CONTAINS $971,966 OF CONTRIBUTION AND -$146,646,264 OF NET INVESTMENT LOSS. PART V, LINE 4: THE INTENDED USES OF THE FOUNDATION'S ENDOWMENT FUNDS ARE TO BE SPENT WITHIN THE ESTABLISHED CRITERIA FOR THE FUND IN SUPPORT OF THE SCHOLARSHIP AND EDUCATION PROGRAMS OF THE UNIVERSITY OF MASSACHUSETTS. PART X, LINE 2: THE FOUNDATION IS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AS AMENDED (THE "CODE"), AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE, EXCEPT TO THE EXTENT THE FOUNDATION HAS UNRELATED BUSINESS INCOME. THE FOUNDATION IS REQUIRED TO ASSESS UNCERTAIN TAX POSITIONS AND HAS DETERMINED THAT THERE WERE NO SUCH POSITIONS THAT WERE MATERIAL TO THE FINANCIAL STATEMENTS AS OF JUNE 30, 2022 OR JUNE 30, 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: AMOUNTS RELATED TO UNIVERSITY OF MASSACHUSETTS -146,415,497. PART XII, LINE 2D - OTHER ADJUSTMENTS: AMOUNTS RELATED TO AGENCY 26,827,840. FUNDS RECEIVED FROM UNIVERSITY 344,634. CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 258266476 EUROPE (INCLUDING ICELAND & GREENLAND) INVESTMENTS 5010184 NORTH AMERICA INVESTMENTS 1617178 SOUTH AMERICA INVESTMENTS 92018 SUB-SAHARAN AFRICA INVESTMENTS 161059 0 0 0 0 0 0 265146915 0 265146915 1 0 1 1 1 0 PART III ACCOUNTING METHOD: 1 UNIVERSITY OF MASSACHUSETTS 333 SOUTH ST SUITE 450 SHREWSBURY MA 01545 043167352 115 19248681 0 SEE PART IV 1 0 PART I, LINE 2: DISBURSEMENTS TO THE UNIVERSITY OF MASSACHUSETTS ARE SUBJECT TO THE EXPENDITURE AND DISBURSEMENT POLICIES OF THE UNIVERSITY OF MASSACHUSETTS, INCLUDING ALLOWABILITY, APPROPRIATENESS (BUSINESS PURPOSE, ADEQUATE DOCUMENTATION, AND PROPER APPROVALS), AND DONOR INTENT AS SPECIFIED IN THE DONOR INTENT DOCUMENT SUPPLIED AT THE TIME THE GIFT IS RECEIVED FROM THE DONOR. PART II, LINE 1, COLUMN (H): DISTRIBUTIONS TO THE UNIVERSITY OF MASSACHUSETTS ARE PROVIDED IN THE FORM OF STUDENT SUPPORT (SCHOLARSHIPS, FELLOWSHIPS, ETC.), FACULTY AND STAFF SUPPORT (ENDOWMENT FACULTY POSITIONS, RESEARCH, PROFESSIONAL DEVELOPMENT), ACADEMIC PROGRAM SUPPORT, AND FACILITIES SUPPORT. 0 0 0 0 0 0 0 1 0 JONATHAN GIBBONS CHIEF INVESTMENT OFFICER 509833 0 232916 0 0 0 263500 0 36813 0 1043062 0 61200 0 GEOFFREY BOWES MANAGING DIRECTOR, INVESTMENT TEAM 317013 0 39625 0 0 0 128855 0 33401 0 518894 0 0 0 JUDITH A MURPHY ASSOC. VP FIN/CTRL (UNTIL JAN 2022) 203232 0 0 0 0 0 22305 0 27793 0 253330 0 0 0 LINDA LIANG DIRECTOR OF OPERATIONS 167024 0 25550 0 0 0 19257 0 34912 0 246743 0 0 0 DANIEL SWARTZ EXEC DIR ADV. SYSTEMS (UNTIL JAN. 2022) 134526 0 0 0 0 0 14963 0 27793 0 177282 0 0 0 CHRISTOPHER J YOULDEN INVMT. ASSOCIATE (UNTIL APR. 2022) 137010 0 21050 0 0 0 15806 0 550 0 174416 0 0 0 SANDY FISHER ASSOC VP ADV. SYSTEMS (UNTIL JAN 2022) 153289 0 0 0 0 0 16670 0 1040 0 170999 0 0 0 PART I, LINE 7 THE BONUS TO THE CHIEF INVESTMENT OFFICER, JONATHAN GIBBON IS SUBJECTIVE AND QUALITATIVE AND IS BASED ON FACTORS SUCH AS LEADERSHIP AND MANAGEMENT. THE MANAGING DIRECTOR, DIRECTOR OF OPERATIONS AND INVESTMENT ASSOCIATE, LISTED ON PART VII, RECEIVED A NON-FIXED PAYMENT IN THE FORM OF A PERFORMANCE BASED BONUS DURING THE 2021 YEAR. X 23 51416126 FMV 0 1 1 PART I, COLUMN (B): FOR THE DONATED SECURITIES, THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS. PART I, LINE 32B: SHARES OF PUBLICLY TRADED SECURITIES CONTRIBUTED BY DONORS ARE TRANSFERRED BY THE DONOR'S CUSTODIAN TO A CUSTODY ACCOUNT MAINTAINED BY THE UNIVERSITY OF MASSACHUSETTS FOUNDATION AT BNY MELLON. BNY MELLON HAS A STANDING ORDER TO SELL SUCH SECURITIES IN A TIMELY AND ORDERLY FASHION AND TO TRANSFER THE PROCEEDS FROM THE SALE TO THE UNIVERSITY OF MASSACHUSETTS FOUNDATION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CHAIR OF THE AUDIT AND COMPLIANCE COMMITTEE PRIOR TO ITS FILING WITH THE IRS AND THEN FORWARDED BY THE CHAIR TO THE FULL BOARD OF DIRECTORS FOR THEIR REVIEW AND COMMENT. FORM 990, PART VI, SECTION B, LINE 12C THE MEMBERS OF THE BOARD OF DIRECTORS AND OFFICERS ARE REQUIRED TO COMPLETE AN ANNUAL CONFLICT OF INTEREST STATEMENT THAT ACKNOWLEDGES THAT THEY HAVE READ AND UNDERSTAND THE POLICY. ON THIS STATEMENT, THEY ARE REQUIRED TO LIST ANY POTENTIAL CONFLICT. RESPONSES ARE GATHERED BY FOUNDATION COUNSEL. FOUNDATION COUNSEL AND THE CHAIR OF THE AUDIT AND COMPLIANCE COMMITTEE REVIEW THE RESPONSES AND IDENTIFY ANY POTENTIAL CONFLICTS. THE DIRECTORS AND OFFICERS ARE ALSO REQUIRED TO SUPPLEMENT THEIR RESPONSES IN THE EVENT THAT ANY ADDITIONAL POTENTIAL CONFLICTS ARISE DURING THE YEAR. WHEN A DIRECTOR OR OFFICER BECOMES AWARE OF A PROPOSED COVERED TRANSACTION UNDER THE POLICY, HE OR SHE HAS A DUTY TO TAKE THE FOLLOWING ACTIONS: A) IMMEDIATELY DISCLOSE THE EXISTENCE OR CIRCUMSTANCES OF SUCH COVERED TRANSACTION TO THE FOUNDATION'S BOARD OF DIRECTORS IN WRITING; B) REFRAIN FROM USING HIS OR HER PERSONAL INFLUENCE TO ENCOURAGE THE FOUNDATION TO ENTER INTO THE COVERED TRANSACTION; AND C) PHYSICALLY EXCUSE HIMSELF OR HERSELF FROM ANY DISCUSSIONS REGARDING THE COVERED TRANSACTION EXCEPT TO ANSWER QUESTIONS, INCLUDING BOARD DISCUSSIONS AND DECISIONS ON THE SUBJECT. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS, AND FORM 990 AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). IN ADDITION, THE FORM 990 WITHOUT SCHEDULE B IS AVAILABLE VIA GUIDESTAR AND THE OFFICE OF THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990 PART IX, LINE 5: JONATHAN GIBBONS, CHIEF INVESTMENT OFFICER; GEOFFREY BOWES, MANAGING DIRECTOR, INVESTMENT TEAM & THE INVESTMENT OFFICE BOOK COMPENSATION OF $1,996,309 WAS NETTED WITH INVESTMENT RETURN AND OTHER INVESTMENT DEPARTMENT COSTS THEREFORE HAS BEEN OMITTED FROM LINE 5 OF PART IX. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS AND GIFT ANNUITY -15,206.