2023-05-15T16:17:26-05:00 2022-06-30 PricewaterhouseCoopers LLP 655 NEW YORK AVE NW STE 1100 WASHINGTON DC 20001 990 2021-07-01 562462804 UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY % ALLISON GILLAM UNIV 4342184540 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 ALLISON GILLAM CFO 4342184540 2023-05-13 true ALLISON GILLAM 999009999 TRAVIS L PATTON P00369623 2024141000 2023-05-12 2 2021 2023-04-26 12:10:37Z ROBERT DURDEN 701 E WATER STREET 4TH FL CHARLOTTESVILLE VA 22902 5776025298 false X HTTP://WWW.UVIMCO.ORG X 2004 VA UVIMCO IS ORGANIZED TO INVEST FUNDS ON BEHALF OF THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA (THE UNIVERSITY OR UVA) AND UNIVERSITY-ASSOCIATED ORGANIZATIONS(UAOS). 11 10 51 10 121405947 0 0 0 0 0 961602712 1064200086 0 0 961602712 1064200086 0 0 0 0 23325945 24699684 0 0 0 4504004 5467614 27829949 30167298 933772763 1034032788 14686772687 13799842029 14669036637 13782138556 17736050 17703473 THE UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY (UVIMCO) IS ORGANIZED TO INVEST FUNDS ON BEHALF OF THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA (THE UNIVERSITY OR UVA) AND UNIVERSITY-ASSOCIATED ORGANIZATIONS (UAOS). false false 22851287 0 0 UVIMCO PROVIDED HIGH-QUALITY INVESTMENT MANAGEMENT ON BEHALF OF THE UNIVERSITY OF VIRGINIA (THE UNIVERSITY OR UVA) AND AFFILIATED EXEMPT ORGANIZATIONS DESIGNATED BY THE UNIVERSITY. THE ORGANIZATION IMPROVED THE MANAGEMENT OF THE ENDOWMENT OF THE UNIVERSITY AND THEREBY ENHANCED THE EDUCATIONAL BENEFITS PROVIDED TO THE STUDENTS. 22851287 true false false false false false false false false false true true false false true true true false false true true false false false false false false false false true false false false false false false false false false false false false true true true true true false true X 25 0 true 51 true true true true BR IN EI false false false false false false false false true false X 11 10 false false false false false true false true true false false true true true true true true true true false X ALLISON GILLAM 4342184540 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 X ROBERT W DURDEN CEO/CIO 50.0 0.0 X 3153095 0 2443992 E SARGENT MCGOWAN MANAGING DIRECTOR 50.0 0.0 X 1873758 0 1167830 LINDSAY R LARSEN MANAGING DIRECTOR 50.0 0.0 X 1562778 0 917149 JONATHAN E EARNHARDT MANAGING DIRECTOR END 6/21 50.0 0.0 X 1935120 0 381557 JASON M LOVE MANAGING DIRECTOR 50.0 0.0 X 1367864 0 855123 KRISTINA M ALIMARD CHIEF OPERATING OFFICER 50.0 0.0 X 1275889 0 909297 CAITLIN C FITZMAURICE MANAGING DIRECTOR END 11/21 50.0 0.0 X 935722 0 676046 JOHN M WINN GEN CNSL/CCO & SECRETARY 50.0 0.0 X 723591 0 609073 J MATTHEW DORCHUCK DIRECTOR 50.0 0.0 X 515178 0 278724 JENNIFER W DAVIS DIRECTOR 5.0 55.0 X 0 630098 125654 ALLISON P GILLAM CHIEF FINANCIAL OFFICER 50.0 0.0 X 505758 0 228600 ERIC J BUNDONIS MANAGING DIRECTOR 50.0 0.0 X 586591 0 59161 BLAKE A FISCHER DIRECTOR OF TECHNOLOGY 50.0 0.0 X 439068 0 52236 JEFFERY M BARNES SENIOR ASSOCIATE 50.0 0.0 X 295890 0 49946 MARILYN K PERKINS SENIOR ASSOCIATE 50.0 0.0 X 297267 0 45733 ROBERT S HAMEL SENIOR ASSOCIATE 50.0 0.0 X 284987 0 31246 MITCHELL R COHEN CHAIR-BOD 2.0 0.0 X 0 0 0 JOHN B HARRIS JR DIRECTOR 2.0 0.0 X 0 0 0 MEREDITH B JENKINS DIRECTOR 2.0 0.0 X 0 0 0 JOHN G MACFARLANE III DIRECTOR 2.0 0.0 X 0 0 0 MERYL B WITMER DIRECTOR 2.0 0.0 X 0 0 0 TIMOTHY P O'HARA DIRECTOR 2.0 0.0 X 0 0 0 HENRY H MCVEY DIRECTOR 2.0 0.0 X 0 0 0 THOMAS J BALTIMORE DIRECTOR 2.0 0.0 X 0 0 0 JOHN P CONNAUGHTON DIRECTOR 2.0 0.0 X 0 0 0 ANDREW T MULDERRY DIRECTOR 2.0 0.0 X 0 0 0 15752556 630098 8831367 29 true true false SHAPIRO CAPITAL MANAGEMENT LLC 3060 PEACHTREE RD NW 1555 ATLANTA GA 30305 INVESTMENT MANAGER 1634598 THE BANK OF NEW YORK MELLON ONE WALL STREET NEW YORK NY 10286 CUSTODIAN 1406131 DYNAMO INTERNACIONAL GESTO DE RECU AV ATAULFO DE PAIVA 1235 6 ANDAR RIO JE JANEIRO RJ BR 22440-034 INVESTMENT MANAGER 899154 PARAMETRIC PORTFOLIO ASSOCIATES LLC TWO INTERNATIONAL PLACE 8TH FLOOR BOSTON MA 02110 INVESTMENT MANAGER 684587 Old Orchard Capital Management LP 340 Madison Avenue Suite 3B NEW YORK NY 10173 INVESTMENT MANAGER 616523 13 0 0 35499155 55492543 -19993388 0 0 0 0 0 5740526143 4711825212 1028700931 1028700931 65913404 962787527 0 0 0 0 0 0 0 0 0 0 1064200086 121405947 942794139 0 0 0 0 14817051 12336416 2480635 0 6774393 4611834 2162559 726671 491101 235570 1697748 1317041 380707 683821 516892 166929 0 136337 66607 69730 502463 502463 0 0 0 1269683 1104064 165619 0 98953 27802 71151 977142 605828 371314 0 548005 339763 208242 295685 283024 12661 0 22150 20701 1449 0 0 595526 369226 226300 182180 111409 70771 DATA SERVICES 569852 569852 0 0 RECRUITING & MOVING EXPENSES 84632 84632 BUILDING SERVICES 70736 70736 BOOKS AND SUBSCRIPTIONS 44604 44604 69666 35123 34543 30167298 22851287 7316011 0 1917140 1807605 161203593 175776149 0 0 7031589 9400408 0 0 0 0 0 0 0 0 506028 691157 5944983 2586618 3936860 3358365 874793411 990098262 13637384066 12618710083 0 0 0 0 0 0 14686772687 13799842029 17786470 21149086 0 0 0 0 0 0 0 0 0 0 0 0 0 0 14651250167 13760989470 14669036637 13782138556 X 17736050 17703473 0 0 17736050 17703473 14686772687 13799842029 X 1034032788 -1740935831 706870466 X false true X true false X X 1 THE RECTOR AND VISITORS OF THE UNVIVERSTY OF VIRGINIA 546001796 2 true 352763807 0 1 352763807 0 true false false false false true false false false false false false false false false true true true X SCHEDULE A, PART I, LINE 12G OTHER SUPPORT THE EXPENSES INCURRED BY UVIMCO THAT ARE REPORTED ON FORM 990, PART IX WERE EXPENDED TO INVEST FUNDS ON BEHALF OF THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA, ITS SUPPORTED ORGANIZATION. UVIMCO RECEIVES, MANAGES, INVESTS, DISBURSES, AND HOLDS TITLE TO THE UNIVERSITY'S ENDOWMENT AND CERTAIN OTHER FUNDS IN DIRECT FURTHERANCE OF THE UNIVERSITY'S EXEMPT PURPOSE. THESE ARE ACTIVITIES THAT THE UNIVERSITY WOULD NORMALLY BE ENGAGED IN BUT FOR UVIMCO'S INVOLVEMENT. THE DOLLAR AMOUNT SHOWN ON SCHEDULE A, PART I, LINE 12(G)(V) IS THE AGGREGATE AMOUNT OF CASH DISTRIBUTIONS MADE BY UVIMCO TO THE UNIVERSITY DURING THE REPORTING YEAR. THESE DISTRIBUTIONS CONSISTED OF FUNDS DEPOSITED WITH UVIMCO BY THE UNIVERSITY WHICH WERE THEN HELD AND INVESTED BY UVIMCO FOR THE UNIVERSITY'S BENEFIT. SCHEDULE A, PART IV, SECTION A, LINE 6 UVIMCO PROVIDES SUPPORT TO ITS SUPPORTED ORGANIZATION, THE UNIVERSITY OF VIRGINIA, AND TO UNIVERSITY-ASSOCIATED ORGANIZATIONS, ALL OF WHICH ARE 501(C)(3) PUBLIC CHARITIES AND ARE OPERATED, SUPERVISED, OR CONTROLLED DIRECTLY BY OR IN CONNECTION WITH THE UNIVERSITY. THIS IS A PERMISSIBLE ACTIVITY UNDER SECTION 1.509(A)-4(E)(1) OF THE REGULATIONS. SCHEDULE A, PART IV, SECTION D, LINE 3 THE UVIMCO ARTICLES OF INCORPORATION STIPULATE THAT THE BOARD INCLUDES THREE DIRECTORS APPOINTED BY THE BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA AND ONE DIRECTOR APPOINTED BY THE PRESIDENT OF THE UNIVERSITY. THE BOARD IS RESPONSIBLE FOR ESTABLISHING UVIMCO'S INVESTMENT POLICY STATEMENT. THE BOARD MONITORS THE DEVELOPMENT, ANALYSIS, ADOPTION, AND EXECUTION OF INVESTMENT DECISIONS AND ACTIONS BY UVIMCO'S STAFF TO ENSURE COMPLIANCE WITH THE INVESTMENT POLICY STATEMENT. THE BOARD REVIEWS THE INVESTMENT POLICY STATEMENT (INCLUDING THE LIQUIDITY AND INVESTMENT MANAGER DIVERSIFICATION POLICIES CONTAINED THEREIN) ANNUALLY. IN PREPARATION FOR THAT REVIEW, UVIMCO STAFF PROVIDES AN ANALYSIS OF ANY CHANGES IN THE RISK TOLERANCE AND SPENDING PLANS OF THE UNIVERSITY THAT HAVE BEEN REPORTED TO IT AND ON ECONOMIC AND INVESTMENT CONDITIONS. UVIMCO STAFF COMPILES A MONTHLY BOARD REPORT THAT INCLUDES, IN PART, COMMENTARY AND STATISTICS ON THE PERFORMANCE OF THE LONG-TERM POOL, A QUARTERLY COMMENTARY ON THE STATE OF THE MARKET ENVIRONMENT, SUMMARIES OF INVESTMENT ACTIVITY, SHORT-TERM LIQUIDITY AND COMMITMENTS, AND COMPARISONS OF THE LONG-TERM POOL TO POLICY PORTFOLIO RANGES. WHILE THE BOARD HAS DELEGATED MANAGER SELECTION AND RETENTION DECISIONS TO UVIMCO'S CEO/CIO, THE BOARD MONITORS THE CEO/CIO'S DECISION-MAKING PROCESS AND REVIEWS DOCUMENTATION OF DUE DILIGENCE ACTIVITIES IN ANALYZING AND MONITORING INVESTMENT MANAGERS. SCHEDULE A, PART IV, SECTION E, LINE 1C UVIMCO IS OPERATED SOLELY TO PROVIDE INVESTMENT MANAGEMENT ON BEHALF OF THE UNIVERSITY OF VIRGINIA (A VIRGINIA STATE-SUPPORTED EDUCATIONAL INSTITUTION) AND UNIVERSITY-ASSOCIATED ORGANIZATIONS, WHICH ALSO SUPPORT THE UNIVERSITY AND ALL OF WHICH ARE 501(C)(3) PUBLIC CHARITIES AND ARE OPERATED, SUPERVISED, OR CONTROLLED DIRECTLY BY OR IN CONNECTION WITH THE UNIVERSITY. THE UNIVERSITY OF VIRGINIA WOULD NEED TO CARRY OUT INVESTMENT MANAGEMENT ACTIVITIES IN THE ABSENCE OF UVIMCO. 4626919 1618959 3007960 297615 264269 33346 1020449 703390 317059 3358365 LONG/SHORT EQUITY 1613694646 F PUBLIC EQUITY 3160145305 F FIXED INCOME 462860762 F PORTFOLIO OVERLAYS 21564904 F ABSOLUTE RETURN 1045726566 F CREDIT 524013083 F REAL ASSETS 1986286426 F PRIVATE EQUITY 3804418391 F 12618710083 0 AMOUNTS HELD FOR OTHERS - LTP 13596825124 AMOUNTS HELD FOR OTHERS - STP 163230850 DEFERRED RENT AND LEASE INCENTIVE 933496 13760989470 X -676735745 -1740935831 -1740935831 1064200086 1064200086 -676703168 -706870466 -706870466 30167298 30167298 SCHEDULE D, PART X, LINE 2 FIN 48 (ASC 740) FOOTNOTE PER AUDITED FINANCIAL STATEMENTS U.S. GAAP REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF AN UNCERTAIN POSITION TAKEN, MORE LIKELY THAN NOT, WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COMPANY, AND HAS CONCLUDED THAT AS OF JUNE 30, 2022 AND 2021, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE COMPANY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE MAJOR TAX JURISDICTIONS FOR THE COMPANY ARE THE UNITED STATES AND COMMONWEALTH OF VIRGINIA AND THE TAX YEARS SUBJECT TO EXAMINATION ARE 2019 TO 2022. SCHEDULE D, PART XII, LINE 2D RECONCILIATION OF EXPENSES PER AUDITED FINANCIAL STATEMENTS WITH EXPENSES PER RETURN: ALLOCATION OF NET LOSS ON INVESTMENTS HELD FOR OTHERS REFLECTED AS CHANGE IN NET ASSETS $706,870,466. THE LONG TERM POOL HAD A RETURN OF (4.7)% FOR THIS REPORTING YEAR VERSUS A RETURN OF 49.0% FOR THE PRIOR REPORTING YEAR. Central America and the Caribbean 0 0 Investments 4362090574 East Asia and the Pacific 0 0 Investments 3794677 Europe (Including Iceland and Greenland) 0 0 Investments 511918803 Middle East and North Africa 0 0 Investments 2294250 North America 0 0 Investments 224513607 South Asia 0 0 Investments 15038690 Sub-Saharan Africa 0 0 Investments 463764951 Europe (Including Iceland and Greenland) 0 0 Program Services TRAVEL 121377 North America 0 0 Program Services TRAVEL 121 North America 0 1 Program Services INVESTMENT MANAGEMENT 252285 0 1 0 1 5583789335 5583789335 true false true true true false SCHEDULE F, PART I, INVESTMENTS THE INVESTMENTS DISCLOSURES IN SCHEDULE F, PART I, INDICATE WHERE EXTERNAL INVESTMENT FUNDS ARE INCORPORATED OR OTHERWISE DOMICILED. ACTUAL UNDERLYING INVESTMENTS ARE TYPICALLY MADE IN OTHER REGIONS OF THE WORLD. X X false true X X X X true true false false false false false true false ROBERT W DURDEN CEO/CIO 682154 0 150000 0 2320941 0 2418046 0 25946 0 5597087 0 744442 0 E SARGENT MCGOWAN MANAGING DIRECTOR 425352 0 128000 0 1320406 0 1144507 0 23323 0 3041588 0 491203 0 LINDSAY R LARSEN MANAGING DIRECTOR 376606 0 113000 0 1073172 0 905718 0 11431 0 2479927 0 346304 0 JONATHAN E EARNHARDT MANAGING DIRECTOR END 6/21 145564 0 0 0 1789556 0 367462 0 14095 0 2316677 0 419242 0 JASON M LOVE MANAGING DIRECTOR 371598 0 94000 0 902266 0 826122 0 29001 0 2222987 0 325859 0 KRISTINA M ALIMARD CHIEF OPERATING OFFICER 503962 0 250000 0 521927 0 880160 0 29137 0 2185186 0 315000 0 CAITLIN C FITZMAURICE MANAGING DIRECTOR END 11/21 304530 0 83000 0 548192 0 666930 0 9116 0 1611768 0 131232 0 JOHN M WINN GEN CNSL/CCO & SECRETARY 334186 0 0 0 389405 0 580160 0 28913 0 1332664 0 235000 0 J MATTHEW DORCHUCK DIRECTOR 260106 0 135000 0 120072 0 266914 0 11810 0 793902 0 0 0 JENNIFER W DAVIS DIRECTOR 0 570261 0 57200 0 2637 0 89456 0 36198 0 755752 0 0 ALLISON P GILLAM CHIEF FINANCIAL OFFICER 254040 0 250000 0 1718 0 202040 0 26560 0 734358 0 0 0 ERIC J BUNDONIS MANAGING DIRECTOR 334098 0 250000 0 2493 0 30160 0 29001 0 645752 0 0 0 BLAKE A FISCHER DIRECTOR OF TECHNOLOGY 234789 0 201900 0 2379 0 26460 0 25776 0 491304 0 0 0 JEFFERY M BARNES SENIOR ASSOCIATE 188598 0 106400 0 892 0 23130 0 26816 0 345836 0 0 0 MARILYN K PERKINS SENIOR ASSOCIATE 170072 0 126400 0 795 0 21650 0 24083 0 343000 0 0 0 ROBERT S HAMEL SENIOR ASSOCIATE 173886 0 110200 0 901 0 21506 0 9740 0 316233 0 0 0 SCHEDULE J, PART I, LINE 1A IN LIMITED CIRCUMSTANCES, THE USE OF FIRST-CLASS AIRFARE WAS APPROVED FOR THE PURPOSE OF TRAVELING TO UVIMCO BUSINESS MEETINGS. THESE TRAVEL EXPENSES ARE INCURRED FOR BUSINESS PURPOSES AND ARE NOT TREATED AS TAXABLE COMPENSATION. FOR CERTAIN LIMITED TAXABLE BENEFITS, ALL EMPLOYEES ARE ELIGIBLE TO RECEIVE TAX GROSS-UP PAYMENTS. SCHEDULE J, PART I, LINE 1B UVIMCO DOES NOT HAVE A WRITTEN POLICY SPECIFIC TO TAX GROSS-UP PAYMENTS. IN 2021 UVIMCO PAID THE TAXES ON LIMITED TAXABLE FRINGE BENEFIT EXPENSES. SCHEDULE J, PART I, LINE 4A JONATHAN E. EARNHARDT TERMINATED EMPLOYMENT ON JUNE 15, 2021 AND RECEIVED A SEVERANCE PAYMENT OF $15,625 UNDER THE TERMS OF A WRITTEN SEPARATION AGREEMENT. THIS AMOUNT IS INCLUDED IN PART II, COLUMN B (III), OTHER REPORTATABLE COMPENSATION. SCHEDULE J, PART I, LINE 4B UVIMCO MADE PAYMENTS FROM THE UVIMCO INCENTIVE COMPENSATION PLAN, A NONQUALIFIED INCENTIVE PLAN UNDER IRC SECTION 457(F). CALCULATION OF LONG-TERM INCENTIVE COMPENSATION IS BASED ON UVIMCO'S NET THREE-YEAR PERFORMANCE, VERSUS POLICY PORTFOLIO. 2021 COMPENSATION REPORTED IN PART II RELATED TO THE UVIMCO INCENTIVE COMPENSATION PLAN IS DETAILED BELOW: PARTICIPANT PART II, PART II, PART II, COL B(III) COL C COL F OTHER REPORTABLE DEFERRED (REPORTED ON COMPENSATION COMP. PRIOR FORM 990) ROBERT W. DURDEN $2,038,400 $2,387,886 $ 564,648 E. SARGENT MCGOWAN 1,030,069 1,114,347 316,203 LINDSAY R. LARSEN 805,991 875,558 246,304 JONATHAN E. EARNHARDT 588,611 349,587 344,242 JASON M. LOVE 735,764 795,962 225,859 CAITLIN C. FITZMAURICE 514,357 636,770 131,232 J. MATTHEW DORCHUCK 119,394 238,789 - IN 2021 UVIMCO DEFERRED CERTAIN DISCRETIONARY CASH BONUSES UNDER TERMS OF A DEFERRED COMPENSATION AGREEMENT UNDER IRC SECTION 457(F). AMOUNTS DEFERRED UNDER THE AGREEMENT ARE REPORTED IN COLUMN C, RETIREMENT AND OTHER DEFERRED COMPENSATION, AS DETAILED BELOW: PARTICIPANT PART II, PART II, PART II, COL B(III) COL C COL F OTHER REPORTABLE DEFERRED (REPORTED ON COMPENSATION COMP. PRIOR FORM 990) ROBERT W. DURDEN $281,152 - $179,794 E. SARGENT MCGOWAN 288,947 - 175,000 LINDSAY R. LARSEN 165,113 - 100,000 JONATHAN E. EARNHARDT 520,105 - 75,000 JASON M. LOVE 165,113 - 100,000 KRISTINA M. ALIMARD - 850,000 315,000 JOHN M. WINN 388,015 550,000 235,000 ALLISON P. GILLAM - 175,000 - SCHEDULE J, PART II, COLUMN B(III) INCLUDES TAXABLE FRINGE BENEFITS IN ADDITION TO THE IRC SECTION 457(F) AMOUNTS SHOWN ABOVE FOR THE INCENTIVE COMPENSATION PLAN AND DEFERRED COMPENSATION AGREEMENTS. JENNIFER W. DAVIS IS EMPLOYED BY THE UNIVERSITY OF VIRGINIA. SHE PARTICIPATED IN A SUPPLEMENTAL, NONQUALIFIED RETIREMENT PLAN UNDER IRC SECTION 415(M), WHICH IS SPONSORED BY THE UNIVERSITY OF VIRGINIA. AMOUNTS DEFERRED UNDER THE AGREEMENT ARE REPORTED IN COLUMN C, RETIREMENT AND OTHER DEFERRED COMPENSATION. DEFERRED UNDER THE AGREEMENT ARE REPORTED IN COLUMN C, RETIREMENT AND OTHER DEFERRED COMPENSATION. SCHEDULE J, PART I, LINE 7 CURRENT UVIMCO EMPLOYEES LISTED IN FORM 990, PART VII, SECTION A, LINE 1A WERE ELIGIBLE FOR NON-FIXED PAYMENTS IN THE FORM OF DISCRETIONARY CASH BONUSES BASED ON INDIVIDUAL PERFORMANCE DURING FISCAL YEAR 2021, WHICH ARE INCLUDED IN SCHEDULE J, PART II, COLUMN B (II). FORM 990, PART VI, LINE 1A SECTION A: GOVERNING BODY AND MANAGEMENT THE EXECUTIVE COMMITTEE IS ELECTED BY THE BOARD AND INCLUDES AT LEAST THREE BOARD MEMBERS. THE EXECUTIVE COMMITTEE MUST INCLUDE: (I) EITHER A UVA BOARD OF VISITORS' DESIGNEE OR THE UVA PRESIDENT'S BOARD DESIGNEE; (II) AT LEAST ONE DIRECTOR DESIGNATED A UNIVERSITY REPRESENTATIVE IN ACCORDANCE WITH THE UNIVERSITY'S POLICY ON UNIVERSITY-ASSOCIATED ORGANIZATIONS; AND (III) THE CHAIR OF THE AUDIT COMMITTEE. IN ADDITION TO ANY DUTY OR MATTER THAT MAY BE ASSIGNED TO IT BY THE BOARD OF DIRECTORS, THE EXECUTIVE COMMITTEE IS EMPOWERED TO ACT ON BEHALF OF THE BOARD OF DIRECTORS AND IS AUTHORIZED TO TAKE SUCH ACTIONS AS IT MAY APPROVE OR DIRECT ON BEHALF OF THE BOARD OF DIRECTORS, OTHER THAN CERTAIN FUNDAMENTAL ACTIONS SPECIFIED IN THE BYLAWS WHICH REQUIRE APPROVAL OF THE FULL BOARD. FORM 990, PART VI, LINE 7A SECTION A: GOVERNING BODY AND MANAGEMENT THREE BOARD MEMBERS ARE APPOINTED BY THE BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA UPON THE RECOMMENDATION OF THE RECTOR, AND ONE IS APPOINTED BY THE UNIVERSITY OF VIRGINIA PRESIDENT. FORM 990, PART VI, LINE 11B SECTION B: POLICIES A DRAFT OF FORM 990 IS REVIEWED BY MEMBERS OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS. THE FINAL FORM 990, INCLUDING SCHEDULES, IS MADE AVAILABLE TO ALL BOARD MEMBERS PRIOR TO FILING. FORM 990, PART VI, LINE 12C SECTION B: POLICIES CONFLICT OF INTEREST POLICY: ALL DIRECTORS AND STAFF OF UVIMCO, AND CERTAIN OTHER AFFILIATED PERSONS, ARE SUBJECT TO UVIMCO'S CODE OF CONDUCT (THE "CODE"). THE CODE COMPRISES A PART OF UVIMCO'S BROADER COMPLIANCE POLICIES AND PROCEDURES MANUAL. AMONG OTHER THINGS, THE CODE PLACES CERTAIN RESTRICTIONS ON PERSONAL TRADING, RECEIPT OF GIFTS, POLITICAL CONTRIBUTIONS, OUTSIDE ACTIVITIES, RELATED-PARTY TRANSACTIONS, AND OTHER CONFLICTS OF INTEREST. THE CODE ALSO CONTAINS CERTAIN PROVISIONS REQUIRING INTERESTED STAFF AND DIRECTORS TO RECUSE THEMSELVES FROM INFLUENCING OR PARTICIPATING IN TRANSACTIONS IN WHICH THEY HAVE A CONFLICT OF INTEREST. UVIMCO'S CHIEF COMPLIANCE OFFICER (CCO) ADMINISTERS UVIMCO'S COMPLIANCE PROGRAM, INCLUDING THE CODE. THE CODE CONTAINS PROVISIONS REGARDING DISCLOSURE AND REMEDIATION OF ANY COMPLIANCE VIOLATIONS. THE CCO IS ASSISTED IN ADMINISTERING THE COMPLIANCE PROGRAM BY MEMBERS OF UVIMCO'S OPERATIONS TEAM AS WELL AS EXTERNAL COMPLIANCE CONSULTING FIRMS. AMONG OTHER THINGS, UVIMCO'S COMPLIANCE CONSULTANTS PERFORM AN ANNUAL REVIEW OF UVIMCO'S COMPLIANCE PROGRAM. THE CCO ALSO MONITORS EMPLOYEES' PERSONAL TRADING ACTIVITY FOR COMPLIANCE WITH THE CODE OF CONDUCT. THE CCO REPORTS ON THE FINDINGS OF THIS REVIEW TO UVIMCO'S AUDIT COMMITTEE. THE CCO ALSO REPORTS ON CONFLICTS OF INTEREST AND OTHER COMPLIANCE MATTERS WHICH ARISE DURING THE COURSE OF THE YEAR TO THE AUDIT COMMITTEE. ALL DIRECTORS AND STAFF MUST SUBMIT AN ANNUAL CERTIFICATION THAT THEY HAVE COMPLIED WITH THE CODE OR NOTE EXCEPTIONS. ANY SUCH EXCEPTIONS ARE INVESTIGATED BY THE CCO. FORM 990, PART VI, LINES 15A AND 15B SECTION B: POLICIES EXECUTIVE COMPENSATION POLICY: THE COMPENSATION COMMITTEE, COMPRISED OF BOARD MEMBERS WITHOUT POTENTIAL CONFLICTS OF INTEREST CONCERNING COMPENSATION ARRANGEMENTS, MAKES COMPENSATION DECISIONS REGARDING ALL OFFICERS, INCLUDING THE CEO, WITHOUT DISCUSSION OR OTHER PARTICIPATION OF THE STAFF MEMBER WHOSE COMPENSATION IS UNDER CONSIDERATION. THE CEO PROVIDES INDUSTRY SURVEYS, EXPERT COMPENSATION STUDIES, OR OTHER COMPARABLE DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILAR ORGANIZATIONS. THE CEO ALSO PROVIDES PERFORMANCE REVIEWS, ACTUAL COMPENSATION DATA, AND COMPENSATION RECOMMENDATIONS TO ASSIST THE COMPENSATION COMMITTEE IN MAKING DECISIONS. THE CEO DOES NOT PROVIDE RECOMMENDATIONS REGARDING HIS/HER OWN COMPENSATION. THE COMPENSATION COMMITTEE FULLY DOCUMENTS ALL COMPENSATION DECISIONS AND THE BASIS FOR THE DECISIONS. THIS PROCESS FOR COMPENSATION DECISIONS WAS LAST UNDERTAKEN FOR ALL OFFICERS, INCLUDING THE CEO, IN 2022. COMPENSATION DECISIONS FOR NON-SENIOR STAFF MAY BE DELEGATED TO THE CEO. FORM 990, PART VI, LINE 19 SECTION C: DISCLOSURES AVAILABILITY OF DOCUMENTS: UVIMCO PROVIDES FINANCIAL STATEMENTS AND THE CONFLICT OF INTEREST POLICY TO UVA AND UNIVERSITY-ASSOCIATED ORGANIZATIONS THROUGH A SECURE PORTION OF THE ORGANIZATION'S WEBSITE, AND ORGANIZATIONAL DOCUMENTS TO UVA AND UNIVERSITY-ASSOCIATED ORGANIZATIONS UPON REQUEST. UVIMCO DOES NOT MAKE THESE DOCUMENTS AVAILABLE TO THE GENERAL PUBLIC. FORM 990, PART VII, SECTION B, INDEPENDENT CONTRACTORS FOUR OF THE FIVE HIGHEST COMPENSATED INDEPENDENT CONTRACTORS REPORTED IN PART VII REPRESENT SEPARATE ACCOUNT INVESTMENT MANAGERS PAID DIRECTLY BY UVIMCO. OTHER EXTERNAL MANAGERS ARE PAID INDIRECTLY THROUGH A REDUCTION IN THE NET ASSET VALUES OF INVESTMENT FUNDS IN WHICH UVIMCO INVESTS. THE FINANCIAL RESULTS OF UVIMCO'S OPERATIONS ARE REPORTED NET OF ALL INVESTMENT MANAGEMENT FEES. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSET OR FUND BALANCES ALLOCATION OF NET LOSS ON INVESTMENTS HELD FOR OTHERS REFLECTED AS CHANGE IN NET ASSETS: $ 706,870,466 THE LONG TERM POOL HAD A RETURN OF (4.7)% FOR THIS REPORTING YEAR VERSUS A RETURN OF 49.0% FOR THE PRIOR REPORTING YEAR. FON I LLC 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 562462804 STRUCT INVEST DE -195498 85366745 NA DYNAMO BRASIL II LLC 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 562462804 STRUCT INVEST DE 5110837 4146872 NA RECTOR&VISITORS OF THE UNIV OF VIRGINIA PO BOX 400228 CHARLOTTESVILLE VA 22904 546001796 HIGHER EDU. 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