2022-01-20T13:48:11-06:00 2021-06-30 135565207 KPMG LLP 8350 BROAD STREET SUITE 900 MCLEAN VA 22102 990 2020-07-01 540485595 UNIVERSITY OF VIRGINIA ALUMNI ASSOCIATION UNIV 4342439000 PO BOX 400314 CHARLOTTESVILLE VA 22904 MARGARET M ANDERSON CFO 4342439000 2022-01-20 1 MARGARET ANDERSON XXX-XX-XXXX JONATHAN LIST P01679255 7032868000 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z LILY E WEST PO BOX 400314 CHARLOTTESVILLE VA 22904 59256069 0 X WWW.ALUMNI.VIRGINIA.EDU X 1838 VA BUILD THE STRONGEST BOND AMONG ALUMNI AND BETWEEN ALUMNI AND THE UNIVERSITY OF VIRGINIA WHILE REPRESENTING THE INDEPENDENT VOICE AND PERSPECTIVE OF ALUMNI. 42 42 109 2700 374435 0 45505703 50800255 6642012 4924236 1110534 571510 78914 83982 53337163 56379983 39284257 75420305 0 0 8294392 7643758 0 0 1398311 4770370 3795907 52349019 86859970 988144 -30479987 410349748 582039961 125036443 161380411 285313305 420659550 X BUILD THE STRONGEST BOND AMONG ALUMNI AND BETWEEN ALUMNI AND THE UNIVERSITY BY SERVING ALL ALUMNI AND STUDENTS; BEING THE CENTER FOR ENGAGING AND CONNECTING THE GLOBAL UVA COMMUNITY; ACTING AS A CONDUIT TO KEEP ALUMNI INFORMED AND PROVIDING VEHICLES TO SHARE THEIR VOICES; AND BEING AN INVALUABLE PARTNER TO THE UNIVERSITY. 0 0 76494220 75420304 1601908 THE ASSOCIATION, THROUGH ITS UVA FUND PROGRAM, SERVES THE UVA COMMUNITY BY OFFERING FINANCIAL AND ENDOWMENT MANAGEMENT SERVICES. WITH MORE THAN 3,700 ACCOUNTS, THE UVA FUND PROVIDES EFFICIENT AND COST-EFFECTIVE SUPPORT FOR OVER 700 STUDENT ORGANIZATIONS, ALUMNI CLUBS, ASSOCIATED ORGANIZATIONS, AND HUNDREDS OF ENDOWMENTS AND RESTRICTED ACCOUNTS FOR ORGANIZATIONS AND UNITS ACROSS UVA. THE ASSOCIATION ALSO MANAGES AND ADMINISTERS NUMEROUS STUDENT SCHOLARSHIPS, AND, THROUGH ITS JEFFERSON TRUST PROGRAM, PROVIDES ANNUAL GRANTS TO PROJECTS THAT ENHANCE THE UNIVERSITY AS A PREEMINENT GLOBAL INSTITUTION OF HIGHER LEARNING. 3918221 2107859 HOMECOMINGS & REUNIONS - THROUGH A SERIES OF IN-PERSON AND DIGITAL EVENTS HELD THROUGHOUT THE YEAR, THE ASSOCIATION WELCOMES THOUSANDS OF ALUMNI BACK TO UVA IN MEANINGFUL, SOCIAL, AND EDUCATIONAL WAYS THAT STRENGTHEN THE BOND BETWEEN ALUMNI AND THEIR ALMA MATER. ANNUAL REUNIONS WEEKENDS BRINGS ALUMNI BACK BASED ON CLASS YEAR, WHILE OTHER REUNIONS GEARED FOR SPECIFIC DEMOGRAPHIC AND/OR AFFINITY GROUPS PROVIDE UNIQUE OPPORTUNITIES TO RECONNECT WITH THE UNIVERSITY THROUGHOUT A LIFETIME. ADDITIONAL PROGRAMMING INCLUDES SOCIAL AND EDUCATIONAL EVENTS SURROUNDING FOOTBALL GAMES AND MORE THAN 150 STUDENT EVENTS DESIGNED TO BUILD COMMUNITY AND CLASS IDENTITY. 1601824 840034 ALUMNI COMMUNICATIONS - THE ASSOCIATION IS A VIBRANT CENTER OF COMMUNICATIONS FOR ALUMNI, PARENTS, STUDENTS AND FACULTY, USING A VARIETY OF MEDIA PLATFORMS. THE ASSOCIATION PROVIDES TIMELY AND ACCURATE COMMUNICATION CHANNELS TO ITS CONSTITUENTS, KEEPING THEM WELL-INFORMED AND WELL-CONNECTED TO THE UNIVERSITY AND TO ONE ANOTHER. THE ASSOCIATION PUBLISHES THE AWARD-WINNING UVA MAGAZINE, WHICH IS DISTRIUTED TO ALL ALUMMI, STUDENTS, PARENTS, AND FRIENDS ON A QUARTERLY BASIS. THIS PUBLICATION IS SUPPLEMENTED BY WEBSITES, SOCIAL MEDIA, ELECTRONIC NEWSLETTERS AND VIDEOS. 82014265 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 483 0 1 109 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 42 42 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK AR CA CO DC KS KY ME MD MA MI MN NH NJ NY NV NC ND OK OR PA RI SC TN UT WA WV WI X X MARGARET ANDERSON 4342439000 ALUMNI HALL CHARLOTTESVILLE VA 229030446 JAMES G ALDIGE IV MANAGER 1.00 0.00 X 0 0 0 CORY L ALEXANDER MANAGER 1.00 0.00 X 0 0 0 E ROSS BAIRD MANAGER 1.00 0.00 X 0 0 0 SUSAN K BLANK MD MANAGER 1.00 0.00 X 0 0 0 CRYSTAL L BROWN MANAGER 1.00 0.00 X 0 0 0 GREGORY W BROWN MANAGER 1.00 0.00 X 0 0 0 WHITTINGTON W CLEMENT MANAGER 1.00 0.00 X 0 0 0 STEPHEN S CRAWFORD MANAGER 1.00 0.00 X 0 0 0 TERESA R DIMARCO MANAGER 1.00 0.00 X 0 0 0 JENNIFER S DRAPER MANAGER 1.00 0.00 X 0 0 0 PATRICIA K EPPS CHAIR 1.00 0.00 X X 0 0 0 PATRICK G FOSS MANAGER 1.00 0.00 X 0 0 0 BRETT J GALLAGHER MANAGER 1.00 0.00 X 0 0 0 STEPHEN P GIBSON MANAGER 1.00 0.00 X 0 0 0 TATIA DANIEL GRANGER MANAGER 1.00 0.00 X 0 0 0 MARIA T GUTIERREZ MANAGER 1.00 0.00 X 0 0 0 THOMAS BW HALL MANAGER 1.00 0.00 X 0 0 0 KURT B HARRISON MANAGER 1.00 0.00 X 0 0 0 R PHILIP HERGET MANAGER 1.00 0.00 X 0 0 0 ZENA K HOWARD MANAGER 1.00 0.00 X 0 0 0 WILLIAM L KITCHEL III MANAGER 1.00 0.00 X 0 0 0 ALICE ANNE LLOYD MANAGER 1.00 0.00 X 0 0 0 M ELIZABETH MAGILL MANAGER 1.00 0.00 X 0 0 0 THOMAS B MANGAS VICE-CHAIR 1.00 0.00 X X 0 0 0 ASHLEY T MANNING MANAGER 1.00 0.00 X 0 0 0 COURTNEY C BYRD METZ MANAGER 1.00 0.00 X 0 0 0 KATHERINE A MOORE MANAGER 1.00 0.00 X 0 0 0 BLAKE D MORANT MANAGER 1.00 0.00 X 0 0 0 MARC B MOYERS MANAGER 1.00 0.00 X 0 0 0 STEPHEN A MURRAY MANAGER 1.00 0.00 X 0 0 0 M PAUL NOLDE MANAGER 1.00 0.00 X 0 0 0 VISHAL M PATEL MANAGER 1.00 0.00 X 0 0 0 MARTHA S PELLINGTON MANAGER 1.00 0.00 X 0 0 0 R KENNON POTEAT III MANAGER 1.00 0.00 X 0 0 0 FRANK J QUAYLE III MANAGER 1.00 0.00 X 0 0 0 TAMIRA ROBERSON MANAGER 1.00 0.00 X 0 0 0 LOUIS A SARKES JR MANAGER 1.00 0.00 X 0 0 0 PAUL R SHIN MD MANAGER 1.00 0.00 X 0 0 0 KAREN R STOKES MANAGER 1.00 0.00 X 0 0 0 BANG H TRINH MANAGER 1.00 0.00 X 0 0 0 FATIMAH E WILLIAMS MANAGER 1.00 0.00 X 0 0 0 LESLIE H WILLIAMS JR MANAGER 1.00 0.00 X 0 0 0 LILY E WEST PRESIDENT & CEO 40.00 0.00 X 212739 0 39556 MARGARET M ANDERSON TREASURER & CFO 40.00 0.00 X 166009 0 23591 TERESA LOCKARD SECRETARY & CHIEF OF STAFF 40.00 0.00 X 66765 0 23232 RICHARD GARD VP COMMUNICATIONS 40.00 0.00 X 170779 0 34651 WAYNE D COZART VP DEVELOPMENT 40.00 0.00 X 175982 0 22742 SUSAN B KLOBUCHAR CMO 40.00 0.00 X 156839 0 34240 ASHLEY M CULLOP CDO 40.00 0.00 X 147143 0 34268 JASON E LIFE DIRECTOR ALUMNI ENGAGEMENT 40.00 0.00 X 140391 0 34530 COURTNEY M BIBB DIRECTOR DEVELOPMENT 40.00 0.00 X 133386 0 32805 BRENT J PERCIVAL ED JEFFERSON TRUST 40.00 0.00 X 123082 0 25241 TRACY R BURPEE SR. DIRECTOR HUMAN RESOURCES 40.00 0.00 X 128191 0 13585 JENIFER G ANDRASKO FORMER PRESIDENT & CEO 40.00 0.00 X 154149 0 26143 1775455 0 344584 18 1 1 0 UNIV OF VIRGINIA INVESTMENT MGMT CO 701 E WATER ST 4TH FL CHARLOTTESVILLE VA 22902 INVESTMENT MGMT FEES 887538 LANE PRESS PO BOX 130 BURLINGTON VT 05402 PRINTING PUBLISHER 449923 ARAMARK SERVICEMASTER 1101 MARKET ST PHILADELPHIA PA 19107 REPAIRS/MAINTENANCE 287219 MARTIN & HORN 210 CARLTON RD CHARLOTTESVILLE VA 22902 RENOVATION 266688 EGON ZEHNDER INTERNATIONAL 350 PARK AVENUE 8TH FLOOR NEW YORK NY 10022 EXECUTIVE RECRUITING 160000 7 411821 299802 50088632 9729817 50800255 UVA CONTRACTUAL 900099 2422182 2422182 ADMIN FEES 900099 1601908 1601908 ADVERTISING 511120 431595 57160 374435 COMMISSIONS 900099 392279 392279 PROGRAM FEES 900099 66272 66272 10000 10000 4924236 622500 622500 82545 82545 1437 0 1437 1437 1437 2825096 2876086 -50990 -50990 -50990 56379983 4549801 374435 655492 72150005 72150005 3270300 3270300 938379 555687 382692 4753585 2940454 1062439 750692 532548 330631 131495 70422 1002459 636739 228514 137206 416787 260906 100992 54889 283723 64516 193314 25893 38152 15528 22624 39035 60 38975 753442 753442 218722 42103 176594 25 74573 53168 695 20710 320224 157569 27685 134970 183735 143567 31439 8729 137858 54713 62831 20314 17587 15475 219 1893 338559 130282 155989 52288 167007 82390 70768 13849 PRINTING & PUBLICATIONS 771835 767143 4592 100 ALUMNI AFFAIRS 386195 339029 2095 45071 BAD DEBT EXPENSE 65260 4000 61260 86859970 82014265 3447394 1398311 42093789 40905219 3296591 5101963 287129 367943 11148913 7327317 4145687 3821596 112467834 155805298 244019359 370320062 4039359 5717880 410349748 582039961 760649 776100 1523868 0 122751926 160604311 125036443 161380411 X 79588565 113513787 205724740 307145763 285313305 420659550 410349748 582039961 X -30479987 164422190 1404042 X 0 1 X 1 0 X 45821423 41585809 36452281 45505703 50800255 220165471 45821423 41585809 36452281 45505703 50800255 220165471 10459836 209705635 1082395 1119715 1443378 1243454 706482 5595424 225760895 31462282 0.92890 0.97410 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 285313304 50388434 164240258 5420038 73862408 420659550 267737544 44899410 17197810 7327218 37194242 285313304 258782133 35750238 18183656 8774699 36203784 267737544 239202040 40396167 31245667 8941588 43120153 258782133 220971464 44693086 29721285 8940083 47243712 239202040 0.26985 0.46907 0.26108 1 0 112388 112388 8046149 5603242 2442907 2314756 1619205 695551 675620 104870 570750 3821596 GROWTH EQUITY 64279376 F LONG/SHORT EQUITY 85188102 F REAL ESTATE 16568848 F CREDIT 55273674 F RESOURCES 34221275 F CASH AND ACCRUALS 14120118 F BUYOUT 17052477 F BONDS 32824212 F VENTURE CAPITAL 50791980 F 370320062 FUNDS RECEIVED & HELD FOR THE RELAT 155012372 OTHER LIABILITIES 3716152 ANNUITY & LIFE OBLIGATIONS 1875787 160604311 X 221452773 164422190 1404042 165826232 55626541 753442 753442 56379983 86106528 0 86106528 753442 753442 86859970 PART V, LINE 4: THE ASSOCIATION'S ENDOWMENTS CONSIST OF APPROXIMATELY 3,700 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES IN FURTHERANCE OF THE ASSOCIATION'S MISSION, INCLUDING DONOR-RESTRICTED FUNDS, ENDOWMENTS, AND FUNDS DESIGNATED BY THE BOARD TO FUNCTION AS ENDOWMENTS. THE FUNDS SUPPORT SPECIFIC PROGRAMS, SCHOLARSHIPS, STUDENT ACTIVITES, AND UNIVERSITY-RELATED ORGANIZATIONS. PART X, LINE 2: THE ASSOCIATION IS EXEMPT FROM FEDERAL INCOME TAXES AS DEFINED BY SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE) AND CLASSIFIED AS A PUBLIC CHARITY UNDER 509(A)(1) OF THE CODE. THE ASSOCIATION IS REQUIRED TO RECOGNIZE THE EFFECT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN BASED ON A 'MORE LIKELY THAN NOT' OF BEING SUSTAINED BY A TAXING AUTHORITY THRESHOLD. THE ASSOCIATION DOES NOT BELIEVE IT HAS ANY UNCERTAIN TAX POSITIONS REQUIRED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF BENEFICIAL INTERESTS IN TRUST 1,331,069. CHANGE IN VALUE OF TRUSTS AND ANNUITIES 72,973. 1 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDENT RESEARCH & AID 31516 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDENT RESEARCH & AID 43234 NORTH AMERICA 0 0 PROGRAM SERVICES STUDENT RESEARCH & AID 211 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDENT RESEARCH & AID 24695 0 0 0 0 0 0 99656 0 99656 0 0 0 0 0 0 PART I, LINE 2: THE UVA FUND PROVIDES SUPPORT FOR AN EXTENSIVE RANGE OF EDUCATIONAL AND SCHOLARLY WORK REFLECTING INTERNATIONAL INTERESTS. THESE FUNDS PROMOTE THE ENGAGEMENT OF FACULTY AND STUDENTS IN THE DEVELOPMENT OF MULTIDISCIPLINARY SCHOLARSHIP AND RESEARCH PROJECTS THAT ADDRESS EQUAL AND SOCIAL JUSTICE, SUSTAINABLE ECONOMIC DEVELOPMENT, PUBLIC HEALTH, GLOBAL INTERCONNECTION, AND PUBLIC SERVICE. FUNDS ARE USED TO PAY FOR SPEAKERS, TRAVEL AND HANDS-ON LEARNING OPPORTUNITIES FOR STUDENTS AND FACULTY. PART I, LINE 3: FOREIGN EXPENDIUTRES ARE ACCOUNTED FOR ON THE ACCRUAL BASIS. PART III ACCOUNTING METHOD: 1 UNIVERSITY OF VIRGINIA PO BOX 40229 CHARLOTTESVILLE VA 22904 546001796 501(C)(3) 72150005 N/A N/A STUDENT, FACULTY & PROGRAM SUPPORT 1 0 GRANTS AND SCHOLARSHIPS 1068 3270300 N/A N/A PART I, LINE 2: THE UVA FUND SERVES THE UNIVERSITY COMMUNITY WITH FINANCIAL AND ENDOWMENT MANAGEMENT SERVICES, SCHOLARSHIP ADMINISTRATION, DONOR STEWARDSHIP, GRANT ASSISTANCE AND EMERGENCY STUDENT LOANS. SCHEDULE I, PART III THE ASSOCIATION, THROUGH ITS UVA FUND PROGRAM, MANAGES HUNDREDS OF RESTRICTED ENDOWMENTS, SCHOLARSHIPS AND OPERATING FUNDS FOR OGANIZATIONS AND UNITS ACCROSS THE UNIVERSITY COMMUNITY. DETAILED RECORDS OF ALL GIFTS AND OTHER INCOME ARE MAINTAINED. THE ACCOUNTING SOFTWARE USED BY THE UVA FUND PROVIDES AN ACCURATE AND DETAILED HISTORY OF EXPENDITURES FOR ALL FUNDS BY ACCOUNT. ALL GRANT REQUESTS ARE REVIEWED PRIOR TO PAYMENT TO ENSURE THEY MATCH THE FUND'S PURPOSE, CONFORM TO THE DONOR'S ORIGINAL INTENT, AND THAT ALL RESTRICTIONS ARE MET. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 LILY E WEST PRESIDENT & CEO 202953 0 0 0 9786 0 20296 0 19260 0 252295 0 0 0 RICHARD GARD VP COMMUNICATIONS 159256 0 0 0 11523 0 15925 0 18726 0 205430 0 0 0 WAYNE D COZART VP DEVELOPMENT 159431 0 0 0 16551 0 15943 0 6799 0 198724 0 0 0 SUSAN B KLOBUCHAR CMO 147000 0 0 0 9839 0 14700 0 19540 0 191079 0 0 0 MARGARET M ANDERSON TREASURER & CFO 155886 0 0 0 10123 0 15589 0 8002 0 189600 0 0 0 ASHLEY M CULLOP CDO 137500 0 0 0 9643 0 13750 0 20518 0 181411 0 0 0 JENIFER G ANDRASKO FORMER PRESIDENT & CEO 142019 0 0 0 12130 0 14202 0 11941 0 180292 0 0 0 JASON E LIFE DIRECTOR ALUMNI ENGAGEMENT 139979 0 0 0 412 0 13998 0 20532 0 174921 0 0 0 COURTNEY M BIBB DIRECTOR DEVELOPMENT 123750 0 0 0 9636 0 12375 0 20430 0 166191 0 0 0 PART I, LINE 1A FARMINGTON COUNTRY CLUB DUES: THE ALUMNI ASSOCIATION PAYS FOR THE PRESIDENT AND CEO TO MAINTAIN A MEMBERSHIP IN THE FARMINGTON COUNTRY CLUB. FARMINGTON IS A SOCIAL CLUB USED BY THE EMPLOYEE FOR BUSINESS AND RECREATIONAL USE. THIS IS CONSIDERED FULLY TAXABLE AND IS THEREFORE INCLUDED IN THE EMPLOYEE'S W-2 TAXABLE WAGES. INTRAMURAL SPORTS MEMBERSHIP: THE ALUMNI ASSOCIATION PROVIDES AN INTRAMURAL-RECREATIONAL SPORTS MEMBERSHIP TO ANY EMPLOYEE WISHING TO JOIN. THIS MEMBERSHIP ALLOWS THE EMPLOYEE TO UTILIZE ALL UNIVERSITY RECREATION FACILITIES AND COSTS $450/YEAR PER EMPLOYEE. MEMBERSHIP IS AVAILABLE TO ALL MEMBERS OF THE UNIVERSITY COMMUNITY. EMPLOYEES ARE NOT TAXED ON THE VALUE OF THE SPORTS MEMBERSHIP BECAUSE THE ATHLETIC FACILITIES ARE LOCATED ON UNIVERSITY PREMISES AND OPERATED BY THE UNIVERSITY. THE USE OF THE FACILITIES PASS IS LIMITED TO THE EMPLOYEE ONLY AND IS NOT AVAILABLE TO FAMILY MEMBERS. [I.R.C. SEC. 132(I)(4)] THE ALUMNI ASSOCIATION PAYS FOR SOCIAL CLUB DUES FOR THE FOLLOWING EMPLOYEE: 1. JENIFER ANDRASKO - $2,910 SCHEDULE J PART I, LINE 7 DURING ITS ANNUAL REVIEW THE COMPENSATION COMMITTEE OF THE BOARD OF MANAGERS REVIEWS THE COMPENSATION PACKAGE OF THE CEO AND DETERMINES IF AN ANNUAL BONUS IS MERITED AND IF SO, THE AMOUNT. THIS REVIEW CONSIDERS PERFORMANCE AS WELL AS COMPARABILITY WITH SIMILAR POSITIONS AT OTHER INDEPENDENT ALUMNI ASSOCIATIONS AND THE RESULTS OF THE INDEPENDENT EXECUTIVE COMPENSATION ANALYSIS. X 523 9000567 FMV X HORSES 11 724750 FMV X OTHER 4 4500 FMV 5 0 1 1 PART I, COLUMN (B): THE AMOUNTS IN COLUMN (B) REPRESENT THE NUMBER OF CONTRIBUTIONS, NOT THE NUMBER OF ITEMS RECEIVED. PART I, LINE 32B: THE ALUMNI ASSOCIATION USES INDEPENDENT AGENTS AND BROKERS TO SELL AND PROCESS GIFTS OF SECURITIES. FORM 990, PART VI, SECTION A, LINE 1 IN ACCORDANCE WITH ARTICLE X, SECTION 1 OF THE ASSOCIATION'S CORPORATE BYLAWS, THE BOARD OF MANAGERS MAY CREATE AN EXECUTIVE COMMITTEE AND SHALL APPOINT MANAGERS TO SERVE ON IT. THE COMMITTEE SHALL HAVE TWO OR MORE MEMBERS, WITH A MAJORITY OF THE COMMITTEE MEMBERSHIP CONSISTING OF MANAGERS, AND ALL OF WHOM SHALL SERVE AT THE PLEASURE OF THE BOARD. THE CURRENT EXECUTIVE COMMITTEE CONSISTS OF 14 MEMBERS, ALL OF WHICH ARE VOTING MANAGERS OF THE BOARD. PURSUANT TO ARTICLE II, SECTION 2 OF THE CORPORATE BYLAWS, THE EXECUTIVE COMMITTEE OF THE BOARD OF MANAGERS IS EMPOWERED TO ACT ON ANY MATTERS BETWEEN REGULAR BOARD MEETINGS WITH THE FOLLOWING EXCEPTIONS: THE EXECUTIVE COMMITTEE MAY NOT (I) FILL VACANCIES ON THE BOARD OR ON ANY OF ITS COMMITTEES; (II) AMEND THE ARTICLES OF INCORPORATION; (III) ADOPT, AMEND OR REPEAL THE BYLAWS; (IV) APPROVE A PLAN OF MERGER OR CONSOLIDATION; (V) APPROVE THE SALE, LEASE OR EXCHANGE, OR THE MORTGAGE, PLEDGE OR OTHER DISPOSITION OF ALL, OR SUBSTANTIALLY ALL, OF THE PROPERTY AND ASSETS OF THE ASSOCIATION; OR (VI) APPROVE REVOCATION OF VOLUNTARY DISSOLUTION PROCEEDINGS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY MANAGEMENT AND THE ASSOCIATION'S INDEPENDENT ACCOUNTING FIRM KPMG. FURTHER REVIEW IS PROVIDED BY THE AUDIT COMMITTEE AT A MEETING CALLED SPECIFICALLY FOR THIS PURPOSE. PRIOR TO SUBMISSION THE FORM IS PROVIDED TO THE FULL BOARD OF MANAGERS FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C EACH MEMBER OF THE BOARD OF MANAGERS FILES WITH THE SECRETARY A CONFLICT OF INTEREST DISCLOSURE STATEMENT. THIS STATEMENT IS RENEWED ON AN ANNUAL BASIS AT THE BEGINNING OF EACH FISCAL YEAR. A CONFLICT OR POTENTIAL CONFLICT OF INTEREST IS CONSIDERED TO EXIST IF THE MEMBER OR A MEMBER'S DEPENDENT HAS ANY RELATIONSHIP, INTEREST, OR SITUATION WHICH MIGHT INDICATE A DUALITY OF LOYALTY OR INTEREST. IF A CONFLICT EXISTS, THE MEMBER IS ASKED TO IDENTIFY THE SPECIFIC CONFLICT. ANY MEMBER OF THE BOARD HAVING A CONFLICT OF INTEREST IN CONNECTION WITH ANY MATTER BEFORE THE BOARD SHALL SO INDICATE AT THE TIME AND SHALL BE EXPECTED TO EXCUSE HIMSELF/HERSELF/THEMSELF DURING THAT PORTION OF THE MEETING. THE MINUTES OF THE MEETING SHALL REFLECT ANY SUCH DISCLOSURE AND ABSTENTION FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMPENSATION PROGRAM AT THE ALUMNI ASSOCIATION OF THE UNIVERSITY OF VIRGINIA (THE ASSOCIATION) IS DESIGNED TO ALIGN THE INTERESTS OF EXECUTIVE OFFICERS WITH THEIR PERFORMANCE. THIS PROGRAM IS BASED ON A PHILOSOPHY THAT THE TOTAL COMPENSATION PACKAGE MUST BE COMPETITIVE WITH SIMILAR POSITIONS IN THE INDUSTRY IN ORDER TO ATTRACT AND RETAIN EXECUTIVE TALENT. THE COMPENSATION COMMITTEE (COMMITTEE) OF THE ASSOCIATION'S BOARD OF MANAGERS IS RESPONSIBLE FOR OVERSIGHT AND ADMINISTRATION OF THE EXECUTIVE COMPENSATION PROGRAM. THE COMMITTEE RETAINS A PROFESSIONAL CONSULTANT TO PROVIDE AN INTERMEDIATE SANCTIONS REVIEW OF THE PRESIDENT AND FIVE HIGHEST PAID POSITIONS AND A MARKET VALUE ANALYSIS OF ALL OTHER MAJOR JOB DESCRIPTIONS ON A TRIENNIAL BASIS. SALARY AND OTHER BENEFITS ARE BENCHMARKED AGAINST THE COMPENSATION PAID TO OFFICERS AND UPPER MANAGEMENT IN COMPARABLE, HIGH-PERFORMING COMPANIES WITH SIMILAR RESPONSIBILITIES. THIS PROFESSIONAL REVIEW WAS LAST PERFORMED IN FISCAL YEAR 2018-19. THE COMPENSATION COMMITTEE DOCUMENTS THE DELIBERATION AND ALL DECISIONS MADE. FORM 990, PART VI, SECTION C, LINE 19 THE ASSOCIATION DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. THE ASSOCIATION DOES MAKE ITS FINANCIAL STATEMENTS, IRS FORM 990, AND IRS FORM 990-T AVAILABLE TO THE PUBLIC ON ITS OWN WEBSITE. FORM 990, PART XI, LINE 9: CHANGE FV BENEFICIAL TRUST INTEREST 1,331,069. CHANGE VALUE TRUST AND ANNUITIES 72,973. THE JEFFERSON TRUST FOR THE UNIV OF VA 211 EMMET STREET SOUTH CHARLOTTESVILLE VA 22903 GRANT PROGRAM VA 1246486 48198638 UVAA