2022-05-11T12:30:40-05:00 2021-06-30 861065772 DELOITTE TAX LLP 7900 TYSONS ONE PLACE SUITE 800 MCLEAN VA 22102 990 2020-07-01 843505125 1693 Partners Fund 1693 7572211906 5300 Discovery Park Blvd 3RD FLOOR Williamsburg VA 231882695 WILLIAM D COPAN JR COO 2022-05-11 true WILLIAM D COPAN JR 999009999 JOHN W SADOFF JR P00540589 7032511000 2020 2022-09-23 18:48:47Z William D Copan JR 5300 Discovery Park Blvd 3RD FLOOR Williamsburg VA 231882695 103678163 false X NONE X 2019 VA INVEST ENDOWMENT ASSETS SUPPORTING THE COLLEGE OF WILLIAM & MARY AND ITS AFFILATED ORGANIZATIONS. 11 11 0 19 -460 0 0 0 0 0 0 38706072 0 0 0 38706072 0 0 0 0 0 0 0 0 0 2389794 0 2389794 0 36316278 0 943135079 0 459749 0 942675330 X INVEST ENDOWMENT ASSETS SUPPORTING THE COLLEGE OF WILLIAM & MARY AND ITS AFFILATED ORGANIZATIONS. true false 2389794 0 0 INVEST ENDOWMENT ASSETS SUPPORTING THE COLLEGE OF WILLIAM & MARY AND ITS AFFILIATED ORGANIZATIONS 2389794 true false false false false false false false true false false true 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 0 0 0 false false false false false false false false false false false false X 11 11 false false true false false false false true true false false true true true true true true false false false X KARYN TANCREDI 7572212744 5300 DISCOVERY PARK BOULEVARD WILLIAMSBURG VA 231882695 ANDREW W HORROCKS TREASURER/TRUSTEE 1.0 1.0 X X 0 0 0 CLIFFORD B FLEET III VICE CHAIR/TRUSTEE (TERM ENDED DECEMBER 15 2020) 1.0 1.0 X X 0 0 0 ELIZABETH CABELL JENNINGS CHAIR/TRUSTEE 1.0 1.0 X X 0 0 0 JILL MARIE LORD SECRETARY/TRUSTEE (TERM ENDED DECEMBER 15 2020) 1.0 1.0 X X 0 0 0 JODY W FORSYTH VICE CHAIR/TRUSTEE 1.0 1.0 X X 0 0 0 BROOKE TRIBLE WEINMANN TRUSTEE (TERM ENDED DECEMBER 15 2020) 1.0 1.0 X 0 0 0 DARPAN SUBHASH KAPADIA TRUSTEE (TERM BEGAN DECEMBER 15 2020) 1.0 1.0 X 0 0 0 DAVID J JALLITS TRUSTEE (TERM BEGAN DECEMBER 15 2020) 1.0 1.0 X 0 0 0 DAVID N KELLEY TRUSTEE (TERM ENDED DECEMBER 15 2020) 1.0 1.0 X 0 0 0 DAVID R COVIN TRUSTEE (TERM BEGAN DECEMBER 15 2020) 1.0 1.0 X 0 0 0 J SCOTT PERKINS TRUSTEE (TERM BEGAN DECEMBER 15 2020) 1.0 1.0 X 0 0 0 JANET R ATWATER TRUSTEE (TERM ENDED DECEMBER 15 2020) 1.0 1.0 X 0 0 0 KARIM HK AHAMED TRUSTEE (TERM BEGAN DECEMBER 15 2020) 1.0 0.0 X 0 0 0 KEVIN M O'NEILL TRUSTEE (TERM BEGAN DECEMBER 15 2020) 1.0 0.0 X 0 0 0 KEVIN M PHILLIPS TRUSTEE (TERM ENDED DECEMBER 15 2020) 1.0 1.0 X 0 0 0 MICHAEL K POWELL TRUSTEE 1.0 1.0 X 0 0 0 MICHAEL P FORADAS TRUSTEE (TERM ENDED DECEMBER 15 2020) 1.0 1.0 X 0 0 0 PAUL R ECKERT TRUSTEE (TERM BEGAN MAY 25 2021) 1.0 0.0 X 0 0 0 RAELENE C WAGONER TRUSTEE (TERM ENDED DECEMBER 15 2020) 1.0 1.0 X 0 0 0 AMY S SEBRING SECRETARY/TREASURER 1.0 15.5 X 326267 0 20290 WILLIAM D COPAN JR CHIEF OPERATING OFFICER/ASSISTANT TREASURER 37.5 12.5 X 184671 0 6572 CATHERINE MOUNTJOY DIRECTOR OF INVESTMENTS 40.0 5.0 X 375301 0 14019 F BRIAN HIESTAND CHIEF INVESTMENT OFFICER 40.0 10.0 X 560495 0 6490 1446734 0 47371 4 false true true 1693 Management Company LLC 5300 Discovery Park Boulevard Williamsburg VA 231882695 Professional Services 1242684 Shapiro Capital Management 3060 Peachtree Road Suite 1555 Atlanta GA 30305 Professional Services 185457 William Blair & Company LLC 150 North Riverside Plaza Chicago IL 60606 Professional Services 173216 Vulcan Value Partners LLC Three Protective CTR 2801 HWY 280 South Suite 300 Birmingham AL 35223 Professional Services 116788 4 0 0 0 0 0 0 5753308 -460 5753768 0 0 97924855 64972091 32952764 0 32952764 32952764 0 0 0 0 0 38706072 0 -460 38706532 686871 686871 17645 17645 69148 69148 1242684 1242684 222143 222143 0 0 Foreign Exchange Charges & Tax Expense 76162 76162 Foreign taxes witheld 75141 75141 0 0 0 0 2389794 2389794 0 0 0 113277 0 31929978 0 2824802 0 0 0 0 0 0 272477868 0 0 635789154 0 0 0 943135079 459749 0 0 0 0 459749 X 942675330 0 942675330 0 943135079 X 36316278 61560917 844798135 X false true X true false X X X 4 WILLIAM & MARY FOUNDATION 540734117 5 true 0 0 MARSHALL-WYTHE SCHOOL OF LAW FOUNDATION 541224563 5 true 0 0 WILLIAM AND MARY BUSINESS SCHOOL FOUNDATION 237079011 5 true 0 0 MURRAY 1693 SCHOLARS FOUNDATION 464365190 5 true 0 0 4 0 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 509(A)(3) WHOSE PURPOSE IS TO SUPPORT THE WILLIAM & MARY 1693 SCHOLARS PROGRAM IN ORDER TO PROVIDE SCHOLARSHIP FUNDING FOR STUDENTS OF THE COLLEGE OF WILLIAM & MARY. BOTH SUPPORTING ORGANIZATIONS SUPPORT THE COLLEGE OF WILLIAM & MARY. 0 844798135 100191848 2314653 942675330 0 0 0 0 0 0 0 0.0 1.0 0.0 false false Diversifying Strategies 95191064 F Domestic Equity 109370570 F Fixed Income 35767890 F Foreign Equity 118460161 F Private Equity 204109960 F Real Assets 72078212 F Transitional Trading 811297 F 635789154 0 X 100191848 61560917 -75141 61485776 38706072 0 0 38706072 2314653 0 0 2314653 75141 75141 2389794 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 THE COLLEGE OF 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 YEAR ENDED JUNE 30, 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, 2021, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE FUND IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS. THE FISCAL YEAR ENDED JUNE 30, 2021 IS SUBJECT TO EXAMINATION. THE FILING DEADLINE FOR THE JUNE 30, 2021 RETURN IS MAY 15, 2022. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 Foreign Taxes Withheld - -75141 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements Foreign Taxes Withheld - 75141 Central America and the Caribbean 0 0 Investments 55529819 East Asia and the Pacific 0 0 Investments 13388942 Europe (Including Iceland and Greenland) 0 0 Investments 32747849 Middle East and North Africa 0 0 Investments 121663 South Asia 0 0 Investments 1397252 North America (Canada & Mexico only) 0 0 Investments 1738197 0 0 0 0 0 0 104923722 0 104923722 true false true true true false false false false false false false false true false AMY S SEBRING SECRETARY/TREASURER 326267 0 0 0 0 0 19307 0 983 0 346557 0 0 0 WILLIAM D COPAN JR CHIEF OPERATING OFFICER/ASSISTANT TREASURER 184671 0 0 0 0 0 4006 0 2566 0 191243 0 0 0 F BRIAN HIESTAND CHIEF INVESTMENT OFFICER 301388 0 259107 0 0 0 4967 0 1523 0 566985 0 0 0 CATHERINE MOUNTJOY DIRECTOR OF INVESTMENTS 211392 0 163909 0 0 0 13553 0 466 0 389320 0 0 0 Schedule J, Part I, Line 7 Non-fixed payments Brian Hiestand and Catherine Mountjoy received bonuses approved by the management company board. Bonuses are based on return of the Fund and other factors. Schedule J, Part II THE INDIVIDUALS LISTED IN PART II ARE EMPLOYEES OF THE COLLEGE 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. ADDITIONAL INFORMATION REGARDING COMPENSATION IS REPORTED IN SCHEDULE O. Form 990, Part III, Line 2 New program services THE FUND COMMENCED INVESTMENT ACTIVITIES EFFECTIVE JANUARY 1, 2021. Form 990, Part VI, Line 4 Significant changes to organizational documents THE BYLAWS WERE AMENDED BY DELETING AND REPLACING IN ITS ENTIRETY SECTION 2.2(B) WHICH DISCUSSES ELIGIBILITY TO BE AND REMAIN A MEMBER OF THE FUND. 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 CONTROLLER AND CHIEF OPERATING OFFICER REVIEW A DRAFT OF THE FORM. THE CONTROLLER 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 FINANCIAL STATEMENTS OF THE FUND ARE MADE AVAILABLE UPON REQUEST. THE CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE GENERALLY NOT AVAILABLE TO THE PUBLIC. Form 990, Part VII, Section A, Line 2 THE RESPONSE TO QUESTION 2 REPORTS THE NUMBER OF STAFF IDENTIFIED WHO HAVE REPORTABLE COMPENSATION AND PERFORM SERVICES FOR THE FUND. NONE OF THE STAFF ARE EMPLOYEES OF THE FUND. THEY ARE EMPLOYEES OF THE COLLEGE OF WILLIAM & MARY. THE UNIVERSITY IS REIMBURSED FOR THE COMPENSATION OF UNIVERSITY EMPLOYEES WHO PERFORM SERVICES EXCLUSIVELY FOR THE FUND. THEIR COMPENSATION IS REPORTED IN COLUMN E (RELATED ORGANIZATIONS) RECOGNIZING THEIR EMPLOYER IS NOT THE FUND. Form 990, Part XI, Line 9 Other changes in net assets or fund balances TRANSFER FROM THE WILLIAM AND MARY INVESTMENT TRUST - XXX-XX-XXXX; MEMBER CONTRIBUTIONS - 8360206; MEMBER WITHDRAWALS - -17031565; PART VI, SECTION B, LINE 15 AND PART V, LINE 1B THE ORGANIZATION DOES NOT HAVE ANY EMPLOYEES OF RECORD. ALL WORK IS PERFORMED BY EMPLOYEES OF THE COLLEGE OF WILLIAM & MARY. THE UNIVERSITY IS REIMBURSED FOR ALL OR PART OF SALARY AND BENEFIT COSTS. THE SALARIES IN LINE 7 OF PART IX REFLECT COSTS FOR STAFF WHO PERFORM DUTIES RELATING TO FUND ADMINISTRATION. COMPENSATION IS GENERALLY ESTABLISHED WITHIN THE GUIDELINES OF THE UNIVERSITY, INCLUDING COMPARABLE MARKET DATA AS APPROPRIATE. COMPENSATION LISTED FOR THE CHIEF INVESTMENT OFFICER AND 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 CO, LLC, THE INVESTMENT MANAGER OF THE FUND, WHICH CONSIDERED A SURVEY OF COMPENSATION OF INDIVIDUALS IN SIMILAR POSITIONS AT SIMILAR ORGANIZATIONS. SCHEDULE J, PART II F. BRIAN HIESTAND, CATHERINE MOUNTJOY, AND WILLIAM D. COPAN, JR. ARE LEGAL EMPLOYEES OF THE COLLEGE OF WILLIAM & MARY. THE UNIVERSITY IS NOT RELATED TO THE 1693 PARTNERS FUND AS IT MEETS NONE OF THE DEFINITIONS OF RELATIONSHIPS OUTLINED IN THE INSTRUCTIONS TO THE 2020 FORM 990. THE 1693 MANAGEMENT COMPANY LLC REIMBURES THE UNIVERSITY FOR ALL COMPENSATION COSTS, THEN IS ITSELF REIMBURSED BY THE 1693 PARTNERS FUND FOR ALL OR A PORTION OF THE COMPENSATION FOR THESE THREE INDIVIDUALS. General SECTION 351 The William and Mary Investment Trust ("the Trust"), a group grantor trust under Virginia law, was established July 1, 2004 and provided a platform for tax-exempt organizations affiliated with the University (each a "Grantor" and collectively the "Grantors") to invest their endowment assets prior to the organization of the 1693 Partners Fund ("the Fund"). Each Grantor to the Trust owned an interest proportional to the value of the assets transferred to the Trust, which was increased or decreased with subsequent contributions or distributions. Effective December 31, 2020, William & Mary Foundation, trustee of the Trust, adopted the Plan of Dissolution, Grantor Account Termination and Complete Liquidation (the "Plan"). The Plan undertook the request of the Grantors to terminate their grantor accounts by contributing the net assets of the Trust to the Fund. Pursuant to the terms of the Agreements and the Assignment and Contribution Agreement between the Fund and the Trust, the Members agreed to deposit, without limitation, their interests in the assets of the Trust to the Fund. WILLIAM & MARY FOUNDATION 5300 DISCOVERY PARK BLVD 3RD FLOOR WILLIAMSBURG VA 23188 540734117 ORGANIZATION OPERATED FOR THE BENEFIT OF THE COLLEGE OF WILLIAM & MARY VA 501(c)(3) 5 N/A false MARSHALL-WYTHE SCHOOL OF LAW FOUNDATION 613 SOUTH HENRY STREET WILLIAMSBURG VA 23185 541224563 ORGANIZATION OPERATED FOR THE BENEFIT OF THE COLLEGE OF WILLIAM & MARY VA 501(c)(3) 5 N/A false WILLIAM & MARY BUSINESS SCHOOL FOUNDATION 101 UKROP WAY WILLIAMSBURG VA 23185 237079011 ORGANIZATION OPERATED FOR THE BENEFIT OF THE COLLEGE OF WILLIAM & MARY VA 501(c)(3) 5 N/A false MURRAY 1693 SCHOLARS FOUNDATION PO BOX 8795 WILLIAMSBURG VA 231878795 464365190 ORGANIZATION OPERATED FOR THE BENEFIT OF THE COLLEGE OF WILLIAM & MARY VA 501(c)(3) 5 N/A false false false false false false false false false false false false false false true false true false true true Schedule R, Part V, Line 1n SHARING OF FACILITIES THE 1693 PARTNERS FUND SHARES OFFICE SPACE WITH THE 1693 MANAGEMENT COMPANY, LLC, THE INVESTMENT MANAGER, WHICH IS A SINGLE-MEMBER LLC OF WILLIAM & MARY FOUNDATION. Schedule R, Part V, Line 1p REIMBURSEMENT PAID TO RELATED ORGANIZATION FOR EXPENSES THE 1693 PARTNERS FUND REIMBURSES THE EXPENSES OF THE 1693 MANAGEMENT COMPANY, LLC, THE INVESTMENT MANAGER, A SINGLE-MEMBER LLC OF WILLIAM & MARY FOUNDATION, IN ACCORDANCE WITH THE INVESTMENT MANAGEMENT AGREEMENT BETWEEN THE FUND AND MANAGEMENT COMPANY. Schedule R, Part V, Line 1r OTHER TRANSFER OF CASH TO RELATED ORGANIZATIONS IN ACCORDANCE WITH MEMBER DEPOSIT AGREEMENTS, THE FUND MADE QUARTERLY DISTRIBUTIONS FOR ANNUAL BUDGETED CASH REQUIREMENTS TO THE MEMBER FOUNDATIONS PURSUANT TO AN ANNUAL NOTIFICATION DELIVERED TO THE FUND WITHIN TWENTY BUSINESS DAYS PRIOR TO THE BEGINNING OF THE FISCAL YEAR. Schedule R, Part V, Line 1s OTHER TRANSFER OF CASH FROM RELATED ORGANIZATIONS IN ACCORDANCE WITH MEMBER DEPOSIT AGREEMENTS, MEMBER FOUNDATIONS MADE PERIODIC CONTRIBUTIONS TO THE FUND FOR INVESTMENT PURPOSES DURING THE FISCAL YEAR.