2020-07-14T15:38:24-05:00 2019-06-30 PRICEWATERHOUSECOOPERS LLP 600 13TH ST NW STE 1000 WASHINGTON DC 20005 990 2018-07-01 562462804 UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY % ALLISON GILLAM UNIV 4342184540 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 ALLISON GILLAM CFO 2020-07-13 true TRAVIS L PATTON P00369623 2024141000 2020-07-10 155.201.35.117 13049920201965000450 2020-07-14 P 295028449C3F552BA2CA3920E649C0D8729687C5 295028449C3F552BA2CA3920E649C0D8729687C5 2018 2020-09-23 17:36:50Z ALLISON GILLAM 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 5423857512 false X HTTP://WWW.UVIMCO.ORG X 2004 VA UVIMCO IS ORGANIZED TO INVEST FUNDS ON BEHALF OF THE RECTOR AND THE VISITORS OF THE UNIVERSITY OF VIRGINIA AND UNIVERSITY-RELATED FOUNDATIONS. 12 11 51 11 -40049493 0 0 0 0 0 625080584 745536412 0 0 625080584 745536412 0 0 0 0 10925704 13802023 0 0 0 5461356 6001746 16387060 19803769 608693524 725732643 9542071609 9828898616 9525947793 9811118143 16123816 17780473 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) AND UNIVERSITY RELATED FOUNDATIONS (THE FOUNDATIONS). false false 13983415 UVIMCO PROVIDED HIGH-QUALITY INVESTMENT MANAGEMENT ON BEHALF OF THE UNIVERSITY OF VIRGINIA (THE UNIVERSITY) 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. 13983415 true false false false false false false false false false true true false false true true true false false false 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 22 0 true 51 true true true true BR false false false false false false false false false false X 12 11 false false true 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 PATRICK D HOGAN DIR/SECRETARY UNTIL 11/2018 5.0 55.0 X X 0 544013 206956 JENNIFER W DAVIS DIRECTOR BEGINNING 12/2018 5.0 55.0 X 0 129417 16408 DAVID B MACFARLANE CHAIR - BOD UNTIL 06/2019 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 ANTON J LEVY DIRECTOR 2.0 0.0 X 0 0 0 JOHN G MACFARLANE III DIRECTOR 2.0 0.0 X 0 0 0 OWEN D THOMAS DIRECTOR 2.0 0.0 X 0 0 0 MERYL B WITMER DIRECTOR 2.0 0.0 X 0 0 0 MITCHELL R COHEN 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 ROBERT W DURDEN CEO/CIO 50.0 0.0 X 1250313 0 59245 KRISTINA M ALIMARD CHIEF OPERATING OFFICER 50.0 0.0 X 1130808 0 390052 ALLISON P GILLAM CHIEF FINANCIAL OFFICER 50.0 0.0 X 250889 0 83631 JOHN M WINN GEN CNSL/CCO & SEC BEG 12/2018 50.0 0.0 X 318782 0 325063 E SARGENT MCGOWAN MANAGING DIRECTOR 50.0 0.0 X 1025304 0 493849 JASON M LOVE MANAGING DIRECTOR 50.0 0.0 X 881143 0 358147 MELANIE E DAVIS MANAGING DIR UNTIL 02/2019 50.0 0.0 X 880873 0 358147 LINDSAY R LARSEN MANAGING DIRECTOR 50.0 0.0 X 842314 0 325141 JONATHAN E EARNHARDT MANAGING DIRECTOR 50.0 0.0 X 671842 0 224341 CAITLIN C FITZMAURICE DIRECTOR 50.0 0.0 X 450325 0 102484 SHARON F HERBERT DIRECTOR CORPORATE OPERATIONS 50.0 0.0 X 316031 0 48607 J MATTHEW DORCHUCK SENIOR INVESTMENT ASSOCIATE 50.0 0.0 X 232072 0 32786 MARILYN K PERKINS SENIOR INVESTMENT ASSOCIATE 50.0 0.0 X 218130 0 29094 JEFFREY BARNES SENIOR ASSOCIATE 50.0 0.0 X 209034 0 66002 8677860 673430 3119953 20 false true false UVA FOUNDATION 1 BOARS HEAD POINTE CHARLOTTESVILLE VA 22903 CONSTRUCTION MGMT 2284395 THE BANK OF NEW YORK MELLON ONE WALL STREET NEW YORK NY 10286 CUSTODIAN 1607028 SHAPIRO CAPITAL MANAGEMENT LLC 3060 PEACHTREE RD NW 1555 ATLANTA GA 30305 INVESTMENT MANAGER 1456172 DYNAMO INTERNACIONAL GESTO DE RECU AV ATAULFO DE PAIVA 1235 6 ANDAR RIO DE JANEIRO RJ BR 22440-034 INVESTMENT MANAGER 1057141 STANDISH MELLON ASSET MANAGEMENT ONE BOSTON PLACE 201 WASHINGTON ST BOSTON MA 02108 INVESTMENT MANAGER 337036 13 0 0 33303739 -53001754 86305493 0 0 0 0 0 5390527398 26375 4678215306 105794 712312092 -79419 712232673 12952261 699280412 0 0 0 0 0 0 0 0 0 0 745536412 -40049493 785585905 0 0 0 0 8074760 6470259 1604501 0 4033383 2768465 1264918 593884 408423 185461 699085 371194 327891 400911 268569 132342 0 229483 126204 103279 380507 380507 0 0 0 1343340 918102 425238 17946 17946 213519 56003 157516 928668 547914 380754 0 808454 476988 331466 656128 637073 19055 0 42853 41624 1229 0 0 367115 216598 150517 183114 106734 76380 DATA SERVICES 511279 511279 RECRUITING 203473 203473 BOOKS AND SUBSCRIPTIONS 44732 44732 OTHER SERVICES 35341 35341 35794 13254 22540 19803769 13983415 5820354 0 1528912 2695354 45255702 241873876 0 0 3079250 2916753 0 0 0 0 0 0 0 0 387790 541866 5896016 785484 412022 5110532 1062121664 759406120 8429286269 8816354115 0 0 0 0 0 0 9542071609 9828898616 8256735 9311628 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9517691058 9801806515 9525947793 9811118143 X 16123816 17780473 0 0 0 0 16123816 17780473 9542071609 9828898616 X 725732643 -212120847 -511955139 X false true X true false X X 1 THE RECTOR AND VISITORS OF THE UNVIVERSTY OF VIRGINIA 546001796 2 true 447448481 0 1 447448481 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 THE UNIVERSITY'S RELATED FOUNDATIONS, 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 THE UNIVERSITY'S RELATED FOUNDATIONS, 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. 0 4621369 231069 4390300 0 259254 139767 119487 0 1015393 414648 600745 5110532 LONG/SHORT EQUITY 1923090173 F BUYOUT 410417260 F REAL ESTATE 459905989 F RESOURCES 521191322 F VENTURE CAPITAL 607426758 F PUBLIC EQUITY 2614019667 F MARKETABLE ALTERNATIVES/CREDIT 1158646870 F GROWTH EQUITY 751785340 F FIXED INCOME 378193322 F PORTFOLIO OVERLAYS -8322586 F 8816354115 0 AMOUNTS HELD FOR OTHERS - LTP 9572138423 AMOUNTS HELD FOR OTHERS - STP 228521105 DEFERRED RENT AND LEASE INCENTIVE 1146987 9801806515 X 533494984 -212120847 -212120847 745615831 -79419 -79419 745536412 531838327 512034558 512034558 19803769 19803769 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, 2019 AND 2018, 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 2016 TO 2019. SCHEDULE D, PART XI, LINE 4B RECONCILIATION OF REVENUE PER AUDITED FINANCIAL STATEMENTS WITH REVENUE PER RETURN: RECLASS OF LOSS ON DISPOSAL OF ASSETS: ($79,419) SCHEDULE D, PART XII, LINE 2D RECONCILIATION OF EXPENSES PER AUDITED FINANCIAL STATEMENTS WITH EXPENSES PER RETURN: ALLOCATION OF NET GAIN ON INVESTMENTS HELD FOR OTHERS REFLECTED AS CHANGE IN NET ASSETS: $511,955,139 RECLASS OF LOSS ON DISPOSAL OF ASSETS: 79,419 ------------- $512,034,558 THE LONG TERM POOL HAD A RETURN OF 5.8% FOR THIS REPORTING YEAR VERSUS A RETURN OF 11.4% FOR THE PRIOR REPORTING YEAR. East Asia and the Pacific Program Services TRAVEL 145545 Europe (Including Iceland and Greenland) 0 0 Program Services TRAVEL 158833 North America 0 0 Program Services TRAVEL 7156 South America 0 0 Program Services TRAVEL 43739 Central America and the Caribbean 0 0 Investments 2977205777 Europe (Including Iceland and Greenland) 0 0 Investments 262810299 Sub-Saharan Africa 0 0 Investments 326393500 0 0 0 0 3566764849 3566764849 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 true true X X X X false true false false false false false true false PATRICK D HOGAN DIR/SECRETARY UNTIL 11/2018 0 521853 0 0 0 22160 0 182290 0 24666 0 750969 0 0 ROBERT W DURDEN CEO/CIO 445377 0 780083 0 24853 0 44850 0 14395 0 1309558 0 0 0 KRISTINA M ALIMARD CHIEF OPERATING OFFICER 439319 0 250000 0 441489 0 362100 0 27952 0 1520860 0 350000 0 ALLISON P GILLAM CHIEF FINANCIAL OFFICER 190065 0 60000 0 824 0 59340 0 24291 0 334520 0 0 0 JOHN M WINN GEN CNSL/CCO & SEC BEG 12/2018 317662 0 0 0 1120 0 300600 0 24463 0 643845 0 0 0 E SARGENT MCGOWAN MANAGING DIRECTOR 320381 0 250000 0 454923 0 476623 0 17226 0 1519153 0 282657 0 JASON M LOVE MANAGING DIRECTOR 318165 0 250000 0 312978 0 334188 0 23959 0 1239290 0 191686 0 MELANIE E DAVIS MANAGING DIR UNTIL 02/2019 318165 0 250000 0 312708 0 334188 0 23959 0 1239020 0 191686 0 LINDSAY R LARSEN MANAGING DIRECTOR 322936 0 250000 0 269378 0 315688 0 9453 0 1167455 0 155944 0 JONATHAN E EARNHARDT MANAGING DIRECTOR 318254 0 220000 0 133588 0 200470 0 23871 0 896183 0 58463 0 CAITLIN C FITZMAURICE DIRECTOR 224025 0 200000 0 26300 0 93976 0 8508 0 552809 0 0 0 SHARON F HERBERT DIRECTOR CORPORATE OPERATIONS 122468 0 175000 0 18563 0 42963 0 5644 0 364638 0 0 0 J MATTHEW DORCHUCK SENIOR INVESTMENT ASSOCIATE 141203 0 90000 0 869 0 24270 0 8516 0 264858 0 0 0 MARILYN K PERKINS SENIOR INVESTMENT ASSOCIATE 137540 0 80000 0 590 0 16856 0 12238 0 247224 0 0 0 JEFFREY BARNES SENIOR ASSOCIATE 168253 0 40000 0 781 0 37900 0 28102 0 275036 0 0 0 SCHEDULE J, PART I, LINE 1A UVIMCO SUBSIDIZES EMPLOYEE MEMBERSHIP TO THE INTRAMURAL-RECREATIONAL SPORTS FACILITIES AT THE UNIVERSITY OF VIRGINIA. THE AMOUNT OF THE SUBSIDY IS $50 PER YEAR AND THE AMOUNT OF THE SUBSIDY IS INCLUDED IN THE EMPLOYEES TAXABLE INCOME. IN FY2019 UVIMCO PAID THIS $50 SUBSIDY FOR ONE REPORTED HIGHEST COMPENSATED EMPLOYEE. SCHEDULE J, PART I, LINE 4B UVIMCO MADE PAYMENTS FROM THE UVIMCO INCENTIVE COMPENSATION PLAN, A NONQUALIFIED INCENTIVE PLAN UNDER IRC SECTION 457(F). 2018 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) E. SARGENT MCGOWAN $453,533 $236,023 $282,657 JASON M. LOVE 311,588 168,588 191,686 MELANIE E. DAVIS 311,588 168,588 191,686 LINDSAY R. LARSEN 268,312 168,588 155,944 JONATHAN E. EARNHARDT 132,468 134,870 58,463 CAITLIN C. FITZMAURICE 25,288 50,576 - SCHEDULE J, PART II, COLUMN B(III) INCLUDES TAXABLE FRINGE BENEFITS IN ADDITION TO THE IRC SECTION 457(F) AMOUNTS SHOWN ABOVE. CALCULATION OF LONG-TERM INCENTIVE COMPENSATION IS BASED ON UVIMCO'S NET THREE-YEAR PERFORMANCE, VERSUS POLICY PORTFOLIO, AND GROSS THREE-YEAR PERFORMANCE, IN COMPARISON WITH THE PERFORMANCE OF PEERS MANAGING ASSETS. IN 2019 MELANIE DAVIS VOLUNTARILY TERMINATED HER EMPLOYMENT WITH UVIMCO RESULTING IN A FORFEITURE OF INCENTIVE COMPENSATION OF $267,222. IN 2018 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) KRISTINA M. ALIMARD $440,099 $315,000 $350,000 JOHN M. WINN - 235,000 - E. SARGENT MCGOWAN - 175,000 - JASON M. LOVE - 100,000 - MELANIE E. DAVIS - 100,000 - LINDSAY R. LARSEN - 100,000 - PATRICK D. HOGAN IS EMPLOYED BY THE UNIVERSITY OF VIRGINIA. HE 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. 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 2018, 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 RELATED FOUNDATIONS; 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 4 SECTION A: GOVERNING BODY AND MANAGEMENT UVIMCO'S BYLAWS WERE AMENDED TO CHANGE THE NAME OF THE NOMINATING COMMITTEE TO GOVERANCE COMMITTEE AND TO EXPAND ON THE GOVERNANCE COMMITTEE MEMBERS' DUTIES. 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 AN EXTERNAL COMPLIANCE CONSULTING FIRM. AMONG OTHER THINGS, UVIMCO'S COMPLIANCE CONSULTANT REVIEWS EMPLOYEE BROKERAGE STATEMENTS AND PERFORMS AN ANNUAL REVIEW OF UVIMCO'S COMPLIANCE PROGRAM. 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, LINE 15A 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 THE ALL OFFICERS, INCLUDING THE CEO, IN 2019. 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 RELATED FOUNDATIONS THROUGH A SECURE PORTION OF THE ORGANIZATION'S WEBSITE, AND ORGANIZATIONAL DOCUMENTS TO UVA AND RELATED FOUNDATIONS UPON REQUEST. UVIMCO DOES NOT MAKE THESE DOCUMENTS AVAILABLE TO THE GENERAL PUBLIC. FORM 990, PART VII, SECTION B, INDEPENDENT CONTRACTORS THREE 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 GAIN ON INVESTMENTS HELD FOR OTHERS REFLECTED AS CHANGE IN NET ASSETS: $ (511,955,139) THE LONG TERM POOL HAD A RETURN OF 5.8% FOR THIS REPORTING YEAR VERSUS A RETURN OF 11.4% FOR THE PRIOR REPORTING YEAR. FON I LLC 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 562462804 STRUCT INVEST DE -7700 19927998 NA DYNAMO BRASIL II LLC 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 562462804 STRUCT INVEST DE 0 81218938 NA RECTOR&VISITORS OF THE UNIV OF VIRGINIA PO BOX 400228 CHARLOTTESVILLE VA 22904 546001796 HIGHER EDU. 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