2020-05-29T14:51:03-05:00 2019-06-30 KPMG LLP 300 North Greene Street Suite 400 Greensboro NC 27401 990 2018-07-01 364516257 UNC MANAGEMENT COMPANY INC % MARGARET HOLDER UNCM 9194421599 1400 ENVIRON WAY CHAPEL HILL NC 27517 JONATHON C KING PRESIDENT 9194421599 2020-05-13 true SHAWN M HUTCHINSON P01048557 3362753394 2020-05-05 199.207.253.96 56038220201505000000 2020-05-29 P 1272C807EE2CFB18DB9032F475C1250F2D6A8CEA EB0CEB9A797F26E1E0C95D241C7FBC8CB564BE74 2018 2020-09-23 17:36:50Z JONATHON C KING 1400 ENVIRON WAY CHAPEL HILL NC 27517 19022983 false X www.uncmc.unc.edu X 2002 NC TO PROVIDE INVESTMENT MANAGEMENT AND ADMINISTRATIVE SERVICES TO THE UNIVERSITY OF NORTH CAROLINA AND AFFILIATES. 8 5 43 5 0 0 0 0 17497687 18852113 58786 120442 0 0 17556473 18972555 0 0 0 0 11583772 14595385 0 0 0 3593783 3647172 15177555 18242557 2378918 729998 24762585 29077674 6942549 9476183 17820036 19601491 X UNC MANAGEMENT COMPANY'S MISSION IS TO PROVIDE PROFESSIONAL ASSET MANAGEMENT SERVICES TO THE UNIVERSITY OF NORTH CAROLINA SYSTEM, UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL AND ITS OTHER CONSTITUENT INSTITUTIONS AND THEIR AFFILIATED ENDOWMENTS AND FOUNDATIONS BY MAXIMIZING THE LONG-TERM RETURN ON THE INVESTMENT PORTFOLIO COMMENSURATE WITH SPECIFIED RISK PARAMETERS. KEEPING WITH THE HIGHEST PROFESSIONAL AND ETHICAL STANDARDS OUR OBJECTIVE IS TO PROTECT AND ENHANCE THE VALUE OF THE ASSETS ENTRUSTED TO US. WE STRIVE TO ESTABLISH UNC MANAGEMENT COMPANY AS THE PREFERRED PROVIDER OF INVESTMENT MANAGEMENT SERVICES FOR THE UNIVERSITY OF NORTH CAROLINA, ITS CONSTITUENT INSTITUTIONS AND AFFILIATES. false false 15444110 18852113 UNC MANAGEMENT COMPANY, INC. PROVIDES INVESTMENT MANAGEMENT SERVICES TO THE UNIVERSITY OF NORTH CAROLINA SYSTEM, UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL AND ITS OTHER CONSTITUENT INSTITUTIONS AND THEIR AFFILIATED ENDOWMENTS AND FOUNDATIONS. THE MANAGEMENT COMPANY HAS BEEN RETAINED BY THE UNC CHAPEL HILL FOUNDATION INVESTMENT FUND ("CHIF") BOARD OF DIRECTORS TO SERVE AS THE INVESTMENT MANAGER FOR THE UNC INVESTMENT FUND (THE "FUND"). IN THIS ROLE, THE MANAGEMENT COMPANY WORKS IN CONCERT WITH THE CHIF BOARD OF DIRECTORS AND IS RESPONSIBLE FOR OVERSEEING THE FUND'S INVESTMENTS AND PROVIDING ADMINISTRATIVE SERVICES, INCLUDING EVALUATING AND MONITORING THE EXTERNAL INVESTMENT MANAGERS RETAINED BY THE FUND AND RECOMMENDING CHANGES TO THE FUND'S INVESTMENT OBJECTIVES, ASSET ALLOCATION AND INVESTMENT IMPLEMENTATION FOR APPROVAL BY THE CHIF BOARD OF DIRECTORS. UNCMC ALSO SERVES AS INVESTMENT MANAGER FOR THE UNC INTERMEDIATE POOL, WITH THE OBJECTIVE OF GENERATING A TOTAL INVESTMENT RETURN HIGHER THAN WHAT CAN BE EARNED ON SHORT-TERM, MONEY MARKET BASED INVESTMENTS. THIS POOL WAS ESTABLISHED TO MEET CERTAIN LIQUIDITY NEEDS OF THE POOL'S PARTICIPANTS. 15444110 true false false false false false false false false false true true false false false false true true false false false 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 9 0 true 43 true false false false false false false false false false false false false false false false X 8 5 true false false false false false false true true false false true true true true true true true true false X MARGARET HOLDER 9194421599 1400 ENVIRON WAY CHAPEL HILL NC 27517 JONATHON C KING PRESIDENT 50.0 0.0 X X 1535222 0 751316 MAX C CHAPMAN JR DIRECTOR 1.0 0.0 X 0 0 0 JOHN L TOWNSEND III DIRECTOR 1.0 0.0 X 0 0 0 JOHN GB ELLISON DIRECTOR 1.0 0.0 X 0 0 0 MICHAEL D KENNEDY DIRECTOR 1.0 0.0 X 0 0 0 JONATHAN PRUITT DIRECTOR 1.0 40.0 X 0 370223 58544 KEVIN GUSKIEWICZ DIRECTOR 1.0 40.0 X 0 367389 61953 Carol L Folt Director until 1/31/19 1.0 40.0 X 0 604830 95980 KEVIN TUNICK VP - PRIVATE INVESTMENTS 50.0 0.0 X 827041 0 396661 Brook Scardina VP - FIN/ADMIN THROUGH 10/1/18 50.0 0.0 X 440357 0 159945 JOSHUA SHAPIRO VP-INV STRATEGY & RISK MGMT 50.0 0.0 X 768772 0 373837 EDWARD HETHERINGTON VP - PUBLIC INVESTMENTS 50.0 0.0 X 728348 0 367613 TIM BURCH VP - LEGAL & COMPLIANCE 50.0 0.0 X 277907 0 148319 RODGERS HARSHBARGER Senior DIRECTOR - Investments 50.0 0.0 X 445575 0 233161 ANGELA MOSS Senior Director - Investments 50.0 0.0 X 416560 0 223657 CHRIS RUDOLPH Senior DIRECTOR - INVESTMENTS 50.0 0.0 X 422442 0 226439 CHRIS BARTHOLOMEW Senior DIRECTOR - INVESTMENTS 50.0 0.0 X 402421 0 221965 MATTHEW LESESKY Senior DIRECTOR - INVESTMENTS 50.0 0.0 X 417351 0 226429 6681996 1342442 3545819 21 false true false BURGISS GROUP 11 River Street 10th Floor HOBOKEN NJ 07030 SOFTWARE 130572 CAROLINAS IT 1600 Hillsborough Street RALEIGH NC 27605 TECH SUPPORT 137452 BNY MELLON PO Box 392006 PITTSBURGH PA 15251 Software 280000 3 0 MANAGEMENT FEE INCOME 900099 18852113 18852113 18852113 102204 102204 0 0 0 0 0 68441 225 41327 9101 27114 -8876 18238 18238 0 0 0 0 0 0 0 0 0 0 18972555 18852113 120442 0 0 0 0 4527532 3860074 667458 0 7922187 6784877 1137310 914742 768383 146359 838936 704210 134726 391988 329270 62718 0 21633 0 21633 680773 630188 50585 0 0 71894 0 71894 17900 6802 11098 0 0 332155 279010 53145 890599 748103 142496 0 743971 624936 119035 614187 583479 30708 0 64911 64911 0 166 0 166 0 98587 98587 90069 58634 31435 TAXES 12671 12671 EDUCATIONAL FUND EXPENSE 6000 6000 BANK FEES 173 173 CONTRIBUTIONS 250 250 1233 1233 18242557 15444110 2798447 0 0 0 7086579 8114404 0 0 4611786 4928279 0 0 0 0 0 0 0 0 336549 418649 1389996 1111673 142446 278323 0 0 12516471 15276601 0 0 20534 13067 48220 48351 24762585 29077674 4621186 5847176 0 0 2321363 3629007 0 0 0 0 0 0 0 0 0 0 0 0 6942549 9476183 X 17820036 19601491 0 0 0 0 17820036 19601491 24762585 29077674 729998 1051457 X false true X true false X X 1 UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL 566001393 2 true 0 0 1 true false false false false false false false false false false false false false false true false 1389996 1111673 278323 278323 UNC INVESTMENT FUND, LLC 15276601 F 15276601 20024012 1051457 1051457 18972555 18972555 18242557 18242557 18242557 X X X X false true false false true false false true false JONATHON C KING PRESIDENT 692022 0 838052 0 5148 0 729250 0 22066 0 2286538 0 40452 0 KEVIN TUNICK VP - PRIVATE INVESTMENTS 419879 0 402014 0 5148 0 363344 0 33317 0 1223702 0 19870 0 RODGERS HARSHBARGER Senior DIRECTOR - Investments 244714 0 200141 0 720 0 193925 0 39236 0 678736 0 10199 0 ANGELA MOSS Senior Director - Investments 230674 0 185153 0 733 0 186295 0 37362 0 640217 0 9281 0 CHRIS RUDOLPH Senior DIRECTOR - INVESTMENTS 232735 0 188927 0 780 0 188230 0 38209 0 648881 0 9547 0 CHRIS BARTHOLOMEW Senior DIRECTOR - INVESTMENTS 220712 0 181007 0 702 0 184469 0 37496 0 624386 0 8967 0 Brook Scardina VP - FIN/ADMIN THROUGH 10/1/18 263557 0 176275 0 525 0 129380 0 30565 0 600302 0 8935 0 MATTHEW LESESKY Senior DIRECTOR - INVESTMENTS 226985 0 189586 0 780 0 188230 0 38199 0 643780 0 9618 0 JOSHUA SHAPIRO VP-INV STRATEGY & RISK MGMT 395913 0 371065 0 1794 0 337250 0 36587 0 1142609 0 18275 0 EDWARD HETHERINGTON VP - PUBLIC INVESTMENTS 373336 0 354310 0 702 0 328240 0 39373 0 1095961 0 17266 0 JONATHAN PRUITT DIRECTOR 0 360183 0 0 0 10040 0 51865 0 6679 0 428767 0 0 TIM BURCH VP - LEGAL & COMPLIANCE 203355 0 73800 0 752 0 110436 0 37883 0 426226 0 0 0 KEVIN GUSKIEWICZ DIRECTOR 0 363364 0 0 0 4025 0 47754 0 14199 0 429342 0 0 Carol L Folt Director until 1/31/19 0 593937 0 0 0 10893 0 35748 0 60232 0 700810 0 0 FORM 990, SCHEDULE J, PART I, QUESTION 4B SUPPLEMENTAL NONQUALIFIED RETIREMENT PLANS THE PURPOSE OF THE INCENTIVE COMPENSATION PLAN ("THE PLAN") IS TO REWARD EMPLOYEES FOR THEIR CONTRIBUTIONS TO THE SUCCESS OF THE UNC INVESTMENT FUND, LLC. THE PLAN ALSO REWARDS CONTINUED EMPLOYMENT WITH THE ORGANIZATION, FOR CERTAIN EMPLOYEES, BY DEFERRING PAYMENT OF THE INCENTIVE COMPENSATION OVER THE SUBSEQUENT TWO YEARS. THE FOLLOWING INDIVIDUALS PARTICIPATED IN AND RECEIVED PAYMENT FROM A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: JONATHON KING 838,052 KEVIN TUNICK 402,014 RODGERS HARSHBARGER 200,141 ANGELA MOSS 185,153 CHRIS RUDOLPH 188,927 CHRIS BARTHOLOMEW 181,007 BROOK SCARDINA 176,275 MATT LESESKY 189,586 JOSHUA SHAPIRO 371,065 EDWARD HETHERINGTON 354,310 TIM BURCH 73,800 FORM 990, SCHEDULE J, PART I, QUESTIONS 5B & 7 INCENTIVE COMPENSATION PLAN UNC MANAGEMENT COMPANY MAINTAINS AN INCENTIVE COMPENSATION PLAN COVERING ELIGIBLE EMPLOYEES. THE PRIMARY PURPOSE OF THIS PLAN IS TO ATTRACT, RETAIN AND INCENTIVIZE TALENTED PROFESSIONALS. A KEY FEATURE OF THE PLAN IS THAT IT IS FORMULA DRIVEN, BASED ON OBJECTIVELY MEASURABLE CRITERIA THAT COMPARE INVESTMENT FUND RETURNS TO BENCHMARKS AND INVESTMENT OBJECTIVES, OVER MULTIPLE TIME PERIODS, TO DETERMINE "AWARDS" UNDER THE PLAN. THE COMPUTATION OF PLAN AWARDS IS PERFORMED AFTER THE COMPLETION OF EACH FISCAL YEAR. A SPECIFIED PORTION OF AMOUNTS AWARDED TO CERTAIN EMPLOYEES UNDER THE PLAN IS PAID CURRENTLY, WITH THE REMAINDER DEFERRED TO BE PAID IN FUTURE YEARS. ADDITIONALLY, SOME EMPLOYEES RECEIVE NON FIXED PAYMENTS WITH RESPECT TO MERIT THAT ARE NOT TIED TO THE UNC INVESTMENT FUND, LLC'S RETURNS. FORM 990, PART VI, SECTION A, QUESTION 1B DETERMINATION OF NUMBER OF INDEPENDENT BOARD MEMBERS UNC MANAGEMENT COMPANY HAS 8 BOARD MEMBERS, 2 OF WHICH ARE COMPENSATED AS EMPLOYEES OF THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL, A RELATED ORGANIZATION, AND ONE IS COMPENSATED AS AN EMPLOYEE OF UNC MANAGEMENT COMPANY FORM 990, PART VI, SECTION A, QUESTION 2 BUSINESS RELATIONSHIP KEVIN GUSKIEWICZ, BOARD MEMBER, AND JONATHAN PRUITT, BOARD MEMBER, HAVE A BUSINESS RELATIONSHIP. MAX CHAPMAN, BOARD MEMBER, AND JOHN TOWNSEND, BOARD MEMBER, HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, QUESTION 11 PROCESS USED TO REVIEW FORM 990 DURING FEBRUARY OF 2020, MANAGEMENT DISTRIBUTED A DRAFT OF THE FORM 990 FOR TAX YEAR 2018 TO THE BOARD OF DIRECTORS. MANAGEMENT REQUESTED THE BOARD MEMBERS PROVIDE COMMENTS AND ASK QUESTIONS WITH RESPECT TO THE DRAFT. NO SIGNIFICANT FEEDBACK WAS RECEIVED DURING THIS PROCESS. FORM 990, PART VI, SECTION B, QUESTION 12 CONFLICT OF INTEREST POLICY UNC MANAGEMENT COMPANY, INC. HAS ESTABLISHED A CODE OF ETHICS WHICH HAS BEEN REVIEWED AND APPROVED BY THE COMPANY'S BOARD OF DIRECTORS. UNC MANAGEMENT COMPANY IS COMMITTED TO THE BELIEF THAT SOUND BUSINESS PRACTICES START WITH AN ABSOLUTE COMMITMENT FROM EACH EMPLOYEE TO ACT ETHICALLY IN CARRYING OUT THE COMPANY'S BUSINESS AND TO COMPLY WITH THE LAWS AND REGULATIONS THAT IMPACT ITS BUSINESS. THUS, UNC MANAGEMENT COMPANY'S EMPLOYEES MUST AVOID PARTICIPATING IN ACTIVITIES THAT CREATE OR APPEAR TO CREATE A CONFLICT OF INTEREST. UNC MANAGEMENT COMPANY HAS SPECIFIED THE FOLLOWING AREAS IN ITS POLICY TO BE POTENTIAL CONFLICTS OF INTEREST: FINANCIAL INTEREST, OUTSIDE EMPLOYMENT, CONSULTANT CONTRACTS, ACCEPTANCE OF GIFTS, BUSINESS COURTESIES, TRAVEL, LODGING AND ENTERTAINMENT, MISUSE OF RESOURCES OR ASSETS, PERSONAL GAIN USING UNDUE INFLUENCE, AND USE OF CONFIDENTIAL INFORMATION. UNC MANAGEMENT COMPANY'S CODE OF ETHICS REQUIRES EMPLOYEES TO DISCLOSE PARTICIPATION IN ACTIVITIES OR CIRCUMSTANCES THAT MAY PRESENT A CONFLICT OF INTEREST ON AN ANNUAL BASIS OR IF AT ANY TIME SUCH INDIVIDUAL BECOMES AWARE OF CIRCUMSTANCES THAT MAY PRESENT A CONFLICT OF INTEREST. THESE DISCLOSURES ARE REVIEWED BY THE COMPLIANCE OFFICER (TREASURER OF THE BOARD OF DIRECTORS). IN ADDITION, UNC MANAGEMENT COMPANYS BYLAWS INCLUDE A CONFLICT OF INTEREST POLICY THAT APPLIES TO MEMBERS OF UNC MANAGEMENT COMPANYS BOARD OF DIRECTORS. SUCH POLICY GENERALLY REQUIRES DIRECTORS TO DISCLOSE WHETHER THEY HAVE, OR KNOW OF, CERTAIN CONFLICTS OF INTEREST IN CONNECTION WITH TRANSACTIONS BEING CONSIDERED BY UNC MANAGEMENT COMPANY AND REQUIRES BOARD OR BOARD COMMITTEE APPROVAL OF SUCH TRANSACTIONS. FORM 990, PART VI, SECTION B, QUESTION 15 DETERMINATION OF COMPENSATION FOR KEY EMPLOYEES AND OFFICERS UNC MANAGEMENT COMPANY ANNUALLY SUBMITS COMPENSATION AND RELATED COST DATA TO AN INDEPENDENT THIRD PARTY CONSULTING FIRM WHICH COMPILES STATISTICAL INFORMATION GATHERED FROM COLLEGES, UNIVERSITIES, AND UNIVERSITY RELATED INVESTMENT MANAGEMENT COMPANIES. USING THIS DATA, THIS CONSULTING FIRM HAS PRODUCED A CUSTOMIZED STUDY FOR UNCMC SHOWING COMPENSATION RANGES, ON A POSITION BY POSITION BASIS, FOR COMPARABLE INSTITUTIONS. THE SUMMARIZED RESULTS OF THIS STUDY HAVE BEEN PRESENTED TO THE COMPANY'S BOARD OF DIRECTORS. THE COMPANY ALSO USES DATA FROM ADDITIONAL THIRD PARTY SOURCES TO DETERMINE COMPARABLE COMPENSATION FOR ADMINISTRATIVE POSITIONS. COMPENSATION LEVELS FOR EACH OF THE OFFICERS OF THE COMPANY (PRESIDENT AND CEO AND VICE PRESIDENTS) ARE APPROVED ANNUALLY BY THE COMPANY'S BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, QUESTION 19 GOVERNING DOCUMENTS UNC MANAGEMENT COMPANY, INC. DOES NOT MAKE ITS GOVERNING DOCUMENTS OR ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. UNC AT CHAPEL HILL 104 AIRPORT DRIVE CB 1270 CHAPEL HILL NC 27599 566001393 EDUCATION NC 501(c)(3) 2 NA false false false false false false false false false false false false true true false true false false false