2024-05-14T16:00:46-05:00 2023-06-30 PWC US TAX LLP 655 NEW YORK AVE NW STE 1100 WASHINGTON DC 20001 990 2022-07-01 562462804 UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY % ALLISON GILLAM UNIV 4342184540 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 ALLISON GILLAM CFO 4342184540 2024-05-14 true ALLISON GILLAM 999009999 TRAVIS L PATTON P00369623 2024141000 2024-05-10 2 2022 2023-04-26 12:10:37Z ROBERT DURDEN 701 E WATER STREET 4TH FL CHARLOTTESVILLE VA 22902 5410778840 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 62 10 29423021 0 0 0 0 0 1064200086 355289212 0 0 1064200086 355289212 0 0 0 0 24699684 25587361 0 0 0 5467614 6632298 30167298 32219659 1034032788 323069553 13799842029 13880767946 13782138556 13861357751 17703473 19410195 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 25466088 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. 25466088 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 30 0 true 62 true true true true BR IN EI SW 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 4283127 0 2058085 E SARGENT MCGOWAN MANAGING DIRECTOR 50.0 0.0 X 2482110 0 1015322 LINDSAY R LARSEN MANAGING DIRECTOR 50.0 0.0 X 2066424 0 844678 JASON M LOVE MANAGING DIRECTOR 50.0 0.0 X 1911390 0 701209 KRISTINA M ALIMARD CHIEF OPERATING OFFICER 50.0 0.0 X 951866 0 981007 ERIC J BUNDONIS MANAGING DIRECTOR 50.0 0.0 X 835909 0 536349 J MATTHEW DORCHUCK DIRECTOR 50.0 0.0 X 814055 0 523742 JOHN M WINN GEN CNSL/CCO & SECRETARY 50.0 0.0 X 733207 0 586121 JENNIFER W DAVIS DIRECTOR 2.0 55.0 X 0 720061 171321 ALLISON P GILLAM CHIEF FINANCIAL OFFICER 50.0 0.0 X 538255 0 312394 BLAKE A FISCHER DIRECTOR OF TECHNOLOGY 50.0 0.0 X 503475 0 53830 ADRIENNE C CLOUGH MANAGING DIRECTOR BEG 8/22 50.0 0.0 X 409464 0 21203 ROBERT S HAMEL DIRECTOR 50.0 0.0 X 388207 0 35255 JEFFERY M BARNES DIRECTOR 50.0 0.0 X 369541 0 53105 MARILYN K PERKINS SENIOR ASSOCIATE 50.0 0.0 X 327013 0 50228 MITCHELL R COHEN CHAIR - BOD 2.0 0.0 X 0 0 0 JOHN B HARRIS JR DIRECTOR END 6/23 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 END 6/23 2.0 0.0 X 0 0 0 MERYL B WITMER DIRECTOR END 12/22 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 JAMES B MURRAY JR DIRECTOR BEG 7/22 2.0 2.0 X 0 0 0 16614043 720061 7943849 31 false true false SHAPIRO CAPITAL MANAGEMENT LLC 3060 PEACHTREE RD NW 1555 ATLANTA GA 30305 INVESTMENT MANAGER 1421860 THE BANK OF NEW YORK MELLON ONE WALL STREET NEW YORK NY 10286 CUSTODIAN 1164026 PARAMETRIC PORTFOLIO ASSOCIATES LLC 800 FIFTH AVENUE SUITE 2800 SEATTLE WA 98104 INVESTMENT MANAGER 1154751 DYNAMO INTERNACIONAL GESTO DE RECU AV ATAULFO DE PAIVA 1235 6 ANDAR RIO JE JANEIRO RJ BR 22440-034 INVESTMENT MANAGER 1016924 OLD ORCHARD CAPITAL MANAGEMENT LP 340 MADISON AVENUE SUITE 3B NEW YORK NY 10173 INVESTMENT MANAGER 739434 14 0 0 14411779 24741470 -10329691 0 0 0 0 0 5396367061 5055489628 340877433 340877433 4681551 336195882 0 0 0 0 0 0 0 0 0 0 355289212 29423021 325866191 0 0 0 0 14644552 12406614 2237938 0 7285401 5552622 1732779 821095 624249 196846 2101833 1798406 303427 734480 550512 183968 0 113396 65976 47420 621096 621096 0 0 0 1120028 954690 165338 0 106490 32170 74320 988518 701847 286671 0 630125 447389 182736 854368 805108 49260 0 60178 57903 2275 0 0 578485 410724 167761 177512 113221 64291 DATA SERVICES 722020 722020 0 0 INTERNAL/EXTERNAL EVENTS 344015 67765 276250 RECRUITING 87648 0 87648 TRAINING & DEVELOPMENT 80423 57101 23322 147996 97771 50225 32219659 25466088 6753571 0 1807605 1135650 175776149 266554259 0 0 9400408 9433249 0 0 0 0 0 0 0 0 691157 633127 5931626 3131033 3358365 2800593 990098262 860237137 12618710083 12737005108 0 0 0 0 0 2968823 13799842029 13880767946 21149086 22559851 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13760989470 13838797900 13782138556 13861357751 X 17703473 19410195 0 0 17703473 19410195 13799842029 13880767946 X 323069553 -79325287 -242037544 X false true X true false X X 1 THE RECTOR AND VISITORS OF THE UNVIVERSTY OF VIRGINIA 546001796 2 true 387676193 0 1 387676193 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 SEMI-ANNUAL 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 2081650 2545269 271783 250933 20850 1032924 798450 234474 2800593 LONG/SHORT EQUITY 1548606346 F PUBLIC EQUITY 3441385221 F FIXED INCOME 272405831 F PORTFOLIO OVERLAYS 16052761 F ABSOLUTE RETURN 1330152692 F CREDIT 511926211 F REAL ASSETS 2050903516 F PRIVATE EQUITY 3565572530 F 12737005108 0 AMOUNTS HELD FOR OTHERS - LTP 13586148128 AMOUNTS HELD FOR OTHERS - STP 248909882 LEASE LIABILITIES 3739890 13838797900 X 275963925 -79325287 -79325287 355289212 355289212 274257203 242037544 242037544 32219659 32219659 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, 2023 and 2022, 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 2020 TO 2023. 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 $242,037,544. THE LONG TERM POOL HAD A RETURN OF 2.0% FOR THIS REPORTING YEAR VERSUS A RETURN OF (4.7)% FOR THE PRIOR REPORTING YEAR. Central America and the Caribbean 0 0 Investments 4568510764 East Asia and the Pacific 0 0 Investments 3801940 Europe (Including Iceland and Greenland) 0 0 Investments 489142719 Middle East and North Africa 0 0 Investments 3129600 North America 0 0 Investments 293603821 South Asia 0 0 Investments 15722750 Sub-Saharan Africa 0 0 Investments 529021303 East Asia and the Pacific 0 0 Program Services TRAVEL 260742 Europe (Including Iceland and Greenland) 0 0 Program Services TRAVEL 135268 North America 0 0 Program Services TRAVEL 3471 South America 0 0 Program Services TRAVEL 7805 South Asia 0 0 Program Services TRAVEL 60968 Europe (Including Iceland and Greenland) 0 2 Program Services INVESTMENT MANAGEMENT 194017 North America 0 1 Program Services INVESTMENT MANAGEMENT 3898 South Asia 0 1 Program Services INVESTMENT MANAGEMENT 6656 South America 0 1 Program Services INVESTMENT MANAGEMENT 1016924 0 5 0 5 5904622646 5904622646 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 false true false false false false false true false ROBERT W DURDEN CEO/CIO 732054 0 245000 0 3306073 0 2031720 0 26365 0 6341212 0 2005051 0 E SARGENT MCGOWAN MANAGING DIRECTOR 450302 0 132000 0 1899808 0 991720 0 23602 0 3497432 0 1168394 0 LINDSAY R LARSEN MANAGING DIRECTOR 399033 0 135000 0 1532391 0 831720 0 12958 0 2911102 0 862667 0 JASON M LOVE MANAGING DIRECTOR 393929 0 231000 0 1286461 0 671720 0 29489 0 2612599 0 792424 0 KRISTINA M ALIMARD CHIEF OPERATING OFFICER 541293 0 0 0 410573 0 950720 0 30287 0 1932873 0 275000 0 ERIC J BUNDONIS MANAGING DIRECTOR 376289 0 218500 0 241120 0 511720 0 24629 0 1372258 0 0 0 J MATTHEW DORCHUCK DIRECTOR 310056 0 150000 0 353999 0 511720 0 12022 0 1337797 0 0 0 JOHN M WINN GEN CNSL/CCO & SECRETARY 359017 0 750 0 373440 0 556720 0 29401 0 1319328 0 250000 0 JENNIFER W DAVIS DIRECTOR 0 642074 0 63920 0 14067 0 133344 0 37977 0 891382 0 0 ALLISON P GILLAM CHIEF FINANCIAL OFFICER 287189 0 250000 0 1066 0 281165 0 31229 0 850649 0 0 0 BLAKE A FISCHER DIRECTOR OF TECHNOLOGY 247415 0 255000 0 1060 0 27835 0 25995 0 557305 0 0 0 ADRIENNE C CLOUGH MANAGING DIRECTOR BEG 8/22 159091 0 250000 0 373 0 20923 0 280 0 430667 0 0 0 ROBERT S HAMEL DIRECTOR 216363 0 170000 0 1844 0 25245 0 10010 0 423462 0 0 0 JEFFERY M BARNES DIRECTOR 218529 0 150000 0 1012 0 25800 0 27305 0 422646 0 0 0 MARILYN K PERKINS SENIOR ASSOCIATE 191452 0 135000 0 561 0 23703 0 26525 0 377241 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 2022 UVIMCO PAID THE TAXES ON LIMITED TAXABLE FRINGE BENEFIT EXPENSES. 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. 2022 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 $2,858,773 $2,000,000 $ 1,705,051 E. SARGENT MCGOWAN 1,414,917 960,000 592,424 LINDSAY R. LARSEN 1,134,577 800,000 843,394 JASON M. LOVE 987,798 640,000 662,667 ERIC J. BUNDONIS 240,000 480,000 - J. MATTHEW DORCHUCK 353,567 480,000 119,394 IN 2022 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 $445,910 - $300,000 E. SARGENT MCGOWAN 483,070 - 325,000 LINDSAY R. LARSEN 297,274 - 200,000 JASON M. LOVE 297,274 - 200,000 KRISTINA M. ALIMARD 408,751 919,000 275,000 JOHN M. WINN 371,592 525,000 250,000 ALLISON P. GILLAM - 250,000 - 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. 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 2022, 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 2023. 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 GAIN ON INVESTMENTS HELD FOR OTHERS REFLECTED AS CHANGE IN NET ASSETS: $ (242,037,544) THE LONG TERM POOL HAD A RETURN OF 2.0% FOR THIS REPORTING YEAR VERSUS A RETURN OF (4.7)% FOR THE PRIOR REPORTING YEAR. FON I LLC 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 562462804 STRUCT INVEST DE 169785 108187975 NA DYNAMO BRASIL II LLC 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 562462804 STRUCT INVEST DE 975459 3239310 NA RECTOR&VISITORS OF THE UNIV OF VIRGINIA PO BOX 400228 CHARLOTTESVILLE VA 22904 546001796 HIGHER EDU. 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