2024-05-15T13:44:19+00:00 2023-06-30 350921680 CROWE LLP 401 East Las Olas Blvd Suite 1100 Fort Lauderdale FL 333014230 990 2022-07-01 843505125 1693 Partners Fund 1693 7572211906 5300 Discovery Park Blvd 3RD FLOOR Williamsburg VA 231882695 F BRIAN HIESTAND CHIEF INVESTMENT OFFICER 2024-05-15 true BRIAN HIESTAND 999009999 Brittney Kocaj P01320603 9542028600 2022 2023-04-26 12:10:37Z F BRIAN HIESTAND 5300 Discovery Park Blvd 3RD FLOOR Williamsburg VA 231882695 219841413 false X NONE X 2019 VA INVEST ENDOWMENT ASSETS SUPPORTING WILLIAM & MARY AND ITS AFFILATED ORGANIZATIONS. 12 12 0 13 -814173 0 0 26170964 106097121 77827180 17805639 0 103998144 123902760 0 0 0 0 0 39414052 46682305 39414052 46682305 64584092 77220455 899776773 1031265618 930432 2051341 898846341 1029214277 INVEST ENDOWMENT ASSETS SUPPORTING WILLIAM & MARY AND ITS AFFILATED ORGANIZATIONS. false false 46682305 106097121 INVEST ENDOWMENT ASSETS SUPPORTING WILLIAM & MARY AND ITS AFFILIATED ORGANIZATIONS. 46682305 true false false false false false false false true false true false 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 X 8 0 true 0 true true true HK KS UK BR CA DA false false false false false false false false false false X 12 12 false false false false true true false true true false false true true true true true true false false false X Christine Gionis 7572211906 5300 DISCOVERY PARK BOULEVARD WILLIAMSBURG VA 231882695 ELIZABETH CABELL JENNINGS CHAIR/TRUSTEE 1.0 1.0 X X 0 0 0 JODY W FORSYTH VICE CHAIR/TRUSTEE 1.0 1.5 X X 0 0 0 ANDREW W HORROCKS TRUSTEE 1.0 1.5 X 0 0 0 CLIFFORD B FLEET III TRUSTEE 1.0 1.5 X 0 0 0 DARPAN SUBHASH KAPADIA TRUSTEE 1.0 1.0 X 0 0 0 DAVID J JALLITS TRUSTEE (TERM ENDED 10/22) 1.0 1.0 X 0 0 0 DAVID R COVIN TRUSTEE 1.0 1.0 X 0 0 0 EUGENE P FOLEY TRUSTEE (TERM BEGAN 10/2022) 1.0 1.0 X 0 0 0 J SCOTT PERKINS TRUSTEE 1.0 1.0 X 0 0 0 JAMES A HIXON TRUSTEE (TERM BEGAN 10/2022) 1.0 1.0 X 0 0 0 JAMES E MALLORY TRUSTEE 1.0 1.0 X 0 0 0 KARIM HK AHAMED TRUSTEE 1.0 1.0 X 0 0 0 PAUL R ECKERT TRUSTEE 1.0 0.5 X 0 0 0 AMY S SEBRING SECRETARY/TREASURER (ENDED 9/22) 1.0 14.0 X 0 92188 16105 CATHERINE MOUNTJOY CHIEF OPERATING OFFICER 40.0 5.0 X 0 511339 45924 F BRIAN HIESTAND CHIEF INVESTMENT OFFICER 40.0 10.0 X 0 866051 64206 WILLIAM D COPAN JR CHIEF OPERATING OFFICER/ASSISTANT TREASURER (ENDED 9/22) 37.5 12.5 X 0 195079 34242 0 1664657 160477 0 false true false 1693 Management Company LLC 5300 Discovery Park Boulevard Williamsburg VA 231882695 Professional Services 2591456 William Blair & Company LLC 150 North Riverside Plaza Chicago IL 60606 Professional Services 315578 Vulcan Value Partners LLC Three Protective CTR 2801 HWY 280 South Suite 300 Birmingham AL 35223 Professional Services 240724 Deloitte & Touche LLP 4022 Sells Drive Hermitage TN 370762903 ACCOUNTING SERVICES 102697 4 0 Member contributions 525920 106097121 106097121 0 0 0 0 106097121 12995192 -814173 13809365 0 0 100749100 95938653 4810447 0 4810447 4810447 0 0 0 0 0 123902760 106097121 -814173 18619812 33069 33069 133338 133338 4035621 4035621 312076 312076 0 0 Member withdrawals 41712942 41712942 Foreign Exchange Charges & Tax Expense 317717 317717 Foreign taxes withheld 112234 112234 LINE OF CREDIT FEES 25308 25308 0 0 0 0 46682305 46682305 0 0 631397 20363852 48303870 40751129 2517750 8074924 0 0 0 0 0 0 0 0 234585613 293013208 613738143 669062505 0 0 0 899776773 1031265618 930432 2051341 0 0 0 0 930432 2051341 X 898846341 1029214277 898846341 1029214277 899776773 1031265618 77220455 53147481 0 X false true X true false X X X 5 WILLIAM & MARY FOUNDATION 540734117 5 true 31517221 0 MARSHALL-WYTHE SCHOOL OF LAW FOUNDATION 541224563 5 true 3245422 0 WILLIAM AND MARY BUSINESS SCHOOL FOUNDATION 237079011 5 true 2727682 0 MURRAY 1693 SCHOLARS FOUNDATION 464365190 5 true 767739 0 THE COLLEGE OF WILLIAM & MARY 546001718 2 true 3454878 0 5 41712942 0 false true false false true true false false false false false false false false false false true false Schedule A, Part IV, Section A, Line 1 Supported Orgs Listed By Name THE ORGANIZATION'S ARTICLES OF INCORPORATION DESIGNATE BY NAME THE FOLLOWING SUPPORTING ORGANIZATIONS: WILLIAM & MARY FOUNDATION, MARSHALL-WYTHE SCHOOL OF LAW FOUNDATION, WILLIAM AND MARY BUSINESS SCHOOL FOUNDATION AND WILLIAM & MARY. MURRAY 1693 SCHOLARS FOUNDATION IS DESIGNATED BY PURPOSE IN ARTICLE 2 OF THE ORGANIZATION'S ARTICLES OF INCORPORATION AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE CODE THAT PRIMARILY BENEFITS OR SUPPORTS WILLIAM & MARY. 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 SECTION 509(A)(3) WHOSE PURPOSE IS TO SUPPORT THE WILLIAM & MARY 1693 SCHOLARS PROGRAM IN ORDER TO PROVIDE SCHOLARSHIP FUNDING FOR STUDENTS OF WILLIAM & MARY (THE UNIVERSITY). IN FULFILLMENT OF THIS PURPOSE, MURRAY 1693 SCHOLARS FOUNDATION IS A SUPPORTING ORGANIZATION OF THE WILLIAM & MARY FOUNDATION AND THE UNIVERSITY. SUPPORT OF A UNIVERSITY IS GENERALLY RESERVED FOR ORGANIZATIONS DESCRIBED UNDER SECTION 509(A)(1) AND 170(B)(1)(A)(IV). WILLIAM & MARY ENDOWMENTS IS PART OF WILLIAM AND MARY, WHICH IS A PUBLIC UNIVERSITY EXEMPT UNDER SECTION 170(C)(1). Schedule A, Part IV, Section A, Line 5a Added, Substituted, or Removed Sup. Org. EFFECTIVE JULY 1, 2022, THE FUND'S GOVERNING DOCUMENT AUTHORIZES THE ADMISSION OF WILLIAM & MARY ENDOWMENTS, PART OF WILLIAM & MARY, AS A SUPPORTED ORGANIZATION PURSUANT TO THE DESCRIPTION IN THE ARTICLES OF INCORPORATION WHICH DESCRIBES WILLIAM & MARY AS A SUPPORTED ORGANIZATION BY NAME. 898846341 106097121 70840886 41712942 4857129 1029214277 942675330 26199258 -30736319 33630693 5661235 898846341 0 861829700 100191848 17031565 2314653 942675330 0 0 0 0 0.0 1.0 0.0 false false Diversifying Strategies 112780686 F Domestic Equity 103772517 F Fixed Income 32323319 F Foreign Equity 128100581 F Private Equity 206153575 F Real Assets 85433730 F Transitional Trading 498097 F 669062505 0 X 70840886 53147481 -112234 53035247 17805639 106097121 106097121 123902760 4857129 0 0 4857129 41825176 41825176 46682305 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 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 years ended June 30, 2023 and 2022. 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, 2023 and 2022, there are no uncertain tax positions taken or expected to be taken that would require recognition or disclosure in the financial statements. As of June 30, 2022, the Fund had net operating losses available for carryforward in the amount of $1,077,712 as a result of unrelated business taxable income ("UBTI") resulting from its partnership investments. UBTI is taxed at the prevailing corporate tax rate. Due to the uncertainty about whether these losses will result in a tax asset, no tax asset is recorded in the financial statements. Net operating losses arising in tax years ending after December 31, 2017, have an indefinite carryforward period. Additionally, losses arising in tax years beginning after December 31, 2017, are limited to 80% of taxable income in the year deducted. The filing deadline for the June 30, 2023, return is May 15, 2024. The Fund may be subject to routine audits by taxing jurisdictions. The fiscal years ended June 30, 2023 and 2022, are open to examination. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 FOREIGN TAXES WITHHELD - -112234 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements MEMBER CONTRIBUTIONS - XXX-XX-XXXX Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements FOREIGN TAXES WITHHELD - 112234 MEMBER WITHDRAWALS - 41712942 Central America and the Caribbean 0 0 Investments 112421841 East Asia and the Pacific 0 0 Investments 4980316 Europe (Including Iceland and Greenland) 0 0 Investments 52040374 South Asia 0 0 Investments 2492687 North America (Canada & Mexico only) 0 0 Investments 4355841 South America 0 0 Investments 318706 Middle East and North Africa 0 0 Investments 960216 0 0 0 0 0 0 177569981 0 177569981 true false true true true false Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements CENTRAL AMERICA AND THE CARIBBEAN-Accrual; EAST ASIA AND THE PACIFIC-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual; MIDDLE EAST AND NORTH AFRICA-Accrual; NORTH AMERICA (CANADA & MEXICO ONLY)-Accrual; SOUTH AMERICA-Accrual; SOUTH ASIA-Accrual false false false false false false false false false F BRIAN HIESTAND CHIEF INVESTMENT OFFICER 0 315770 0 548645 0 1636 0 32200 0 32006 0 930257 0 0 CATHERINE MOUNTJOY CHIEF OPERATING OFFICER 0 231746 0 278846 0 747 0 20198 0 25726 0 557263 0 0 WILLIAM D COPAN JR CHIEF OPERATING OFFICER/ASSISTANT TREASURER (ENDED 9/22) 0 188844 0 500 0 5735 0 17720 0 16522 0 229321 0 0 Schedule J, Part I, Line 3 ARRANGEMENT USED TO ESTABLISH THE TOP MANAGEMENT OFFICIAL'S COMPENSATION WILLIAM & MARY (THE UNIVERSITY) IS THE COMMON PAYMASTER FOR EMPLOYEES OF WILLIAM & MARY FOUNDATION (THE FOUNDATION), THE CONTROLLING ORGANIZATION OF 1693 PARTNERS FUND (THE ORGANIZATION). THE UNIVERSITY AND THE FOUNDATION ARE NOT RELATED ENTITIES AND THE FOUNDATION REIMBURSES THE UNIVERSITY FOR THE SALARY AND BENEFIT COSTS FOR FOUNDATION EMPLOYEES FOR SERVICES PERFORMED EXCLUSIVELY FOR THE FOUNDATION AND ITS CONTROLLED ORGANIZATIONS. COMPENSATION IS GENERALLY ESTABLISHED WITHIN THE GUIDELINES OF THE UNIVERSITY, INCLUDING COMPARABLE MARKET DATA AS APPROPRIATE. COMPENSATION FOR THE CHIEF INVESTMENT OFFICER IS DETERMINED IN PART BY THE BOARD OF MANAGERS OF 1693 MANAGEMENT COMPANY LLC (THE INVESTMENT MANAGER OF THE FUND - A WHOLLY OWNED SUBSIDIARY OF W&M FOUNDATION), WHICH CONSIDERED A SURVEY OF COMPENSATION OF INDIVIDUALS IN SIMILAR POSITIONS AT SIMILAR ORGANIZATIONS. Schedule J, Part I, Line 7 NON-FIXED PAYMENTS The Bonus & Incentive Compensation listed in Part II for the Chief Investment Officer and Chief Operating Officer includes amounts that were awarded in Calendar Year 2021 but paid to the employee in Calendar Year 2022. Schedule J, Part II COMPENSATION FROM UNRELATED ORGANIZATION THE INDIVIDUALS LISTED IN PART II ARE COMPENSATED BY WILLIAM & MARY, THE COMMON PAYMASTER FOR EMPLOYEES OF WILLIAM & MARY FOUNDATION. THE FOUNDATION AND THE UNIVERSITY ARE NOT RELATED ENTITIES. 1693 MANAGEMENT COMPANY LLC (THE INVESTMENT MANAGER OF THE FUND - A WHOLLY OWNED SUBSIDIARY OF W&M FOUNDATION), REIMBURSES THE UNIVERSITY FOR ALL COMPENSATION COSTS OF THE ORGANIZATION, WHICH ARE PAID BY 1693 PARTNERS FUND FOR ALL OR A PORTION OF THE COMPENSATION FOR THESE INDIVIDUALS BASED ON THE INVESTMENT MANAGEMENT AGREEMENT BETWEEN 1693 PARTNERS FUND AND 1693 MANAGEMENT COMPANY. Form 990, Part VI, Line 6 Classes of members or stockholders The Members of the Fund are composed of William & Mary Foundation ("W&M Foundation"), Marshall-Wythe School of Law Foundation, William & Mary Business School Foundation, Murray 1693 Scholars Foundation and William & Mary Endowments. The member organizations (with the exception of Murray 1693 Scholarship Foundation) appoint the Board of Trustees of the Fund for a three year term of service. A majority of the Trustees are appointed by W&M Foundation. Assets upon dissolution of the Fund are distributed to the members in proportion to their respective depository account balances and any remaining property is distributed equally among the members or such other tax-exempt organizations under Section 501(c)(3) of the IRC as determined by the Board. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The Members of the Fund are composed of William & Mary Foundation ("W&M Foundation"), Marshall-Wythe School of Law Foundation, William & Mary Business School Foundation, Murray 1693 Scholars Foundation and William & Mary Endowments, each of which is qualified as a tax-exempt organization under Section 501(c)(3) of the IRC. The member organizations (with the exception of Murray 1693 Scholarship Foundation) appoint the Board of Trustees of the Fund for a three year term of service. A majority of the Trustees are appointed by W&M Foundation. 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 CHIEF INVESTMENT OFFICER AND CHIEF OPERATING OFFICER REVIEW A DRAFT OF THE FORM. THE CHIEF INVESTMENT OFFICER 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 SEPARATE, INDEPENDENT FINANCIAL STATEMENTS OF THE FUND ARE MADE AVAILABLE UPON REQUEST. THE ORGANIZATION'S CONSOLIDATED FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST AND ON WILLIAM & MARY FOUNDATION'S WEBSITE. THE CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE GENERALLY NOT AVAILABLE TO THE PUBLIC. PART VI, SECTION B, LINE 15 AND PART V, LINE 1B PROCESS FOR DETERMINING COMPENSATION WILLIAM & MARY (THE UNIVERSITY) IS THE COMMON PAYMASTER FOR EMPLOYEES OF WILLIAM & MARY FOUNDATION (THE FOUNDATION), THE CONTROLLING ORGANIZATION OF 1693 PARTNERS FUND (THE ORGANIZATION). THE UNIVERSITY AND THE FOUNDATION ARE NOT RELATED ENTITIES; THUS, THE ORGANIZATION REIMBURSES THE UNIVERSITY FOR THE SALARY AND BENEFIT COSTS FOR FOUNDATION EMPLOYEES FOR SERVICES PERFORMED EXCLUSIVELY FOR THE FOUNDATION AND CONTROLLED ORGANIZATIONS. COMPENSATION IS GENERALLY ESTABLISHED WITHIN THE GUIDELINES OF THE UNIVERSITY, INCLUDING COMPARABLE MARKET DATA AS APPROPRIATE. COMPENSATION FOR THE CHIEF INVESTMENT OFFICER AND CHIEF OPERATING OFFICER IS DETERMINED IN PART BY THE BOARD OF MANAGERS OF 1693 MANAGEMENT COMPANY LLC (THE INVESTMENT MANAGER OF THE FUND - A WHOLLY OWNED SUBSIDIARY OF W&M FOUNDATION), WHICH CONSIDERED A SURVEY OF COMPENSATION OF INDIVIDUALS IN SIMILAR POSITIONS AT SIMILAR ORGANIZATIONS. WILLIAM & MARY FOUNDATION 5300 DISCOVERY PARK BLVD 3RD FLOOR WILLIAMSBURG VA 23188 540734117 ORGANIZATION OPERATED FOR THE BENEFIT 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 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 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 WILLIAM & MARY VA 501(c)(3) 5 WILLIAM & MARY FOUNDATION false THE COLLEGE OF WILLIAM AND MARY REAL ESTATE FOUNDATION 5300 DISCOVERY PARK BOULEVARD WILLIAMSBURG VA 231882695 541720019 HOLD TITLE TO REAL ESTATE PROPERTY AND COLLECT INCOME THEREFROM VA 501(c)(2) WILLIAM & MARY FOUNDATION false THE COLLEGE OF WILLIAM & MARY PO BOX 8795 WILLIAMSBURG VA 231878795 546001718 A PUBLIC UNIVERSITY EXEMPT UNDER SECTION 170(C)(1) VA 501(c)(1) N/A false RELIANCE HOLDINGS LLC INVESTMENTS ADMINISTRATION 5300 DISCOVERY PARK BOULEVARD WILLIAMSBURG VA 231882695 541995402 HOLD MEMBERSHIP INTEREST IN NEW TOWN ASSOCIATES LLC VA WILLIAM & MARY FOUNDATION C Corporation false false false false false false false false false false false false true true true true true false true true