2026-05-12T13:55:45-05:00 2025-06-30 135565207 KPMG LLP 500 W 5TH STREET SUITE 800 WINSTONSALEM NC 27101 990 2024-07-01 364516257 UNC MANAGEMENT COMPANY INC UNCM 9194421599 1400 ENVIRON WAY CHAPEL HILL NC 27517 TIMOTHY BURCH SENIOR VP AND GENERAL COUNSEL 9194421599 2026-05-12 1 0 ISAAC IRBY P02444754 3362753394 2024 2025-03-06 01:10:19Z TIMOTHY BURCH 1400 ENVIRON WAY CHAPEL HILL NC 27517 31927055 0 X WWW.UNCMC.UNC.EDU X 2002 NC SEE SCHEDULE O 7 4 40 4 0 0 0 0 24740034 26614579 261091 2883791 0 0 25001125 29498370 0 0 0 0 24440406 25478872 0 0 0 4997753 5257210 29438159 30736082 -4437034 -1237712 61409703 61734820 29823057 30003819 31586646 31731001 X SEE SCHEDULE O 0 0 25135800 26614579 SEE SCHEDULE O 25135800 1 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 11 0 1 40 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 X 7 4 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X MARGARET HOLDER 9194421599 1400 ENVIRON WAY CHAPEL HILL NC 27517 MAX C CHAPMAN JR DIRECTOR 1.00 0.00 X 0 0 0 MICHAEL D KENNEDY DIRECTOR 1.00 0.00 X 0 0 0 JONATHON C KING PRESIDENT 50.00 0.00 X X 5126631 0 88142 NATHAN KNUFFMAN DIRECTOR 1.00 40.00 X 0 433022 135688 LEE H ROBERTS DIRECTOR 1.00 40.00 X 0 653620 102695 DAVID M CARROLL DIRECTOR 1.00 0.00 X 0 0 0 JOHN P PREYER DIRECTOR 1.00 0.00 X 0 0 0 TIM BURCH SENIOR VP & GENERAL COUNSEL 50.00 0.00 X 758749 0 339079 EDWARD HETHERINGTON SVP - PUBLIC INVESTMENTS 50.00 0.00 X 1638591 0 790640 JOSHUA SHAPIRO VP - INV STRATEGY & RISK MANAGEMENT 50.00 0.00 X 2051349 0 101734 CHRIS MATTKE VP - INV OPS & FINANCE 50.00 0.00 X 710499 0 321294 CHRIS RUDOLPH MANAGING DIRECTOR, INVESTMENTS 50.00 0.00 X 1124903 0 546269 ANGELA MOSS MANAGING DIRECTOR, INVESTMENTS 50.00 0.00 X 1124951 0 539328 RODGERS HARSHBARGER MANAGING DIRECTOR, INVESTMENTS 50.00 0.00 X 1130363 0 533867 CHRIS BARTHOLOMEW MANAGING DIRECTOR, INVESTMENTS 50.00 0.00 X 1148341 0 559264 MATTHEW LESESKY MANAGING DIRECTOR, INVESTMENTS 50.00 0.00 X 1132466 0 545842 KEVIN GUSKIEWICZ FORMER DIRECTOR 1.00 40.00 X 0 202200 33132 15946843 1288842 4636974 30 1 1 0 UNIVERSITY ACCOUNTING SERVICES CB 1210 104 AIRPORT DRIVE CHAPEL HILL NC 27599 ACCOUNTING 1463526 EAST 54 INVESTOR INC 1460 ENVIRON WAY CHAPEL HILL NC 27517 RENT 776736 MSCI THE BURGISS GROUP 250 GREENWHICH ST 7 WTC 49TH FL NEW YORK NY 10007 SOFTWARE 458418 FACTSET RESEARCH SYSTEMS 45 GLOVER AVENUE 7TH FLOOR NORWALK CT 06850 SOFTWARE 416708 BACKSTOP SOLUTIONS GROUP 233 S WACKER DRIVE SUITE 3960 CHICAGO IL 60606 SOFTWARE 197099 6 MANAGEMENT FEE INCOME 900099 26614579 26614579 26614579 183298 183298 5129178 2428685 2700493 2700493 2700493 29498370 26614579 0 2883791 10447178 8526773 1920405 10432098 8859828 1572270 1427562 1143278 284284 1411506 1057077 354429 1760528 1426811 333717 42591 42591 1201778 1141880 59898 128262 128262 35600 35600 375687 300873 74814 1613148 1394867 218281 849767 680545 169222 593274 474619 118655 93649 93649 144937 144937 159790 159790 TAXES 18727 18727 30736082 25135800 5600282 0 7008270 7986907 6472615 6944425 561945 554765 1951704 1398749 643487 552955 38352418 37305800 8370968 8389968 61409703 61734820 20020884 20251223 9802173 9752596 29823057 30003819 X 31586646 31731001 31586646 31731001 61409703 61734820 -1237712 1382067 0 X 0 1 X 1 0 X X 1 UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL 566001393 2 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1951704 1398749 552955 552955 UNC INVESTMENT FUND, LLC 37305800 F 37305800 NONCURRENT DEPOSIT 48961 NET LEASE ASSETS 4276160 SOFTWARE-BASED IT ARRANGEMENTS 4064847 8389968 LEASE LIABILITIES 5255753 SOFTWARE-BASED IT ARRANGEMENTS 4496843 9752596 30880437 1382067 1382067 29498370 0 29498370 30736082 0 30736082 0 30736082 X X X X 0 1 0 0 1 0 1 1 0 JONATHON C KING PRESIDENT 934588 0 4180802 0 11241 0 55200 0 32942 0 5214773 0 921823 0 EDWARD HETHERINGTON SVP - PUBLIC INVESTMENTS 560361 0 1075860 0 2370 0 743840 0 46800 0 2429231 0 361631 0 JOSHUA SHAPIRO VP - INV STRATEGY & RISK MANAGEMENT 489814 0 1555876 0 5659 0 55200 0 46534 0 2153083 0 357063 0 CHRIS BARTHOLOMEW MANAGING DIRECTOR, INVESTMENTS 427315 0 720246 0 780 0 512191 0 47073 0 1707605 0 245606 0 MATTHEW LESESKY MANAGING DIRECTOR, INVESTMENTS 426815 0 704481 0 1170 0 497825 0 48017 0 1678308 0 244207 0 CHRIS RUDOLPH MANAGING DIRECTOR, INVESTMENTS 424615 0 698060 0 2228 0 497552 0 48717 0 1671172 0 241654 0 ANGELA MOSS MANAGING DIRECTOR, INVESTMENTS 427814 0 694513 0 2624 0 494005 0 45323 0 1664279 0 241654 0 RODGERS HARSHBARGER MANAGING DIRECTOR, INVESTMENTS 426815 0 702207 0 1341 0 487357 0 46510 0 1664230 0 251642 0 TIM BURCH SENIOR VP & GENERAL COUNSEL 351584 0 405406 0 1759 0 290597 0 48482 0 1097828 0 157205 0 CHRIS MATTKE VP - INV OPS & FINANCE 331774 0 377945 0 780 0 274801 0 46493 0 1031793 0 146305 0 LEE H ROBERTS DIRECTOR 0 619620 0 25000 0 9000 0 86071 0 16624 0 756315 0 0 NATHAN KNUFFMAN DIRECTOR 0 422664 0 0 0 10358 0 127003 0 8685 0 568710 0 0 KEVIN GUSKIEWICZ FORMER DIRECTOR 0 117811 0 0 0 84389 0 30156 0 2976 0 235332 0 0 PART I, LINE 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 UNC INVESTMENT FUND, LLC. THE PLAN ALSO REWARDS CONTINUED EMPLOYMENT WITH THE ORGANIZATION, FOR CERTAIN EMPLOYEES, BY DEFERRING PAYMENT OF A PORTION 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 - 4,180,802 RODGERS HARSHBARGER - 702,207 ANGELA MOSS - 694,513 CHRIS RUDOLPH - 698,060 CHRIS BARTHOLOMEW - 720,246 MATT LESESKY - 704,481 JOSHUA SHAPIRO - 1,555,876 EDWARD HETHERINGTON - 1,075,860 TIM BURCH - 405,406 CHRIS MATTKE - 377,945 FORM 990, SCHEDULE J, PART I, QUESTIONS 5B, 6B, & 7 UNC MANAGEMENT COMPANY MAINTAINS AN INCENTIVE COMPENSATION PLAN (THE "PLAN") COVERING ELIGIBLE EMPLOYEES. THE PRIMARY PURPOSE OF THE PLAN IS TO ATTRACT, RETAIN AND INCENTIVIZE TALENTED PROFESSIONALS. A KEY FEATURE OF THE PLAN IS THAT A PORTION OF THE PLAN 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. 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 UNC INVESTMENT FUND, LLC'S RETURNS. FORM 990, PART I, LINE 1 TO PROVIDE INVESTMENT MANAGEMENT AND ADMINISTRATIVE SERVICES TO THE UNIVERSITY OF NORTH CAROLINA AND AFFILIATES. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: UNC MANAGEMENT COMPANY'S MISSION IS TO PROVIDE PROFESSIONAL ASSET MANAGEMENT SERVICES TO THE UNIVERSITY OF NORTH CAROLINA SYSTEM, THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL AND ITS OTHER CONSTITUENT INSTITUTIONS AND THEIR AFFILIATED ENDOWMENT, FOUNDATIONS AND ENTITIES 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. FORM 990, PART III, LINE 4A, PROGRAM SERVICE ACCOMPLISHMENTS: UNC MANAGEMENT COMPANY PROVIDES INVESTMENT MANAGEMENT SERVICES TO THE UNIVERSITY OF NORTH CAROLINA SYSTEM, THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL AND ITS OTHER CONSTITUENT INSTITUTIONS AND THEIR AFFILIATED ENDOWMENT, FOUNDATIONS AND ENTITIES. UNC MANAGEMENT COMPANY HAS BEEN RETAINED BY THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL FOUNDATION INVESTMENT FUND, INC. ("CHIF") BOARD OF DIRECTORS TO SERVE AS THE INVESTMENT MANAGER FOR UNC INVESTMENT FUND, LLC (THE "FUND"). IN THIS ROLE, UNC 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. UNC MANAGEMENT COMPANY ALSO SERVES AS INVESTMENT MANAGER FOR UNC INTERMEDIATE POOL, LLC, WITH THE OBJECTIVE OF GENERATING A TOTAL INVESTMENT RETURN HIGHER THAN WHAT CAN BE EARNED ON SHORT-TERM, MONEY MARKET BASED INVESTMENTS. UNC INTERMEDIATE POOL WAS ESTABLISHED TO MEET CERTAIN LIQUIDITY NEEDS OF ITS PARTICIPANTS. FORM 990, PART VI, SECTION A, LINE 2 BUSINESS RELATIONSHIPS LEE ROBERTS, BOARD MEMBER, AND NATE KNUFFMAN, BOARD MEMBER, HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B PROCESS USED TO REVIEW FORM 990 IN FEBRUARY OF 2026, MANAGEMENT DISTRIBUTED A DRAFT OF THE FORM 990 FOR TAX YEAR 2024 TO THE BOARD OF DIRECTORS. MANAGEMENT SOUGHT COMMENTS AND FEEDBACK FROM BOARD MEMBERS WITH RESPECT TO THE DRAFT. FORM 990, PART VI, SECTION B, LINE 12C 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 COMPANY'S BYLAWS INCLUDE A CONFLICT OF INTEREST POLICY THAT APPLIES TO MEMBERS OF UNC MANAGEMENT COMPANY'S 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, LINE 15 DETERMINATION OF COMPENSATION FOR OFFICERS AND KEY EMPLOYEES UNC MANAGEMENT COMPANY ANNUALLY SUBMITS COMPENSATION AND RELATED 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 PRODUCES A CUSTOMIZED STUDY FOR UNC MANAGEMENT COMPANY DETAILING 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, LINE 19 GOVERNING DOCUMENTS UNC MANAGEMENT COMPANY, INC. DOES NOT MAKE ITS GOVERNING DOCUMENTS OR ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL 104 AIRPORT DRIVE CB 1270 CHAPEL HILL NC 27599 566001393 EDUCATION NC 501(C)(3) LINE 2 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0