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Nonprofiteer
← UNC MANAGEMENT COMPANY INC

Form 990 for tax year 2024

Filed by UNC MANAGEMENT COMPANY INC.

Totals

Total revenue
$29,498,370
Total expenses
$30,736,082
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$26,614,579
Investment income
$2,883,791
Other revenue
$0
Total assets, end of year
$61,734,820
Total liabilities, end of year
$30,003,819
Net assets or fund balances, end of year
$31,731,001
Program services expenses (Part IX)
$25,135,800
Management and general expenses
$5,600,282
Fundraising expenses
$0
Program service expenses (Part III)
$25,135,800

Program services were 81.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: MANAGEMENT FEE INCOME

    total $26,614,579 · related or exempt $26,614,579

  • 3 · Investment income

    total $183,298 · excluded $183,298

  • 7a · Gross sales of assets other than inventory

    securities $5,129,178

  • 7b · Less cost or other basis and sales expenses

    securities $2,428,685

  • 7c · Gain or loss

    securities $2,700,493

  • 7d · Net gain or loss

    total $2,700,493 · excluded $2,700,493

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $10,447,178 · program services $8,526,773 · management and general $1,920,405

  • 7 · Other salaries and wages

    total $10,432,098 · program services $8,859,828 · management and general $1,572,270

  • 8 · Pension plan contributions

    total $1,427,562 · program services $1,143,278 · management and general $284,284

  • 9 · Other employee benefits

    total $1,411,506 · program services $1,057,077 · management and general $354,429

  • 10 · Payroll taxes

    total $1,760,528 · program services $1,426,811 · management and general $333,717

  • 11b · Fees: legal

    total $42,591 · management and general $42,591

  • 11c · Fees: accounting

    total $1,201,778 · program services $1,141,880 · management and general $59,898

  • 11f · Fees: investment management

    total $128,262 · management and general $128,262

  • 11g · Fees: other

    total $35,600 · program services $35,600

  • 13 · Office expenses

    total $375,687 · program services $300,873 · management and general $74,814

  • 14 · Information technology

    total $1,613,148 · program services $1,394,867 · management and general $218,281

  • 16 · Occupancy

    total $849,767 · program services $680,545 · management and general $169,222

  • 17 · Travel

    total $593,274 · program services $474,619 · management and general $118,655

  • 19 · Conferences, conventions and meetings

    total $93,649 · program services $93,649

  • 22 · Depreciation, depletion and amortization

    total $144,937 · management and general $144,937

  • 23 · Insurance

    total $159,790 · management and general $159,790

  • 24a · Other expenses: TAXES

    total $18,727 · management and general $18,727

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $7,008,270 · end of year $7,986,907

  • 4 · Accounts receivable

    beginning of year $6,472,615 · end of year $6,944,425

  • 9 · Prepaid expenses and deferred charges

    beginning of year $561,945 · end of year $554,765

  • 10a · Land, buildings and equipment: cost or other basis

    $1,951,704

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,398,749

  • 10c · Land, buildings and equipment, net

    beginning of year $643,487 · end of year $552,955

  • 12 · Investments: other securities

    beginning of year $38,352,418 · end of year $37,305,800

  • 15 · Other assets

    beginning of year $8,370,968 · end of year $8,389,968

  • 17 · Accounts payable and accrued expenses

    beginning of year $20,020,884 · end of year $20,251,223

  • 25 · Other liabilities

    beginning of year $9,802,173 · end of year $9,752,596

  • 27 · Net assets without donor restrictions

    beginning of year $31,586,646 · end of year $31,731,001

Mission and programs · 2024

Mission

SEE SCHEDULE O

  • SEE SCHEDULE O

    Expenses $25,135,800 · Revenue $26,614,579

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • MAX C CHAPMAN JR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL D KENNEDY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JONATHON C KING

    PRESIDENT

    Total calculated
    $5,214,773
    From this org
    $5,126,631
    From related orgs
    $0
    Other
    $88,142
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $934,588
    Bonus
    $4,180,802
    Other
    $11,241
    Deferred
    $55,200
    Nontaxable benefits
    $32,942
    Filer's total
    $5,214,773

  • NATHAN KNUFFMAN

    DIRECTOR

    Total calculated
    $568,710
    From this org
    $0
    From related orgs
    $433,022
    Other
    $135,688
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $422,664 related
    Bonus
    $0
    Other
    $0 + $10,358 related
    Deferred
    $0 + $127,003 related
    Nontaxable benefits
    $0 + $8,685 related
    Filer's total
    $0 + $568,710 related

  • LEE H ROBERTS

    DIRECTOR

    Total calculated
    $756,315
    From this org
    $0
    From related orgs
    $653,620
    Other
    $102,695
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $619,620 related
    Bonus
    $0 + $25,000 related
    Other
    $0 + $9,000 related
    Deferred
    $0 + $86,071 related
    Nontaxable benefits
    $0 + $16,624 related
    Filer's total
    $0 + $756,315 related

  • DAVID M CARROLL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOHN P PREYER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TIM BURCH

    SENIOR VP & GENERAL COUNSEL

    Total calculated
    $1,097,828
    From this org
    $758,749
    From related orgs
    $0
    Other
    $339,079
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $351,584
    Bonus
    $405,406
    Other
    $1,759
    Deferred
    $290,597
    Nontaxable benefits
    $48,482
    Filer's total
    $1,097,828

  • EDWARD HETHERINGTON

    SVP - PUBLIC INVESTMENTS

    Total calculated
    $2,429,231
    From this org
    $1,638,591
    From related orgs
    $0
    Other
    $790,640
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $560,361
    Bonus
    $1,075,860
    Other
    $2,370
    Deferred
    $743,840
    Nontaxable benefits
    $46,800
    Filer's total
    $2,429,231

  • JOSHUA SHAPIRO

    VP - INV STRATEGY & RISK MANAGEMENT

    Total calculated
    $2,153,083
    From this org
    $2,051,349
    From related orgs
    $0
    Other
    $101,734
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $489,814
    Bonus
    $1,555,876
    Other
    $5,659
    Deferred
    $55,200
    Nontaxable benefits
    $46,534
    Filer's total
    $2,153,083

  • CHRIS MATTKE

    VP - INV OPS & FINANCE

    Total calculated
    $1,031,793
    From this org
    $710,499
    From related orgs
    $0
    Other
    $321,294
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $331,774
    Bonus
    $377,945
    Other
    $780
    Deferred
    $274,801
    Nontaxable benefits
    $46,493
    Filer's total
    $1,031,793

  • CHRIS RUDOLPH

    MANAGING DIRECTOR, INVESTMENTS

    Total calculated
    $1,671,172
    From this org
    $1,124,903
    From related orgs
    $0
    Other
    $546,269
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $424,615
    Bonus
    $698,060
    Other
    $2,228
    Deferred
    $497,552
    Nontaxable benefits
    $48,717
    Filer's total
    $1,671,172

  • ANGELA MOSS

    MANAGING DIRECTOR, INVESTMENTS

    Total calculated
    $1,664,279
    From this org
    $1,124,951
    From related orgs
    $0
    Other
    $539,328
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $427,814
    Bonus
    $694,513
    Other
    $2,624
    Deferred
    $494,005
    Nontaxable benefits
    $45,323
    Filer's total
    $1,664,279

  • RODGERS HARSHBARGER

    MANAGING DIRECTOR, INVESTMENTS

    Total calculated
    $1,664,230
    From this org
    $1,130,363
    From related orgs
    $0
    Other
    $533,867
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $426,815
    Bonus
    $702,207
    Other
    $1,341
    Deferred
    $487,357
    Nontaxable benefits
    $46,510
    Filer's total
    $1,664,230

  • CHRIS BARTHOLOMEW

    MANAGING DIRECTOR, INVESTMENTS

    Total calculated
    $1,707,605
    From this org
    $1,148,341
    From related orgs
    $0
    Other
    $559,264
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $427,315
    Bonus
    $720,246
    Other
    $780
    Deferred
    $512,191
    Nontaxable benefits
    $47,073
    Filer's total
    $1,707,605

  • MATTHEW LESESKY

    MANAGING DIRECTOR, INVESTMENTS

    Total calculated
    $1,678,308
    From this org
    $1,132,466
    From related orgs
    $0
    Other
    $545,842
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $426,815
    Bonus
    $704,481
    Other
    $1,170
    Deferred
    $497,825
    Nontaxable benefits
    $48,017
    Filer's total
    $1,678,308

  • KEVIN GUSKIEWICZ

    FORMER DIRECTOR

    Total calculated
    $235,332
    From this org
    $0
    From related orgs
    $202,200
    Other
    $33,132
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $117,811 related
    Bonus
    $0
    Other
    $0 + $84,389 related
    Deferred
    $0 + $30,156 related
    Nontaxable benefits
    $0 + $2,976 related
    Filer's total
    $0 + $235,332 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 5b · Pay contingent on a related organization's revenues
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

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.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
12 May 2026
IRS schema version
2024v5.5
Source object
202611329349304711

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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