Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 3 · Investment income

  total $10,935,282 · unrelated business $29,078,298 · excluded -$18,143,016

• 4 · Income from investment of tax-exempt bond proceeds

  total $0

• 5 · Royalties

  total $0

• 6c · Rental income or loss

  real property $0 · personal property $0

• 6d · Net rental income or loss

  total $0

• 7a · Gross sales of assets other than inventory

  securities $4,936,717,311

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

  securities $4,035,310,364

• 7c · Gain or loss

  securities $901,406,947

• 7d · Net gain or loss

  total $901,406,947 · unrelated business $3,697,578 · excluded $897,709,369

• 8a · Fundraising events: gross income

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $0

• 2 · Grants to domestic individuals

  total $0

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $23,657,177 · program services $21,120,000 · management and general $2,537,177

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $7,832,772 · program services $5,791,137 · management and general $2,041,635

• 8 · Pension plan contributions

  total $933,578 · program services $706,405 · management and general $227,173

• 9 · Other employee benefits

  total $2,846,946 · program services $1,855,659 · management and general $991,287

• 10 · Payroll taxes

  total $795,310 · program services $640,364 · management and general $154,946

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $123,045 · program services $82,352 · management and general $40,693

• 11c · Fees: accounting

  total $611,802 · management and general $611,802

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $1,216,610 · program services $1,066,063 · management and general $150,547

• 12 · Advertising and promotion

  total $0

• 13 · Office expenses

  total $96,105 · program services $34,235 · management and general $61,870

• 14 · Information technology

  total $912,241 · program services $647,691 · management and general $264,550

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $717,847 · program services $509,671 · management and general $208,176

• 17 · Travel

  total $869,071 · program services $833,927 · management and general $35,144

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $25,315 · program services $23,045 · management and general $2,270

• 20 · Interest

  total $103 · management and general $103

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $572,980 · program services $406,816 · management and general $166,164 · fundraising $0

• 23 · Insurance

  total $173,798 · program services $113,650 · management and general $60,148

• 24a · Other expenses: DATA SERVICES

  total $735,689 · program services $735,689 · management and general $0 · fundraising $0

• 24b · Other expenses: TRAINING & DEVELOPMENT

  total $225,943 · program services $160,420 · management and general $65,523

• 24c · Other expenses: RECRUITING

  total $107,637 · program services $0 · management and general $107,637

• 24d · Other expenses: BOOKS AND SUBSCRIPTIONS

  total $76,584 · program services $76,584 · management and general $0

• 24e · All other expenses

  total $176,699 · program services $83,941 · management and general $92,758

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,135,650 · end of year $1,484,711

• 2 · Savings and temporary cash investments

  beginning of year $266,554,259 · end of year $88,269,134

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $0

• 4 · Accounts receivable

  beginning of year $9,433,249 · end of year $11,133,683

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $0 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $633,127 · end of year $666,463

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

  $5,708,295

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

  $3,453,474

• 10c · Land, buildings and equipment, net

  beginning of year $2,800,593 · end of year $2,254,821

• 11 · Investments: publicly traded securities

  beginning of year $860,237,137 · end of year $1,293,187,620

• 12 · Investments: other securities

  beginning of year $12,737,005,108 · end of year $13,232,224,408

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $2,968,823 · end of year $2,501,602

• 17 · Accounts payable and accrued expenses

  beginning of year $22,559,851 · end of year $31,005,710

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $0 · end of year $0

• 20 · Tax-exempt bond liabilities

  beginning of year $0 · end of year $0

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $13,838,797,900 · end of year $14,580,020,353

• 27 · Net assets without donor restrictions

  beginning of year $19,410,195 · end of year $20,696,379

• 28 · Net assets with donor restrictions

  beginning of year $0 · end of year $0

The filer's explanations (Part III)

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 CALENDAR YEAR 2023, UVIMCO PAID THE TAXES ON LIMITED TAXABLE FRINGE BENEFIT EXPENSES TOTALING LESS THAN $1,000.

SCHEDULE J, PART I, LINE 3

UVIMCO'S COMPENSATION PROGRAM IS RIGOROUSLY BENCHMARKED AGAINST PEER INSTITUTIONS THROUGH INDEPENDENT SURVEYS, GUIDANCE FROM EXTERNAL CONSULTANTS, AND OVERSIGHT BY A DEDICATED COMPENSATION COMMITTEE OF THE BOARD. THIS COMPREHENSIVE APPROACH ENSURES THAT COMPENSATION REMAINS COMPETITIVE AND ALIGNED WITH THE ORGANIZATION'S GOALS.

SCHEDULE J, PART I, LINE 4B

IN CALENDAR YEAR 2023, 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. CALENDAR YEAR 2023 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 $3,309,626 $2,269,345 $ 2,193,943 E. SARGENT MCGOWAN 1,573,208 1,089,286 1,037,173 LINDSAY R. LARSEN 1,285,320 907,738 837,779 JASON M. LOVE 1,074,493 726,191 717,981 ERIC J. BUNDONIS 607,665 726,191 240,000 J. MATTHEW DORCHUCK 677,869 635,417 359,394 ADRIENNE C. CLOUGH 272,321 544,643 - ROBERT S. HAMEL 90,774 181,547 - IN CALENDAR YEAR 2023, 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 $223,191 - $155,000 KRISTINA M. ALIMARD 3,471,848 - 2,269,000 JOHN M. WINN 597,575 520,000 415,000 ALLISON P. GILLAM 86,396 213,333 60,000 IRS REGULATIONS REQUIRE THAT WHEN DEFERRED COMPENSATION IS NO LONGER AT RISK OF FORFEITURE IT MUST BE INCLUDED IN AN INDIVIDUAL'S REPORTABLE INCOME FOR THAT TAX YEAR, EVEN WHEN THE COMPENSATION WILL BE PAID IN LATER YEARS. DEFERRED COMPENSATION FOR KRISTINA M. ALLIMARD INCLUDES DEFERRED COMPENSATION THAT WAS VESTED AND TAXABLE BUT NOT DISTRIBUTABLE IN CALENDAR YEAR 2023. 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 2023, WHICH ARE INCLUDED IN SCHEDULE J, PART II, COLUMN B (II).

SCHEDULE J, PART II

THE COMPENSATION FIGURES DISCLOSED IN UVIMCO'S 2023 FORM 990 FOR FISCAL YEAR 2024 ARE A DIRECT RESULT OF UVIMCO'S EXCEPTIONAL INVESTMENT PERFORMANCE OVER RECENT YEARS. FROM FISCAL YEARS 2021 TO 2023, THE THREE-YEAR NET RETURNS FOR THE UVIMCO LONG TERM POOL EXCEEDED THE BENCHMARK BY 5.2%, 9.0%, AND 4.9%, RESPECTIVELY, DRIVEN IN PART BY AN EXTRAORDINARY 49% RETURN IN FISCAL YEAR 2021. THE REPORTABLE COMPENSATION DISCLOSED ON SCHEDULE J INCLUDES A COMBINATION OF CURRENT YEAR EARNINGS PAID IN CALENDAR YEAR 2023, PREVIOUSLY DEFERRED COMPENSATION FROM PRIOR YEARS PAID, INVESTMENT EARNINGS PAID ON DEFERRED AMOUNTS, AND ANY DEFERRED COMPENSATION THAT VESTED DURING THAT PERIOD.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• FON I LLC

  STRUCT INVEST · DE · income -$12,617,660 · assets $150,623,772

  Directly controlled by NA

• DYNAMO BRASIL II LLC

  STRUCT INVEST · DE · income $1,500,745 · assets $548,968

  Directly controlled by NA

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• NORTHLIGHT CO-INVESTMENT FUND LLC

  EXCLUDED · INVESTMENTS · DE · 100% owned · share of income $3,777,727 · share of assets $29,546,517

  Directly controlled by NCP LLC

• NT FUND I LLC

  EXCLUDED · INVESTMENTS · DE · 100% owned · share of income $5,652,020 · share of assets $141,023,681

  Directly controlled by NTC LLC

• OIE STREAM CO-INVEST FUND I LP

  INVESTMENTS · DE · 99.8% owned

  Directly controlled by OIE STEAM I GP

• V NY CLUB II LLC

  EXCLUDED · INVESTMENTS · DE · 99.8% owned · share of income -$107,604 · share of assets $61,336,088

  Directly controlled by MHG

• SREOF III CO-INVEST III LP

  EXCLUDED · INVESTMENTS · DE · 98.36% owned · share of income $384,632 · share of assets $10,584,432

  Directly controlled by SRE LLC

• ANATOLE PARTNERS ENHANCED LP

  EXCLUDED · INVESTMENTS · DE · 97.14% owned · share of income -$2,510,117 · share of assets $38,957,757

  Directly controlled by APGP LTD

• OIE STREAM I AGGREGATOR LP

  INVESTMENTS · DE · 96.78% owned

  Directly controlled by OIE STEAM I AGG

• OIE STREAM FUND I LP

  INVESTMENTS · DE · 93.33% owned

  Directly controlled by OIE STEAM I GP

• MERCED REAL ESTATE PARTNERS I LP

  UNRELATED · INVESTMENTS · DE · 76.98% owned · share of income $3,744,421 · share of assets $19,953,564

  Directly controlled by MCP LLC

• PRESIDIO MERCED LAND SA ACTIVE LLC

  INVESTMENTS · DE · 76.98% owned

  Directly controlled by MREP I LP

• VORTUS - FORELAND II CO-INVESTMENT LP

  EXCLUDED · INVESTMENTS · DE · 71.38% owned · share of income $3,614,223 · share of assets $7,264,009

  Directly controlled by VIFW GP LP

• NCP STRINGFIELD LLC

  INVESTMENTS · DE · 70.99% owned

  Directly controlled by NCP LLC

• THRIVE CAPITAL PARTNERS HARRY'S LLC

  EXCLUDED · INVESTMENTS · DE · 66.67% owned · share of income $0 · share of assets $10,064,670

  Directly controlled by TCM LLC

• RCP-MF 2 LLC

  INVESTMENTS · DE · 62.96% owned

  Directly controlled by RCP HOLDCO 3

• RCP MF HOLDING CORP 2 LLC

  INVESTMENTS · DE · 62.96% owned

  Directly controlled by RCP HOLDCO 3

• NORTH HUDSON FORTUNA III LP

  UNRELATED · INVESTMENTS · DE · 62.93% owned · share of income $47,068,234 · share of assets $5,398,280

  Directly controlled by NHRP LP

• RCP DIRECT OPPORTUNITY FUND I LLC

  EXCLUDED · INVESTMENTS · DE · 62.78% owned · share of income $53,337 · share of assets $0

  Directly controlled by RCP

• RCP-MF LLC

  INVESTMENTS · DE · 59.95% owned

  Directly controlled by RCP HOLDCO 3

• INYAREK RNG OPPORTUNITIES LP

  EXCLUDED · INVESTMENTS · DE · 54.89% owned · share of income $29 · share of assets $632,238

  Directly controlled by IP LLC

• SATURN V CAPITAL LP

  ESCLUDED · INVESTMENTS · DE · 53.55% owned · share of income $1,072,041 · share of assets $101,342,673

  Directly controlled by SVC MGMT

• BIG CREEK CAPITAL PARTNERS LP

  EXCLUDED · INVESTMENTS · DE · 53.52% owned · share of income $637,638 · share of assets $47,194,526

  Directly controlled by TCCP LP

• ROX II MED CENTER LP

  EXCLUDED · INVESTMENTS · DE · 50% owned · share of income -$405,044 · share of assets $19,673,460

  Directly controlled by RF II GP LLC

• A-SQUAD III LTD

  INVESTMENTS · VI · 0% owned

  Directly controlled by APGP LTD

• NHRP FORTUNA III HOLDINGS LLC

  INVESTMENTS · DE · 0% owned

  Directly controlled by NHRP LP

• FORTUNA RESOURCES III LLC

  INVESTMENTS · DE · 0% owned

  Directly controlled by NHRP LP

• REDTAIL RENEWABLES HOLDINGS LLC

  INVESTMENTS · DE · 0% owned

  Directly controlled by IRH LLC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• BIG CREEK CAPITAL MASTER FUND LTD

  C-CORP · INVESTMENTS · CJ · 53.22% owned · share of income $81,178 · share of assets $52,506,641 · controlled entity

  Directly controlled by TCCM LP

• RCP MF HOLDING CORP

  C-CORP · INVESTMENTS · DE · 59.95% owned · share of income -$20,531 · share of assets $1,567 · controlled entity

  Directly controlled by RCP HOLDCO 3

• FOURTH SAIL DISCOVERY OFFSHORE FUND LP

  C-CORP · INVESTMENTS · CA · 63.12% owned · share of income $25,004,870 · share of assets $210,573,241 · controlled entity

  Directly controlled by FOURTH SAIL CAP

• OLD IVY LTD

  C-CORP · INVESTMENTS · CJ · 100% owned · share of income -$7,177,656 · share of assets $414,084,284 · controlled entity

  Directly controlled by UVIMCO

• PAVILION SPC

  C-CORP · INVESTMENTS · CJ · 100% owned · share of income $2,436,810 · share of assets $102,436,810 · controlled entity

  Directly controlled by UVIMCO

• PAVILION SPC - SEGREGATED PORTFOLIO GMS

  C-CORP · INVESTMENTS · CJ · 100% owned · share of income $0 · share of assets $0 · controlled entity

  Directly controlled by UVIMCO

• PAVILION SPC -SEGREGATED PORTFOLIO MULTI

  C-CORP · INVESTMENTS · CJ · 100% owned · share of income $2,436,810 · share of assets $102,436,810 · controlled entity

  Directly controlled by UVIMCO