Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $131,082,801

• 1g · Noncash contributions included above

  $4,913,057

• 2a · Program service revenue: RENT OF BUILDINGS TO W&M

  total $784,910 · related or exempt $784,910

• 2b · Program service revenue: Management Fees - Related Orgs

  total $3,057,621 · related or exempt $3,057,621

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $16,100,253 · excluded $16,100,253

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $243,915,471

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

  securities $233,314,401

• 7c · Gain or loss

  securities $10,601,070 · other assets $0

• 7d · Net gain or loss

  total $10,601,070 · excluded $10,601,070

• 11a · Other revenue: OTHER INCOME

  total $11,370 · excluded $11,370

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $11,370

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $60,679,105 · program services $60,679,105

• 11b · Fees: legal

  total $35,681 · program services $2,074 · management and general $21,155 · fundraising $12,452

• 11c · Fees: accounting

  total $130,809 · management and general $130,809

• 11d · Fees: lobbying

  total $204,500 · program services $204,500

• 11f · Fees: investment management

  total $425,000 · management and general $425,000

• 11g · Fees: other

  total $2,652,435 · program services $869,825 · management and general $215,639 · fundraising $1,566,971

• 13 · Office expenses

  total $238,906 · program services $58,664 · management and general $22,102 · fundraising $158,140

• 14 · Information technology

  total $1,141,384 · program services $234,045 · management and general $1,440 · fundraising $905,899

• 16 · Occupancy

  total $188,835 · program services $63,972 · fundraising $124,863

• 17 · Travel

  total $572,992 · program services $150,019 · management and general $22,108 · fundraising $400,865

• 19 · Conferences, conventions and meetings

  total $22,148 · program services $1,414 · management and general $18,349 · fundraising $2,385

• 20 · Interest

  total $299,149 · program services $222,740 · fundraising $76,409

• 22 · Depreciation, depletion and amortization

  total $332,402 · program services $217,987 · fundraising $114,415

• 23 · Insurance

  total $539,111 · program services $392,208 · management and general $123,837 · fundraising $23,066

• 24a · Other expenses: STAFF COMPENSATION

  total $4,834,786 · program services $2,003,932 · management and general $1,035,490 · fundraising $1,795,364

• 24b · Other expenses: BOOKS, SUBSCRIPTIONS

  total $150,201 · program services $65,777 · management and general $6,798 · fundraising $77,626

• 24c · Other expenses: FOOD SERVICES

  total $126,340 · program services $5,733 · management and general $25,127 · fundraising $95,480

• 24d · Other expenses: Miscellaneous

  total $30,523 · program services $6,051 · management and general $21,068 · fundraising $3,404

• 24e · All other expenses

  total $21,143 · program services $11,064 · management and general $10,079 · fundraising $0

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $8,637,252 · end of year $13,999,924

• 3 · Pledges and grants receivable

  beginning of year $21,260,107 · end of year $99,494,023

• 4 · Accounts receivable

  beginning of year $4,463,514 · end of year $7,149,488

• 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 $499,855 · end of year $499,855

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,107,560 · end of year $1,202,890

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

  $16,625,432

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

  $9,035,923

• 10c · Land, buildings and equipment, net

  beginning of year $6,972,157 · end of year $7,589,509

• 11 · Investments: publicly traded securities

  beginning of year $5,265,600 · end of year $6,529,099

• 12 · Investments: other securities

  beginning of year $871,384,967 · end of year $930,380,302

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $214,438,684 · end of year $227,314,036

• 17 · Accounts payable and accrued expenses

  beginning of year $2,664,164 · end of year $3,878,911

• 19 · Deferred revenue

  beginning of year $26,545 · end of year $32,201

• 20 · Tax-exempt bond liabilities

  beginning of year $6,090,000 · end of year $6,090,000

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $1,710,464 · end of year $1,501,937

• 25 · Other liabilities

  beginning of year $23,224,794 · end of year $24,717,308

• 27 · Net assets without donor restrictions

  beginning of year $44,236,488 · end of year $54,014,971

• 28 · Net assets with donor restrictions

  beginning of year $1,056,077,241 · end of year $1,203,923,798

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel

DURING THE FISCAL YEAR CERTAIN TRIPS FOR FUNDRAISING PURPOSES MAY OCCUR WHERE THE CEO AND OTHER FOUNDATION AND WILLIAM & MARY OFFICIALS USE CHARTER AIR TRAVEL TO SAVE TIME OR IT IS COST EFFICIENT FOR THE GROUP OF INDIVIDUALS TRAVELLING. THE CEO IS AN OFFICER OF THE FOUNDATION. ANY CHARTER TRAVEL FOR THESE PURPOSES IS IN CONNECTION WITH HIS OFFICIAL DUTIES AS AN OFFICER OF THE FOUNDATION. IN ACCORDANCE WITH FOUNDATION POLICIES, THE USE OF CHARTER TRAVEL IS APPROVED IN ADVANCE BY THE TREASURER (OR OTHER RESPONSIBLE OFFICER) OF THE FOUNDATION IF DETERMINED TO BE A NECESSARY BUSINESS EXPENSE.

Schedule J, Part I, Line 1a Health or social club dues or initiation fees

THE CEO'S COMPENSATION INCLUDES MEMBERSHIP TO A LOCAL SOCIAL CLUB. THE BENEFIT IS TREATED AS TAXABLE INCOME TO THE CEO.

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). AS SUCH, THE FOUNDATION DOES NOT HAVE EMPLOYEES OF RECORD FOR PURPOSES OF FORM W-3 REPORTING. HOWEVER, THE UNIVERSITY AND THE FOUNDATION ARE NOT RELATED ENTITIES AND THE FOUNDATION REIMBURSES THE UNIVERSITY FOR THE SALARY AND BENEFIT COSTS FOR THE FOUNDATION'S EMPLOYEES FOR SERVICES PERFORMED EXCLUSIVELY FOR THE FOUNDATION. COMPENSATION IS GENERALLY ESTABLISHED WITHIN THE GUIDELINES OF THE UNIVERSITY, INCLUDING COMPARABLE MARKET DATA AS APPROPRIATE. THE FOUNDATION'S EXECUTIVE COMMITTEE COMPLETES AN ANNUAL EXECUTIVE PERFORMANCE REVIEW ASSESSMENT FOR THE CEO, WHICH IS SHARED WITH THE PRESIDENT OF THE UNIVERSITY. COMPENSATION FOR THE CHIEF INVESTMENT OFFICER IS DETERMINED IN PART BY THE BOARD OF MANAGERS OF THE 1693 MANAGEMENT CO LLC, A WHOLLY OWNED SUBSIDIARY OF THE FOUNDATION, WHICH CONSIDERED A SURVEY OF COMPENSATION OF INDIVIDUALS IN SIMILAR POSITIONS AT SIMILAR ORGANIZATIONS.

Schedule J, Part I, Line 7 Non-fixed payments

BRIAN HIESTAND, CATHERINE MOUNTJOY RECEIVED BONUSES APPROVED BY THE BOARD OF MANAGERS OF 1693 MANAGEMENT CO LLC (THE INVESTMENT MANAGER OF 1693 PARTNERS FUND - A WHOLLY OWNED SUBSIDIARY OF W&M FOUNDATION). BONUSES ARE BASED ON RETURN OF THE FUND AND OTHER FACTORS.

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. THE UNIVERSITY IS REIMBURSED FOR THE COMPENSATION OF EMPLOYEES WHO PERFORM SERVICES EXCLUSIVELY FOR THE FOUNDATION. PER THE FORM 990 INSTRUCTIONS, THEIR COMPENSATION IS REPORTED AS COMPENSATION FROM THE FILING ORGANIZATION. ADDITIONAL INFORMATION REGARDING COMPENSATION, ETC. IS REPORTED IN SCHEDULE O.

Disregarded entities

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

• CWMF VENTURES LLC

  CONSTRUCT AND OWN A 3-STORY OFFICE BUILDING · VA · income $814,545 · assets $5,476,913

  Directly controlled by WILLIAM & MARY FOUNDATION

• FOUNDATION SERVICES LLC

  SUPPORT THE WILLIAM & MARY FOUNDATION · VA · income $0 · assets $194,268

  Directly controlled by WILLIAM & MARY FOUNDATION

• 1693 MANAGEMENT COMPANY LLC

  MANAGEMENT OF 1693 PARTNERS FUND · VA · income $3,057,621 · assets $250,936

  Directly controlled by WILLIAM & MARY FOUNDATION

• GATES HALL LLC

  GATES HALL · VA · income $1 · assets $36,516

  Directly controlled by WILLIAM & MARY FOUNDATION

Related corporations and trusts

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

• RELIANCE HOLDINGS LLC

  C Corporation · HOLD MEMBERSHIP INTEREST IN NEW TOWN ASSOCIATES LLC · VA · 1% owned · share of income $851 · share of assets $1,794 · controlled entity

  Directly controlled by THE COLLEGE OF WILLIAM & MARY REAL ESTATE FOUNDATION