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Nonprofiteer
← UNIVERSITY OF FLORIDA INVESTMENT CORPORATION

Form 990 for tax year 2024

Filed by UNIVERSITY OF FLORIDA INVESTMENT CORPORATION.

Totals

Total revenue
$6,254,192
Total expenses
$6,670,257
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$6,157,310
Investment income
$96,882
Other revenue
$0
Total assets, end of year
$7,319,079
Total liabilities, end of year
$7,213,436
Net assets or fund balances, end of year
$105,643
Program services expenses (Part IX)
$5,628,885
Management and general expenses
$1,041,372
Fundraising expenses
$0
Program service expenses (Part III)
$5,628,885

Program services were 84.4% 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 FEES

    total $6,157,310 · related or exempt $6,157,310

  • 3 · Investment income

    total $96,882 · excluded $96,882

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $2,109,105 · program services $1,684,661 · management and general $424,444

  • 7 · Other salaries and wages

    total $2,835,408 · program services $2,551,867 · management and general $283,541

  • 8 · Pension plan contributions

    total $217,026 · program services $209,703 · management and general $7,323

  • 9 · Other employee benefits

    total $209,535 · program services $197,915 · management and general $11,620

  • 10 · Payroll taxes

    total $162,603 · program services $146,342 · management and general $16,261

  • 11c · Fees: accounting

    total $25,195 · management and general $25,195

  • 11g · Fees: other

    total $268,785 · program services $268,785

  • 12 · Advertising and promotion

    total $1,032 · program services $1,032

  • 13 · Office expenses

    total $50,272 · program services $45,245 · management and general $5,027

  • 14 · Information technology

    total $455 · program services $455

  • 16 · Occupancy

    total $106,951 · program services $96,257 · management and general $10,694

  • 17 · Travel

    total $178,697 · program services $178,697

  • 19 · Conferences, conventions and meetings

    total $16,562 · program services $16,562

  • 20 · Interest

    total $141,055 · program services $126,950 · management and general $14,105

  • 22 · Depreciation, depletion and amortization

    total $169,689 · management and general $169,689

  • 23 · Insurance

    total $51,064 · management and general $51,064

  • 24a · Other expenses: EXCISE TAXES

    total $116,015 · program services $104,414 · management and general $11,601

  • 24b · Other expenses: MEMBERSHIPS & DUES

    total $6,619 · management and general $6,619

  • 24c · Other expenses: SUBSCRIPTIONS

    total $2,762 · management and general $2,762

  • 24d · Other expenses: AWARDS & COMMENDATIONS

    total $756 · management and general $756

  • 24e · All other expenses

    total $671 · management and general $671

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $2,703,748 · end of year $1,965,980

  • 4 · Accounts receivable

    beginning of year $12,958 · end of year $43,195

  • 9 · Prepaid expenses and deferred charges

    beginning of year $21,076 · end of year $31,876

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

    $3,938,749

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

    $1,018,645

  • 10c · Land, buildings and equipment, net

    beginning of year $3,089,794 · end of year $2,920,104

  • 15 · Other assets

    beginning of year $2,370,249 · end of year $2,357,924

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,847,476 · end of year $1,702,369

  • 25 · Other liabilities

    beginning of year $5,828,641 · end of year $5,511,067

  • 29 · Capital stock, trust principal or current funds

    beginning of year $815,306 · end of year $513,682

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year -$293,598 · end of year -$408,039

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2024

Mission

THE PURPOSE OF THIS CORPORATION IS TO PROMOTE THE EDUCATIONAL PURPOSES OF THE UNIVERSITY OF FLORIDA BY PROVIDING INVESTMENT RESEARCH, ADVICE, COUNSEL AND MANAGEMENT TO AND FOR THE UNIVERSITY OF FLORIDA BOARD OF TRUSTEES, A PUBLIC BODY CORPORATE, AND SUCH AFFILIATED CORPORATIONS AS THE BOARD OF TRUSTEES OF THE UNIVERSITY OF FLORIDA MAY DESIGNATE, PROVIDED THAT SUCH ORGANIZATIONS FURTHER THE EDUCATIONAL PURPOSES OF THE UNIVERSITY OF FLORIDA AND ARE ORGANIZATIONS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS NOW IN FORCE OR HEREAFTER AMENDED.

  • THE ORGANIZATION PROVIDED INVESTMENT RESEARCH, ADVICE, COUNSEL AND MANAGEMENT TO THE UNIVERSITY OF FLORIDA AND THREE OTHER AFFILIATE ORGANIZATIONS RELATED TO THE UNIVERSITY OF FLORIDA. DURING THE YEAR, THE ORGANIZATION MANAGED ASSETS OF $6,865,764,255 FOR THESE ORGANIZATIONS.

    Expenses $5,628,885 · Revenue $6,157,310

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

Listed in Part VII

  • James W Heavener

    EX-OFFICIO MEMBER

    Total calculated
    $0
    Hours/week
    1

  • William Walton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Fernando Donayre

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • David Christie

    EX-OFFICIO MEMBER

    Total calculated
    $370,629
    From this org
    $0
    From related orgs
    $316,249
    Other
    $54,380
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $288,924 related
    Bonus
    $0 + $25,000 related
    Other
    $0 + $2,325 related
    Deferred
    $0 + $29,493 related
    Nontaxable benefits
    $0 + $24,887 related
    Filer's total
    $0 + $370,629 related

  • Douglas J Free

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Robert Thornton

    EX-OFFICIO MEMBER UNTIL 2/2025

    Total calculated
    $842,192
    From this org
    $0
    From related orgs
    $815,755
    Other
    $26,437
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $568,257 related
    Bonus
    $0 + $133,200 related
    Other
    $0 + $114,298 related
    Deferred
    $0 + $14,250 related
    Nontaxable benefits
    $0 + $12,187 related
    Filer's total
    $0 + $842,192 related

  • Rebecca Patterson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Saby Mitra

    EX-OFFICIO MEMBER

    Total calculated
    $616,491
    From this org
    $0
    From related orgs
    $557,890
    Other
    $58,601
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $557,890 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $33,945 related
    Nontaxable benefits
    $0 + $24,656 related
    Filer's total
    $0 + $616,491 related

  • Lindsay Lee

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Nick Kozlov

    BOARD MEMBER BEGIN 2/2025

    Total calculated
    $0
    Hours/week
    1

  • Taylor Jantz

    EX-OFFICIO MEMBER UNTIL 2/2025

    Total calculated
    $605,634
    From this org
    $0
    From related orgs
    $473,720
    Other
    $131,914
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $444,122 related
    Bonus
    $0 + $25,000 related
    Other
    $0 + $4,598 related
    Deferred
    $0 + $120,087 related
    Nontaxable benefits
    $0 + $11,827 related
    Filer's total
    $0 + $605,634 related

  • Geoff Gardner

    BOARD MEMBER BEGIN 2/2025

    Total calculated
    $0
    Hours/week
    1

  • Robert Cousin

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Scott Friedman

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • William S Reeser

    CEO/CIO/PRESIDENT UNTIL 1/1/25

    Total calculated
    $1,507,964
    From this org
    $1,317,266
    From related orgs
    $0
    Other
    $190,698
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $683,982
    Bonus
    $618,488
    Other
    $14,796
    Deferred
    $171,059
    Nontaxable benefits
    $19,639
    Filer's total
    $1,507,964

  • Edward A Kelly

    COO/VICE PRESIDENT

    Total calculated
    $584,202
    From this org
    $494,145
    From related orgs
    $0
    Other
    $90,057
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $342,166
    Bonus
    $146,759
    Other
    $5,220
    Deferred
    $66,707
    Nontaxable benefits
    $23,350
    Filer's total
    $584,202

  • Mark L Baumgartner

    CEO/CIO/PRESIDENT BEGIN 1/1/25

    Total calculated
    $0
    Hours/week
    50

  • Brian C Mawdsley

    DEPUTY CIO

    Total calculated
    $948,951
    From this org
    $804,452
    From related orgs
    $0
    Other
    $144,499
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $442,928
    Bonus
    $360,066
    Other
    $1,458
    Deferred
    $122,231
    Nontaxable benefits
    $22,268
    Filer's total
    $948,951

  • William C Twible

    INVESTMENT DIRECTOR

    Total calculated
    $531,950
    From this org
    $439,394
    From related orgs
    $0
    Other
    $92,556
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $267,906
    Bonus
    $170,870
    Other
    $618
    Deferred
    $70,593
    Nontaxable benefits
    $21,963
    Filer's total
    $531,950

  • Jeffrey Furst

    INVESTMENT DIRECTOR

    Total calculated
    $528,756
    From this org
    $436,200
    From related orgs
    $0
    Other
    $92,556
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $264,562
    Bonus
    $170,870
    Other
    $768
    Deferred
    $70,593
    Nontaxable benefits
    $21,963
    Filer's total
    $528,756

  • Daniel Lee

    SENIOR INVESTMENT ANALYST

    Total calculated
    $242,702
    From this org
    $201,795
    From related orgs
    $0
    Other
    $40,907
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $163,196
    Bonus
    $31,571
    Other
    $7,028
    Deferred
    $31,551
    Nontaxable benefits
    $9,356
    Filer's total
    $242,702

  • Brennan Bubp

    SENIOR INVESTMENT ANALYST

    Total calculated
    $283,584
    From this org
    $227,402
    From related orgs
    $0
    Other
    $56,182
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $161,762
    Bonus
    $61,802
    Other
    $3,838
    Deferred
    $34,219
    Nontaxable benefits
    $21,963
    Filer's total
    $283,584

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

  • 1a · First-class or charter travel
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

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

The filer's explanations (Part III)

PART I, LINE 1A
BUSINESS CLASS TRAVEL ON A THREE CLASS FLIGHT OR FIRST CLASS ON A TWO CLASS FLIGHT WILL BE ACCEPTABLE FOR INTERNATIONAL FLIGHTS INVOLVING 8 OR MORE HOURS OF TRAVEL TIME AND WHERE PRODUCTIVITY WILL BE IMPACTED. THE INTENT IS TO PROVIDE LAY FLAT OR NEAR FLAT SEATING IN THESE TYPES OF SITUATIONS.
PART I, LINE 3
A COMPENSATION COMMITTEE OF THE UFICO BOARD OF DIRECTORS MEETS AT LEAST ANNUALLY. THIS COMMITTEE APPROVES SALARIES FOR ALL EMPLOYEES INCLUDING THE CEO. THE COMMITTEE REVIEWS COMPENSATION BASED ON SURVEYS, CONSULTANTS, AND OTHER INFORMATION. THE CEO HAS A WRITTEN EMPLOYMENT CONTRACT. THE CEO'S COMPENSATION IS ALSO APPROVED BY THE PRESIDENT OF THE UNIVERSITY OF FLORIDA AND THE BOARD CHAIR OF THE UNIVERSITY OF FLORIDA BOARD OF TRUSTEES.
PART I, LINE 7
THE ORGANIZATION HAS A DEFERRED COMPENSATION BONUS PLAN WHICH COVERS CERTAIN EMPLOYEES. UNDER THIS PLAN, A DEFERRED BONUS IS PAID WHICH INCLUDES A DISCRETIONARY COMPONENT.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

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

  • UFICO LLC

    GENERAL PARTNER/MANAGING PARTNER · FL · income $0 · assets $0

    Directly controlled by UNIVERSITY OF FLORIDA INVESTMENT CORPORATION

Related partnerships

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

  • FLORIDA PRIVATE INVESTMENTS FUND LP

    RELATED · INVESTMENT FUNDS · DE · general or managing partner

    Directly controlled by UFICO LLC

  • FLORIDA LONG TERM POOL FUND LP

    RELATED · INVESTMENT FUNDS · DE · general or managing partner

    Directly controlled by UFICO LLC

  • FLORIDA SHORT-TERM FUND LP

    RELATED · INVESTMENT FUNDS · DE · general or managing partner

    Directly controlled by UFICO LLC

  • FLORIDA GLOBAL EQUITY FUND LLC

    RELATED · INVESTMENT FUNDS · DE · general or managing partner

    Directly controlled by UFICO LLC

  • FLORIDA GLOBAL FIXED INCOME FUND LLC

    RELATED · INVESTMENT FUNDS · DE · general or managing partner

    Directly controlled by UFICO LLC

  • FLORIDA HEDGED STRATEGIES FUND LLC

    RELATED · INVESTMENT FUNDS · DE · general or managing partner

    Directly controlled by UFICO LLC

  • FLORIDA OPPORTUNISTIC FUND LLC

    RELATED · INVESTMENT FUNDS · DE · general or managing partner

    Directly controlled by UFICO LLC

Provenance

Return type
form_990
Tax year
2024
Filed
3 March 2026
IRS schema version
2024v5.5
Source object
202610979349301311

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