Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: MANAGEMENT FEE INCOME

  total $24,740,034 · related or exempt $24,740,034

• 3 · Investment income

  total $202,439 · excluded $202,439

• 7a · Gross sales of assets other than inventory

  securities $123,941

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

  securities $65,289

• 7c · Gain or loss

  securities $58,652

• 7d · Net gain or loss

  total $58,652 · excluded $58,652

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $6,419,906 · program services $5,238,121 · management and general $1,181,785

• 6 · Compensation of disqualified persons

  total $978,155 · program services $880,339 · management and general $97,816

• 7 · Other salaries and wages

  total $12,945,893 · program services $10,737,648 · management and general $2,208,245

• 8 · Pension plan contributions

  total $1,309,032 · program services $1,052,739 · management and general $256,293

• 9 · Other employee benefits

  total $1,265,519 · program services $1,017,667 · management and general $247,852

• 10 · Payroll taxes

  total $1,521,901 · program services $1,244,118 · management and general $277,783

• 11b · Fees: legal

  total $20,952 · management and general $20,952

• 11c · Fees: accounting

  total $1,113,025 · program services $1,054,265 · management and general $58,760

• 11f · Fees: investment management

  total $127,640 · management and general $127,640

• 13 · Office expenses

  total $365,964 · program services $294,313 · management and general $71,651

• 14 · Information technology

  total $1,410,477 · program services $1,198,642 · management and general $211,835

• 16 · Occupancy

  total $865,456 · program services $696,010 · management and general $169,446

• 17 · Travel

  total $633,111 · program services $535,925 · management and general $97,186

• 19 · Conferences, conventions and meetings

  total $95,775 · program services $95,775

• 22 · Depreciation, depletion and amortization

  total $170,171 · management and general $170,171

• 23 · Insurance

  total $169,609 · management and general $169,609

• 24a · Other expenses: EDUCATIONAL FUND EXPENS

  total $14,000 · management and general $14,000

• 24b · Other expenses: TAXES

  total $11,612 · management and general $11,612

• 24c · Other expenses: BANK FEES

  total -$39 · management and general -$39

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $7,135,950 · end of year $7,008,270

• 4 · Accounts receivable

  beginning of year $5,915,997 · end of year $6,472,615

• 9 · Prepaid expenses and deferred charges

  beginning of year $596,267 · end of year $561,945

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

  $1,906,264

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

  $1,262,777

• 10c · Land, buildings and equipment, net

  beginning of year $777,754 · end of year $643,487

• 12 · Investments: other securities

  beginning of year $34,126,747 · end of year $38,352,418

• 15 · Other assets

  beginning of year $8,516,919 · end of year $8,370,968

• 17 · Accounts payable and accrued expenses

  beginning of year $15,511,565 · end of year $20,020,884

• 25 · Other liabilities

  beginning of year $9,825,349 · end of year $9,802,173

• 27 · Net assets without donor restrictions

  beginning of year $31,732,720 · end of year $31,586,646

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 - 1,824,710 KEVIN TUNICK -978,155 RODGERS HARSHBARGER - 494,813 ANGELA MOSS - 476,589 CHRIS RUDOLPH - 476,589 CHRIS BARTHOLOMEW - 486,880 MATT LESESKY - 482,865 JOSHUA SHAPIRO - 701,033 EDWARD HETHERINGTON - 708,107 TIM BURCH - 308,100 CHRIS MATTKE - 265,531

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.