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Nonprofiteer
← HARVARD MANAGEMENT COMPANY INC

Form 990 for tax year 2023

Filed by HARVARD MANAGEMENT COMPANY INC.

Totals

Total revenue
$132,015,552
Total expenses
$132,015,552
Contributions and grants received
$0
Grants paid
$0
Program services expenses (Part IX)
$124,991,461
Management and general expenses
$7,024,091
Fundraising expenses
$0
Program service expenses (Part III)
$124,991,461

Program services were 94.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • NIRMAL P NARVEKAR

    MD - President & CEO

    Total calculated
    $6,228,717
    From this org
    $6,065,114
    From related orgs
    $0
    Other
    $163,603
    Hours/week
    50 + 10 related

    Schedule J breakdown matched by us

    Base
    $999,449
    Bonus
    $5,062,101
    Other
    $3,564
    Deferred
    $128,577
    Nontaxable benefits
    $35,026
    Filer's total
    $6,228,717

  • Alan M Garber

    DIRECTOR AS OF 01/02/24

    Total calculated
    $1,165,036
    From this org
    $0
    From related orgs
    $922,068
    Other
    $242,968
    Hours/week
    2 + 61 related

    Schedule J breakdown matched by us

    Base
    $0 + $873,441 related
    Bonus
    $0 + $45,000 related
    Other
    $0 + $3,627 related
    Deferred
    $0 + $41,490 related
    Nontaxable benefits
    $0 + $201,478 related
    Filer's total
    $0 + $1,165,036 related

  • AMY C FALLS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • BRIAN ROGERS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Claudine Gay

    DIRECTOR UNTIL 01/02/24

    Total calculated
    $1,362,955
    From this org
    $0
    From related orgs
    $1,079,008
    Other
    $283,947

    Schedule J breakdown matched by us

    Base
    $0 + $1,022,055 related
    Bonus
    $0 + $35,000 related
    Other
    $0 + $21,953 related
    Deferred
    $0 + $41,490 related
    Nontaxable benefits
    $0 + $242,457 related
    Filer's total
    $0 + $1,362,955 related

  • Eric Doppstadt

    Director

    Total calculated
    $0
    Hours/week
    1

  • JEREMY C STEIN

    DIRECTOR

    Total calculated
    $665,863
    From this org
    $0
    From related orgs
    $607,614
    Other
    $58,249
    Hours/week
    1 + 60 related

    Schedule J breakdown matched by us

    Base
    $0 + $414,220 related
    Bonus
    $0
    Other
    $0 + $193,394 related
    Deferred
    $0 + $41,490 related
    Nontaxable benefits
    $0 + $16,759 related
    Filer's total
    $0 + $665,863 related

  • JOSHUA S FRIEDMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KEITH JOHNSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PAUL J FINNEGAN

    DIRECTOR & CHAIR

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • RITU KALRA

    DIRECTOR

    Total calculated
    $555,826
    From this org
    $0
    From related orgs
    $501,481
    Other
    $54,345
    Hours/week
    1 + 61 related

    Schedule J breakdown matched by us

    Base
    $0 + $471,617 related
    Bonus
    $0 + $7,000 related
    Other
    $0 + $22,864 related
    Deferred
    $0 + $41,490 related
    Nontaxable benefits
    $0 + $12,855 related
    Filer's total
    $0 + $555,826 related

  • ROBERT JAIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Timothy R Barakett

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TRICIA M GLYNN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • WILLIAM M LEWIS JR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KATHRYN I MURTAGH

    MD - CCO & CLERK

    Total calculated
    $2,345,032
    From this org
    $2,296,350
    From related orgs
    $0
    Other
    $48,682
    Hours/week
    50 + 10 related

    Schedule J breakdown matched by us

    Base
    $771,528
    Bonus
    $1,500,000
    Other
    $24,822
    Deferred
    $33,000
    Nontaxable benefits
    $15,682
    Filer's total
    $2,345,032

  • SANJEEV DAGA

    MD - COO & Treasurer

    Total calculated
    $4,995,699
    From this org
    $4,849,849
    From related orgs
    $0
    Other
    $145,850
    Hours/week
    50 + 10 related

    Schedule J breakdown matched by us

    Base
    $775,449
    Bonus
    $4,049,578
    Other
    $24,822
    Deferred
    $109,462
    Nontaxable benefits
    $36,388
    Filer's total
    $4,995,699

  • RICHARD W SLOCUM

    MD - CIO

    Total calculated
    $5,000,739
    From this org
    $4,855,885
    From related orgs
    $0
    Other
    $144,854
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $799,449
    Bonus
    $4,049,578
    Other
    $6,858
    Deferred
    $109,462
    Nontaxable benefits
    $35,392
    Filer's total
    $5,000,739

  • Adam Goldstein

    MD - GENERALIST TEAM

    Total calculated
    $3,707,850
    From this org
    $3,585,935
    From related orgs
    $0
    Other
    $121,915
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $699,449
    Bonus
    $2,886,000
    Other
    $486
    Deferred
    $87,231
    Nontaxable benefits
    $34,684
    Filer's total
    $3,707,850

  • Carlos Saravia

    MD - Generalist Team

    Total calculated
    $3,454,087
    From this org
    $3,405,829
    From related orgs
    $0
    Other
    $48,258
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $538,101
    Bonus
    $2,867,375
    Other
    $353
    Deferred
    $24,750
    Nontaxable benefits
    $23,508
    Filer's total
    $3,454,087

  • ELISE McDONALD

    MD - Generalist Team

    Total calculated
    $3,285,726
    From this org
    $3,159,716
    From related orgs
    $0
    Other
    $126,010
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $487,799
    Bonus
    $2,670,675
    Other
    $1,242
    Deferred
    $83,192
    Nontaxable benefits
    $42,818
    Filer's total
    $3,285,726

  • JOHN SHUE

    MD - Generalist Team

    Total calculated
    $3,260,071
    From this org
    $3,142,591
    From related orgs
    $0
    Other
    $117,480
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $495,849
    Bonus
    $2,645,500
    Other
    $1,242
    Deferred
    $82,712
    Nontaxable benefits
    $34,768
    Filer's total
    $3,260,071

  • MARCUS LOVELAND

    MD - GENERALIST TEAM

    Total calculated
    $3,040,461
    From this org
    $2,924,693
    From related orgs
    $0
    Other
    $115,768
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $393,925
    Bonus
    $2,530,350
    Other
    $418
    Deferred
    $81,077
    Nontaxable benefits
    $34,691
    Filer's total
    $3,040,461

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 — 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 · Independent compensation consultant
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 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
  • 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)

Schedule J, Part I, Line 1a First Class or Charter Travel
THE ORGANIZATION'S TRAVEL POLICY ALLOWS FOR FIRST CLASS TRAVEL FOR LEGITIMATE BUSINESS PURPOSES IN LIMITED CIRCUMSTANCES. THESE TRAVEL EXPENSES ARE INCURRED FOR BUSINESS PURPOSES AND THEREFORE ARE NOT TREATED AS TAXABLE COMPENSATION.
Schedule J, Part I, Line 4b
THE PRESIDENT & CEO, THE CIO, THE COO & TREASURER, AND FOUR HIGHEST COMPENSATED EMPLOYEES ARE REQUIRED TO PROVIDE CONTINUED SERVICE TO HARVARD MANAGEMENT COMPANY, INC. THROUGH SPECIFIED DATES IN ORDER TO RECEIVE CERTAIN COMPENSATION. RATABLE ACCRUALS OF AMOUNTS TO BE PAID IN FUTURE YEARS ARE INCLUDED IN COLUMN (C).
Schedule J, Part I, Line 7
THE HMC INCENTIVE COMPENSATION PLAN WAS UPDATED AND IMPLEMENTED IN FISCAL YEAR 2018 (THE "HMC PLAN") AND APPLIES TO ALL EMPLOYEES. THE HMC PLAN ALIGNS INTERESTS BY TYING VARIABLE COMPENSATION FOR ALL HMC PLAN PARTICIPANTS WITH PERFORMANCE OF THE ENTIRE PORTFOLIO BASED ON THREE OBJECTIVES AND METRICS: TOTAL RETURN, PEER RETURN AND BENCHMARK RELATIVE RETURN. FUNDING FOR THE AGGREGATE INCENTIVE POOL CORRELATES WITH PERFORMANCE AGAINST THESE METRICS. EACH OF THE THREE METRICS AGGREGATE PERFORMANCE AND BUILD UP TO A FIVE YEAR LOOK BACK PERIOD BEGINNING WITH FISCAL YEAR 2018. BONUSES UNDER THE HMC PLAN ARE AWARDED FOLLOWING APPROVAL BY THE AUDIT & COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS. PART OF THE AWARD FOR EXECUTIVES AND MANAGING DIRECTORS ON THE GENERALIST TEAM VESTS OVER A ONE-YEAR PERIOD AND IS ADJUSTED ACCORDINGLY BASED ON THE OVERALL PERFORMANCE RETURN OF THE PORTFOLIO.

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.

  • PRESIDENT AND FELLOWS OF HARVARD COLLEGE

    501(c)(3) · EDUCATION AND RESEARCH · MA

    Directly controlled by NA

  • AFRICA ACADEMY FOR PUBLIC HEALTH

    RESEARCH · TZ · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • AMERICAN REPERTORY THEATRE COMPANY INC

    501(c)(3) · PERFORMING ARTS · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • ASSOCIACAO DAVID ROCKEFELLER CENTER DE UNIVERSIDADE DE HARVARD

    EDUCATION · BR · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • Blue Marble Holdings Corp

    501(c)(3) · Investment Management · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • CENTRE RECHERCHE EUROPEEN DE LA HBS

    RESEARCH SUPPORT · FR · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • Demeter Holdings Corporation

    501(c)(3) · Investment Management · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • DOYUKAI FUND FOR HARVARD INC

    501(c)(3) · RESEARCH SUPPORT · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • DUBAI HARVARD FOUNDATION FOR MEDICAL RESEARCH INC

    501(c)(3) · EDUCATION AND RESEARCH · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • ENDOWMENT FOR RESEARCH IN HUMAN BIOLOGY INC

    501(c)(3) · RESEARCH · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • FUNDACION DRCLAS CHILE

    FACULTY AND STUDENT ACTIVITIES · CI · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • FUNDACION HARVARD BUSINESS SCHOOL LATIN AMERICA RESEARCH CENTER

    RESEARCH SUPPORT · UY · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • GIOVANNI ARMENISE-HARVARD FOUNDATION FOR SCIENTIFIC RESEARCH INC

    501(c)(3) · RESEARCH SUPPORT · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • HANSJORG WYSS INST FOR BIOLOGICALLY INSPIRED ENGINEERING AT HARVARD UNIV IN C

    501(c)(3) · RESEARCH · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • HARVARD BUSINESS SCHOOL INTERACTIVE INC

    501(c)(3) · EXECUTIVE EDUCATION · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • HARVARD BUSINESS SCHOOL PUBLISHING CORP

    501(c)(3) · PUBLISHING · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • HARVARD DEDICATED ENERGY LIMITED

    501(c)(3) · ELECTRICITY PURCHASING · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • HARVARD GLOBAL FOUNDATION LTD

    TRUST FOR CONTRIBUTIONS · UK · controlled entity

    Directly controlled by HARVARD GLOBAL RESEARCH AND SUPPORT SERVICES INC

  • HARVARD GLOBAL RESEARCH AND SUPPORT SERVICES INC

    501(c)(3) · GLOBAL SUPPORT · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • HARVARD GLOBAL RESEARCH AND SUPPORT SERVICES INC - TUNISIA

    RESEARCH · TS · controlled entity

    Directly controlled by HARVARD GLOBAL RESEARCH AND SUPPORT SERVICES INC

  • HARVARD GLOBAL RESEARCH SUPPORT CENTRE INDIA

    RESEARCH · IN · controlled entity

    Directly controlled by HARVARD GLOBAL RESEARCH AND SUPPORT SERVICES INC

  • HARVARD GLOBAL RESEARCH SUPPORT CENTRE ISRAEL LTD

    RESEARCH · IS · controlled entity

    Directly controlled by HARVARD GLOBAL RESEARCH AND SUPPORT SERVICES INC

  • HARVARD GLOBAL RESEARCH SUPPORT CENTRE SOUTH AFRICA NPC

    RESEARCH · SF · controlled entity

    Directly controlled by HARVARD GLOBAL RESEARCH AND SUPPORT SERVICES INC

  • HARVARD GLOBAL UK

    RESEARCH · UK · controlled entity

    Directly controlled by HARVARD GLOBAL RESEARCH AND SUPPORT SERVICES INC

  • HARVARD MAGAZINE INC

    501(c)(3) · PUBLISHING · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • Harvard Management Private Equity Corporation

    501(c)(3) · Investment Management · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • HARVARD NEURODISCOVERY CENTER INC

    501(c)(3) · RESEARCH SUPPORT · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • Harvard Private Capital Realty Inc

    501(c)(3) · Investment Management · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • HARVARD REAL ESTATE - ALLSTON INC

    501(c)(25) · TITLE HOLDING COMPANY · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • HARVARD REAL ESTATE INC

    501(c)(3) · REAL ESTATE BROKERAGE · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • ION INC

    501(c)(3) · RESEARCH · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • Phemus Corporation

    501(c)(3) · Investment Management · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • RED TOP INC

    501(c)(3) · ATHLETICS · CT · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • STUDENT CLUBS OF HBS INC

    501(c)(3) · STUDENT SUPPORT · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • STUDENT ORGANIZATIONS AND JOURNALS OF HARVARD LAW SCHOOL INC

    501(c)(3) · STUDENT SUPPORT · MA · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • THE BOTSWANA HARVARD HEALTH PARTNERSHIP

    RESEARCH · BC · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • THE RESEARCH COLLECTIONS AND PRESERVATION CONSORTIUM

    501(c)(3) · LIBRARY DEPOSITORY · NJ · controlled entity

    Directly controlled by President and Fellows of Harvard College

  • TRUSTEES FOR HARVARD UNIVERSITY

    501(c)(3) · EDUCATION · DC · controlled entity

    Directly controlled by President and Fellows of Harvard College

Provenance

Return type
form_990
Tax year
2023
Filed
14 May 2025
IRS schema version
2023v6.0
Source object
202541349349310119

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