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← UNIVERSITY OF FLORIDA INVESTMENT CORPORATION

Form 990 for tax year 2022

Filed by UNIVERSITY OF FLORIDA INVESTMENT CORPORATION.

Totals

Total revenue
$6,561,111
Total expenses
$6,382,051
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$6,483,014
Investment income
$78,097
Other revenue
$0
Total assets, end of year
$8,723,162
Total liabilities, end of year
$8,468,484
Net assets or fund balances, end of year
$254,678
Program services expenses (Part IX)
$5,340,460
Management and general expenses
$1,041,591
Fundraising expenses
$0
Program service expenses (Part III)
$5,340,460

Program services were 83.7% 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 $6,483,014 · related or exempt $6,483,014

  • 3 · Investment income

    total $78,097 · excluded $78,097

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $2,067,721 · program services $1,636,673 · management and general $431,048

  • 7 · Other salaries and wages

    total $2,989,509 · program services $2,783,772 · management and general $205,737

  • 8 · Pension plan contributions

    total $183,264 · program services $177,650 · management and general $5,614

  • 9 · Other employee benefits

    total $168,572 · program services $160,479 · management and general $8,093

  • 10 · Payroll taxes

    total $235,069 · program services $235,069

  • 11c · Fees: accounting

    total $24,540 · management and general $24,540

  • 11g · Fees: other

    total $5,672 · program services $5,672

  • 13 · Office expenses

    total $14,486 · program services $13,037 · management and general $1,449

  • 14 · Information technology

    total $420 · program services $420

  • 16 · Occupancy

    total $132,624 · program services $119,362 · management and general $13,262

  • 17 · Travel

    total $67,213 · program services $67,213

  • 19 · Conferences, conventions and meetings

    total $10,528 · program services $10,528

  • 20 · Interest

    total $145,094 · program services $130,585 · management and general $14,509

  • 22 · Depreciation, depletion and amortization

    total $185,986 · management and general $185,986

  • 23 · Insurance

    total $52,437 · management and general $52,437

  • 24a · Other expenses: EXCISE TAXES

    total $92,267 · management and general $92,267

  • 24b · Other expenses: MEMBERSHIPS & DUES

    total $4,605 · management and general $4,605

  • 24c · Other expenses: SUBSCRIPTIONS

    total $1,581 · management and general $1,581

  • 24d · Other expenses: AWARDS & COMMENDATIONS

    total $262 · management and general $262

  • 24e · All other expenses

    total $201 · management and general $201

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $2,399,482 · end of year $2,629,810

  • 4 · Accounts receivable

    beginning of year $197,436 · end of year $208,706

  • 9 · Prepaid expenses and deferred charges

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

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

    $3,938,749

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

    $662,970

  • 10c · Land, buildings and equipment, net

    beginning of year $3,461,764 · end of year $3,275,779

  • 15 · Other assets

    beginning of year $2,587,388 · end of year $2,587,791

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,880,698 · end of year $2,624,001

  • 25 · Other liabilities

    beginning of year $5,710,830 · end of year $5,844,483

  • 29 · Capital stock, trust principal or current funds

    beginning of year $87,296 · end of year $410,591

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

    beginning of year -$11,678 · end of year -$155,913

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2022

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 FOUR OTHER AFFILIATE ORGANIZATIONS RELATED TO THE UNIVERSITY OF FLORIDA. DURING THE YEAR, THE ORGANIZATION MANAGED ASSETS OF $4,941,791,828 FOR THESE ORGANIZATIONS.

    Expenses $5,340,460 · Revenue $6,483,014

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • James W Heavener

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • William Walton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Fernando Donayre

    BOARD MEMBER, AS OF 12/2022

    Total calculated
    $0
    Hours/week
    1

  • Brian T Levine

    BOARD MEMBER, UNTIL 11/2022

    Total calculated
    $0
    Hours/week
    1

  • David Christie

    BOARD MEMBER, AS OF 12/2022

    Total calculated
    $327,897
    From this org
    $0
    From related orgs
    $277,061
    Other
    $50,836
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $269,885 related
    Bonus
    $0
    Other
    $0 + $7,176 related
    Deferred
    $0 + $25,942 related
    Nontaxable benefits
    $0 + $24,894 related
    Filer's total
    $0 + $327,897 related

  • Douglas J Free

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Robert Thornton

    BOARD MEMBER, AS OF 12/2022

    Total calculated
    $553,251
    From this org
    $0
    From related orgs
    $520,133
    Other
    $33,118
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $391,616 related
    Bonus
    $0 + $72,400 related
    Other
    $0 + $56,117 related
    Deferred
    $0 + $21,350 related
    Nontaxable benefits
    $0 + $11,768 related
    Filer's total
    $0 + $553,251 related

  • Christopher Cowen

    BOARD MEMBER

    Total calculated
    $851,749
    From this org
    $0
    From related orgs
    $748,858
    Other
    $102,891
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $720,994 related
    Bonus
    $0
    Other
    $0 + $27,864 related
    Deferred
    $0 + $90,945 related
    Nontaxable benefits
    $0 + $11,946 related
    Filer's total
    $0 + $851,749 related

  • Rebecca Patterson

    BOARD MEMBER, AS OF 3/2023

    Total calculated
    $0
    Hours/week
    1

  • Robert J Cousin

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Saby Mitra

    BOARD MEMBER, AS OF 7/2022

    Total calculated
    $585,815
    From this org
    $0
    From related orgs
    $534,031
    Other
    $51,784
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $534,031 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $27,281 related
    Nontaxable benefits
    $0 + $24,503 related
    Filer's total
    $0 + $585,815 related

  • Scott J Friedman

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Lindsay Lee

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Alex C Smith

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • William S Reeser

    CEO/CIO/PRESIDENT

    Total calculated
    $1,886,855
    From this org
    $1,602,531
    From related orgs
    $0
    Other
    $284,324
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $638,692
    Bonus
    $923,562
    Other
    $40,277
    Deferred
    $266,156
    Nontaxable benefits
    $18,168
    Filer's total
    $1,886,855

  • Edward A Kelly

    COO/VICE PRESIDENT

    Total calculated
    $658,403
    From this org
    $548,620
    From related orgs
    $0
    Other
    $109,783
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $322,913
    Bonus
    $220,487
    Other
    $5,220
    Deferred
    $88,656
    Nontaxable benefits
    $21,127
    Filer's total
    $658,403

  • Brian C Mawdsley

    DEPUTY CIO

    Total calculated
    $1,152,786
    From this org
    $950,959
    From related orgs
    $0
    Other
    $201,827
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $406,694
    Bonus
    $542,807
    Other
    $1,458
    Deferred
    $181,781
    Nontaxable benefits
    $20,046
    Filer's total
    $1,152,786

  • William C Twible

    INVESTMENT DIRECTOR

    Total calculated
    $600,519
    From this org
    $498,183
    From related orgs
    $0
    Other
    $102,336
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $254,316
    Bonus
    $243,249
    Other
    $618
    Deferred
    $95,435
    Nontaxable benefits
    $6,901
    Filer's total
    $600,519

  • Jeffrey Furst

    INVESTMENT DIRECTOR

    Total calculated
    $608,722
    From this org
    $493,546
    From related orgs
    $0
    Other
    $115,176
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $249,679
    Bonus
    $243,249
    Other
    $618
    Deferred
    $95,435
    Nontaxable benefits
    $19,741
    Filer's total
    $608,722

  • James D Humphries

    INVESTMENT OPERATIONS DIRECTOR

    Total calculated
    $198,244
    From this org
    $161,658
    From related orgs
    $0
    Other
    $36,586
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $154,571
    Bonus
    $0
    Other
    $7,087
    Deferred
    $16,845
    Nontaxable benefits
    $19,741
    Filer's total
    $198,244

  • Brennan Bubp

    SENIOR INVESTMENT ANALYST

    Total calculated
    $323,927
    From this org
    $249,456
    From related orgs
    $0
    Other
    $74,471
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $132,298
    Bonus
    $110,592
    Other
    $6,566
    Deferred
    $54,743
    Nontaxable benefits
    $19,728
    Filer's total
    $323,927

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
2022
Filed
6 May 2024
IRS schema version
2022v5.0
Source object
202411289349300746

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