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Nonprofiteer
← WILLIAM & MARY FOUNDATION

Form 990 for tax year 2022

Filed by WILLIAM & MARY FOUNDATION.

Totals

Total revenue
$41,051,162
Total expenses
$52,596,974
Contributions and grants received
$20,121,582
Grants paid
$42,523,424
Program services expenses (Part IX)
$46,352,556
Management and general expenses
$2,117,279
Fundraising expenses
$4,127,139
Program service expenses (Part III)
$46,352,556

Program services were 88.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • CLIFFORD B FLEET III

    TRUSTEE/CHAIRPERSON OF THE BOARD

    Total calculated
    $0
    Hours/week
    1 + 1.5 related

  • ELIZABETH CABELL JENNINGS

    TRUSTEE/VICE CHAIRPERSON FOR INVESTMENTS

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • JANET R ATWATER

    TRUSTEE/VICE CHAIRPERSON FOR DEVELOPMENT STRATEGY

    Total calculated
    $0
    Hours/week
    1

  • RAELENE C WAGONER

    TRUSTEE/SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • ANDREW W HORROCKS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1.5 related

  • BROOKE TRIBLE WEINMANN

    TRUSTEE (TERM ENDED 10/22)

    Total calculated
    $0
    Hours/week
    1

  • CHET M THAKER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • CHRISTINE MARIE VILLA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DARPAN S KAPADIA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • DAVID J JALLITS

    TRUSTEE (TERM ENDED 10/22)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • DAVID N KELLEY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DAVID R COVIN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • DAWN M AARON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DR STEPHEN S TANG

    TRUSTEE (TERM BEGAN 10/22)

    Total calculated
    $0
    Hours/week
    1

  • EUGENE P FOLEY JR

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • FRANCES C ENGORON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • HILARY GRANT DIXON

    TRUSTEE (TERM BEGAN 10/22)

    Total calculated
    $0
    Hours/week
    1

  • HOWARD DALE MCFADDEN

    TRUSTEE (TERM ENDED 07/22)

    Total calculated
    $0
    Hours/week
    1

  • HYLAH B BALLOWE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • J SCOTT PERKINS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • JAMES E MALLORY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • JANE CHURCH HORVATH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JENNIFER T MACKESY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JILL MARIE LORD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • JODY W FORSYTH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1.5 related

  • JOHN E LITTEL

    TRUSTEE/VOTING EX-OFFICIO (TERM ENDED 10/22)

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • JOHN E SIMMONS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • KARLA MUNDEN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • KATHERINE A ROWE

    TRUSTEE/ VOTING EX-OFFICIO

    Total calculated
    $0
    Hours/week
    1 + 0.2 related

  • KEVIN M PHILLIPS

    TRUSTEE (TERM ENDED 10/22)

    Total calculated
    $0
    Hours/week
    1

  • LOUIS GERARD DUDNEY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MARK C BUSH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MASHEA M ASHTON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MELISSA D FRIEDERY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL C PETTERS

    TRUSTEE/VOTING EX-OFFICIO (TERM BEGAN 10/22)

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL C SAPNAR

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL K POWELL

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1.5 related

  • PAMELA JORDAN PENNY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • PENELOPE H MEREDITH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • SHELLEY B GOODE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • TERI DALE DUNGAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • TODD A STOTTLEMYER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • TODD ANDREW HOWARD

    TRUSTEE (TERM BEGAN 10/22)

    Total calculated
    $0
    Hours/week
    1

  • AMY S SEBRING

    CHIEF FINANCIAL OFFICER AND TREASURER (ENDED 10/22)

    Total calculated
    $108,293
    From this org
    $92,188
    From related orgs
    $0
    Other
    $16,105
    Hours/week
    13 + 2 related

  • BRUCE G AIRD

    CHIEF FINANCIAL OFFICER AND TREASURER ( BEGAN 04/23)

    Total calculated
    $0
    Hours/week
    48 + 2 related

  • JULIE S LEACH

    EXECUTIVE DIRECTOR

    Total calculated
    $121,947
    From this org
    $91,834
    From related orgs
    $0
    Other
    $30,113
    Hours/week
    32

  • MATTHEW T LAMBERT

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $254,073
    From this org
    $219,040
    From related orgs
    $0
    Other
    $35,033
    Hours/week
    30 + 0.5 related

    Schedule J breakdown matched by us

    Base
    $217,584
    Bonus
    $750
    Other
    $706
    Deferred
    $16,945
    Nontaxable benefits
    $18,088
    Filer's total
    $254,073

  • WILLIAM D COPAN JR

    ASSISTANT TREASURER (ENDED 9/22)

    Total calculated
    $229,321
    From this org
    $195,079
    From related orgs
    $0
    Other
    $34,242
    Hours/week
    12.5 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $188,844
    Bonus
    $500
    Other
    $5,735
    Deferred
    $17,720
    Nontaxable benefits
    $16,522
    Filer's total
    $229,321

  • CATHERINE MOUNTJOY

    CHIEF OPERATING OFFICER, 1693 PARTNERS FUND

    Total calculated
    $557,263
    From this org
    $511,339
    From related orgs
    $0
    Other
    $45,924
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $231,746
    Bonus
    $278,846
    Other
    $747
    Deferred
    $20,198
    Nontaxable benefits
    $25,726
    Filer's total
    $557,263

  • F BRIAN HIESTAND

    CHIEF INVESTMENT OFFICER, 1693 PARTNERS FUND

    Total calculated
    $930,257
    From this org
    $866,051
    From related orgs
    $0
    Other
    $64,206
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    $315,770
    Bonus
    $548,645
    Other
    $1,636
    Deferred
    $32,200
    Nontaxable benefits
    $32,006
    Filer's total
    $930,257

  • KARYN A TANCREDI

    CONTROLLER (ENDED 12/22)

    Total calculated
    $209,050
    From this org
    $165,199
    From related orgs
    $0
    Other
    $43,851
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $162,265
    Bonus
    $1,500
    Other
    $1,434
    Deferred
    $24,073
    Nontaxable benefits
    $19,778
    Filer's total
    $209,050

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
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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)

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. EACH INDIVIDUAL REPORTED ON SCHEDULE J RECEIVED A ONE-TIME BONUS OF $500-$1500 THAT WERE PROVIDED TO ALL UNIVERSITY EMPLOYEES DURING 2022. The Bonus & Incentive Compensation listed in Part II for the Chief Investment Officer and Chief Operating Officer includes amounts that were awarded in Calendar Year 2021 but paid to the employee in Calendar Year 2022.
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.

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
15 May 2024
IRS schema version
2022v5.0
Source object
202441369349307809

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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