2024-05-15T14:09:35-05:00 2023-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 021293742 990 2022-07-01 046013152 UNIVERSITY OF MASSACHUSETTS FOUNDATION INC UNIV 7819125015 100 CARLSON AVENUE BUILDING 12 NEWTON MA 02459 BARRY F MORRISON CHIEF FINANCIAL OFFICER 6172875590 2023-11-15 1 BARRY MORRISON 999009999 0 LYNNE JOHNSON P00757336 6179129000 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JAMES R JULIAN JR 100 CARLSON AVENUE BUILDING 12 NEWTON MA 02459 551183526 0 X WWW.UMASSFOUNDATION.ORG X 1950 MA THE MISSION OF THE UNIVERSITY OF MASSACHUSETTS FOUNDATION, INC. IS TO FOSTER AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF THE UNIVERSITY OF MASSACHUSETTS AS STATED IN THE ORIGINAL 1950 ARTICLES OF ORGANIZATION. THE FOUNDATION RECEIVES, INVESTS AND DISBURSES PRIVATE GIFTS FOR THE BENEFIT OF THE UNIVERSITY OF MASSACHUSETTS AND ITS EDUCATIONAL MISSION. 15 15 29 22 42518 37366 295558007 73320621 0 0 7212542 27535735 12528433 12582130 315298982 113438486 19248681 22807596 0 0 1854260 3858894 0 0 3942825 8097235 19386256 29200176 46052746 286098806 67385740 988407109 1147511717 17483437 22034620 970923672 1125477097 TO FOSTER AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF THE UNIVERSITY OF MASSACHUSETTS AS STATED IN THE ORIGINAL 1950 ARTICLES OF ORGANIZATION. TO INVEST PRIVATE SUPPORT FOR THE BENEFIT OF THE UNIVERSITY OF MASSACHUSETTS. 0 0 22807596 22807596 12582130 THE UNIVERSITY OF MASSACHUSETTS FOUNDATION, INC. INVESTS FUNDS FOR THE BENEFIT OF THE UNIVERSITY OF MASSACHUSETTS INCLUDING, BUT NOT LIMITED TO SUPPORT OF THE SCHOLARSHIP AND EDUCATION PROGRAMS AND GENERAL PROGRAM SERVICES EXPENDITURES. 22807596 1 1 0 1 0 0 0 0 1 1 1 1 0 0 1 1 1 0 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 36 0 1 29 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA AK AR CA CO DC HI KY MD ME MI MN NH NJ NY OH OK OR SC TN UT WA WI WV NV X BARRY F MORRISON 7819128020 100 CARLSON AVENUE BUILDING 12 NEWTON MA 02459 NATHAN P CHESLEY DIRECTOR 1.00 X 0 0 0 JOSE J CORTEZ DIRECTOR 1.00 X 0 0 0 KATHERINE P CRAVEN DIRECTOR (AS OF JAN. 2023) 1.00 X 0 0 0 JOSE F DEMEDERIOS DIRECTOR 1.00 X 0 0 0 DANIEL E FEDER DIRECTOR 1.00 X 0 0 0 GRACE K FEY DIRECTOR 1.00 X 0 0 0 WARREN J ISABELLE DIRECTOR 1.00 X 0 0 0 PHILIP W JOHNSTON DIRECTOR 1.00 X 0 0 0 R NORMAN PETERS ESQ DIRECTOR 1.00 X 0 0 0 ROBERT R REITANO DIRECTOR 1.00 X 0 0 0 SUZANNE L STEFANY DIRECTOR 1.00 X 0 0 0 ROBERT J MANNING VICE CHAIR (AS OF JULY 2022) 1.00 X X 0 0 0 VICTOR WOOLRIDGE TREASURER (AS OF JULY 2022) 1.00 X X 0 0 0 EDWARD H D'ALELIO CHAIR 3.00 X X 0 0 0 MARIA D FURMAN SECRETARY 1.00 X X 0 0 0 JAMES R JULIAN JR CEO (AS OF AUG. 2022) 40.00 X 366862 0 48678 THERESA CURRY VP DEVELOP CONSTITUENT ENGMT/ASSOC GEN COUNSEL 40.00 X 288031 0 29608 PAUL DAWLEY GENERAL COUNSEL (AS OF JULY 2022) 40.00 X 109997 0 26240 BARRY F MORRISON CFO (AS OF AUG. 2022) 40.00 X 103077 0 10468 MICHAEL BARONE INTERIM CFO (UNTIL JULY 2022) 40.00 X 0 0 0 JONATHAN GIBBONS CHIEF INVESTMENT OFFICER 40.00 X 1287531 0 565704 GEOFFREY BOWES MANAGING DIRECTOR, INVESTMENT TEAM 40.00 X 508823 0 256811 LINDA LIANG DIR OF OPERATIONS (UNTIL SEPT. 2022) 40.00 X 201813 0 30913 SARAH MCDONNEL ASSISTANT GENERAL COUNSEL 40.00 X 120790 0 12170 MAURA O'KEEFE SENIOR FOUNDATION ASSOCIATE 40.00 X 114562 0 14585 CHRISTOPHER YOULDEN INVMT. ASSOCIATE (UNTIL APR. 2022) 40.00 X 101529 0 8172 3203015 0 1003349 10 0 1 0 ELLUCIAN COMPANY LP 62578 COLLECTIONS CENTER DRIVE CHICAGO IL 606930625 IT CONSULTANTS 713518 MINTZ LEVIN COHN FERRIS GLOVSKY AND PO BOX 4539 BOSTON MA 022124539 PROFESSIONAL SERVICES 650025 OVERTURE PARTNERS LLC 57 WELLS AVE SUITE 22 NEWTON MA 02459 PROFESSIONAL SERVICES 297050 STELLAR TECHNOLOGY SOLUTIONS LLC PO BOX 825441 PHILADELPHIA PA 191825441 IT CONSULTANTS 146141 CLOUD FOR GOOD LLC PO BOX 200254 DALLAS TX 753200254 IT CONSULTANTS 137277 5 8436575 64884046 1101396 73320621 10792579 42518 10750061 454488196 437745040 16743156 16743156 16743156 INVESTMENT MANAGEMENT 561000 12582130 12582130 12582130 113438486 12582130 42518 27493217 X 22807596 22807596 2210770 1778397 432373 1229944 965729 264215 122994 96573 26421 184491 144859 39632 110695 86916 23779 195530 195530 185167 185167 83000 83000 11028585 11028585 2287644 2038719 248925 64637 64637 505703 474762 30941 2644431 183993 2460438 315908 315908 1012685 748336 264349 366171 279056 87115 425742 425742 137849 137849 BAD DEBT EXPENSE 133204 133204 46052746 22807596 19302325 3942825 640815 1787228 2 170929064 153423959 872657 54225 4055700 1601412 19173363 4190728 15212528 14982635 300535028 360140608 495014904 612942107 0 3725954 988407109 1147511717 3303465 4352627 11844588 13499468 2335384 4182525 17483437 22034620 X 51261487 58852002 919662185 1066625095 970923672 1125477097 988407109 1147511717 X 67385740 88425411 213930 -1471656 X X 0 1 X 1 0 X 19711320 31505786 21752731 295558007 73320621 441848465 19711320 31505786 21752731 295558007 73320621 441848465 217871296 223977169 12934 -1091446 -5748192 -8818365 10750061 -4895008 300485 124456 110835 210866 42518 789160 73800 42400 116200 437858817 59175616 0.51150 0.47820 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2018 AMOUNT: $ 73,800. 2019 AMOUNT: $ 42,400. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 83000 83000 0 PART II-B, LINE 1: UNIVERSITY OF MASSCHUSETTS FOUNDATIONS ENGAGED DEMPSEY ASSOCIATES, A LOBBYING FIRM, TO PROVIDE LOBBYING SERVICES DURING FISCAL YEAR 2023. 1 935331223 132585960 34818527 1033098656 0 739368047 88925731 101330356 22331644 -56581 30 907349041 752775857 137043285 -142114096 18877050 141660 -10681711 739368047 552052478 19576038 195834717 18981733 139918 -4434275 752775857 533837450 19925437 12198932 15995820 139656 -2226135 552052478 503365416 18957583 27365478 16083108 192248 -424329 533837450 0.01083 0.94698 0.04219 0 0 3150940 3150940 16022423 4190728 11831695 14982635 554000 F ALTERNATIVE INVESTMENTS 612388107 F 612942107 OBLIGATIONS TO BENEFICIARIES OF SPLIT-INTEREST AGREEMENTS 2722515 LEASE LIABILITY 1460010 4182525 X 298421273 88425411 96557376 184982787 113438486 0 113438486 69826820 34802659 34802659 35024161 11028585 11028585 46052746 PART IV, LINE 1B: AGENCY ACCOUNTS ARE INVESTMENTS HELD ON BEHALF OF THE UNIVERSITY OF MASSACHUSETTS AND THE EDWARD M. KENNEDY INSTITUTE. PART IV, LINE 1D CONTAINS $25,533,761 OF CONTRIBUTION AND $107,052,199 OF NET INVESTMENT INCOME. PART V, LINE 4: THE INTENDED USES OF THE FOUNDATION'S ENDOWMENT FUNDS ARE TO BE SPENT WITHIN THE ESTABLISHED CRITERIA FOR THE FUND IN SUPPORT OF THE SCHOLARSHIP AND EDUCATION PROGRAMS OF THE UNIVERSITY OF MASSACHUSETTS. PART X, LINE 2: THE FOUNDATION IS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AS AMENDED (THE "CODE"), AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE, EXCEPT TO THE EXTENT THE FOUNDATION HAS UNRELATED BUSINESS INCOME. THE FOUNDATION IS REQUIRED TO ASSESS UNCERTAIN TAX POSITIONS AND HAS DETERMINED THAT THERE WERE NO SUCH POSITIONS THAT WERE MATERIAL TO THE FINANCIAL STATEMENTS AS OF JUNE 30, 2023 OR JUNE 30, 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: AMOUNTS RELATED TO UNIVERSITY OF MASSACHUSETTS 107,585,961. INVESTMENT MANAGEMENT FEES NETTED WITH REVENUE ON AUDITED FS -11,028,585. PART XII, LINE 2D - OTHER ADJUSTMENTS: AMOUNTS RELATED TO AGENCY 34,445,501. FUNDS RECEIVED FROM UNIVERSITY 357,158. CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 401960548 EUROPE INVESTMENTS 60376923 NORTH AMERICA INVESTMENTS 1813924 SOUTH AMERICA INVESTMENTS 58133 ASIA INVESTMENTS 130031 0 0 0 0 0 0 464339559 0 464339559 1 0 1 1 1 0 PART III ACCOUNTING METHOD: 1 UNIVERSITY OF MASSACHUSETTS 333 SOUTH ST SUITE 450 SHREWSBURY MA 01545 043167352 115 22807596 0 SEE PART IV 1 0 PART I, LINE 2: DISBURSEMENTS TO THE UNIVERSITY OF MASSACHUSETTS ARE SUBJECT TO THE EXPENDITURE AND DISBURSEMENT POLICIES OF THE UNIVERSITY OF MASSACHUSETTS, INCLUDING ALLOWABILITY, APPROPRIATENESS (BUSINESS PURPOSE, ADEQUATE DOCUMENTATION, AND PROPER APPROVALS), AND DONOR INTENT AS SPECIFIED IN THE DONOR INTENT DOCUMENT SUPPLIED AT THE TIME THE GIFT IS RECEIVED FROM THE DONOR. PART II, LINE 1, COLUMN (H): DISTRIBUTIONS TO THE UNIVERSITY OF MASSACHUSETTS ARE PROVIDED IN THE FORM OF STUDENT SUPPORT (SCHOLARSHIPS, FELLOWSHIPS, ETC.), FACULTY AND STAFF SUPPORT (ENDOWMENT FACULTY POSITIONS, RESEARCH, PROFESSIONAL DEVELOPMENT), ACADEMIC PROGRAM SUPPORT, AND FACILITIES SUPPORT. 0 0 0 0 0 0 0 1 0 JONATHAN GIBBONS CHIEF INVESTMENT OFFICER 548117 0 739414 0 0 0 531910 0 33794 0 1853235 0 234500 0 GEOFFREY BOWES MANAGING DIRECTOR, INVESTMENT TEAM 316433 0 192390 0 0 0 230210 0 26601 0 765634 0 99855 0 JAMES R JULIAN JR CEO (AS OF AUG. 2022) 197247 0 165000 0 4615 0 30500 0 18178 0 415540 0 0 0 THERESA CURRY VP DEVELOP CONSTITUENT ENGMT/ASSOC GEN COUNSEL 279723 0 0 0 8308 0 19165 0 10443 0 317639 0 0 0 LINDA LIANG DIR OF OPERATIONS (UNTIL SEPT. 2022) 148390 0 53423 0 0 0 14839 0 16074 0 232726 0 0 0 PART I, LINE 7 THE BONUSES TO THE CHIEF INVESTMENT OFFICER, JONATHAN GIBBONS, AND MANAGING DIRECTOR, INVESTMENT TEAM, GEOFFREY BOWES, ARE SUBJECTIVE AND QUALITATIVE AND IS BASED ON FACTORS SUCH AS LEADERSHIP AND MANAGEMENT. THE CEO, DIRECTOR OF OPERATIONS, ASSISTANT GENERAL COUNSEL, AND FORMER INVESTMENT ASSOCIATE, LISTED ON FORM 990, PART VII, RECEIVED A NON-FIXED PAYMENT IN THE FORM OF A PERFORMANCE BASED BONUS DURING THE 2022 YEAR. X 18 1101396 FMV 0 0 1 0 PART I, COLUMN (B): FOR THE DONATED SECURITIES, THE ORGANIZATION IS REPORTING THE NUMBER OF STOCK GIFTS RECEIVED. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CHAIR OF THE AUDIT AND COMPLIANCE COMMITTEE AND DISTRIBUTED TO THE FULL BOARD PRIOR TO ITS FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE MEMBERS OF THE BOARD OF DIRECTORS AND OFFICERS ARE REQUIRED TO COMPLETE AN ANNUAL CONFLICT OF INTEREST STATEMENT THAT ACKNOWLEDGES THAT THEY HAVE READ AND UNDERSTAND THE POLICY. ON THIS STATEMENT, THEY ARE REQUIRED TO LIST ANY POTENTIAL CONFLICT. RESPONSES ARE GATHERED BY FOUNDATION COUNSEL. FOUNDATION COUNSEL AND THE CHAIR OF THE AUDIT AND COMPLIANCE COMMITTEE REVIEW THE RESPONSES AND IDENTIFY ANY POTENTIAL CONFLICTS. THE DIRECTORS AND OFFICERS ARE ALSO REQUIRED TO SUPPLEMENT THEIR RESPONSES IN THE EVENT THAT ANY ADDITIONAL POTENTIAL CONFLICTS ARISE DURING THE YEAR. WHEN A DIRECTOR OR OFFICER BECOMES AWARE OF A PROPOSED COVERED TRANSACTION UNDER THE POLICY, HE OR SHE HAS A DUTY TO TAKE THE FOLLOWING ACTIONS: A) IMMEDIATELY DISCLOSE THE EXISTENCE OR CIRCUMSTANCES OF SUCH COVERED TRANSACTION TO THE FOUNDATION'S BOARD OF DIRECTORS IN WRITING; B) REFRAIN FROM USING HIS OR HER PERSONAL INFLUENCE TO ENCOURAGE THE FOUNDATION TO ENTER INTO THE COVERED TRANSACTION; AND C) PHYSICALLY EXCUSE HIMSELF OR HERSELF FROM ANY DISCUSSIONS REGARDING THE COVERED TRANSACTION EXCEPT TO ANSWER QUESTIONS, INCLUDING BOARD DISCUSSIONS AND DECISIONS ON THE SUBJECT. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS, THROUGH ITS GOVERNANCE AND COMPENSATION COMMITTEE (THE "COMMITTEE"), REVIEWS ALL COMPENSATION MATTERS RELATIVE TO EXECUTIVES TO ENSURE COMPLIANCE WITH FEDERAL REGULATIONS CONCERNING EXECUTIVE COMPENSATION. COMPETITIVE SURVEYS PROVIDED BY A TOP-TIER COMPENSATION AND BENEFITS ADVISORY FIRM(S) ARE UTILIZED TO HELP PERFORM RESEARCH AND COMPENSATION RECOMMENDED MARKET RANGES FOR EACH EXECUTIVE POSITION. ANNUAL PERFORMANCE EVALUATIONS ARE ALSO UTILIZED, DISCUSSED, AND REVIEWED WITHIN THE FOUNDATION AND THEN COMMUNICATED TO THE COMMITTEE TO ENSURE REASONABLENESS OF COMPENSATION TO ALLOW FOR MARKET COMPETITIVE RENUMERATION AND SOUND RETENTION PRACTICES. THE EXECUTIVE TEAM INCLUDES THE CHIEF EXECUTIVE OFFICER, GENERAL COUNCIL, CHIEF INFORMATION OFFICER, AND THE CHIEF FINANCIAL OFFICER. THE COMPENSATION SET FOR THE CEO IS DETERMINED BY THE COMMITTEE INCLUDING THE CHAIRMAN OF THE BOARD, AND THE COMPENSATION FOR OTHER EXECUTIVES IS DETERMINED BY THE CEO AND COMMUNICATED WITH THE COMMITTEE ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS, AND FORM 990 AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). IN ADDITION, THE FORM 990 WITHOUT SCHEDULE B IS AVAILABLE VIA CANDID (FORMERLY KNOWN AS GUIDESTAR) AND THE OFFICE OF THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990 PART IX, LINE 5: JONATHAN GIBBONS, CHIEF INVESTMENT OFFICER; GEOFFREY BOWES, MANAGING DIRECTOR, INVESTMENT TEAM & THE INVESTMENT OFFICE BOOK COMPENSATION OF $2,661,341 WAS NETTED WITH INVESTMENT RETURN AND OTHER INVESTMENT DEPARTMENT COSTS THEREFORE HAS BEEN OMITTED FROM LINE 5 OF PART IX. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS AND GIFT ANNUITY -387,131. FUNDS (TO)/RECEIVED FROM UNIVERSITY -1,084,525. FORM 990 PART XII, LINE 2C: THE PROCESS DID NOT CHANGE FROM PRIOR YEAR. CHARITABLE REMAINDER TRUSTS (4) CHARITABLE REMAINDER TRUSTS MA UNIVERSITY OF MASSACHUSETTS FOUNDATION INC T 1 POOLED INCOME FUND (2) POOLED INCOME FUND MA UNIVERSITY OF MASSACHUSETTS FOUNDATION INC T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0