2025-05-15T18:06:28-05:00 2024-06-30 135565207 KPMG LLP 60 SOUTH STREET BOSTON MA 02111 990 2023-07-01 046013152 UNIVERSITY OF MASSACHUSETTS FOUNDATION INC UNIV 7819125015 100 CARLSON AVENUE BUILDING 12 NEWTON MA 02459 BARRY F MORRISON CHIEF FINANCIAL OFFICER 7819128020 2025-05-15 1 0 KRISTIN ANDERSON P01231300 6179881000 2023 2025-03-06 01:10:19Z JAMES R JULIAN JR 100 CARLSON AVENUE BUILDING 12 NEWTON MA 02459 396737420 0 X 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 38 16 43787 33157 73320621 60159642 0 5452995 27535735 36512266 12582130 81855 113438486 102206758 22807596 26715828 0 0 3858894 9036391 0 0 2864444 19386256 10370309 46052746 46122528 67385740 56084230 1147511717 1315154794 22034620 20147769 1125477097 1295007025 X 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. 0 0 26715828 26715828 5534850 THE UNIVERSITY OF MASSACHUSETTS FOUNDATION, INC. INVESTS FUNDS FOR THE BENEFIT OF THE UNIVERSITY OF MASSACHUSETTS AND TO PROMOTE THE GENERAL WELFARE OF HIGHER EDUCATION IN THE COMMONWEALTH OF MASSACHUSETTS. THE FOUNDATION'S SUPPORT INCLUDES BUT IS NOT LIMITED TO SCHOLARSHIP AND EDUCATION PROGRAMS AND GENERAL PROGRAM SUPPORT. 26715828 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 19 0 1 38 1 1 1 0 0 0 0 0 0 0 0 0 1 0 X 15 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK AR CA CO DC HI KY MA MD ME MI MN NV NH NJ NY OH OK OR SC TN UT WA WI WV X BARRY F MORRISON 7819128020 100 CARLSON AVENUE BUILDING 12 NEWTON MA 02459 ROBERT J MANNING DIRECTOR/CHAIR (AS OF 1/1/24) 1.00 0.00 X X 0 0 0 EDWARD H D'ALELIO DIRECTOR (& CHAIR THRU 12/31/23) 1.00 0.00 X X 0 0 0 VICTOR WOOLRIDGE DIRECTOR/TREASURER 1.00 0.00 X X 0 0 0 MARIA D FURMAN DIRECTOR/SECRETARY 1.00 0.00 X X 0 0 0 NATHAN P CHESLEY DIRECTOR 1.00 0.00 X 0 0 0 JOSE J CORTEZ DIRECTOR 1.00 0.00 X 0 0 0 KATHERINE P CRAVEN DIRECTOR 1.00 0.00 X 0 0 0 JOSE F DEMEDEIROS DIRECTOR 1.00 0.00 X 0 0 0 DANIEL E FEDER DIRECTOR 1.00 0.00 X 0 0 0 GRACE K FEY DIRECTOR 1.00 0.00 X 0 0 0 WARREN J ISABELLE DIRECTOR 1.00 0.00 X 0 0 0 PHILIP W JOHNSTON DIRECTOR 1.00 0.00 X 0 0 0 R NORMAN PETERS ESQ DIRECTOR 1.00 0.00 X 0 0 0 PAUL T QUISTBERG DIRECTOR (AS OF 1/1/24) 1.00 0.00 X 0 0 0 ROBERT R REITANO DIRECTOR 1.00 0.00 X 0 0 0 SUZANNE L STEFANY DIRECTOR 1.00 0.00 X 0 0 0 JAMES R JULIAN JR CHIEF EXECUTIVE OFFICER 40.00 0.00 X 962107 0 88114 THERESA CURRY VP DEVELOP CONSTITUENT ENGMT/ASSO. GEN COUNSEL (THRU 1/2024 40.00 0.00 X 327255 0 64876 BARRY MORRISON CHIEF FINANCIAL OFFICER 40.00 0.00 X 298525 0 32878 PAUL DAWLEY GENERAL COUNSEL 40.00 0.00 X 281007 0 66998 JONATHAN GIBBONS CHIEF INVESTMENT OFFICER 40.00 0.00 X 978492 0 621956 GEOFFREY BOWES MANAGING DIRECTOR, INVESTMENT TEAM 40.00 0.00 X 591415 0 185004 DEREK WADE DIRECTOR OF INVESTMENT OPERATIONS 40.00 0.00 X 270763 0 74630 HSUNGWEN CHANG DIRECTOR OF INVESTMENT 40.00 0.00 X 246829 0 71808 QING WAN CONTROLLER 40.00 0.00 X 187694 0 51062 WILLIAM K CHASE SR. DIR. OF IT INFRASTRUCTURE & SECURITY 40.00 0.00 X 178250 0 18345 4322337 0 1275671 15 0 1 0 SALES FORCE PO BOX 203141 DALLAS TX 753203141 IT SUBSCRIPTIONS AND SERVICE 924753 ELLUCIAN COMPANY LP 62578 COLLECTIONS CENTER DRIVE CHICAGO IL 606930625 IT SUBSCRIPTIONS AND SERVICE 659966 EVERTRUE INC PO BOX 675011 DETROIT MI 482675011 IT SUBSCRIPTIONS AND SERVICE 574000 GRAVYTY TECHNOLOGIES INC LOCKBOX 5320 PO BOX 660367 DALLAS TX 752660367 IT SUBSCRIPTIONS AND SERVICE 510000 ANTHOLOGY INC OF MISSOURI PO BOX 850001 ORLANDO FL 328859909 IT SUBSCRIPTIONS AND SERVICE 427171 10 10011623 50148019 3413967 60159642 ASSET MGMT FOR UNIV. 561000 5452995 5452995 5452995 19654522 125001 19529521 311388406 294530662 16857744 16857744 -81214 16938958 MISC. RELATED FUNCTION REV. 900099 81855 81855 81855 102206758 5534850 43787 36468479 26715828 26715828 3563561 3237663 325898 4390649 4149117 241532 324573 306115 18458 398994 332793 66201 358614 326624 31990 277323 277323 216630 216630 65000 65000 3147625 3147625 2515558 2489143 26415 129853 129853 410908 383367 27541 2306124 391696 1914428 330922 330922 405683 329225 76458 20480 14810 5670 425742 425742 118461 118461 46122528 26715828 16542256 2864444 640815 532471 2 0 153423959 120540166 54225 18000 1601412 1862282 19173363 4616470 14982635 14556893 360140608 370065173 612942107 804041406 3725954 3538403 1147511717 1315154794 4352627 3296924 13499468 12711247 4182525 4139598 22034620 20147769 X 58852002 67951105 1066625095 1227055920 1125477097 1295007025 1147511717 1315154794 X 56084230 116846189 -3400491 X 0 1 X 1 0 X 31505786 21752731 295558007 73320621 60159642 482296787 31505786 21752731 295558007 73320621 60159642 482296787 214222044 268074743 -1091446 -5748192 -8818365 10750061 19529521 14621579 124456 110835 210866 42518 33157 521832 42400 42400 497482598 52540126 0.53890 0.51150 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 65000 65000 0 PART II-B, LINE 1: UNIVERSITY OF MASSCHUSETTS FOUNDATIONS ENGAGED A GOVERNMENT RELATIONS FIRM, TO PROVIDE LOBBYING SERVICES DURING FISCAL YEAR 2024. 1 1033098656 137002985 -31450449 1138651192 0 907349041 86608251 132681759 25800828 0 0 1100838223 739368047 88925731 101330356 22331644 -56581 30 907349041 752775857 137043285 -14211409 18877050 141660 -10681711 739368047 552052478 19576038 195834717 18981733 139918 -4434275 752775857 533837450 19925437 12198932 15995820 139656 -2226135 552052478 0.01090 0.95320 0.03590 0 0 3150940 3150940 16022423 4616470 11405953 14556893 554000 F ALTERNATIVE INVESTMENTS 803487406 F 804041406 LEASE LIABILITY 1423245 OBLIGATIONS TO BENEFICIARIES OF SPLIT-INTEREST AGREEMENTS 2716353 4139598 X 349234467 116846189 137002985 253849174 95385293 3147625 3673840 6821465 102206758 179704539 140403476 140403476 39301063 3147625 3673840 6821465 46122528 PART IV, LINE 1B: THE ORGANIZATION HOLDS AND MANAGES INVESTMENTS ON BEHALF OF THE UNIVERSITY OF MASSACHUSETTS AND ON BEHALF OF THE EDWARD M. KENNEDY INSTITUTE. PART V, LINE 4: 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, 2024 OR JUNE 30, 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: AGENCY FUND REVENUE 137,002,985. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION OF REVENUE AMOUNTS NET WITH EXPENSES ON FINANCIAL STATEMENT 3,673,840. PART XII, LINE 2D - OTHER ADJUSTMENTS: AGENCY FUND EXPENSES 30,546,757. ACTIVITY RELATED TO ASSETS HELD ON BEHALF OF EDWARD M. KENNEDY INSTITUTE 1,753,958. ACTIVITY RELATED TO ASSETS HELD ON BEHALF OF UNIVERSITY 103,798,578. CURRENT USE FUND WITHDRAWALS 976,533. TRANSFERS TO OTHER FUNDS 288,880. ADJUSTMENT TO PLEDGE RECEIVABLE 3,038,770. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION OF EXPENSE AMOUNTS NET WITH REVENUE ON FINANCIAL STATEMENTS 3,673,840. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 85522070 NORTH AMERICA 0 0 INVESTMENTS 1236429 MIDDLE EAST AND NORTH AFRICA 0 0 INVESTMENTS 100255 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 2202220 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 498894862 0 0 0 0 0 0 587955836 0 587955836 1 0 1 1 1 0 1 UNIVERSITY OF MASSACHUSETTS ONE BEACON ST 31ST FLOOR BOSTON MA 02108 043167352 STATE OF MA 26652041 0 SEE PART IV BERKSHIRE HEALTH SYSTEMS INC 725 NORTH STREET PITTSFIELD MA 012014109 042442944 501(C)(3) 54641 0 TO SUPPORT MEDICAL EDUCATION AT BERKSHIRE MEDCIAL CENTER 2 0 PART I, LINE 2: THE MAJORITY OF THE FOUNDATION'S DISBURSEMENTS ARE TO THE UNIVERSITY OF MASSACHUSETTS IN ACCORDANCE WITH THE FOUNDATION'S SPECIFIC CHARITABLE PURPOSE. THE USE OF THE FUNDS BY THE UNIVERSITY IS MONITORED VIA DOCUMENTATION AND APPROVALS, TO ENSURE COMPLIANCE WITH DONOR INTENT AS SPECIFICED IN THE DONOR INTENT DOCUMENT. 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 (ENDOWED FACULTY POSITIONS, RESEARCH, PROFESSIONAL DEVELOPMENT), ACADEMIC PROGRAM SUPPORT, FACILITIES SUPPORT, AND OTHER EDUCATIONAL SERVICES. X X X X X X 0 0 0 0 0 0 0 1 0 JONATHAN GIBBONS CHIEF INVESTMENT OFFICER 579608 0 0 0 398884 0 582085 0 39871 0 1600448 0 398884 0 JAMES R JULIAN JR CHIEF EXECUTIVE OFFICER 688607 0 228500 0 45000 0 33000 0 55114 0 1050221 0 0 0 GEOFFREY BOWES MANAGING DIRECTOR, INVESTMENT TEAM 310553 0 118875 0 161987 0 151875 0 33129 0 776419 0 161987 0 THERESA CURRY VP DEVELOP CONSTITUENT ENGMT/ASSO. GEN COUNSEL 281107 0 33981 0 12167 0 33000 0 31876 0 392131 0 0 0 PAUL DAWLEY GENERAL COUNSEL 251007 0 25000 0 5000 0 28750 0 38248 0 348005 0 0 0 DEREK WADE DIRECTOR OF INVESTMENT OPERATIONS 231107 0 39656 0 0 0 41184 0 33446 0 345393 0 0 0 BARRY MORRISON CHIEF FINANCIAL OFFICER 262725 0 25800 0 10000 0 30154 0 2724 0 331403 0 0 0 HSUNGWEN CHANG DIRECTOR OF INVESTMENT 231204 0 15625 0 0 0 40668 0 31140 0 318637 0 0 0 QING WAN CONTROLLER 169607 0 18087 0 0 0 19159 0 31903 0 238756 0 0 0 WILLIAM K CHASE SR. DIR. OF IT INFRASTRUCTURE & SECU 162750 0 15500 0 0 0 17825 0 520 0 196595 0 0 0 PART I, LINE 7 THE INVESTMENT OFFICE REPORTED EMPLOYEES WERE PROVIDED A NONFIXED PAYMENT BASED ON FACTORS SUCH AS LEADERSHIP AND MANAGEMENT. OTHER REPORTED EMPLOYEES WERE PROVIDED A NON-FIXED PAYMENT IN THE FORM OF A PERFORMANCE-BASED BONUS. THESE AMOUNTS ARE REPORTED IN PART II, COLUMN B(II). PART II, COLUMN (D) NONTAXABLE BENEFITS: THE AMOUNTS REPORTED INCLUDE EMPLOYER AND EMPLOYEE PAID NONTAXABLE BENEFITS FOR HEALTH, DENTAL, AND VISION INSURANCE; AS WELL AS LIFE, AD&D, AND DISABILITY INSURANCE. X 36 3413967 FMV 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS IN COLUMN (B). FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY 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 DELIBERATIONS AND DECISIONS ARE CONTEMPORANEOUSLY DOCUMENTED. THE EXECUTIVE TEAM INCLUDES THE CHIEF EXECUTIVE OFFICER, GENERAL COUNSEL, CHIEF DIGITAL INFORMATION OFFICER, CHIEF INVESTMENT 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 XI, LINE 9: CURRENT USE FUND WITHDRAWALS -182,841. TRANSFER TO OTHER FUNDS -178,880. ADJUSTMENT TO CONTRIBUTIONS RECEIVABLE -3,038,770. CHARITABLE REMAINDER TRUSTS (4) CHARITABLE REMAINDER TRUSTS MA UNIVERSITY OF MASSACHUSETTS FOUNDATION T 1 POOLED INCOME FUND (2) POOLED INCOME FUND MA UNIVERSITY OF MASSACHUSETTS FOUNDATION T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0