2021-05-17T08:29:51-05:00 2020-06-30 PRICEWATERHOUSECOOPERS LLP 600 13TH STREET NW SUITE 1000 WASHINGTON DC 20005 990 2019-07-01 562462804 UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY % ALLISON GILLAM UNIV 4342184540 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 KRISTINA ALIMARD COO 2021-05-13 true TRAVIS L PATTON P00369623 2024141000 2019 2022-09-23 18:48:47Z ROBERT DURDEN 701 E WATER STREET 4TH FL CHARLOTTESVILLE VA 22902 5267092228 false X HTTP://WWW.UVIMCO.ORG X 2004 VA UVIMCO IS ORGANIZED TO INVEST FUNDS ON BEHALF OF THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA (THE UNIVERSITY OR UVA) AND UNIVERSITY-ASSOCIATED ORGANIZATIONS(UAOS). 12 11 46 11 -28469012 0 0 0 0 0 745536412 457345731 0 0 745536412 457345731 0 0 0 0 13802023 14112338 0 0 0 6001746 4999615 19803769 19111953 725732643 438233778 9828898616 10038884501 9811118143 10019919571 17780473 18964930 THE UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY (UVIMCO) IS ORGANIZED TO INVEST FUNDS ON BEHALF OF THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA (THE UNIVERSITY OR UVA) AND UNIVERSITY-ASSOCIATED ORGANIZATIONS (UAOS). false false 13962122 0 0 UVIMCO PROVIDED HIGH-QUALITY INVESTMENT MANAGEMENT ON BEHALF OF THE UNIVERSITY OF VIRGINIA (THE UNIVERSITY OR UVA) AND AFFILIATED EXEMPT ORGANIZATIONS DESIGNATED BY THE UNIVERSITY. THE ORGANIZATION IMPROVED THE MANAGEMENT OF THE ENDOWMENT OF THE UNIVERSITY AND THEREBY ENHANCED THE EDUCATIONAL BENEFITS PROVIDED TO THE STUDENTS. 13962122 true false false false false false false false false false true true false false true true true false false true true false false false false false false false false true false false false false false false false false false false false false true true true true true false true 32 0 true 46 true true true true BR EI false false false false false false false false true false X 12 11 false false false false false true false true true false false true true true true true true true true false X ALLISON GILLAM 4342184540 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 X ROBERT W DURDEN CEO/CIO 50.0 0.0 X 1244513 0 836496 KRISTINA M ALIMARD CHIEF OPERATING OFFICER 50.0 0.0 X 1253632 0 349240 E SARGENT MCGOWAN MANAGING DIRECTOR 50.0 0.0 X 947820 0 473291 LINDSAY R LARSEN MANAGING DIRECTOR 50.0 0.0 X 927385 0 311816 JASON M LOVE MANAGING DIRECTOR 50.0 0.0 X 829973 0 338772 JONATHAN E EARNHARDT MANAGING DIRECTOR 50.0 0.0 X 776084 0 202412 JOHN M WINN GEN CNSL/CCO & SECRETARY 50.0 0.0 X 421942 0 345801 CAITLIN C FITZMAURICE MANAGING DIRECTOR BEG 07/2019 50.0 0.0 X 567844 0 194333 JENNIFER W DAVIS DIRECTOR 5.0 55.0 X 0 634650 122567 ALLISON P GILLAM CHIEF FINANCIAL OFFICER 50.0 0.0 X 405590 0 90811 PATRICK D HOGAN FORMER DIR & SECRETARY 0.0 55.0 X 0 421484 9473 J MATTHEW DORCHUCK SENIOR ASSOCIATE 50.0 0.0 X 295470 0 39332 JEFFERY M BARNES SENIOR ASSOCIATE 50.0 0.0 X 229986 0 69586 LEAH M HALL SENIOR ASSOCIATE 50.0 0.0 X 237344 0 55517 ROBERT S HAMEL SENIOR ASSOCIATE 50.0 0.0 X 222284 0 39407 MARILYN K PERKINS SENIOR ASSOCIATE 50.0 0.0 X 220895 0 38083 MELANIE E DAVIS FORMER MANAGING DIRECTOR 50.0 0.0 X 154715 0 19881 MITCHELL R COHEN CHAIR - BOD BEG 07/2019 2.0 0.0 X 0 0 0 JOHN B HARRIS JR DIRECTOR 2.0 0.0 X 0 0 0 MEREDITH B JENKINS DIRECTOR 2.0 0.0 X 0 0 0 ANTON J LEVY DIRECTOR 2.0 0.0 X 0 0 0 JOHN G MACFARLANE III DIRECTOR 2.0 0.0 X 0 0 0 MERYL B WITMER DIRECTOR 2.0 0.0 X 0 0 0 TIMOTHY P O'HARA DIRECTOR 2.0 0.0 X 0 0 0 HENRY H MCVEY DIRECTOR 2.0 0.0 X 0 0 0 THOMAS J BALTIMORE DIRECTOR 2.0 0.0 X 0 0 0 JOHN P CONNAUGHTON DIRECTOR BEG 07/2019 2.0 0.0 X 0 0 0 ANDREW T MULDERRY DIRECTOR BEG 04/2020 2.0 0.0 X 0 0 0 8735477 1056134 3536818 23 true true false UVA FOUNDATION 1 BOARS HEAD POINTE CHARLOTTESVILLE VA 22903 CONSTRUCTION MGMT 2652000 DYNAMO INTERNACIONAL GESTO DE RECU AV ATAULFO DE PAIVA 1235 6 ANDAR RIO JE JANEIRO RJ BR INVESTMENT MANAGER 1809880 SHAPIRO CAPITAL MANAGEMENT LLC 3060 PEACHTREE RD NW 1555 ATLANTA TX 75201 INVESTMENT MANAGER 1319729 THE BANK OF NEW YORK MELLON ONE WALL STREET NEW YORK NY 10286 CUSTODIAN 1012388 GREENHILL CO LLC 2101 CEDAR SPRINGS RD SUITE 1200 DALLAS TX 75201 INVESTMENT MANAGER 628578 17 0 0 21630562 -44008568 65639130 0 0 0 0 0 5245461666 4809746497 435715169 435715169 15539556 420175613 0 0 0 0 0 0 0 0 0 0 457345731 -28469012 485814743 0 0 0 0 8479030 7091478 1387552 0 0 3960148 2513469 1446679 595663 411523 184140 652080 322667 329413 425417 281293 144124 0 76690 66980 9710 361777 361777 0 0 0 1064837 916720 148117 0 16448 16448 86435 24784 61651 872594 514831 357763 0 555761 327899 227862 360566 332773 27793 0 23363 23042 321 0 0 618378 364843 253535 182002 104308 77694 DATA SERVICES 571961 571961 INTERNAL EVENTS 73787 43534 30253 OTHER SERVICES 46867 46867 BOOKS AND SUBSCRIPTIONS 41460 41460 46689 8557 38132 19111953 13962122 5149831 0 2695354 2278434 241873876 129387690 0 0 2916753 3141561 0 0 0 0 0 0 0 0 541866 550694 5925961 1403862 5110532 4522099 759406120 562425414 8816354115 9336578609 0 0 0 0 0 0 9828898616 10038884501 9311628 9994903 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9801806515 10009924668 9811118143 10019919571 X 17780473 18964930 0 0 17780473 18964930 9828898616 10038884501 X 438233778 35859861 -472909182 X false true X true false X X 1 THE RECTOR AND VISITORS OF THE UNVIVERSTY OF VIRGINIA 546001796 2 true 388392994 0 1 388392994 true false false false false true false false false false false false false false false true true true X SCHEDULE A, PART I, LINE 12G OTHER SUPPORT THE EXPENSES INCURRED BY UVIMCO THAT ARE REPORTED ON FORM 990, PART IX WERE EXPENDED TO INVEST FUNDS ON BEHALF OF THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA, ITS SUPPORTED ORGANIZATION. UVIMCO RECEIVES, MANAGES, INVESTS, DISBURSES, AND HOLDS TITLE TO THE UNIVERSITY'S ENDOWMENT AND CERTAIN OTHER FUNDS IN DIRECT FURTHERANCE OF THE UNIVERSITY'S EXEMPT PURPOSE. THESE ARE ACTIVITIES THAT THE UNIVERSITY WOULD NORMALLY BE ENGAGED IN BUT FOR UVIMCO'S INVOLVEMENT. THE DOLLAR AMOUNT SHOWN ON SCHEDULE A, PART I, LINE 12(G)(V) IS THE AGGREGATE AMOUNT OF CASH DISTRIBUTIONS MADE BY UVIMCO TO THE UNIVERSITY DURING THE REPORTING YEAR. THESE DISTRIBUTIONS CONSISTED OF FUNDS DEPOSITED WITH UVIMCO BY THE UNIVERSITY WHICH WERE THEN HELD AND INVESTED BY UVIMCO FOR THE UNIVERSITY'S BENEFIT. SCHEDULE A, PART IV, SECTION A, LINE 6 UVIMCO PROVIDES SUPPORT TO ITS SUPPORTED ORGANIZATION, THE UNIVERSITY OF VIRGINIA, AND TO UNIVERSITY-ASSOCIATED ORGANIZATIONS, ALL OF WHICH ARE 501(C)(3) PUBLIC CHARITIES AND ARE OPERATED, SUPERVISED, OR CONTROLLED DIRECTLY BY OR IN CONNECTION WITH THE UNIVERSITY. THIS IS A PERMISSIBLE ACTIVITY UNDER SECTION 1.509(A)-4(E)(1) OF THE REGULATIONS. SCHEDULE A, PART IV, SECTION D, LINE 3 THE UVIMCO ARTICLES OF INCORPORATION STIPULATE THAT THE BOARD INCLUDES THREE DIRECTORS APPOINTED BY THE BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA AND ONE DIRECTOR APPOINTED BY THE PRESIDENT OF THE UNIVERSITY. THE BOARD IS RESPONSIBLE FOR ESTABLISHING UVIMCO'S INVESTMENT POLICY STATEMENT. THE BOARD MONITORS THE DEVELOPMENT, ANALYSIS, ADOPTION, AND EXECUTION OF INVESTMENT DECISIONS AND ACTIONS BY UVIMCO'S STAFF TO ENSURE COMPLIANCE WITH THE INVESTMENT POLICY STATEMENT. THE BOARD REVIEWS THE INVESTMENT POLICY STATEMENT (INCLUDING THE LIQUIDITY AND INVESTMENT MANAGER DIVERSIFICATION POLICIES CONTAINED THEREIN) ANNUALLY. IN PREPARATION FOR THAT REVIEW, UVIMCO STAFF PROVIDES AN ANALYSIS OF ANY CHANGES IN THE RISK TOLERANCE AND SPENDING PLANS OF THE UNIVERSITY THAT HAVE BEEN REPORTED TO IT AND ON ECONOMIC AND INVESTMENT CONDITIONS. UVIMCO STAFF COMPILES A MONTHLY BOARD REPORT THAT INCLUDES, IN PART, COMMENTARY AND STATISTICS ON THE PERFORMANCE OF THE LONG-TERM POOL, A QUARTERLY COMMENTARY ON THE STATE OF THE MARKET ENVIRONMENT, SUMMARIES OF INVESTMENT ACTIVITY, SHORT-TERM LIQUIDITY AND COMMITMENTS, AND COMPARISONS OF THE LONG-TERM POOL TO POLICY PORTFOLIO RANGES. WHILE THE BOARD HAS DELEGATED MANAGER SELECTION AND RETENTION DECISIONS TO UVIMCO'S CEO/CIO, THE BOARD MONITORS THE CEO/CIO'S DECISION-MAKING PROCESS AND REVIEWS DOCUMENTATION OF DUE DILIGENCE ACTIVITIES IN ANALYZING AND MONITORING INVESTMENT MANAGERS. SCHEDULE A, PART IV, SECTION E, LINE 1C UVIMCO IS OPERATED SOLELY TO PROVIDE INVESTMENT MANAGEMENT ON BEHALF OF THE UNIVERSITY OF VIRGINIA (A VIRGINIA STATE-SUPPORTED EDUCATIONAL INSTITUTION) AND UNIVERSITY-ASSOCIATED ORGANIZATIONS, WHICH ALSO SUPPORT THE UNIVERSITY AND ALL OF WHICH ARE 501(C)(3) PUBLIC CHARITIES AND ARE OPERATED, SUPERVISED, OR CONTROLLED DIRECTLY BY OR IN CONNECTION WITH THE UNIVERSITY. THE UNIVERSITY OF VIRGINIA WOULD NEED TO CARRY OUT INVESTMENT MANAGEMENT ACTIVITIES IN THE ABSENCE OF UVIMCO. 4626919 693576 3933343 279689 193388 86301 1019353 516898 502455 4522099 LONG/SHORT EQUITY 2023801238 F BUYOUT 307163811 F REAL ESTATE 452951993 F RESOURCES 475054610 F VENTURE CAPITAL 630048211 F PUBLIC EQUITY 3043156620 F MARKETABLE ALTERNATIVES/CREDIT 1219166658 F GROWTH EQUITY 935803203 F FIXED INCOME 242727052 F PORTFOLIO OVERLAYS 6705213 F 9336578609 0 AMOUNTS HELD FOR OTHERS - LTP 9892461781 AMOUNTS HELD FOR OTHERS - STP 116371893 DEFERRED RENT AND LEASE INCENTIVE 1090994 10009924668 X 493205592 35859861 35859861 457345731 457345731 492021135 472909182 472909182 19111953 19111953 SCHEDULE D, PART X, LINE 2 FIN 48 (ASC 740) FOOTNOTE PER AUDITED FINANCIAL STATEMENTS U.S. GAAP REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF AN UNCERTAIN POSITION TAKEN, MORE LIKELY THAN NOT, WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COMPANY, AND HAS CONCLUDED THAT AS OF JUNE 30, 2020 and 2019, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE COMPANY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE MAJOR TAX JURISDICTIONS FOR THE COMPANY ARE THE UNITED STATES AND COMMONWEALTH OF VIRGINIA AND THE TAX YEARS SUBJECT TO EXAMINATION ARE 2017 TO 2020. SCHEDULE D, PART XII, LINE 2D RECONCILIATION OF EXPENSES PER AUDITED FINANCIAL STATEMENTS WITH EXPENSES PER RETURN: ALLOCATION OF NET GAIN ON INVESTMENTS HELD FOR OTHERS REFLECTED AS CHANGE IN NET ASSETS $472,909,185 THE LONG TERM POOL HAD A RETURN OF 5.3% FOR THIS REPORTING YEAR VERSUS A RETURN OF 5.8% FOR THE PRIOR REPORTING YEAR. Central America and the Caribbean 0 0 Investments 3318723357 Europe (Including Iceland and Greenland) 0 0 Investments 259694538 North America 0 0 Investments 179296027 Sub-Saharan Africa 0 0 Investments 323274869 East Asia and the Pacific 0 0 Program Services TRAVEL 62348 Europe (Including Iceland and Greenland) 0 0 Program Services TRAVEL 59302 North America 0 0 Program Services TRAVEL 2064 South Asia 0 0 Program Services TRAVEL 13653 North America 0 1 Program Services INVESTMENT MANAGEMENT 37991 0 1 0 1 4081164149 4081164149 true false true true true false SCHEDULE F, PART I, INVESTMENTS THE INVESTMENTS DISCLOSURES IN SCHEDULE F, PART I, INDICATE WHERE EXTERNAL INVESTMENT FUNDS ARE INCORPORATED OR OTHERWISE DOMICILED. ACTUAL UNDERLYING INVESTMENTS ARE TYPICALLY MADE IN OTHER REGIONS OF THE WORLD. X X false true X X X X true true false false false false false true false JENNIFER W DAVIS DIRECTOR 0 556847 0 55000 0 22803 0 102430 0 20137 0 757217 0 0 PATRICK D HOGAN FORMER DIR & SECRETARY 0 61405 0 0 0 360079 0 6034 0 3439 0 430957 0 0 ROBERT W DURDEN CEO/CIO 659790 0 529794 0 54929 0 814787 0 21709 0 2081009 0 0 0 KRISTINA M ALIMARD CHIEF OPERATING OFFICER 492878 0 250000 0 510754 0 323120 0 26120 0 1602872 0 400000 0 ALLISON P GILLAM CHIEF FINANCIAL OFFICER 229578 0 175000 0 1012 0 63975 0 26836 0 496401 0 0 0 JOHN M WINN GEN CNSL/CCO & SECRETARY 325316 0 0 0 96626 0 317120 0 28681 0 767743 0 75000 0 E SARGENT MCGOWAN MANAGING DIRECTOR 393086 0 250000 0 304734 0 452084 0 21207 0 1421111 0 244682 0 JASON M LOVE MANAGING DIRECTOR 365178 0 250000 0 214795 0 309952 0 28820 0 1168745 0 171989 0 MELANIE E DAVIS FORMER MANAGING DIRECTOR 38740 0 0 0 115975 0 15880 0 4001 0 174596 0 76926 0 LINDSAY R LARSEN MANAGING DIRECTOR 374936 0 250000 0 302449 0 309952 0 1864 0 1239201 0 162245 0 JONATHAN E EARNHARDT MANAGING DIRECTOR 367971 0 250000 0 158113 0 176385 0 26027 0 978496 0 125899 0 CAITLIN C FITZMAURICE MANAGING DIRECTOR BEG 07/2019 281463 0 250000 0 36381 0 184253 0 10080 0 762177 0 25288 0 J MATTHEW DORCHUCK SENIOR ASSOCIATE 169855 0 125000 0 615 0 30480 0 8852 0 334802 0 0 0 LEAH M HALL SENIOR ASSOCIATE 164621 0 72000 0 723 0 38320 0 17197 0 292861 0 0 0 JEFFERY M BARNES SENIOR ASSOCIATE 179166 0 50000 0 820 0 39740 0 29846 0 299572 0 0 0 ROBERT S HAMEL SENIOR ASSOCIATE 154044 0 68000 0 240 0 29310 0 10097 0 261691 0 0 0 MARILYN K PERKINS SENIOR ASSOCIATE 151860 0 68000 0 1035 0 18160 0 19923 0 258978 0 0 0 SCHEDULE J, PART I, LINE 1A IN SEPTEMBER 2019, SEVERAL UVIMCO EMPLOYEES WERE INVITED TO TRAVEL BACK FROM A UVIMCO BOARD OF DIRECTORS MEETING IN NEW YORK ON UVAS CHARTERED FLIGHT. THE UVIMCO INDIVIDUALS WHO ACCEPTED THE INVITATION WERE: ROBERT W. DURDEN, JOHN W. WINN, E. SARGENT MCGOWAN, JASON M. LOVE, JONATHAN E. EARNHARDT AND J. MATTHEW DORCHUCK. THERE WAS NO COST TO UVMICO FOR THIS TRIP. THIS WAS A WORK- RELATED EXPENSE AND WAS NOT INCLUDED IN TAXABLE COMPENSATION FOR THE LISTED INDIVIDUALS. UVIMCO SUBSIDIZES EMPLOYEE MEMBERSHIP TO THE INTRAMURAL-RECREATIONAL SPORTS FACILITIES AT THE UNIVERSITY OF VIRGINIA. THE AMOUNT OF THE SUBSIDY IS $50 PER YEAR AND THE AMOUNT OF THE SUBSIDY IS INCLUDED IN THE EMPLOYEES TAXABLE INCOME. IN FY2020 UVIMCO PAID THIS $50 SUBSIDY FOR CAITLIN C. FITZMAURICE. SCHEDULE J, PART I, LINE 1B UVIMCO DOES NOT HAVE A WRITTEN POLICY SPECIFIC TO CHARTER FLIGHTS. IN THIS INSTANCE UVIMCOS SUPPORTED ORGANIZATION, THE UNIVERSITY OF VIRGINIA, DEEMED THE TRIP TO BE APPROPRIATE. SCHEDULE J, PART I, LINE 4A PATRICK D. HOGAN FORMER DIRECTOR AND SECRETARY RECEIVED $306,561 IN SEVERANCE FROM THE UNVERSITY OF VIRGINIA, A RELATED ORGANIZATION. SCHEDULE J, PART I, LINE 4B UVIMCO MADE PAYMENTS FROM THE UVIMCO INCENTIVE COMPENSATION PLAN, A NONQUALIFIED INCENTIVE PLAN UNDER IRC SECTION 457(F). 2019 COMPENSATION REPORTED IN PART II RELATED TO THE UVIMCO INCENTIVE COMPENSATION PLAN IS DETAILED BELOW: PARTICIPANT PART II, PART II, PART II, COL B(III) COL C COL F OTHER REPORTABLE DEFERRED (REPORTED ON COMPENSATION COMP. PRIOR FORM 990) ROBERT W. DURDEN $ 53,540 $107,079 $ - E. SARGENT MCGOWAN 303,344 59,964 244,682 JASON M. LOVE 213,405 42,832 171,989 LINDSAY R. LARSEN 201,963 42,832 162,245 JONATHAN E. EARNHARDT 156,993 34,265 125,899 CAITLIN C. FITZMAURICE 35,269 17,133 25,288 SCHEDULE J, PART II, COLUMN B(III) INCLUDES TAXABLE FRINGE BENEFITS IN ADDITION TO THE IRC SECTION 457(F) AMOUNTS SHOWN ABOVE. CALCULATION OF LONG-TERM INCENTIVE COMPENSATION IS BASED ON UVIMCO'S NET THREE-YEAR PERFORMANCE, VERSUS POLICY PORTFOLIO, AND GROSS THREE-YEAR PERFORMANCE, IN COMPARISON WITH THE PERFORMANCE OF PEERS MANAGING ASSETS. IN 2019 UVIMCO DEFERRED CERTAIN DISCRETIONARY CASH BONUSES UNDER TERMS OF A DEFERRED COMPENSATION AGREEMENT UNDER IRC SECTION 457(F). AMOUNTS DEFERRED UNDER THE AGREEMENT ARE REPORTED IN COLUMN C, RETIREMENT AND OTHER DEFERRED COMPENSATION, AS DETAILED BELOW: PARTICIPANT PART II, PART II, PART II, COL B(III) COL C COL F OTHER REPORTABLE DEFERRED (REPORTED ON COMPENSATION COMP. PRIOR FORM 990) KRISTINA M. ALIMARD $509,364 $275,000 $400,000 ROBERT W. DURDEN - 659,588 - E. SARGENT MCGOWAN - 325,000 - JASON M. LOVE - 200,000 - LINDSAY R. LARSEN - 200,000 - JONATHAN E. EARNHARDT - 75,000 - CAITLIN C. FITZMAURICE - 100,000 - JOHN M. WINN 95,506 250,000 75,000 JENNIFER W. DAVIS AND PATRICK D. HOGAN ARE EMPLOYED BY THE UNIVERSITY OF VIRGINIA. THEY PARTICIPATED IN A SUPPLEMENTAL, NONQUALIFIED RETIREMENT PLAN UNDER IRC SECTION 415(M), WHICH IS SPONSORED BY THE UNIVERSITY OF VIRGINIA. AMOUNTS DEFERRED UNDER THE AGREEMENT ARE REPORTED IN COLUMN C, RETIREMENT AND OTHER DEFERRED COMPENSATION. SCHEDULE J, PART I, LINE 7 CURRENT UVIMCO EMPLOYEES LISTED IN FORM 990, PART VII, SECTION A, LINE 1A WERE ELIGIBLE FOR NON-FIXED PAYMENTS IN THE FORM OF DISCRETIONARY CASH BONUSES BASED ON INDIVIDUAL PERFORMANCE DURING FISCAL YEAR 2019, WHICH ARE INCLUDED IN SCHEDULE J, PART II, COLUMN B (II). FORM 990, PART VI, LINE 1A SECTION A: GOVERNING BODY AND MANAGEMENT THE EXECUTIVE COMMITTEE IS ELECTED BY THE BOARD AND INCLUDES AT LEAST THREE BOARD MEMBERS. THE EXECUTIVE COMMITTEE MUST INCLUDE: (I) EITHER A UVA BOARD OF VISITORS' DESIGNEE OR THE UVA PRESIDENT'S BOARD DESIGNEE; (II) AT LEAST ONE DIRECTOR DESIGNATED A UNIVERSITY REPRESENTATIVE IN ACCORDANCE WITH THE UNIVERSITY'S POLICY ON UNIVERSITY-ASSOCIATED ORGANIZATIONS; AND (III) THE CHAIR OF THE AUDIT COMMITTEE. IN ADDITION TO ANY DUTY OR MATTER THAT MAY BE ASSIGNED TO IT BY THE BOARD OF DIRECTORS, THE EXECUTIVE COMMITTEE IS EMPOWERED TO ACT ON BEHALF OF THE BOARD OF DIRECTORS AND IS AUTHORIZED TO TAKE SUCH ACTIONS AS IT MAY APPROVE OR DIRECT ON BEHALF OF THE BOARD OF DIRECTORS, OTHER THAN CERTAIN FUNDAMENTAL ACTIONS SPECIFIED IN THE BYLAWS WHICH REQUIRE APPROVAL OF THE FULL BOARD. FORM 990, PART VI, LINE 7A SECTION A: GOVERNING BODY AND MANAGEMENT THREE BOARD MEMBERS ARE APPOINTED BY THE BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA UPON THE RECOMMENDATION OF THE RECTOR, AND ONE IS APPOINTED BY THE UNIVERSITY OF VIRGINIA PRESIDENT. FORM 990, PART VI, LINE 11B SECTION B: POLICIES A DRAFT OF FORM 990 IS REVIEWED BY MEMBERS OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS. THE FINAL FORM 990, INCLUDING SCHEDULES, IS MADE AVAILABLE TO ALL BOARD MEMBERS PRIOR TO FILING. FORM 990, PART VI, LINE 12C SECTION B: POLICIES CONFLICT OF INTEREST POLICY: ALL DIRECTORS AND STAFF OF UVIMCO, AND CERTAIN OTHER AFFILIATED PERSONS, ARE SUBJECT TO UVIMCO'S CODE OF CONDUCT (THE "CODE"). THE CODE COMPRISES A PART OF UVIMCO'S BROADER COMPLIANCE POLICIES AND PROCEDURES MANUAL. AMONG OTHER THINGS, THE CODE PLACES CERTAIN RESTRICTIONS ON PERSONAL TRADING, RECEIPT OF GIFTS, POLITICAL CONTRIBUTIONS, OUTSIDE ACTIVITIES, RELATED-PARTY TRANSACTIONS, AND OTHER CONFLICTS OF INTEREST. THE CODE ALSO CONTAINS CERTAIN PROVISIONS REQUIRING INTERESTED STAFF AND DIRECTORS TO RECUSE THEMSELVES FROM INFLUENCING OR PARTICIPATING IN TRANSACTIONS IN WHICH THEY HAVE A CONFLICT OF INTEREST. UVIMCO'S CHIEF COMPLIANCE OFFICER (CCO) ADMINISTERS UVIMCO'S COMPLIANCE PROGRAM, INCLUDING THE CODE. THE CODE CONTAINS PROVISIONS REGARDING DISCLOSURE AND REMEDIATION OF ANY COMPLIANCE VIOLATIONS. THE CCO IS ASSISTED IN ADMINISTERING THE COMPLIANCE PROGRAM BY MEMBERS OF UVIMCO'S OPERATIONS TEAM AS WELL AS AN EXTERNAL COMPLIANCE CONSULTING FIRM. AMONG OTHER THINGS, UVIMCO'S COMPLIANCE CONSULTANT REVIEWS EMPLOYEE BROKERAGE STATEMENTS AND PERFORMS AN ANNUAL REVIEW OF UVIMCO'S COMPLIANCE PROGRAM. THE CCO REPORTS ON THE FINDINGS OF THIS REVIEW TO UVIMCO'S AUDIT COMMITTEE. THE CCO ALSO REPORTS ON CONFLICTS OF INTEREST AND OTHER COMPLIANCE MATTERS WHICH ARISE DURING THE COURSE OF THE YEAR TO THE AUDIT COMMITTEE. ALL DIRECTORS AND STAFF MUST SUBMIT AN ANNUAL CERTIFICATION THAT THEY HAVE COMPLIED WITH THE CODE OR NOTE EXCEPTIONS. ANY SUCH EXCEPTIONS ARE INVESTIGATED BY THE CCO. FORM 990, PART VI, LINE 15A SECTION B: POLICIES EXECUTIVE COMPENSATION POLICY: THE COMPENSATION COMMITTEE, COMPRISED OF BOARD MEMBERS WITHOUT POTENTIAL CONFLICTS OF INTEREST CONCERNING COMPENSATION ARRANGEMENTS, MAKES COMPENSATION DECISIONS REGARDING ALL OFFICERS, INCLUDING THE CEO, WITHOUT DISCUSSION OR OTHER PARTICIPATION OF THE STAFF MEMBER WHOSE COMPENSATION IS UNDER CONSIDERATION. THE CEO PROVIDES INDUSTRY SURVEYS, EXPERT COMPENSATION STUDIES, OR OTHER COMPARABLE DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILAR ORGANIZATIONS. THE CEO ALSO PROVIDES PERFORMANCE REVIEWS, ACTUAL COMPENSATION DATA, AND COMPENSATION RECOMMENDATIONS TO ASSIST THE COMPENSATION COMMITTEE IN MAKING DECISIONS. THE CEO DOES NOT PROVIDE RECOMMENDATIONS REGARDING HIS/HER OWN COMPENSATION. THE COMPENSATION COMMITTEE FULLY DOCUMENTS ALL COMPENSATION DECISIONS AND THE BASIS FOR THE DECISIONS. THIS PROCESS FOR COMPENSATION DECISIONS WAS LAST UNDERTAKEN FOR THE ALL OFFICERS, INCLUDING THE CEO, IN 2020, COMPENSATION DECISIONS FOR NON-SENIOR STAFF MAY BE DELEGATED TO THE CEO. FORM 990, PART VI, LINE 19 SECTION C: DISCLOSURES AVAILABILITY OF DOCUMENTS: UVIMCO PROVIDES FINANCIAL STATEMENTS AND THE CONFLICT OF INTEREST POLICY TO UVA AND UNIVERSITY-ASSOCIATED ORGANIZATIONS THROUGH A SECURE PORTION OF THE ORGANIZATION'S WEBSITE, AND ORGANIZATIONAL DOCUMENTS TO UVA AND UNIVERSITY-ASSOCIATED ORGANIZATIONS UPON REQUEST. UVIMCO DOES NOT MAKE THESE DOCUMENTS AVAILABLE TO THE GENERAL PUBLIC. FORM 990, PART VII, SECTION B, INDEPENDENT CONTRACTORS TWO OF THE FIVE HIGHEST COMPENSATED INDEPENDENT CONTRACTORS REPORTED IN PART VII REPRESENT SEPARATE ACCOUNT INVESTMENT MANAGERS PAID DIRECTLY BY UVIMCO. OTHER EXTERNAL MANAGERS ARE PAID INDIRECTLY THROUGH A REDUCTION IN THE NET ASSET VALUES OF INVESTMENT FUNDS IN WHICH UVIMCO INVESTS. THE FINANCIAL RESULTS OF UVIMCO'S OPERATIONS ARE REPORTED NET OF ALL INVESTMENT MANAGEMENT FEES. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSET OR FUND BALANCES ALLOCATION OF NET GAIN ON INVESTMENTS HELD FOR OTHERS REFLECTED AS CHANGE IN NET ASSETS: $ (472,909,185) THE LONG TERM POOL HAD A RETURN OF 5.3% FOR THIS REPORTING YEAR VERSUS A RETURN OF 5.8% FOR THE PRIOR REPORTING YEAR. FON I LLC 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 562462804 STRUCT INVEST DE -51582 32226213 NA DYNAMO BRASIL II LLC 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 562462804 STRUCT INVEST DE 41056104 23858282 NA RECTOR&VISITORS OF THE UNIV OF VIRGINIA PO BOX 400228 CHARLOTTESVILLE VA 22904 546001796 HIGHER EDU. 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