2026-05-15T11:41:58-05:00 2025-06-30 135565207 KPMG LLP 60 SOUTH STREET TWO FINANCIAL CENTER BOSTON MA 02111 990 2024-07-01 046013152 UNIVERSITY OF MASSACHUSETTS FOUNDATION INC UNIV 7819125015 100 CARLSON AVENUE BUILDING 12 NEWTON MA 02459 BARRY F MORRISON CHIEF FINANCIAL OFFICER 7819128020 2026-05-15 1 0 KRISTIN ANDERSON P01231300 6179881000 2024 2025-03-06 01:10:19Z JAMES R JULIAN JR 100 CARLSON AVENUE BUILDING 12 NEWTON MA 02459 579130169 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 & PUBLIC GIFTS FOR THE BENEFIT OF THE UNIVERSITY OF MASSACHUSETTS AND ITS EDUCATIONAL MISSION. 15 15 46 15 147449 0 60159642 89479146 5452995 5963632 36512266 77046575 81855 19110 102206758 172508463 26715828 32209329 0 0 9036391 10745388 0 36000 2554918 10370309 9695689 46122528 52686406 56084230 119822057 2453805986 2798247960 1158798961 1267032390 1295007025 1531215570 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 & PUBLIC GIFTS FOR THE BENEFIT OF THE UNIVERSITY OF MASSACHUSETTS AND ITS EDUCATIONAL MISSION. 0 0 32209329 32209329 5963632 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. 32209329 1 1 0 1 0 0 0 0 1 1 1 1 0 0 1 1 1 0 0 0 1 0 0 1 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 34 0 1 46 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 AR CA FL IL KY MD MI MN NH NJ NY OR PA SC TN WI WV X BARRY F MORRISON 7819128020 100 CARLSON AVENUE BUILDING 12 NEWTON MA 02459 ROBERT J MANNING DIRECTOR/CHAIR 1.00 X X 0 0 0 VICTOR WOOLRIDGE DIRECTOR/TREASURER 1.00 X X 0 0 0 MARIA D FURMAN DIRECTOR/SECRETARY 1.00 X X 0 0 0 NATHAN P CHESLEY DIRECTOR 1.00 X 0 0 0 JOSE J CORTEZ DIRECTOR 1.00 X 0 0 0 KATHERINE P CRAVEN DIRECTOR 1.00 X 0 0 0 EDWARD H D'ALELIO DIRECTOR 1.00 X 0 0 0 JOSE F DEMEDEIROS 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 (UNTIL 4/25) 1.00 X 0 0 0 R NORMAN PETERS ESQ DIRECTOR 1.00 X 0 0 0 PAUL T QUISTBERG 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 JAMES R JULIAN JR CHIEF EXECUTIVE OFFICER 40.00 X 1014591 0 158911 BARRY MORRISON CHIEF FINANCIAL OFFICER 40.00 X 404666 0 96911 PAUL DAWLEY GENERAL COUNSEL 40.00 X 355810 0 96088 JONATHAN GIBBONS CHIEF INVESTMENT OFFICER 40.00 X 1469690 0 307547 KATHERINE D TARGETT CHIEF DIGITAL INFORMATION OFFICER 40.00 X 248215 0 29033 GEOFFREY BOWES MANAGING DIRECTOR, INVESTMENT TEAM 40.00 X 563826 0 179926 DEREK WADE DIRECTOR OF INVESTMENT OPERATIONS 40.00 X 312757 0 95078 HSUNGWEN CHANG DIRECTOR OF INVESTMENT (UNTIL 9/25) 40.00 X 292734 0 108041 QING WAN CONTROLLER 40.00 X 193106 0 64852 WILLIAM K CHASE SR. DIR. OF IT INFRASTRUCTER & SECURITY 40.00 X 190305 0 20111 THERESA CURRY VP FOR DEV & CE (UNTIL 1/25) 40.00 X 180963 0 14354 5226663 0 1170852 21 1 1 0 CLOUD FOR GOOD LLC 1854A HENDERSONVILLE RD 252 ASHEVILLE NC 28803 IT SUBSCRIPTIONS AND SERVICE 1499484 SALESFORCE PO BOX 203141 DALLAS TX 753203141 IT SUBSCRIPTIONS AND SERVICE 1160504 EVERTRUE INC PO BOX 675011 DETROIT MI 482675011 IT SUBSCRIPTIONS AND SERVICE 274843 GRAVYTY PO BOX 660367 DALLAS TX 752660367 IT SUBSCRIPTIONS AND SERVICE 255000 INSOURCE SERVICES INC 148 LINDEN STREET WELLESLEY MA 02482 HR CONSULTANTS 201069 10 10237252 79241894 1739918 89479146 ASSET MGMT FOR UNIV. 561000 5963632 5963632 5963632 16708660 91044 16617616 466959621 406621706 60337915 60337915 56405 60281510 MISC. RELATED FUNCTION REV. 900099 19110 19110 19110 172508463 5963632 147449 76918236 32209329 32209329 4468210 4468210 4841361 4814926 26435 273950 269056 4894 743681 736299 7382 418186 414341 3845 198420 198420 198000 198000 91000 91000 36000 36000 2713994 2713994 3163279 3144630 18649 102250 102250 903641 829147 74494 2720679 466621 2254058 392649 392649 548039 524269 23770 32793 29652 3141 425742 425742 125175 125175 AGENCY ALLOCATED COMPEN -1919972 -1919972 52686406 32209329 17922159 2554918 X 532471 729201 120540166 139829842 18000 0 1862282 1410314 23601163 5042212 14556893 18558951 370065173 836122755 1942692598 1798070558 3538403 3526339 2453805986 2798247960 3296924 4963475 12711247 12440662 1138651192 1245169176 4139598 4459077 1158798961 1267032390 X 67951105 77047074 1227055920 1454168496 1295007025 1531215570 2453805986 2798247960 X 119822057 107143468 9243020 X 0 1 X 1 0 X 21752731 295545737 73320621 60049633 89469146 540137868 21752731 295545737 73320621 60049633 89469146 540137868 235241728 304896140 -5748192 -8818365 10750061 19529521 16617616 32330641 110835 210866 42518 33157 0 397376 572865885 47402639 0.53220 0.53890 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 91000 91000 0 PART II-B, LINE 1: UNIVERSITY OF MASSCHUSETTS FOUNDATIONS ENGAGED A GOVERNMENT RELATIONS FIRM, TO PROVIDE LOBBYING SERVICES DURING FISCAL YEAR 2025. 0 1 X 1100838223 88658391 164198869 31050160 1322645323 907349041 86608251 132681759 25800828 1100838223 739368047 88925731 101330356 22331644 -56581 30 907349041 752775857 137043285 -14211409 18877050 141660 -10681711 739368047 552052478 19576038 195834717 18981733 139918 -4434275 752775857 0.01890 0.94760 0.03340 0 0 3150940 3150940 16022423 5042212 10980211 4427800 4427800 18558951 554000 F ALTERNATIVE INVESTMENTS 1797516558 F 1798070558 LEASE LIABILITY 1599733 OBLIGATIONS TO BENEFICIARIES OF SPLIT-INTEREST AGREEMENTS 2640529 DEFERRED COMPENSATION LIABILITY 218815 4459077 X 320158392 107143468 46588771 153732239 166426153 2713994 3368316 6082310 172508463 83949847 37345751 37345751 46604096 2713994 3368316 6082310 52686406 PART IV, LINE 2B: THE FOUNDATION MANAGES AND HOLDS CERTAIN INVESTMENTS ON BEHALF OF THE UNIVERSITY OF MASSACHUSETTS AND THE EDWARD M. KENNEDY INSTITUTE. THE MANAGEMENT OF THESE INVESTMENTS ARE SUBJECT TO AGREEMENTS WITH EACH THAT GOVERN THE ARRANGEMENTS. 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, 2025 OR JUNE 30, 2024. PART XI, LINE 2D - OTHER ADJUSTMENTS: AGENCY FUNDS REVENUE 154,562,085. AGENCY FUNDS OTHER CHANGES -118,161,417. TRANSFER FROM UNIVERSITY AGENCY 10,188,103. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION OF REVENUE AMOUNTS NET WITH EXPENSES ON FINANCIAL STATEMENT 2,862,371. CURRENT USE FUND WITHDRAWALS 505,945. PART XII, LINE 2D - OTHER ADJUSTMENTS: ADJUSTMENT TO PLEDGE RECEIVABLE 945,083. AGENCY FUNDS EXPENSES 36,400,668. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION OF EXPENSE AMOUNTS NET WITH REVENUE ON FINANCIAL STATEMENTS 2,862,371. CURRENT USE FUND WITHDRAWLS 505,945. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 112193236 NORTH AMERICA 0 0 INVESTMENTS 2542725 MIDDLE EAST AND NORTH AFRICA 0 0 INVESTMENTS 114759 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 2563939 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 590745534 0 0 0 0 0 0 708160193 0 708160193 1 0 1 1 1 0 X X X X X 1 ONE ELLIS ASSOCIATES LLC 94 ROCKLAND STREET SWAMPSCOTT MA 01907 CONSULTS ON IN-PERSON AND PHONE SOLICATION CAMPAIGNS 0 0 0 36000 36000 AL AK AR CA CO CT FL GA HI IL KS KY LA MA ME MD MI MN MS MO NV NH NJ NM NY NC ND OH OK OR PA RI SC TN VA WA WI WV 1 UNIVERSITY OF MASSACHUSETTS ONE BEACON ST 31ST FLOOR BOSTON MA 02108 043167352 STATE OF MA 32148135 0 SEE PART IV BERKSHIRE HEALTH SYSTEMS INC 725 NORTH STREET PITTSFIELD MA 012014109 042442944 501(C)(3) 58346 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 MONITOR 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 1 0 0 0 0 0 0 1 0 JONATHAN GIBBONS CHIEF INVESTMENT OFFICER 641381 0 231035 0 597274 0 265535 0 42012 0 1777237 0 537167 0 JAMES R JULIAN JR CHIEF EXECUTIVE OFFICER 744591 0 240000 0 30000 0 114500 0 44411 0 1173502 0 0 0 GEOFFREY BOWES MANAGING DIRECTOR, INVESTMENT TEAM 326437 0 103350 0 134039 0 137850 0 42076 0 743752 0 109366 0 BARRY MORRISON CHIEF FINANCIAL OFFICER 332470 0 62196 0 10000 0 54500 0 42411 0 501577 0 0 0 PAUL DAWLEY GENERAL COUNSEL 290010 0 55800 0 10000 0 54500 0 41588 0 451898 0 0 0 DEREK WADE DIRECTOR OF INVESTMENT OPERATIONS 239033 0 58341 0 15383 0 51781 0 43297 0 407835 0 13219 0 HSUNGWEN CHANG DIRECTOR OF INVESTMENT (UNTIL 9/25) 248849 0 34886 0 8999 0 65505 0 42536 0 400775 0 7813 0 KATHERINE D TARGETT CHIEF DIGITAL INFORMATION OFFICER 233015 0 15200 0 0 0 24846 0 4187 0 277248 0 0 0 QING WAN CONTROLLER 174906 0 18200 0 0 0 20482 0 44370 0 257958 0 0 0 WILLIAM K CHASE SR. DIR. OF IT INFRASTRUCTER & SECUR 173255 0 17050 0 0 0 19030 0 1081 0 210416 0 0 0 THERESA CURRY VP FOR DEV & CE (UNTIL 1/25) 77625 0 16500 0 86838 0 7898 0 6456 0 195317 0 0 0 PART I, LINE 4A THE FORMER VP OF DEVELOPMENT RECIEVED SEVERANCE PAYMENT OF $86,100 IN CALENDAR YEAR 2024. 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 NONFIXED 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 212 1739918 FMV 0 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, OFFICERS, AND KEY EMPLOYEES 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 COMPLY WITH FEDERAL REGULATIONS CONCERNING EXECUTIVE COMPENSATION. COMPETITIVE SURVEYS PROVIDED BY A TOP-TIER COMPENSATION AND BENEFITS ADVISORY FIRM ARE UTILIZED TO OBTAIN MARKET RANGES FOR THE CEO AND OTHER OFFICERS AND KEY EMPLOYEES. ANNUAL PERFORMANCE EVALUATIONS ARE ALSO UTILIZED, DISCUSSED, AND REVIEWED WITHIN THE FOUNDATION AND COMMUNICATED TO THE COMMITTEE TO ENSURE REASONABLENESS OF COMPENSATION, AND TO ALLOW FOR MARKET COMPETITIVE RENUMERATION AND EXECUTIVE RETENTION. THE COMPENSATION OF THE CEO AND OTHER OFFICERS AND KEY EMPLOYEES (WHICH INCLUDES THE GENERAL COUNSEL, CHIEF DIGITAL INFORMATION OFFICER, CHIEF INVESTMENT OFFICER, AND CHIEF FINANCIAL OFFICER)IS DETERMINED ANNUALLY IN CONSULTATION WITH THE GOVERNANCE AND COMPENSATION COMMITTEE INCLUDING THE CHAIR OF THE BOARD OF DIRECTORS, AND THE DELIBERATIONS AND DECISIONS ARE CONTEMPORANEOUSLY DOCUMENTED. 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 X THE ORGANIZATION IS INCLUDING AGENCY FUNDS' ASSETS AND LIABILITIES IN ITS BEGINNING AND END-OF-YEAR BALANCE SHEET COLUMNS (A) AND (B) OF FORM 990, PART X. FORM 990, PART XI, LINE 9: TRANSFERS FROM UNIVERSITY AGENCY 10,188,103. ADJUSTMENT TO CONTRIBUTIONS RECEIVABLE -945,083. 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