2024-05-10T14:59:22-05:00 2023-06-30 135565207 KPMG LLP 500 W 5TH STREET SUITE 800 WINSTONSALEM NC 27101 990 2022-07-01 364516257 UNC MANAGEMENT COMPANY INC UNCM 9194421599 1400 ENVIRON WAY CHAPEL HILL NC 27517 JONATHON C KING PRESIDENT 9194421599 2024-05-09 1 JONATHON KING 999009999 0 SHAWN HUTCHINSON P01048557 3362753394 2024-05-07 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JONATHON C KING 1400 ENVIRON WAY CHAPEL HILL NC 27517 23707703 0 X WWW.UNCMC.UNC.EDU X 2002 NC SEE SCHEDULE O 8 5 44 5 0 0 0 0 30440928 23475858 87596 170004 0 0 30528524 23645862 6000000 0 0 0 17794214 18821873 0 0 0 4170555 4674416 27964769 23496289 2563755 149573 53097067 57069634 21003470 25336914 32093597 31732720 X SEE SCHEDULE O 0 0 19459987 23475858 SEE SCHEDULE O 19459987 1 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 10 0 1 44 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 X 8 5 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X MARGARET HOLDER 9194421599 1400 ENVIRON WAY CHAPEL HILL NC 27517 KEVIN GUSKIEWICZ DIRECTOR 1.00 0.00 X 0 654586 245004 MAX C CHAPMAN JR DIRECTOR 1.00 X 0 0 0 MICHAEL D KENNEDY DIRECTOR 1.00 0.00 X 0 0 0 JONATHON C KING PRESIDENT 50.00 X X 2581911 0 992519 NATHAN KNUFFMAN DIRECTOR 1.00 X 0 407264 83009 JOHN L TOWNSEND III DIRECTOR 1.00 X 0 0 0 DAVID L BOLIEK JR DIRECTOR 1.00 X 0 0 0 DAVID M CARROLL DIRECTOR 1.00 X 0 0 0 TIM BURCH VP - LEGAL & COMPLIANCE 50.00 X 585480 0 242369 EDWARD HETHERINGTON VP - PUBLIC INVESTMENTS 50.00 X 1134133 0 449133 KEVIN TUNICK VP - PRIVATE INVESTMENTS 50.00 X 1232064 0 467928 JOSHUA SHAPIRO VP - INV STRATEGY & RISK M 50.00 X 1146940 0 451363 CHRIS MATTKE VP - INV OPS & FINANCE 50.00 X 517728 0 226605 CHRIS RUDOLPH MANAGING DIRECTOR, INVESTMENTS 50.00 X 755303 0 319304 ANGELA MOSS MANAGING DIRECTOR, INVESTMENTS 50.00 X 759779 0 316454 RODGERS HARSHBARGER MANAGING DIRECTOR, INVESTMENTS 50.00 X 787979 0 331629 CHRIS BARTHOLOMEW MANAGING DIRECTOR, INVESTMENTS 50.00 X 759021 0 319856 MATTHEW LESESKY MANAGING DIRECTOR, INVESTMENTS 50.00 X 758802 0 320246 11019140 1061850 4765419 26 0 1 0 UNIVERSITY ACCOUNTING SERVICES CB 1210 104 AIRPORT DRIVE CHAPEL HILL NC 27599 ACCOUNTING 1062072 EAST 54 INVESTOR INC 1450 ENVIRON WAY CHAPEL HILL NC 27517 RENT 698010 FACTSET RESEARCH SYSTEMS 45 GLOVER AVENUE 7TH FLOOR NORWALK CT 06850 SOFTWARE 374667 BURGISS GROUP 111 RIVER STREET FLOOR 10 HOBOKEN NJ 07030 SOFTWARE 285100 ALTERNATIVESOFT 1 MID AMERICA PLAZA SUITE 3016 OAKBROOK TERRACE IL 60181 SOFTWARE 138600 5 MANAGEMENT FEE INCOME 900099 23475858 23475858 23475858 110288 110288 120127 1430 61841 0 58286 1430 59716 59716 23645862 23475858 0 170004 7127634 5970866 1156768 8440410 7135717 1304693 1163813 944472 219341 1110188 899937 210251 979828 806814 173014 11968 11968 1082701 1026011 56690 110873 110873 28300 28300 394062 319794 74268 1272452 1105144 167308 848417 688518 159899 495415 445402 50013 89012 89012 145204 145204 172044 172044 EDUCATIONAL FUND EXPENS 14000 14000 TAXES 9791 9791 BANK FEES 177 177 23496289 19459987 4036302 0 7459608 7135950 7524250 5915997 446815 596267 1870360 1092606 266529 777754 31284906 34126747 6114959 8516919 53097067 57069634 14477338 15511565 6526132 9825349 21003470 25336914 X 32093597 31732720 32093597 31732720 53097067 57069634 149573 -96318 -414132 0 X 0 1 X 1 0 X X 1 UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL 566001393 2 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1870360 1092606 777754 777754 UNC INVESTMENT FUND, LLC 34126747 F 34126747 NONCURRENT DEPOSIT 48851 NET LEASE ASSETS 5469509 SOFTWARE-BASED IT ARRANGEMENTS 2998559 8516919 LEASE LIABILITIES 6334224 SOFTWARE-BASED IT ARRANGEMENTS 3491125 9825349 23549544 -96318 -96318 23645862 0 23645862 23496289 0 23496289 0 23496289 X X X X 0 1 0 0 1 0 1 1 0 JONATHON C KING PRESIDENT 787696 0 1784309 0 9906 0 962876 0 29643 0 3574430 0 851008 0 KEVIN TUNICK VP - PRIVATE INVESTMENTS 468850 0 753308 0 9906 0 438285 0 29643 0 1699992 0 355785 0 JOSHUA SHAPIRO VP - INV STRATEGY & RISK M 439044 0 704542 0 3354 0 409786 0 41577 0 1598303 0 335747 0 EDWARD HETHERINGTON VP - PUBLIC INVESTMENTS 440352 0 693001 0 780 0 406650 0 42483 0 1583266 0 324689 0 RODGERS HARSHBARGER MANAGING DIRECTOR, INVESTMENTS 318160 0 468649 0 1170 0 289653 0 41976 0 1119608 0 219794 0 MATTHEW LESESKY MANAGING DIRECTOR, INVESTMENTS 309294 0 448338 0 1170 0 277386 0 42860 0 1079048 0 211960 0 CHRIS BARTHOLOMEW MANAGING DIRECTOR, INVESTMENTS 309844 0 448397 0 780 0 277438 0 42418 0 1078877 0 212016 0 ANGELA MOSS MANAGING DIRECTOR, INVESTMENTS 310044 0 448565 0 1170 0 274971 0 41483 0 1076233 0 214398 0 CHRIS RUDOLPH MANAGING DIRECTOR, INVESTMENTS 307194 0 446939 0 1170 0 274971 0 44333 0 1074607 0 212841 0 KEVIN GUSKIEWICZ DIRECTOR 0 641776 0 0 0 12810 0 227052 0 17952 0 899590 0 0 TIM BURCH VP - LEGAL & COMPLIANCE 290967 0 293343 0 1170 0 198242 0 44127 0 827849 0 137701 0 CHRIS MATTKE VP - INV OPS & FINANCE 291767 0 225181 0 780 0 184851 0 41754 0 744333 0 84140 0 NATHAN KNUFFMAN DIRECTOR 0 396944 0 0 0 10320 0 74725 0 8284 0 490273 0 0 PART I, LINE 4B SUPPLEMENTAL NONQUALIFIED RETIREMENT PLANS THE PURPOSE OF THE INCENTIVE COMPENSATION PLAN ("THE PLAN") IS TO REWARD EMPLOYEES FOR THEIR CONTRIBUTIONS TO THE SUCCESS OF THE UNC INVESTMENT FUND, LLC. THE PLAN ALSO REWARDS CONTINUED EMPLOYMENT WITH THE ORGANIZATION, FOR CERTAIN EMPLOYEES, BY DEFERRING PAYMENT OF A PORTION OF THE INCENTIVE COMPENSATION OVER THE SUBSEQUENT TWO YEARS THE FOLLOWING INDIVIDUALS PARTICIPATED IN AND RECEIVED PAYMENT FROM A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: JONATHON KING - 1,784,309 KEVIN TUNICK -753,308 RODGERS HARSHBARGER - 468,649 ANGELA MOSS - 448,565 CHRIS RUDOLPH - 446,939 CHRIS BARTHOLOMEW - 448,397 MATT LESESKY - 448,338 JOSHUA SHAPIRO - 704,542 EDWARD HETHERINGTON - 693,001 TIM BURCH - 293,343 CHRIS MATTKE - 225,181 FORM 990, SCHEDULE J, PART I, QUESTIONS 5B, 6B, & 7 UNC MANAGEMENT COMPANY MAINTAINS AN INCENTIVE COMPENSATION PLAN COVERING ELIGIBLE EMPLOYEES. THE PRIMARY PURPOSE OF THIS PLAN IS TO ATTRACT, RETAIN AND INCENTIVIZE TALENTED PROFESSIONALS. A KEY FEATURE OF THE PLAN IS THAT IT IS FORMULA DRIVEN, BASED ON OBJECTIVELY MEASURABLE CRITERIA THAT COMPARE INVESTMENT FUND RETURNS TO BENCHMARKS AND INVESTMENT OBJECTIVES, OVER MULTIPLE TIME PERIODS, TO DETERMINE "AWARDS" UNDER THE PLAN. THE COMPUTATION OF PLAN AWARDS IS PERFORMED AFTER THE COMPLETION OF EACH FISCAL YEAR. A SPECIFIED PORTION OF AMOUNTS AWARDED TO CERTAIN EMPLOYEES UNDER THE PLAN IS PAID CURRENTLY, WITH THE REMAINDER DEFERRED TO BE PAID IN FUTURE YEARS. ADDITIONALLY, SOME EMPLOYEES RECEIVE NON-FIXED PAYMENTS WITH RESPECT TO MERIT THAT ARE NOT TIED TO THE UNC INVESTMENT FUND, LLC'S RETURNS. FORM 990, PART I, LINE 1 TO PROVIDE INVESTMENT MANAGEMENT AND ADMINISTRATIVE SERVICES TO THE UNIVERSITY OF NORTH CAROLINA AND AFFILIATES. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: UNC MANAGEMENT COMPANY'S MISSION IS TO PROVIDE PROFESSIONAL ASSET MANAGEMENT SERVICES TO THE UNIVERSITY OF NORTH CAROLINA SYSTEM, THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL AND ITS OTHER CONSTITUENT INSTITUTIONS AND THEIR AFFILIATED ENDOWMENT, FOUNDATIONS AND ENTITIES BY MAXIMIZING THE LONG-TERM RETURN ON THE INVESTMENT PORTFOLIO COMMENSURATE WITH SPECIFIED RISK PARAMETERS. KEEPING WITH THE HIGHEST PROFESSIONAL AND ETHICAL STANDARDS, OUR OBJECTIVE IS TO PROTECT AND ENHANCE THE VALUE OF THE ASSETS ENTRUSTED TO US. WE STRIVE TO ESTABLISH UNC MANAGEMENT COMPANY AS THE PREFERRED PROVIDER OF INVESTMENT MANAGEMENT SERVICES FOR THE UNIVERSITY OF NORTH CAROLINA, ITS CONSTITUENT INSTITUTIONS AND AFFILIATES. FORM 990, PART III, LINE 4A, PROGRAM SERVICE ACCOMPLISHMENTS: UNC MANAGEMENT COMPANY, INC. PROVIDES INVESTMENT MANAGEMENT SERVICES TO THE UNIVERSITY OF NORTH CAROLINA SYSTEM, THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL AND ITS OTHER CONSTITUENT INSTITUTIONS AND THEIR AFFILIATED ENDOWMENT, FOUNDATIONS AND ENTITIES. THE MANAGEMENT COMPANY HAS BEEN RETAINED BY THE UNC CHAPEL HILL FOUNDATION INVESTMENT FUND ("CHIF") BOARD OF DIRECTORS TO SERVE AS THE INVESTMENT MANAGER FOR THE UNC INVESTMENT FUND, LLC (THE "FUND"). IN THIS ROLE, THE MANAGEMENT COMPANY WORKS IN CONCERT WITH THE CHIF BOARD OF DIRECTORS AND IS RESPONSIBLE FOR OVERSEEING THE FUND'S INVESTMENTS AND PROVIDING ADMINISTRATIVE SERVICES, INCLUDING EVALUATING AND MONITORING THE EXTERNAL INVESTMENT MANAGERS RETAINED BY THE FUND AND RECOMMENDING CHANGES TO THE FUND'S INVESTMENT OBJECTIVES, ASSET ALLOCATION AND INVESTMENT IMPLEMENTATION FOR APPROVAL BY THE CHIF BOARD OF DIRECTORS. UNCMC ALSO SERVES AS INVESTMENT MANAGER FOR THE UNC INTERMEDIATE POOL, LLC, WITH THE OBJECTIVE OF GENERATING A TOTAL INVESTMENT RETURN HIGHER THAN WHAT CAN BE EARNED ON SHORT-TERM, MONEY MARKET BASED INVESTMENTS. THIS POOL WAS ESTABLISHED TO MEET CERTAIN LIQUIDITY NEEDS OF THE POOL'S PARTICIPANTS. FORM 990, PART VI, SECTION A, LINE 1A UNC MANAGEMENT COMPANY HAS 8 BOARD MEMBERS, 2 OF WHICH ARE COMPENSATED AS EMPLOYEES OF THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL, A RELATED ORGANIZATION, AND ONE IS COMPENSATED AS AN EMPLOYEE OF UNC MANAGEMENT COMPANY. FORM 990, PART VI, SECTION A, LINE 2 BUSINESS RELATIONSHIPS KEVIN GUSKIEWICZ, BOARD MEMBER, AND NATE KNUFFMAN, BOARD MEMBER, HAVE A BUSINESS RELATIONSHIP. MAX CHAPMAN, BOARD MEMBER, AND JOHN TOWNSEND, BOARD MEMBER, HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B PROCESS USED TO REVIEW FORM 990 IN FEBRUARY OF 2024, MANAGEMENT DISTRIBUTED A DRAFT OF THE FORM 990 FOR TAX YEAR 2022 TO THE BOARD OF DIRECTORS. MANAGEMENT SOUGHT COMMENTS AND FEEDBACK FROM BOARD MEMBERS WITH RESPECT TO THE DRAFT. NO SIGNIFICANT FEEDBACK WAS RECEIVED DURING THIS PROCESS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY UNC MANAGEMENT COMPANY, INC. HAS ESTABLISHED A CODE OF ETHICS WHICH HAS BEEN REVIEWED AND APPROVED BY THE COMPANY'S BOARD OF DIRECTORS. UNC MANAGEMENT COMPANY IS COMMITTED TO THE BELIEF THAT SOUND BUSINESS PRACTICES START WITH AN ABSOLUTE COMMITMENT FROM EACH EMPLOYEE TO ACT ETHICALLY IN CARRYING OUT THE COMPANY'S BUSINESS AND TO COMPLY WITH THE LAWS AND REGULATIONS THAT IMPACT ITS BUSINESS. THUS, UNC MANAGEMENT COMPANY'S EMPLOYEES MUST AVOID PARTICIPATING IN ACTIVITIES THAT CREATE OR APPEAR TO CREATE A CONFLICT OF INTEREST. UNC MANAGEMENT COMPANY HAS SPECIFIED THE FOLLOWING AREAS IN ITS POLICY TO BE POTENTIAL CONFLICTS OF INTEREST: FINANCIAL INTEREST, OUTSIDE EMPLOYMENT, CONSULTANT CONTRACTS, ACCEPTANCE OF GIFTS, BUSINESS COURTESIES, TRAVEL, LODGING AND ENTERTAINMENT, MISUSE OF RESOURCES OR ASSETS, PERSONAL GAIN USING UNDUE INFLUENCE, AND USE OF CONFIDENTIAL INFORMATION. UNC MANAGEMENT COMPANY'S CODE OF ETHICS REQUIRES EMPLOYEES TO DISCLOSE PARTICIPATION IN ACTIVITIES OR CIRCUMSTANCES THAT MAY PRESENT A CONFLICT OF INTEREST ON AN ANNUAL BASIS OR IF AT ANY TIME SUCH INDIVIDUAL BECOMES AWARE OF CIRCUMSTANCES THAT MAY PRESENT A CONFLICT OF INTEREST. THESE DISCLOSURES ARE REVIEWED BY THE COMPLIANCE OFFICER (TREASURER OF THE BOARD OF DIRECTORS). IN ADDITION, UNC MANAGEMENT COMPANY'S BYLAWS INCLUDE A CONFLICT OF INTEREST POLICY THAT APPLIES TO MEMBERS OF UNC MANAGEMENT COMPANY'S BOARD OF DIRECTORS. SUCH POLICY GENERALLY REQUIRES DIRECTORS TO DISCLOSE WHETHER THEY HAVE, OR KNOW OF, CERTAIN CONFLICTS OF INTEREST IN CONNECTION WITH TRANSACTIONS BEING CONSIDERED BY UNC MANAGEMENT COMPANY AND REQUIRES BOARD OR BOARD COMMITTEE APPROVAL OF SUCH TRANSACTIONS. FORM 990, PART VI, SECTION B, LINE 15 DETERMINATION OF COMPENSATION FOR KEY EMPLOYEES AND OFFICERS UNC MANAGEMENT COMPANY ANNUALLY SUBMITS COMPENSATION AND RELATED COST DATA TO AN INDEPENDENT THIRD PARTY CONSULTING FIRM WHICH COMPILES STATISTICAL INFORMATION GATHERED FROM COLLEGES, UNIVERSITIES, AND UNIVERSITY RELATED INVESTMENT MANAGEMENT COMPANIES. USING THIS DATA, THIS CONSULTING FIRM HAS PRODUCED A CUSTOMIZED STUDY FOR UNCMC SHOWING COMPENSATION RANGES, ON A POSITION BY POSITION BASIS, FOR COMPARABLE INSTITUTIONS. THE SUMMARIZED RESULTS OF THIS STUDY HAVE BEEN PRESENTED TO THE COMPANY'S BOARD OF DIRECTORS. THE COMPANY ALSO USES DATA FROM ADDITIONAL THIRD PARTY SOURCES TO DETERMINE COMPARABLE COMPENSATION FOR ADMINISTRATIVE POSITIONS. COMPENSATION LEVELS FOR EACH OF THE OFFICERS OF THE COMPANY (PRESIDENT AND CEO AND VICE PRESIDENTS) ARE APPROVED ANNUALLY BY THE COMPANY'S BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS UNC MANAGEMENT COMPANY, INC. DOES NOT MAKE ITS GOVERNING DOCUMENTS OR ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. UNC AT CHAPEL HILL 104 AIRPORT DRIVE CB 1270 CHAPEL HILL NC 27599 566001393 EDUCATION NC 501(C)(3) LINE 2 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0