The College of William & Mary Foundation

“The governing documents of the foundation authorize the executive committee to exercise the full power and authority of the board of trustees between meetings of the trustees except to the extent limited by the articles of incorporation, the bylaws and the laws of the commonwealth of virginia. The executive committee is comprised of the chairperson and vice chairpersons of the board, secretary, treasurer, chairperson of each committee, the immediate past chairperson of the board, and at large trustees of the board. All executive committee members are voting members of the board of trustees.”

“Through 12/31/2021, THE VIRGINIA INSTITUTE OF MARINE SCIENCE FOUNDATION, THE MARSHALL-WYTHE SCHOOL OF LAW FOUNDATION, AND THE WILLIAM AND MARY BUSINESS SCHOOL FOUNDATION EACH APPOINT ONE EX OFFICIO VOTING MEMBER OF THE WILLIAM & MARY FOUNDATION'S BOARD OF TRUSTEES.”

“The foundation provided a copy of form 990 to the governing body before it was filed. Prior to filing form 990, the foundation's controller, assistant treasurer and the college of william & mary's vice president for finance (a non-voting ex officio member of the board trustees) review a draft of the form. The controller and assistant treasurer review the final version prior to signing.”

“Annual disclosures are reviewed for possible conflicts, which are addressed in the manner outlined in the conflict of interest policy. Matters raised either prior to or during a meeting of the board or any committee are addressed at that time. The policy covers board members and key staff members. Voting board members are restricted from voting on matters in which they may have a conflict, and are excused from meetings when a vote is taken. Determination of whether a conflict exists is made at the committee or board level, based on authority to take action.”

“The consolidated financial statements of the organization and its related entities are made available upon request. Conflict of interest policy and governing documents are generally not available to the public.”

“The response to question 2 reports the number of staff identified who have reportable compensation and perform services for the foundation. None of the staff are employees of the foundation. They are employees of the college of william & mary. The university is reimbursed for the compensation of university employees who perform services exclusively for the foundation. Their compensation is reported in column e (related organizations) recognizing their employer is not the foundation.”

“Other - Total Revenue: 47697, Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: 47697;”

“The governing documents of the foundation authorize the executive committee to exercise the full power and authority of the board of trustees between meetings of the trustees except to the extent limited by the articles of incorporation, the bylaws and the laws of the commonwealth of virginia. The executive committee is comprised of the chairperson and vice chairpersons of the board, secretary, treasurer, chairperson of each committee, the immediate past chairperson of the board, and at large trustees of the board. All executive committee members are voting members of the board of trustees.”

“The organization does not have any employees of record. All work is performed by employees of the college of william & mary. The organization may then reimburse the university for all or part of salary and benefit costs. The salaries in line 7 of part ix reflect costs for staff who perform duties relating to foundation operations. Compensation is generally established within the guidelines of the university, including comparable market data as appropriate. Compensation listed for the assistant treasurer represents pay as a key employee. Compensation listed for the controller represents pay as a key employee. Compensation for the chief investment officer is determined in part by the board of managers of the 1693 management co, llc, a single-member llc of the foundation, which considered a survey of compensation of individuals in similar positions at similar organizations.”

“(Expenses $ including grants of $)(Revenue $ 915,889) RENT REVENUE”

“CHANGE IN VALUE OF SPLIT INTERESTS - 1164296; CHANGE IN VALUE OF LIFE INSURANCE SURRENDER VALUE - 54897; Asset transfer from related organization - 1660482;”

“F. Brian hiestand, catherine mountjoy, and william d. Copan, jr. Are legal employees of the college of william & mary (university). The university is not related to the william & mary foundation (foundation) as it meets none of the definitions of relationships outlined in the instructions to the 2020 form 990. The foundation reimburses the university for all compensation costs, then is itself reimbursed by the 1693 partners fund for all or a portion of the compensation for these three individuals. The foundation held approximately an 84% interest in 1693 partners fund.”

“The William and Mary Investment Trust ("the Trust"), a group grantor trust under Virginia law, was established July 1, 2004 and provided a platform for tax-exempt organizations affiliated with the University (each a "Grantor" and collectively the "Grantors") to invest their endowment assets prior to the organization of the 1693 Partners Fund ("the Fund"). Each Grantor to the Trust owned an interest proportional to the value of the assets transferred to the Trust, which was increased or decreased with subsequent contributions or distributions. Effective December 31, 2020, William & Mary Foundation, trustee of the Trust, adopted the Plan of Dissolution, Grantor Account Termination and Complete Liquidation (the "Plan"). The Plan undertook the request of the Grantors to terminate their grantor accounts by contributing the net assets of the Trust to the Fund. Pursuant to the terms of the Agreements and the Assignment and Contribution Agreement between the Fund and the Trust, the Members agreed to deposit, without limitation, their interests in the assets of the Trust to the Fund.”