Civic Intelligence

1693 Partners Fund

EIN 84-3505125 • 501(c)3 • Williamsburg, VA

Profile

Invest endowment assets supporting william & mary and its affilated organizations.

5300 Discovery Park Blvd 3RD FLOORWilliamsburg, VA 23188-2695

none

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

5th percentile

0.00x

Higher debt load relative to assets than 5% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Source year 2023

Liabilities / Revenue

6th percentile

0.02x

Higher debt load relative to revenue than 6% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Source year 2023

Net Margin

94th percentile

62%

Higher net margin than 94% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Source year 2023

Top Officer Pay

29th percentile

$0

Higher top officer pay than 29% of similar nonprofits.

$1B+ nonprofits • Source year 2020

Asset Growth

80th percentile

15%

Faster asset growth than 80% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Annualized from 2022 to 2023

Revenue Growth

78th percentile

19%

Faster revenue growth than 78% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets5th percentile

Assets

Up

$1,095,224,673

Up $63,959,055 (+6.2%) from 2023

Liabilities

Down

$1,538,082

Down $513,259 (-25%) from 2023

Net Assets

Up

$1,093,686,591

Up $64,472,314 (+6.3%) from 2023

Operations
Liabilities / Revenue6th percentileNet Margin94th percentile

Revenue

Down

$50,306,271

Down $73,596,489 (-59%) from 2023

Expenses

Up

$56,977,597

Up $10,295,292 (+22%) from 2023

Net Income

Down

-$6,671,326

Down $83,891,781 (-109%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth80th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.5B$1.0B$500M$0Assets 2020: $0Liabilities 2020: $0Net Assets 2020: $02020Assets 2021: $943,135,079Liabilities 2021: $459,749Net Assets 2021: $942,675,3302021Assets 2022: $899,776,773Liabilities 2022: $930,432Net Assets 2022: $898,846,3412022Assets 2023: $1,031,265,618Liabilities 2023: $2,051,341Net Assets 2023: $1,029,214,2772023Assets 2024: $1,095,224,673Liabilities 2024: $1,538,082Net Assets 2024: $1,093,686,5912024

Highlighted filing

2024

Assets$1,095,224,673
Liabilities$1,538,082
Net Assets$1,093,686,591
Open 2024 Filing

Operations Trend

Revenue Growth78th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$150M$100M$50M$0-$50MRevenue 2020: $0Expenses 2020: $0Net Income 2020: $02020Revenue 2021: $38,706,072Expenses 2021: $2,389,794Net Income 2021: $36,316,2782021Revenue 2022: $103,998,144Expenses 2022: $39,414,052Net Income 2022: $64,584,0922022Revenue 2023: $123,902,760Expenses 2023: $46,682,305Net Income 2023: $77,220,4552023Revenue 2024: $50,306,271Expenses 2024: $56,977,597Net Income 2024: -$6,671,3262024

Highlighted filing

2024

Revenue$50,306,271
Expenses$56,977,597
Net Income-$6,671,326
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,095,224,673
Liabilities
$1,538,082
Net assets
$1,093,686,591
Revenue
$50,306,271
Expenses
$56,977,597
Net income
-$6,671,326
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1,095$1.54$1,094$50.3$57.0$6.67
2023Detailed filing. Detailed filing data is available for this year.$1,031$2.05$1,029$124$46.7$77.2
2022Detailed filing. Detailed filing data is available for this year.$900$0.93$899$104$39.4$64.6
2021Detailed filing. Detailed filing data is available for this year.$943$0.46$943$38.7$2.39$36.3
2020Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 15, 2025
Return Version
2023v6.0
Gross Receipts
$184,561,737
Mission and Program Overview

Mission

Invest endowment assets supporting william & mary and its affilated organizations.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$669,062,505$729,053,397▲ $59,990,892
Investments in Publicly Traded Securities$293,013,208$318,101,903▲ $25,088,695
Savings and Temporary Cash Investments$40,751,129$45,292,185▲ $4,541,056
Accounts Receivable$8,074,924$2,005,065▼ $6,069,859
Cash and Non-Interest-Bearing Accounts$20,363,852$772,123▼ $19,591,729
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0--
Land, Buildings, and Equipment, Net$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$1,031,265,618$1,095,224,673▲ $63,959,055
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$2,051,341$1,538,082▼ $513,259
Other Liabilities$0$0→ $0
Total Liabilities$2,051,341$1,538,082▼ $513,259
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,029,214,277$1,093,686,591▲ $64,472,314
Total Net Assets Fund Balance$1,029,214,277$1,093,686,591▲ $64,472,314
Total Liabilities and Net Assets / Fund Balance$1,031,265,618$1,095,224,673▲ $63,959,055

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$380,678--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$1,029,214,277$24,313,185▲ $97,016,239$51,466,424$1,093,686,591
2022$898,846,341$106,097,121▲ $70,840,886$41,712,942$1,029,214,277
2021$942,675,330$26,199,258▼ $30,736,319$33,630,693$898,846,341
2020$0$861,829,700▲ $100,191,848$17,031,565$942,675,330
2019$0---$0
Compensation and Service Providers
Top Officer Pay29th percentile

Board Members and Trustees

NameTitle
Elizabeth Cabell JenningsChair/trustee
James E MalloryVice Chair/trustee
Andrew W HorrocksTrustee
Darpan Subhash KapadiaTrustee
David R CovinTrustee
Eugene P FoleyTrustee
J Scott PerkinsTrustee
Jody W ForsythTrustee
Karim Hk AhamedTrustee
A Clayton PerfallTrustee (term Began 10/23)
Janet R AtwaterTrustee (term Began 10/23)
John FernandoTrustee (term Began 10/23)
Michael C PettersTrustee (term Began 10/23)
Clifford B FleetTrustee (term Ended 10/23)
James a HixonTrustee (term Ended 10/23)
Paul R EckertTrustee (term Ended 10/23)
F Brian HiestandChief Investment Officer
Catherine MountjoyChief Operating Officer

Highest Paid Contractors

ContractorServicesLocationCompensation
1693 Management Company LLCProfessional Services5300 Discovery Park, Boulevard, Williamsburg, VA 23188-2695$3,057,621
William Blair & Company LLCProfessional Services150 North, Riverside Plaza, Chicago, IL 60606$319,875
Vulcan Value Partners LLCProfessional ServicesThree Protective CTR 2801 HWY, 280 South Suite 300, Birmingham, AL 35223$229,001
Neuberger Berman Investment Advisers LLCProfessional Services1290 Avenue of the Americas, New York, NY 10104$106,466
Deloitte & Touche LLPAccounting Services4022 Sells Drive, Hermitage, TN 37076-2903$105,138
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$24,313,185
Investment Income
$25,993,086
Other Revenue
$0
Change in Net Assets
$-6,671,326

Audited Revenue Reconciliation

Revenue per Audited Statements
$25,993,086
Revenue Not Reported on Financial Statements
$24,313,185
Revenue Not Reported on Form 990
$71,023,153
Other Revenue Adjustments
$24,313,185
Total Revenue per Audited Statements
$97,016,239
Total Revenue per Form 990
$50,306,271
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$56,977,597
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Service Investment Mgmnt Fees$4,808,510--$4,808,510
Fees for Services Other$322,638$0$0$322,638
Fees for Services Accounting$137,263--$137,263
Other Expenses$25,415--$25,415
Fees for Services Legal$16,662--$16,662
Total Functional Expenses$56,977,597$0$0$56,977,597

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$56,977,597
Expenses Not Reported on Financial Statements$51,586,911
Other Expense Adjustments$51,586,911
Expenses per Audited Statements$5,390,686
Total Expenses per Audited Statements$5,390,686
Expenses Not Reported on Form 990$0
International Activity

International Summary

Offices
0
Employees
0
Spending
$185,619,613

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments-00$114,440,883
Europe (Including Iceland and Greenland)Investments-00$49,812,724
East Asia and the PacificInvestments-00$12,409,680
North America (Canada & Mexico only)Investments-00$4,535,829
South AsiaInvestments-00$2,025,901
Middle East and North AfricaInvestments-00$1,876,764
South AmericaInvestments-00$517,832
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6 Classes of members or stockholders

“The Members of the Fund are composed of William & Mary Foundation ("W&M Foundation"), Marshall-Wythe School of Law Foundation, William & Mary Business School Foundation, Murray 1693 Scholars Foundation and William & Mary Endowments. The member organizations (with the exception of Murray 1693 Scholarship Foundation) appoint the Board of Trustees of the Fund for a three year term of service. A majority of the Trustees are appointed by W&M Foundation. Assets upon dissolution of the Fund are distributed to the members in proportion to their respective depository account balances and any remaining property is distributed equally among the members or such other tax-exempt organizations under Section 501(c)(3) of the IRC as determined by the Board.”

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

“The Members of the Fund are composed of William & Mary Foundation ("W&M Foundation"), Marshall-Wythe School of Law Foundation, William & Mary Business School Foundation, Murray 1693 Scholars Foundation and William & Mary Endowments, each of which is qualified as a tax-exempt organization under Section 501(c)(3) of the IRC. The member organizations (with the exception of Murray 1693 Scholarship Foundation) appoint the Board of Trustees of the Fund for a three year term of service. A majority of the Trustees are appointed by W&M Foundation.”

Form 990, Part VI, Line 11B Review of form 990 by governing body

“The fund provided a copy of form 990 to the governing body before it was filed. Prior to filing form 990, the chief investment officer and chief operating officer review a draft of the form. The chief investment officer and chief operating officer review the final version prior to signing.”

Form 990, Part VI, Line 12C Conflict of interest policy

“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.”

Form 990, Part VI, Line 19 Required documents available to the public

“1693 partners fund does not make its separate, independent financial statements available to the public. Any such requests would be considered on a case by case basis. The conflict of interest policy and governing documents are generally not available to the public.”

Part VI, Section B, Line 15 and Part V, Line 1B Process for Determining Compensation

“William & mary (the university) is the common paymaster for employees of william & mary foundation (the foundation), the controlling organization of 1693 partners fund (the organization). The university and the foundation are not related entities; thus, the organization reimburses the university for the salary and benefit costs for foundation employees for services performed exclusively for the foundation and controlled organizations. Compensation is generally established within the guidelines of the university, including comparable market data as appropriate. Compensation for the chief investment officer and chief operating officer is determined in part by the board of managers of 1693 management company llc (the investment manager of the fund - a wholly owned subsidiary of w&m foundation), which considered a survey of compensation of individuals in similar positions at similar organizations.”

Filing and Contact Details

Filer

Filer Name
1693 Partners Fund
EIN
84-3505125
Phone
7572211906
Address
5300 Discovery Park Blvd 3RD FLOOR, Williamsburg, VA 23188-2695

Signing Officer

Name
F Brian Hiestand
Title
Chief Investment Officer
Signed
2025-05-15
Discuss with paid preparer
Yes

Organization Details

Formed
2019
Legal Domicile
Va
Voting Board Members
13
Independent Board Members
13
Employees
0
Volunteers
16

Preparer

Firm
Crowe Llp
Address
401 East Las Olas Blvd Suite 1100, Fort Lauderdale, FL 33301-4230
Preparer
Brittney Kocaj
Phone
9542028600
Supplemental Narrative

Financial Statement Notes

Schedule D, Part V, Line 4 Intended uses of endowment funds

“The 1693 partners fund is a pooled vehicle to invest the endowment assets supporting william & mary and its affiliated organizations.”

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

“On April 20, 2020, the Internal Revenue Service determined that the Fund was exempt from federal income tax on income derived from activities related to its exempt purpose under Internal Revenue Code ("IRC") Section 501(c)(3). Additionally, the Fund is classified as a public charity under IRC Section 509(a)(3). However, the Fund may incur federal and state income taxes on unrelated business income. No provision for income taxes was required for the fiscal years ended June 30, 2024 and 2023. The Fund follows the provisions of FASB ASC Topic 740, Income Taxes ("ASC 740"), related to accounting for uncertainty in income taxes. ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the financial statements. ASC 740 requires the evaluation of tax positions that are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. Management has analyzed the tax positions taken by the Fund and has concluded that, as of June 30, 2024 and 2023, there are no uncertain tax positions taken or expected to be taken that would require recognition or disclosure in the financial statements. As of June 30, 2023, the Fund had net operating losses available for carryforward in the amount of $1,891,885 as a result of unrelated business taxable income ("UBTI") resulting from its partnership investments. UBTI is taxed at the prevailing corporate tax rate. Due to the uncertainty about whether these losses will result in a tax asset, no tax asset is recorded in the financial statements. Net operating losses arising in tax years ending after December 31, 2017, have an indefinite carryforward period. Additionally, losses arising in tax years beginning after December 31, 2017, are limited to 80% of taxable income in the year deducted. The filing deadline for the June 30, 2024, return is May 15, 2025. The Fund may be subject to routine audits by taxing jurisdictions. In addition to the year ended June 30, 2024, the years ended June 30, 2023, 2022 and 2021 are open for inspection by the taxing authorities.”

Schedule D, Part XI, Line 2(D) Other revenues in audited financial statements not in form 990

“Foreign taxes withheld - -120486”

Schedule D, Part XI, Line 4(B) Other revenues in form 990 not in audited financial statements

“Member contributions - 24313185”

Schedule D, Part XII, Line 4(B) Other expenses in form 990 not in audited financial statements

“Foreign taxes withheld - 120486 member withdrawals - 51466425”

Raw XML AppendixShowing 400 of 831 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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