1693 Partners Fund

“The bylaws were amended by deleting and replacing in its entirety section 2.2(b) which discusses eligibility to be and remain a member of the fund.”

“The fund provided a copy of form 990 to the governing body before it was filed. Prior to filing form 990, the controller and chief operating officer review a draft of the form. The controller and chief operating officer 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 financial statements of the fund are made available upon request. The 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 fund. None of the staff are employees of the fund. 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 fund. Their compensation is reported in column e (related organizations) recognizing their employer is not the fund.”

“The organization does not have any employees of record. All work is performed by employees of the college of william & mary. The university is reimbursed 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 fund administration. Compensation is generally established within the guidelines of the university, including comparable market data as appropriate. Compensation listed for the chief investment officer and director of investments 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, the investment manager of the fund, which considered a survey of compensation of individuals in similar positions at similar organizations.”

“The fund commenced investment activities effective january 1, 2021.”

“Transfer from the william and mary investment trust - xxx-xx-xxxx; member contributions - 8360206; member withdrawals - -17031565;”

“F. Brian hiestand, catherine mountjoy, and william d. Copan, jr. Are legal employees of the college of william & mary. The university is not related to the 1693 partners fund as it meets none of the definitions of relationships outlined in the instructions to the 2020 form 990. The 1693 management company llc reimbures 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 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.”