University of Florida Investment Corporation

Nonprofit profile at a glance

EIN
201226494
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Gainesville, FL, USA
Phone
3523921693
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Management & Technical Assistance

Reported finances

Revenue
$6,254,192
Expenses
$6,670,257
Assets
$7,319,079
Liabilities
$7,213,436

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

22 people listed

Executive titles in this filing

  • WILLIAM S REESER (CEO/CIO/PRESIDENT UNTIL 1/1/25)
  • EDWARD A KELLY (COO/VICE PRESIDENT)
  • MARK L BAUMGARTNER (CEO/CIO/PRESIDENT BEGIN 1/1/25)

Highest reported compensation

  • WILLIAM S REESER (CEO/CIO/PRESIDENT UNTIL 1/1/25): $1,507,964 total reported compensation
  • BRIAN C MAWDSLEY (DEPUTY CIO): $948,951 total reported compensation
  • ROBERT THORNTON (EX-OFFICIO MEMBER UNTIL 2/2025): $842,192 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The purpose of this corporation is to promote the educational purposes of the university of Florida by providing investment research, advice, counsel and management to and for the university of Florida board of trustees, a public body corporate, and such affiliated corporations as the board of trustees of the university of Florida may designate, provided that such organizations further the educational purposes of the university of Florida and are organizations described in section 501(c)(3) of the internal revenue code of 1986, as now in force or hereafter amended.

What it reported doing in 2024

The organization provided investment research, advice, counsel and management to the university of Florida and three other affiliate organizations related to the university of Florida. During the year, the organization managed assets of $6,865,764,255 for these organizations.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. The filing reports few safeguards for money sent abroad and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 54
  • Accountability: 85
  • Sustainability: 20
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 88.6%; rating input score 89
  • Program expense ratio: 84.4%; rating input score 84
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 75%; rating input score 75; 13th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -6.7%; rating input score 17; 17th percentile among comparable filings
  • Total-asset coverage ratio: 1.1; rating input score 40; 40th percentile among comparable filings
  • Liabilities to assets ratio: 0.99; rating input score 5; 5th percentile among comparable filings
  • Officer compensation ratio: 73.5%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: 6.9% per year; rating input score 100; 50th percentile among comparable filings
  • Revenue growth: 7.9% per year; rating input score 100; 59th percentile among comparable filings
  • Asset growth: 11.9% per year; rating input score 100; 65th percentile among comparable filings

Details

  • Where the money goes: 88.6% of revenue deployed · 84.4% of spending went to programs
  • Governance: 9 of 12 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $5.6M in reported program spending
  • Leadership: top reported pay $1.5M · 22 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $403K reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 6 filed schedules · includes foreign activity and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 8 filed money-flow records
  • Related organizations: 11 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Sustainability: Operating margin scored 17/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 40/100.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 5/100.