| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING (CFO) | 68,700 | 10,305 | 73,185 | |
| ACCOUNTING (AUDITOR) | 39,335 | 19,668 | 13,400 | |
| ACCOUNTING (OTHER PROJECTS) | 23,000 | 0 | 23,000 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| BAIRD AGGREGATE BOND | 11,572,149 | 11,572,149 |
| COLCHESTER GLOBAL BOND FUND | 6,383,576 | 6,383,576 |
| OAKTREE SENIOR LOAN FUND, LP | 3,050,673 | 3,050,673 |
| TIFF SHORT-TERM FUND | 2,472 | 2,472 |
| VANGUARD STERM INF PRO SEC IDX ADM | 4,010,021 | 4,010,021 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ABERDEEN EMERGING MARKETS FD | 4,670,421 | 4,670,421 |
| ADAGE CAPITAL PARTNERS, LP | 23,813,627 | 23,813,627 |
| ARTISAN SMALL CAP FUND | 5,459,945 | 5,459,945 |
| CEVIAN CAPITAL II, LP | 6,067,199 | 6,067,199 |
| CHAMPLAIN MID CAP FUND, LLC | 3,272,227 | 3,272,227 |
| DIMENSIONAL FUND ADVISORS SMALL CAP FUND | 2,790,895 | 2,790,895 |
| HIGHCLERE INTERNATIONAL INVESTORS EMERGING MARKETS SMID FUND | 5,419,103 | 5,419,103 |
| IRIDIAN PRIVATE BUSINESS VALUE EQUITY, LP | 2,317,148 | 2,317,148 |
| SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST | 17,393,457 | 17,393,457 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| 5AM OPPORTUNITIES I, LP | FMV | 71,375 | 71,375 |
| 5AM VENTURES VI, LP | FMV | 3,056 | 3,056 |
| BROOKSIDE CAYMAN, LTD. | FMV | 582,527 | 582,527 |
| CARVAL INVESTORS CREDIT VALUE FUND B III, LP | FMV | 4,166,379 | 4,166,379 |
| CLAYTON, DUBLIER & RICE FUND X ENERGY B, LP | FMV | 800,378 | 800,378 |
| CROSSHARBOR INSTITUTIONAL PARTNERS II, LP | FMV | 1,074,834 | 1,074,834 |
| EIGHTFOLD REAL ESTATE CAPITAL FUND V, LP | FMV | 267,314 | 267,314 |
| FORESTER PARTNERS, LP | FMV | 781,905 | 781,905 |
| LANSDOWNE DEVELOPED MARKETS FUND LIMITED | FMV | 3,454,478 | 3,454,478 |
| LONE JUNIPER, LP | FMV | 5,178,838 | 5,178,838 |
| OWS MORTGAGE OPPORTUNITY OFFSCHORE FUND II, LP | FMV | 2,609,664 | 2,609,664 |
| PATRON CAPITAL FEEDER LP IV | FMV | 745,748 | 745,748 |
| PERMIAN FUND, LTD | FMV | 4,627,253 | 4,627,253 |
| ROCKET INTERNET CAPITAL PARTNERS SCS | FMV | 1,599,458 | 1,599,458 |
| SAMLYN OFFSHORE, LTD. | FMV | 4,815,027 | 4,815,027 |
| SIGULER GUFF DISTESSED OPPORTUNITIES FUND III, LP | FMV | 532,911 | 532,911 |
| TIFF PARTNERS V-US, LLC | FMV | 192,110 | 192,110 |
| TIFF PRIVATE EQUITY PARTNERS 2008, LLC & 2009, LLC | FMV | 2,448,828 | 2,448,828 |
| TIFF SECONDARY PARTNERS II, LLC | FMV | 145,216 | 145,216 |
| TYBOURNE EQUITY (OFFSHORE) FUND | FMV | 4,261,858 | 4,261,858 |
| VIRGINIA COMMUNITY CAPITAL | FMV | 1,500,000 | 1,500,000 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL | 16,257 | 0 | 18,621 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| PROGRAM RELATED INVESTMENTS | 5,568,889 | 5,527,573 | 5,527,573 |
| FEDERAL NET INVESTMENT INCOME TAX RECEIVABLE | 306,033 | 1,915 | 1,915 |
| DEFERRED FEDERAL NII EXCISE TAX RECEIVABLE | 0 | 741 | 741 |
| INVESTMENTS PROCEEDS IN TRANSIT | 7,393,285 | 495,543 | 495,543 |
| SECURITY DEPOSITS & OTHER | -1,667 | 5,500 | 5,500 |
| Description | Amount |
|---|---|
| UNREALIZED APPRECIATION IN THE INVESTMENT PORTFOLIO | 30,928,357 |
| BOOK/TAX ADJUSTMENT ON RECOGNITION OF ADDITIONAL K-1 INCOME/(LOSS) | 133,515 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| OFFICE SUPPLIES & EXPENSES | 11,240 | 562 | 10,652 | |
| INTERNET & TECHNOLOGY | 46,086 | 2,304 | 43,233 | |
| INSURANCE | 16,716 | 836 | 34,886 | |
| BANK CHARGES | 3,210 | 161 | 3,996 | |
| DUES, PUBLICATIONS & SUBSCRIPTIONS | 1,234 | 62 | 1,915 | |
| MISCELLANEOUS/OTHER | 300 | 15 | 285 | |
| NFP ASSOCIATION DUES & MEMBERSHIPS | 4,616 | 0 | 3,050 | |
| NON-CAPITAL EQUIPMENT/REPAIRS & MAINTENANCE | 2,791 | 140 | 2,651 | |
| TRAINING & DEVELOPMENT | 489 | 24 | 465 | |
| RECOGNITION, HONORARIA, GIFTS & AWARDS | 6,167 | 0 | 6,167 | |
| SPONSORSHIPS & SPONSORED EVENTS | 41,668 | 0 | 41,668 | |
| PROGRAM RELATED INVESTMENT EXPENSES - NORTH RICHMOND PROJECT | 402,848 | 0 | 0 |
| Description | Amount |
|---|---|
| CASH BASIS TAX ADJUSTMENT ON K-1 UNIT SALES | 500,930 |
| DEFERRED FEDERAL NET INVESTMENT INCOME EXCISE TAX | 617,395 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| FEDERAL UNRELATED BUSINESS INCOME TAX PAYABLE | 0 | 55,037 |
| STATE UNRELATED BUSINESS ICIOME TAX PAYABLE | 0 | 24,267 |
| DEFERRED FEDERAL EXCISE TAX PAYABLE | 616,654 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT CONSULTING, MANAGEMENT, & CUSTODIAL FEES | 2,181,772 | 2,180,993 | 779 | |
| INVESTMENT CONSULTING, MANAGEMENT, & CUSTODIAL FEES RELATED TO UBI | 27,157 | 0 | 0 | |
| BRANDING, MARKETING & PUBLIC RELATIONS | 125,799 | 0 | 133,599 | |
| STRATEGIC PLANNING | 93,600 | 0 | 93,600 | |
| IT CONSULTING SERVICES | 15,119 | 756 | 14,363 | |
| PAYROLL & HR SERVCES & RETIREMENT PLAN ADMINISTRATION | 11,211 | 117 | 11,292 | |
| OTHER CONSULTANT SERVICES | 2,000 | 100 | 1,900 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| PAYROLL TAXES | 55,053 | 576 | 54,477 | |
| FOREIGN TAXES ON INVESTMENT INCOME | 94,684 | 94,684 | 0 | |
| FEDERAL NET INVESTMENT INCOME EXCISE TAX | 217,245 | 0 | 0 | |
| FEDERAL UNRELATED BUSINESS INCOME TAX | 79,839 | 79,839 | 0 | |
| STATE INCOME TAX ON UNRELATED BUSINESS INCOME | 24,267 | 24,267 | 0 |