Harvard Management Company Inc
- Assets
- $91.6m
- Revenue
- $110.7m
- Investments
- $0.0
- Employees
- 166
- Location
- Boston, MA
- Founding
- 04/1974
- Data as of
- 06/2020
- EIN
- 23-7361259
Organization Overview
Harvard Management Company Inc is located in Boston, MA. The organization was established in 1974. According to its NTEE Classification (B02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Education and related organizations. As of 06/2021, Harvard Management Company Inc employed 166 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Harvard Management Company Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2020, Harvard Management Company Inc generated $110.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (7.0%) each year. All expenses for the organization totaled $110.7m during the year ending 06/2020. As we would expect to see with falling revenues, expenses have declined by (7.0%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE INVESTMENT MANAGEMENT SERVICES TO HARVARD UNIVERSITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HARVARD MANAGEMENT COMPANY, INC. WAS ESTABLISHED TO PROMOTE THE EDUCATIONAL PURPOSES OF PRESIDENT AND FELLOWS OF HARVARD COLLEGE, A NONPROFIT INSTITUTION FOR HIGHER EDUCATION, BY PROVIDING INVESTMENT RESEARCH, ADVICE, COUNSEL AND MANAGEMENT TO AND FOR THE BENEFIT OF PRESIDENT AND FELLOWS OF HARVARD COLLEGE AND SUCH ORGANIZATIONS AFFILIATED THEREWITH OR RELATED THERETO AS THEY MAY DESIGNATE, PROVIDED THAT SUCH ORGANIZATIONS FURTHER THE EDUCATIONAL PURPOSES OF PRESIDENT AND FELLOWS OF HARVARD COLLEGE. THE PRESIDENT AND FELLOWS OF HARVARD COLLEGE MAKES PAYMENTS TO HARVARD MANAGEMENT COMPANY, INC. TO FUND THE EXPENSES INCURRED IN CARRYING OUT ITS EXEMPT PURPOSE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Citco Fund Services (Usa) Inc Admin/custodial Services | 6/29/21 | $2,516,000 |
Solum Partners Gp Llc Investment Management Services | 6/29/21 | $10,854,232 |
Perella Weinberg Partners Lp Advisory/consulting Services | 6/29/21 | $2,221,341 |
Bloomberg Lp Information Services | 6/29/21 | $1,394,493 |
Ropes & Gray Llp Legal Services | 6/29/21 | $11,673,608 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $110,703,172 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $19,729,096 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $35,238,596 |
| Pension plan accruals and contributions | $1,937,748 |
| Other employee benefits | $3,149,757 |
| Payroll taxes | $1,514,932 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,001,226 |
| Fees for services: Accounting | $853,486 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,806,239 |
| Fees for services: Other | $10,692,243 |
| Advertising and promotion | $0 |
| Office expenses | $279,616 |
| Information technology | $3,325,152 |
| Royalties | $0 |
| Occupancy | $2,963,516 |
| Travel | $1,432,514 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $222,887 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,533,401 |
| Insurance | $1,090,586 |
| All other expenses | $0 |
| Total functional expenses | $110,703,172 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,239,748 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $51,663,256 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,507,043 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $23,942,929 |
| Total assets | $91,623,486 |
| Accounts payable and accrued expenses | $54,132,051 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $37,491,435 |
| Total liabilities | $91,623,486 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $0 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Harvard Management Company Inc has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Wb Community Health Cranston, RI | $73,982,385 | $149,441,988 |
Harvard Management Company Inc Boston, MA | $91,623,486 | $110,703,172 |
American Management Association Int New York, NY | $77,149,210 | $37,409,276 |
Edadvance Litchfield, CT | $20,506,260 | $33,747,660 |
University At Buffalo Surgeons Inc Buffalo, NY | $17,240,216 | $29,546,953 |
New Classrooms Innovation Partners Inc New York, NY | $17,880,577 | $14,247,177 |
Ub Associates Inc Buffalo, NY | $9,112,520 | $9,705,784 |
College Association At Delhi Inc Delhi, NY | $7,817,922 | $8,398,682 |
Bes Inc Boston, MA | $9,472,977 | $7,138,485 |
Green Mountain Higher Education Consortium Inc Shelburne, VT | $1,891,239 | $6,372,980 |
Public Preparatory Network Inc Bronx, NY | $2,858,866 | $7,875,769 |
National Center For The Improvement Of Educational Assessment Inc Dover, NH | $8,277,343 | $5,732,746 |