Investor Presentaiton
University of South Carolina Upstate Foundation and Supporting Organization
Notes to Consolidated Financial Statements
Investments, described in Note 3, are held at fair value and included in the table above except cash totaling
$1,450,945 and $47,545 at June 30, 2022 and 2021, respectively, which are held by the investment manager for
investment.
During fiscal year 2021, all investments except common stock were held by the Spartanburg County Foundation.
It's annual audited consolidated financial statements are available by contacting the Spartanburg County
Foundation at 424 East Kennedy Street, Spartanburg, South Carolina 29302, (864) 582-0138.
The following is a description of the alternative investments held by the Organization:
(a) The Organization has an alternative investment in a private investment fund of $371,914 and $- as of June 30,
2022 and 2021, respectively. The Organization has committed a total of $320,000 and has no unfunded
commitment as of June 30, 2022. The investment objective of the fund is to achieve long-term capital appreciation
through professionally managed trading in both U.S. and foreign markets primarily in futures contracts, forward
contracts, spot currency contracts, and associated derivative instruments, such as options and swaps as well as
equity and fixed income securities.
(b) The Organization has an alternative investment in a private investment fund of $308,238 and $- as of June 30,
2022 and 2021, respectively. The Organization has committed a total of $500,000 and has no unfunded
commitment as of June 31, 2022. The investment objective of the fund is to achieve capital appreciation by
investing primarily in long and short positions of publicly-traded companies globally, including technology stocks.
(c) The Organization has an alternative investment in a private investment fund of $755,126 and $- as of June 30,
2022 and 2021, respectively. The Organization has committed a total of $800,000 and has no unfunded
commitment as of June 31, 2022. The investment objective of the fund is to realize consistently high risk-adjusted
appreciation in the value of its assets. The Fund seeks to achieve its investment objective primarily through a
combination of strategies, including, but not limited to, fundamental equity market neutral long/short, fundamental
long/short equity, energy transition long/short equity, China long/short equity, convertible arbitrage, merger
arbitrage, credit, special purpose acquisition company ("SPAC") investing, supply chain finance, currency and
rates and opportunistic.
(d) The Organization has an alternative investment in a private investment fund of $321,192 and $- as of June 30,
2022 and 2021, respectively. The Organization has committed a total of $320,000 and has no unfunded
commitment as of June 31, 2022. The investment objective of the Fund is to realize consistently high risk-
adjusted appreciation in the value of its assets. the Fund primarily invests in the securities of entities involved in
announced mergers, acquisitions or contests for control.
5.
Restrictions on Net Assets
Net assets with donor restrictions are available for the following purposes at June 30:
Scholarships
Unconditional promises to give - time restriction
Other activities of the Organization
Perpetual endowment
2022
2021
757,175
1,350,500
3,367,496
496,989
62,500
6,850,127
8,725,362
10,137,723
$ 15,612,894 $ 16,134,978
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