Wisconsin Partnership Program

Financial Report Calendar years ended December 31, 2014, 2015, and 2016

6-month period ended June 30, 2017 Fiscal year ended June 30, 2018

Wisconsin Partnership Program

Contents

Independent Accountant’s Report 1

Management Discussion and Analysis 2

Statement of Cash Receipts and Disbursements 7

Notes to the Statement of Cash Receipts and Disbursements 8

1

Independent Accountant’s Report on the Modified Cash Basis Statement of Receipts and Disbursements of the Wisconsin Partnership Program

To the Board of Regents University of Wisconsin System We have examined the Wisconsin Partnership Program administered by the University of Wisconsin School of Medicine and Public Health’s assertion that the accompanying modified cash basis statement of cash receipts and disbursements of the Wisconsin Partnership Program (WPP) for the calendar years ended December 31, 2014, 2015, and 2016; the six-month period ended June 30, 2017; and the fiscal year ended June 30, 2018 and the related notes are presented in accordance with the modified cash basis of accounting. Management of the Wisconsin Partnership Program and the University of Wisconsin School of Medicine and Public Health are responsible for its assertion. Our responsibility is to express an opinion on management’s assertion based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the modified cash basis statement of cash receipts and disbursements and related notes are in accordance with the modified cash basis of accounting, in all material respects. An examination involves performing procedures to obtain evidence about the modified cash basis statement of cash receipts and disbursements and related notes. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of the modified cash basis statement of cash receipts and disbursements and related notes, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. In our opinion, management’s assertion that the accompanying modified cash basis statement of cash receipts and disbursements for the calendar years ended December 31, 2014, 2015, and 2016; the six-month period ended June 30, 2017; and the fiscal year ended June 30, 2018 and the related notes are presented in accordance with the modified cash basis of accounting described in Note 2, in all material respects. Our examination was conducted for the purpose of forming an opinion on whether management’s assertion that the Wisconsin Partnership Program’s modified cash basis statement of cash receipts and disbursements and related notes are presented in accordance with the modified cash basis of accounting. Management’s discussion and analysis on pages 2 through 6 is presented for the purpose of additional analysis and is not a required part of the statement. Management has made no assertion related to the management’s discussion and analysis; therefore, the accompanying management’s discussion and analysis has not been subjected to the procedures applied in the examination of management’s assertion that the statement and related notes are presented in accordance with the modified cash basis of accounting, and, accordingly, we do not express an opinion or provide any assurance on them.

December 2, 2019

2

Management’s Discussion and Analysis Prepared by Wisconsin Partnership Program Management

This section of the Wisconsin Partnership Program’s financial report presents management’s discussion and analysis of the financial performance of the Wisconsin Partnership Program for calendar years ended 2014, 2015 and 2016; 6 months ended June 30, 2017; and fiscal year ended June 30, 2018. On January 1, 2017, Wisconsin Partnership Program changed its reporting period from a calendar year-end to a June 30 fiscal year-end. This change was made following the adoption of a June 30 fiscal year-end by the University of Wisconsin Foundation (“UW Foundation”). The University of Wisconsin System also reports on a June 30 fiscal year-end. Management’s discussion and analysis should be read in conjunction with the Statement of Receipts and Disbursements and accompanying notes to the financial statement. The statement, notes, and this discussion are the responsibility of the Wisconsin Partnership Program and the University of Wisconsin (“UW”) School of Medicine and Public Health management. Overview of the Financial Report The financial report consists of the Statement of Revenue and Expenditures along with explanatory notes. While the finances of the Wisconsin Partnership Program are housed in both the UW School of Medicine and Public Health and the UW Foundation, this financial report reflects only receipts and disbursements of the Wisconsin Partnership Program as recorded by the UW School of Medicine and Public Health. A separate financial report reflects the assets managed and invested by the UW Foundation.

In 2004, funds were provided to the UW Foundation from the Wisconsin United for Health Foundation, Inc. as a result of the conversion of Blue Cross and Blue Shield United of Wisconsin to a stock insurance corporation organized under s. 611, Wis. Stats. An additional distribution of funds was provided to the UW Foundation in 2007. The UW Foundation manages and invests the funds in a common endowment on behalf of the Wisconsin Partnership Program. On a quarterly basis, subject to its distribution guidelines, the UW Foundation distributes funds from the endowment and makes them available to the Wisconsin Partnership Program. Each month, the Wisconsin Partnership Program requests that a portion of these available funds be transferred to the UW School of Medicine and Public Health as reimbursement for administrative and programmatic costs of the program. The Statement of Receipts and Disbursements reflects the receipts and disbursements of the Wisconsin Partnership Program on a modified cash basis of accounting for the periods indicated, with the ending balance representing the amount receivable from the UW Foundation for unreimbursed costs. As shown in the Statements of Receipts and Disbursements and depicted in Figure 1, the Wisconsin Partnership Program has achieved its previous goal to be more consistent with the balance due at the end of a reporting period. This improvement is greatly due to the process of electronic transfer from the UW Foundation, which began in 2013. Additionally, the change in accounting period is apparent with the decline in awards and disbursements in fiscal year ending June 30, 2017.

3

Management’s Discussion and Analysis (Continued)

Figure 1

Wisconsin Partnership

Program Annual Awards and

Disbursements1

(in millions)

1 Excludes program administration.

For the four-and-a-half -year period beginning January 1, 2014 and ending June 30, 2018, the Wisconsin Partnership Program disbursed a total of $72,798,606. The UW Foundation provided reimbursement to the Wisconsin Partnership Program of $71,968,270, which is $830,336 less than the amount disbursed by the Wisconsin Partnership Program during the four-and-a-half-year period. This difference represents an increase in the amount to be reimbursed to the Wisconsin Partnership Program by the UW Foundation. The Wisconsin Partnership Program requests reimbursement from the UW Foundation for costs it had incurred since the last request. At any point in time, the Wisconsin Partnership Program has an outstanding receivable amount from the UW Foundation for unreimbursed disbursements. Balances due from the UW Foundation at the end of each reporting period were as follows:

December 31, 2014: $1,689,552;

December 31, 2015: $210,115;

December 31, 2016: $1,546,617;

June 30, 2017: $1,736,240; and

June 30, 2018: $1,765,358.

2016 2015 2014 

18 

16 

14 

12 

10 

8 

6 

4 

2 

‐ 

Millions 

Awards 

FY2017 FY2018

 Disbursements

4

Management’s Discussion and Analysis (Continued)

The Wisconsin Partnership Program has invested in a balanced array of projects to promote health improvement, and those projects have yielded several accomplishments, including facilitating the transformation of the UW School of Medicine to the UW School of Medicine and Public Health. The Wisconsin Partnership Program’s awards have enabled leaders in public health, educators, policy makers, scientists, and clinicians to address many health challenges. With the goal of greater impact, the Oversight and Advisory Committee and the Partnership Education and Research Committee work together through joint investments in focused areas, such as the Population Health Fellowship Program. Table 1 highlights several of the accomplishments that have resulted from programs and projects funded by the Wisconsin Partnership Program from its inception through June 30, 2018.

5

Management’s Discussion and Analysis (Continued)

Table 1

Wisconsin Partnership Program Accomplishments Through June 30, 2018

Accomplishment Example

Promote Innovation Developed technology for first-ever implantable device to deliver personally- adapted drugs to tumor sites

Expanded newborn screening tests for Amish infants, including affordable genetic testing for 22 genetic diseases

Created and released one of the first ZIP code-level obesity maps based on electronic health records

Build Educational Capacity and Leadership

Supported the Transforming Medical Education initiative and its launch of an innovative curriculum at the UW SMPH that fully integrates basic, public health and clinical sciences

Training future public health workers through the Wisconsin Population Health Service Fellowship Program; since 2004, 72 fellows have provided services to more than 40 organizations across Wisconsin

Advance Health Equity Supported a partnership to improve cultural competence of nursing for Native American patients, resulting in $1.6 million in federal funding to expand enrollment of Native American students at UW-Madison

Improved healthy eating and physical activity habits among Latino youth at Milwaukee’s United Community Center

Catalyze System Change Increased diabetic eye screening rates by 15% in a rural Wisconsin community through a tele-ophthalmology program

Supporting a research partnership to measure and publicly report disparities in quality of care among health systems

Sustained Program Impact

Leveraging of more than $600 million from federal funding and other external sources to sustain and expand projects

6

Management’s Discussion and Analysis (Continued) Contacting the Wisconsin Partnership Program The financial report is designed to provide the Office of the Commissioner of Insurance, the UW System Board of Regents, the Oversight and Advisory Committee, the Partnership Education and Research Committee, the public, and other interested parties with an overview of the receipts and disbursements of the Wisconsin Partnership Program. If you have questions about the financial statements or need additional information, please contact:

Wisconsin Partnership Program UW School of Medicine and Public Health Attention: Eileen M. Smith, Assistant Dean and Director 750 Highland Avenue, 4221 Health Sciences Learning Center Madison, WI 53705 Telephone (608) 262-2698

7

Six Months EndedFY 2018 June 30, 2017 CY 2016 CY 2015 CY 2014 Totals

BALANCE, JANUARY 1 (1,736,240)$ (1,546,617)$ (210,115)$ (1,689,552)$ (935,022)$

CASH RECEIPTS

Payments received from the UW Foundation (Note 4) 16,416,707 9,186,910 16,460,632 17,330,259 12,573,762 71,968,270

Total Receipts: 16,416,707 9,186,910 16,460,632 17,330,259 12,573,762 71,968,270

DISBURSEMENTS

Public Health Initiatives

Salaries 1,067,090 574,697 1,311,865 1,197,553 1,114,668 5,265,873

Fringe Benefits 349,668 218,505 467,495 391,373 360,237 1,787,278

Travel 36,166 11,964 68,912 42,884 31,423 191,349

Supplies and services 246,422 208,154 284,957 277,009 144,514 1,161,056

Consultants and Contracts 164,304 43,139 90,569 89,394 38,967 426,373

Other Disbursements 3,079 508 3,518 2,761 2,882 12,748

Payments to Community Partners (Note 2) 2,590,203 1,408,528 3,312,538 3,344,703 2,946,438 13,602,410

Total Public Health Initiatives 4,456,932 2,465,495 5,539,854 5,345,677 4,639,129 22,447,087

Education and Research Initiatives

Salaries 6,000,516 3,249,949 6,255,460 5,359,254 4,354,000 25,219,179

Fringe Benefits 1,996,523 1,224,970 2,281,572 1,788,561 1,425,034 8,716,660

Travel 171,536 121,767 213,285 160,532 140,432 807,552

Supplies and services 1,188,906 783,837 1,180,846 1,168,767 790,728 5,113,084

Consultants and Contracts 1,425,526 869,146 1,132,313 1,079,284 841,202 5,347,471

Other Disbursements 130,511 46,240 115,445 111,655 180,659 584,510

Equipment 29,362 136,934 60,000 22,366 11,314 259,976

Total Education and Research Initiatives 10,942,880 6,432,843 11,238,921 9,690,419 7,743,369 46,048,432

Program Administration

Salaries 652,966 319,635 612,917 467,115 556,835 2,609,468

Fringe Benefits 232,348 129,067 241,629 172,251 195,928 971,223

Travel 18,442 3,532 16,073 14,951 11,884 64,882

Supplies and services 60,837 10,262 99,493 35,729 23,123 229,444

Consultants and Contracts 77,425 15,134 41,805 118,752 154,497 407,613

Other Disbursements 3,995 565 6,442 5,928 3,527 20,457

Total Program Administration 1,046,013 478,195 1,018,359 814,726 945,794 4,303,087

Total Disbursements 16,445,825 9,376,533 17,797,134 15,850,822 13,328,292 72,798,606

INCREASE (DECREASE) IN BALANCE (29,118) (189,623) (1,336,502) 1,479,437 (754,530) (830,336)

BALANCE, DECEMBER 31/JUNE 30 (Note 2) (1,765,358)$ (1,736,240)$ (1,546,617)$ (210,115)$ (1,689,552)$ (830,336)$

Wisconsin Partnership ProgramUniversity of Wisconsin School of M edicine and Public Health

Statement of Cash Receipts and DisbursementsFor Calendar Years ended 2014, 2015, 2016; Six Months ended June 30 2017; and Fiscal Year ended June 30, 2018

8

Notes to the Statement of Cash Receipts and Disbursements

1. Description of the University of Wisconsin School of Medicine and Public Health— Wisconsin Partnership Program In 2001, the University of Wisconsin (UW) School of Medicine, now known as the UW School of Medicine and Public Health, began planning the establishment of the Wisconsin Partnership Fund for a Healthy Future, now known as the Wisconsin Partnership Program, with the objective of providing administrative support and infrastructure for use of the funds anticipated to be provided from the conversion of Blue Cross and Blue Shield United of Wisconsin to a stock insurance corporation. The conversion of Blue Cross and Blue Shield United of Wisconsin was approved by the State of Wisconsin Office of the Commissioner of Insurance in the Findings of Fact, Conclusions of Law, and Order issued March 28, 2000, which included the following major provisions:

established the Wisconsin United for Health Foundation, Inc., the purpose of which was to sell the Blue Cross and Blue Shield stock, to transfer the net proceeds from the sale equally to the UW School of Medicine and Public Health and to the Medical College of Wisconsin, to approve both schools’ initial five-year expenditure plans, and to review annual reports and five-year audits of the programs at both schools;

designated 35.0 percent of the net proceeds to improve public health in Wisconsin, and the remaining 65.0 percent for education and research initiatives;

required each school to create a public and community health oversight and advisory committee to direct and approve the use of the public health funds and to comment on the use of education and research funds;

required the UW System Board of Regents and the Medical College of Wisconsin Board of Trustees to appoint members of the oversight and advisory committees, to approve the schools’ five-year expenditure plans, to review annual reports, to receive audits, and to provide general oversight of disbursements;

required that all funds distributed to the UW Foundation be invested with other funds under common management; and

required separate financial accounting and reporting for all funds.

To fulfill its responsibilities, on August 22, 2002, the UW System Board of Regents established and made its initial appointments to the Oversight and Advisory Committee. The Oversight and Advisory Committee is a nine-member panel including four state-wide and community health advocates and four representatives of the UW School of Medicine and Public Health appointed by the Regents, and one representative of the Office of the Commissioner of Insurance. The Oversight and Advisory Committee directs and approves the use of the 35.0 percent of conversion funds allocated to community-academic partnerships for health promotion, disease prevention, and public health workforce development. Additionally, the Oversight and Advisory Committee comments on the use of the funds for education and research.

9

Notes to the Statement of Cash Receipts and Disbursements (Continued)

1. Description of the University of Wisconsin School of Medicine and Public Health— Wisconsin Partnership Program (Continued) On June 2, 2004, the Medical Education and Research Committee was established by the UW School of Medicine and Public Health to direct and approve the use of the remaining 65.0 percent of conversion funds allocated to education and research initiatives. In 2011, the Medical Education and Research Committee was reconstituted, and its name changed to the Partnership Education and Research Committee to better reflect its mission of providing funds to UW faculty and staff for education and research initiatives that advance health, health care, and health equity. The Partnership Education and Research Committee is a 12- member panel composed of UW School of Medicine and Public Health leadership, department chairs and faculty, and Oversight and Advisory Committee representatives. The Wisconsin Partnership Program provides administrative support to the Oversight and Advisory Committee and the Partnership Education and Research Committee, exercises overall responsibility for operations in accordance with programmatic and financial requirements, and develops policies and procedures for grants management from pre-award through the closing of the grant. The UW School of Medicine and Public Health also provides in-kind administrative support through the offices of the Dean of the UW School of Medicine and Public Health; Senior Associate Dean for Basic Research, Biotechnology and Graduate Studies; Senior Associate Dean for Finance; the Associate Dean for Public Health; and the Associate Dean for Human Resources. In addition, UW-Madison provides in-kind administrative support through the offices of Business Services and Legal Affairs.

On April 11, 2003, the UW System Board of Regents approved the Wisconsin Partnership Program’s first 2003-2008 five-year expenditure plan. This five-year plan provided a strategic framework and identified specific initiatives to be supported by the funds received from the conversion of Blue Cross and Blue Shield to a stock insurance corporation. This plan was designed to focus on Wisconsin’s challenging health needs to ensure that the vision of making Wisconsin a healthier state for all could become a reality through investments in research, education, and community partnerships spanning the state. On March 15, 2004, the Wisconsin United for Health Foundation, Inc. approved the Wisconsin Partnership Program’s 2003-2008 five-year expenditure plan and executed the Agreement Between the Wisconsin United for Health Foundation, Inc., the UW Foundation, and the UW System Board of Regents. As a result of that agreement, a total of $296,598,534 was released from the Wisconsin United for Health Foundation, Inc. to the UW Foundation. The UW Foundation manages and invests these funds in accordance with its endowment policies and disburses the funds available to the Wisconsin Partnership Program upon request as reimbursement for costs incurred in accordance with the Order of the Office of the Commissioner of Insurance and the five-year expenditure plans. The agreement allowed the Wisconsin Partnership Program to have immediate access to $30,000,000 for disbursements. The remaining $266,598,534 was to be invested as a permanent endowment with only the income available for Wisconsin Partnership Program disbursements. However, the agreement placed certain restrictions on the availability of the income generated from $166,598,534 of the permanent endowment for the first three years. Upon review and acceptance of the Wisconsin Partnership Program’s 2006 annual report by the Wisconsin United for Health Foundation, Inc., all restrictions were lifted.

10

Notes to the Statement of Cash Receipts and Disbursements (Continued)

1. Description of the University of Wisconsin School of Medicine and Public Health— Wisconsin Partnership Program (Continued)

The Wisconsin United for Health Foundation, Inc. retained certain assets from the conversion of Blue Cross and Blue Shield United of Wisconsin. In accordance with the Order of the Office of the Commissioner of Insurance and the Agreement Between the Wisconsin United for Health Foundation, Inc., the UW Foundation, and the UW System Board of Regents, $15,229,208 of these remaining assets was distributed to the UW Foundation to be added on behalf of the Wisconsin Partnership Program to the permanent endowment in December 2007. On December 5, 2013, the UW System Board of Regents reviewed and approved the Wisconsin Partnership Program’s third five-year expenditure plan, covering the years 2014- 2019. The 2014-2019 five-year expenditure plan made a commitment to reducing health disparities and implementing systems changes as critical components of making Wisconsin a healthier state for all. The Oversight and Advisory Committee and the Partnership Education and Research Committee solicit, review, and approve applications for funding in accordance with the priorities summarized in the five-year expenditure plans and in compliance with the Order of the Office of the Commissioner of Insurance and the Agreement Between the Wisconsin United for Health Foundation, Inc., the UW Foundation, and the UW System Board of Regents. Additionally, both committees, through the support of Wisconsin Partnership Program staff, establish the goals and objectives of the grant programs, monitor the progress of grantees, ensure compliance with the programmatic and financial requirements, and evaluate outcomes of the concluded grants.

The Wisconsin Partnership Program’s books and records comprise a specific subset of those of the UW School of Medicine and Public Health, UW-Madison, UW System, and the UW Foundation. The Statement of Receipts and Disbursements presented is only for the Wisconsin Partnership Program and is not intended to present the financial position or activities of the UW School of Medicine and Public Health, UW-Madison, UW System, or the UW Foundation. A separate financial report is prepared for the Wisconsin Partnership Program’s share of endowment assets managed and invested by the UW Foundation. That report includes the examined Statement of Receipts, Disbursements, and Program Assets for the Wisconsin Partnership Program assets invested and managed by the UW Foundation.

11

Notes to the Statement of Cash Receipts and Disbursements (Continued) 2. Summary of Significant Accounting Policies

A. Basis of Presentation

The Statement of Receipts and Disbursements of the Wisconsin Partnership Program has been prepared on a modified cash basis of accounting. The modified cash basis of accounting is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. The Statement of Receipts and Disbursements differs from financial statements presented in conformity with accounting principles generally accepted in the United States of America in that while receipts are recognized when cash is received and disbursements are recognized when cash is disbursed or the internal charge is recorded, salary and wage expenditures are paid in accordance with the University of Wisconsin System payroll calendar, which may differ from the period the salary and wage expenditures are recorded. The Oversight and Advisory Committee and the Partnership Education and Research Committee solicit, review, and approve applications for funding in accordance with the priorities summarized in the five-year expenditure plans. The Wisconsin Partnership Program funds community (external) grants and faculty (internal) grants. Community grants are accounted for on a reimbursement basis, and disbursements are reported when the requests for reimbursement for authorized grants are received and paid. Outstanding commitments for authorized grants as of June 30, 2018, are summarized in Note 3.

B. Reporting Periods

From inception, the Wisconsin Partnership Program aligned its reporting periods with the University of Wisconsin Foundation, which reported on a calendar-year basis. However, on January 1, 2016, UW Foundation changed reporting periods from a calendar year-end to a June 30 fiscal year-end. The UW Foundation subsequently reported a short year with the dates of January 1, 2016 to June 30, 2016 and began reporting on a fiscal year beginning July 1, 2016. To simplify reporting between the two entities, a year later, the Wisconsin Partnership Program adopted a fiscal year reporting period beginning July 1, 2017, with a short year reporting from January 1, 2017 to June 30, 2017.

C. Balance Every month, the Wisconsin Partnership Program requests reimbursement from the funds available to it at the UW Foundation for costs incurred in accordance with the Order of the Office of the Commissioner of Insurance and the five-year expenditure plans. The difference between cumulative receipts and cumulative disbursements at the end of each reporting period is referred to as the balance on the Statement of Receipts and Disbursements of the Wisconsin Partnership Program. Since the Wisconsin Partnership Program requests reimbursement from the UW Foundation monthly, a negative balance is expected. This balance represents the amount of funds yet to be reimbursed to the Wisconsin Partnership Program by the UW Foundation as of the end of the reporting period.

12

Notes to the Statement of Cash Receipts and Disbursements (Continued) 2. Summary of Significant Accounting Policies (Continued)

D. Payments to Community Partners

To request reimbursement for expenditures, community partners provide invoices summarizing the disbursements made under the following major budget categories: salaries, fringe benefits, travel, supplies and services, consultants and contracts, and other expenditures. The disbursements presented on the statement represents the payments made to these community partners for their submitted and paid invoices.

3. Grant Award Commitments Since inception of the Wisconsin Partnership Program, the Oversight and Advisory Committee and the Partnership Education and Research Committee have approved and authorized the Wisconsin Partnership Program to fund the following amounts of grant award commitments as of June 30, 2018:

Inception-to-date Grant Awards

Inception-to-date Lapsed Awards

Inception-to-date Net Grant Awards

Inception-to-date Disbursements

Outstanding Grant

Commitments

Public Health Initiatives 75,158,247$ (3,706,171)$ 71,452,076$ (56,178,462)$ 15,273,614$

Medical Education and Research Initiatives 133,716,798 (2,283,941) 131,432,857 (116,563,974) 14,868,883

Total 208,875,045$ (5,990,112)$ 202,884,933$ (172,742,436)$ 30,142,497$

As discussed in Note 2A, the costs for these grant commitments will be recognized when the requests for reimbursement are received and paid.

13

Notes to the Statement of Cash Receipts and Disbursements (Continued)

4. Payments Received from the UW Foundation

Every month, the Wisconsin Partnership Program requests reimbursement from the funds available to it at the UW Foundation for costs incurred in accordance with the Order of the Office of the Commissioner of Insurance and the five-year expenditure plans, as noted under Note 2B. Any funds received by the Wisconsin Partnership Program on or before December 31 are recorded in the same reporting period, as noted under Note 2A. Since the UW Foundation records the payment in the reporting period when the cash is disbursed, as noted in the separate report of the UW Foundation’s Statements of Receipts, Disbursements, and Program Assets, there may be timing differences between when those payments are made and reported by the UW Foundation and when those payments are received and reported by the Wisconsin Partnership Program.

YearPayments Received from

the UW Foundation

Payments to the Wisconsin Partnership Program(as Shown in Separate Report) Difference

FY 18 16,416,707$ 16,416,708$ (1)$ FY 17 9,186,910 9,186,910 - 2016 16,460,632 16,460,442 190 2015 17,330,259 17,330,449 (190) 2014 12,573,762 12,571,572 2,190

Total 71,968,270$ 71,966,081$ 2,189$

5. UW Foundation Endowment

In 2011, the UW Foundation modified its policy regarding the investment recapture fee, effective January 1, 2012. The UW Foundation voted to decrease the fee from 1.0 percent to 0.7 percent on amounts above $250 million per account. The Dean of the UW School of Medicine and Public Health decided that the savings from this fee reduction would be fully allocated to the Oversight and Advisory Committee for public health initiatives. In June 2015, the Oversight and Advisory Committee formally approved the distribution of 100% of the savings from the fee from the UW Foundation to the Oversight and Advisory Committee for public health initiatives, effective January 1, 2012. Funds made available to the Wisconsin Partnership Program that reside at the UW Foundation have historically been placed in the UW Foundation expendables portfolio, which provides short-term interest rate returns. As of December 31, 2012, the Wisconsin Partnership Program moved $10 million of the funds available to the program to the UW Foundation’s endowment portfolio to achieve a higher rate of return and, thus, provide for an increased number of grant awards. The Wisconsin Partnership Program made a similar reinvestment of $10 million in March 2013, creating a total reinvestment amount of $20 million as of December 31, 2013. As of June 30, 2018, the Wisconsin Partnership Program had a balance of $22,293,126 in quasi-endowment funds. These funds remain fully available to the Wisconsin Partnership Program.

14

Notes to the Statement of Cash Receipts and Disbursements (Continued)

6. Subsequent Events

In December 2018, the UW System Board of Regents approved the Wisconsin Partnership Program 2019-2024 five-year expenditure plan. The mission of this plan is to bring about lasting improvements in health and well-being and advance health equity in Wisconsin through investments in community partnerships, education, and research; so that everyone in Wisconsin lives healthy and full lives.

In October 2018, the Wisconsin United for Health Foundation, Inc. passed a resolution to dissolve given that it had fulfilled its obligations as specified in the Commissioner of Insurance’s Order and the Agreement Between the Wisconsin United for Health Foundation, Inc., the UW Foundation, and the UW System Board of Regents. In August 2019, half of the remaining assets held by the Wisconsin United for Health Foundation, Inc., $1,788,525, was distributed to the UW Foundation to be added to the permanent endowment of the Wisconsin Partnership Program.