2025-05-15T08:32:08-05:00 2024-06-30 135565207 KPMG LLP 500 W 5TH STREET SUITE 800 WINSTONSALEM NC 27101 990 2023-07-01 560532138 WAKE FOREST UNIVERSITY WAKE 3367585233 1834 WAKE FOREST RD BOX 7201 WINSTONSALEM NC 27109 Jacqueline A Travisano EdD CFO/EVP/TREASURER 3367585233 2025-05-12 1 0 SHAWN HUTCHINSON P01048557 3362753394 2023 2025-03-06 01:10:19Z Susan R Wente PhD 1834 WAKE FOREST RD BOX 7201 WINSTONSALEM NC 27109 1157554350 0 X www.wfu.edu X 1834 NC Wake Forest University is an institution of higher education dedicated to the pursuit of excellence in the liberal arts and in graduate and professional education. It operates Wake Forest College, a graduate school of arts and sciences, a school of professional studies, and four professional schools. 50 47 5997 2200 6323302 0 74090708 112785723 541023038 557276619 48365539 68875714 23380905 25429514 686860190 764367570 134557551 148801543 0 0 311342799 337458451 0 0 25729639 208892391 219427582 654792741 705687576 32067449 58679994 2655159124 2804123401 802519631 816627859 1852639493 1987495542 X Wake Forest University, a 501(c)(3) institution of higher education, is dedicated to the pursuit of excellence in the liberal arts and in graduate and professional education. The organization is comprised of seven constituent parts: Wake Forest College; the Graduate School of Arts and Sciences; the School of Law; the School of Medicine; the School of Business; the School of Divinity; and the School of Professional Studies. It seeks to honor the ideals of liberal learning, which entail commitment to transmission of cultural heritages; teaching the modes of learning in the basic disciplines of human knowledge; developing critical appreciation of moral, aesthetic and religious values; advancing the frontiers of knowledge through in-depth study and research; and applying knowledge in the service of humanity. 0 0 397066582 125579578 438817028 Founded in 1834, Wake Forest University is a private, coeducational collegiate university based in Winston-Salem, North Carolina. One of the leading institutions of its kind, Wake Forest blends the intimacy of a liberal arts college with the academic vitality of a research university. At the heart of Wake Forest is the teacher-scholar ideal. Professors are committed to personalized teaching and to their students' individual development. Guided by the motto Pro Humanitate (For Humanity), Wake Forest is dedicated to an ethically informed education in a climate that values personal growth, community interaction, and individual honor. It is committed to being a community of students, faculty, staff and alumni from diverse backgrounds, lived experiences and perspectives. It seeks to sustain an equitable, inclusive environment in which all can live, learn, belong and thrive. The University consists of Wake Forest College, the undergraduate arts and sciences division that honors the full institution's former name; the Graduate School of Arts and Sciences; the School of Law; the School of Medicine; the School of Business, which provides undergraduate and graduate study; the School of Divinity; and the School of Professional Studies.In Fall 2023, Wake Forest's enrollment was comprised of 5,471 undergraduates and 2,412 graduate students for a total of 7,883. Undergraduates in Fall 2023 came from all 50 U.S. states; Washington, D.C.; other U.S. territories and possessions; and approximately 40 international countries. Women represented 55.4% of the undergraduate population and international students accounted for 7.6% of the total. Wake Forest offered 49 majors and 64 minors in Wake Forest College and in the School of Business in 2023-24 with the addition of an interdisciplinary minor in actuarial sciences. In the Fall 2023 semester, 99.4% of all undergraduate classes had fewer than 50 students. That is among the highest rates of any major university in the country. The average student-faculty ratio in Fall 2023 was 10 to 1. The class size is consistent with Wake Forest's educational model, which seeks to make students active participants in their learning. Its core tenets include the merger of classroom learning and real-world experience; the melding of multiple academic disciplines; and variety of instructional methods beyond the traditional lecture format. Wake Forest's footprint extends worldwide. More than half of graduates have participated in study-away programs in recent years. The Institute for International Education's Open Doors Report, which began with the 2002-03 academic year, has ranked Wake Forest among the nation's top 10 doctoral institutions in participation rate in every year the University has operated study-abroad programs. Wake Forest is one of a select group of universities to own and operate academic-residential houses overseas. They are Casa Artom, located on the Grand Canal in Venice; Flow House in Vienna; and Worrell House in London. Since the early 1970s, more than 3,600 graduates have lived and studied at one or more of the houses. Wake Forest operates 50 of its own international study programs and offers students access to approximately 475 more through various affiliation agreements. In 2023-24, more than 1,000 students studied in 65 cities in 34 countries, traveling an estimated 10.2 million miles round-trip from Winston-Salem. Also, under the umbrella of Study Away opportunities is Wake Washington, a University-run program in which students combine classroom instruction with internships. They work four days a week for a variety of government and non-government organizations and agencies and take classes in space rented by the University and located in the heart of the city's Dupont Circle. Graduate Studies: More than 90 graduate degree programs are offered in the Graduate School of Arts and Sciences and the Schools of Business, Divinity, Law, Medicine and Professional Studies. General subject areas include Biomedical Science; Business; Computer and Information Systems; Counseling; Education; Humanities; Interdisciplinary Studies; Law; Liberal Arts Studies; Life and Physical Sciences; Mathematics and Statistics; Medicine; Social and Behavioral Sciences; Theology; and Visual and Performing Arts. Business: The School of Business offers a total of seven highly rated graduate programs in Accountancy, Business Administration, Management and Analytics. In the past 20 years in which national records were kept, Wake Forest led the nation in CPA exam passage rate and placed in the top five in 19 of those 20 years. The School of Business also co-sponsors dual degrees in Law and Medicine. The part-time Master of Business Administration program offers working professionals the opportunity to keep their jobs while enhancing their careers. Serving separate cohorts of students in Winston-Salem and Charlotte, the MBA program is consistently ranked among the nation's best part-time offerings in the field. Divinity: The Wake Forest School of Divinity is nationally recognized for its commitment to public service. The School aspires for its graduates to be agents of justice, reconciliation and compassion and architects of equity, hope and healing. In addition to its own Master of Divinity degree, the School contributes to dual degrees in Bioethics, Counseling, Education, Law and Sustainability.Law: The School of Law is among national leaders in value, employment rate, bar-passage rate and several practice areas. According to the American Bar Association, 98.9% of graduates in Wake Forest's Class of 2023 held full-time positions for which bar passage was required or for which a JD degree was advantageous. That rate is the highest in the country for that year. The ABA also reported that 93% of the class passed the bar exam in the state of their choosing on the first try. That cohort is the most recent for which data is available. Wake Forest offers four law degrees (JD, MSL, LLM and SJD) and combines with other schools on dual degrees in Business Administration, Divinity, Bioethics and Sustainability. Arts and Sciences: The Graduate School of Arts and Sciences houses 23 Masters and Doctoral disciplinary or interdisciplinary programs and sponsors 15 programs jointly with the Schools of Law, Medicine, Business, Divinity and the Undergraduate College. The School of Professional Studies houses 12 Masters degree programs, all of which are offered online; six certificate, certification or other online training programs; and more than 15 non-credit classes, which take place in-person in Charlotte and Winston-Salem or online. The main campus, known as the Reynolda Campus, consists of more than 80 buildings on 340 acres in Winston-Salem, North Carolina. It opened in 1956 as the institution moved from its original location in Wake Forest, North Carolina, located 100 miles east. In addition, the University owns or leases space in several other locations. They include Wake Downtown, a repurposed tobacco warehouse that now houses robust academic programs in biomedical sciences and engineering approximately four miles from the Reynolda Campus; the Brookstown Campus, a Wake Downtown neighbor serving several Graduate School programs; the Bowman Gray Center for Medical Education, home to the School of Medicine and select Graduate School programs; the Charlotte Center, home to select graduate degree programs and the administration of the School of Professional Studies; and residential-academic houses for study-away opportunities in London, Venice and Vienna. Wake Forest considers access and opportunity vital to the mission articulated by its motto, Pro Humanitate. In FY24 alone, the University created 91 new scholarship funds and enhanced 63 others in the name of expanding its reach. Approximately 49% of the undergraduate student population and the vast majority of graduate students received financial aid awards in the form of grants or loans in 2023-24. Personal and Career Development:The Office of Personal and Career Development (OPCD) has shared its best practices and philosophies with more than 200 other institutions since 2009 and has been honored accordingly. In 2023, Wake Forest was one of only 12 institutions to receive a Career Spark Award from Handshake, a career networking firm with more than 1,400 college and university partners. Approximately 97% of Class of 2023 graduates had secured employment or a graduate school opportunity within six months of receiving Wake Forest degrees. That figure, the most recent available, is based on an extraordinarily high reporting rate in excess of 80%. OPCD's commitment to Wake Forest graduates extends beyond the receipt of a diploma. The office routinely conducts two career-advice events for alumni every month. 97894025 16408858 116954342 Residence Halls & Dining:In the interest of building community, Wake Forest requires all undergraduates to live on campus for at least three years. Of the 156 research institutions with data in one recent survey, only nine (5.8%) required three or four years of on-campus residency. The University has done its part in this endeavor by acquiring, building or substantially renovating all residence halls in the past decade. The Division of Residence Life and Housing (RLH) maintains 27 facilities. They are equipped with high-speed internet service and include common areas suited to group study. The Division of Dining Services includes 17 locations. The main dining hall, affectionately known as The Pit, serves cafeteria-style food with several distinct areas, including vegan, gluten-free and other diet-specific options. Athletics:Wake Forest fields 18 intercollegiate athletics teams nine for men and nine for women in the NCAA's Division I and the Atlantic Coast Conference, of which it is a charter member. The University's undergraduate enrollment is the smallest of any school in the four most financially and athletically potent Division I conferences, but that size is a strength rather than a weakness. The distinction helps the University attract student-athletes who excel in competition and academics. Across all sports, Wake Forest posted a 96% NCAA-measured graduation report in a report released in 2024. The institutional-level report measured graduation rates of 14 Wake Forest sport cohorts, considering teams in indoor track, outdoor track and cross country as one entity per gender. Of those 14 groups, seven posted perfect scores of 100%. Demon Deacon teams have won 10 NCAA team championships in six unique sports. Men's golf and field hockey have won three each and women's golf, men's tennis, men's soccer and baseball have one title apiece. In the spring of 2023, the women's golf team won its first NCAA title and the baseball team advanced to the semifinal stage of the College World Series. 65518856 2889384 Campus Life:Wake Forest is committed to putting the spirit of its motto, Pro Humanitate, in action. Student Organizations: Approximately 200 student organizations are active at Wake Forest, providing extracurricular learning and service opportunities for their members and ancillary benefit to the campus and local communities. They are centered around academic and professional development; business development; recreational-sports participation; fraternity and sorority life; cultural affiliation and affinity; media; fine-arts performance and exhibition; student governance; and other focal points. Community Outreach: In addition to student-run organizations, the Office of Civic and Community Engagement partners with approximately 120 projects and institutions across policy areas including aging; poverty; health; food access; various children's matters; education; and environmental sustainability. In the 2023-24 academic year, Wake Forest was one of only two North Carolina colleges to receive funds for an important initiative, Public Health AmeriCorps. Over the year, 14 students partnered with eight unique community organizations to help meet various public-health needs. In 2023-24, more than 42% of undergraduates participated in one or both of the major campus fundraising events supporting cancer research. Wellbeing: The University believes its obligation to students transcends classroom learning and extends to general health and wellbeing. In 2017, the University opened the renovated Reynolds Gym and the new Sutton Center, collectively known as the Wake Forest Wellbeing Center. The project immediately increased space dedicated to personal and group fitness; doubled the size of the Student Health center; and led to an increase in gym usage. A member of the Wake Forest community enters the facility every 68 seconds.In early 2023, Wake Forest announced the creation of We, a campus-wide initiative in support of mental health. The program works with the campus community to elevate consciousness of care; promote healthy practices and preventative care awareness; equip community members with knowledge and skills that can support their peers in need; and connect the community to the resources and information necessary to foster a culture of self-care. The endeavor created a dedicated phone number through which callers can refer themselves or others in need of assistance.A robust campus recreation department oversees 37 club sports and 37 intramural leagues and competitions. Nearly every late afternoon and early evening features contests in several distinct sports. 43359415 6813107 4428519 Research:Wake Forest is classified as a High Research Activity institution, the second-highest level, by the Carnegie Foundation for the Advancement of Teaching. Wake Forest University has grants and internally funded research pursuant to basic science and technology. Wake Forest University manages research projects in Biology, Chemistry, Physics, Mathematics, Computer Science, Health & Exercise Science, Divinity and Business. The Z. Smith Reynolds Library and the professional school libraries together house 900,000 physical books and 971,000 eBooks, as well as access to a multitude of other web-based resources. The campus libraries provide resources for both student and faculty researchers. Every fall, the Undergraduate Research and Creative Activities Center sponsors Undergraduate Research Day, in which students display and explain the results of their faculty-mentored research, which often takes place the previous summer. In 2023, nearly 140 students presented their work, achieved under the guidance of faculty in 25 unique academic disciplines. In the Class of 2024, approximately one of every 10 graduates had participated in at least one Undergraduate Research Day. Wake Forest is also distinctive and impactful in the study of leadership and character. In January of 2023, the University announced it had secured a $30.7 million grant from the Lilly Endowment Inc., to benefit the Program for Leadership and Character, an initiative that seeks to inspire, educate and empower leaders of character to serve humanity. The grant will create a national higher education network dedicated to educating character. In early 2024, the Program fielded the first grant requests from other institutions seeking to form that network. Research at Wake Forest is enhanced by the work of 10 discipline-specific institutes and centers. In 2023-24, these organizations included:The Humanities Institute, which establishes programs and funds for University faculty in the humanities and other fields of study engaging in humanistic inquiry and scholarship;The Center for Bioethics, Health and Society, which addresses ethical, social and policy issues vital to biotechnology, healthcare, biomedical research and public health;The Andrew Sabin Family Center for Environment and Sustainability, which is dedicated to influencing the future of environmental protection, sustainability and climate change from the jungles of Peru to Wake Forest;The Center for Functional Materials, which is charged with connecting a broad range of materials-focused research groups and with supporting multidisciplinary research necessary for breakthrough developments; Interdisciplinary Arts Center, which draws artists, scholars, students, faculty and staff from across the academic divisions and disciplines in order to invigorate the intellectual and cultural life of the University;The Center for Molecular Signaling, which brings together investigators in the life, physical, computational and mathematical sciences to tackle basic questions about molecular communication among and within the cells of living organisms ranging from insects to plants to humans;The Center for Nanotechnology and Molecular Materials, which seeks to provide access to a broad range of nationally competitive capabilities in nanosciences.The Center for Research on Abroad and International Student Engagement (RAISE Center), which is dedicated to helping faculty, staff and students collaborate with scholars around the world to understand and enhance the experiences, engagement and development of abroad and international students; The Translational Science Center (TSC), which focuses on promoting and maintaining functional health in aging through research of cognitive function and physical activity.Conference ServicesWake Forest offers other organizations the space and logistical assistance to run conventions and other events. The locations include academic classrooms and auditoriums on the main campus as well as three separate, affiliated venues: Graylyn Estate and Conference Center; Reynolda Gardens; and Reynolda House Museum of American Art. WFDDThe University owns WFDD, an FM affiliate of National Public Radio. The station broadcast news, information, and public affairs programming covering the arts, people, and institutions in the area. It is the longest continuously broadcasting public radio station in North Carolina. 43359415 6813107 4428519 603838878 1 1 0 1 0 0 0 1 1 1 1 1 0 0 1 1 0 1 1 1 1 1 1 0 1 0 0 1 1 1 1 0 0 0 0 0 0 1 0 1 0 1 0 0 0 1 1 1 0 0 0 1 X 11061 0 1 5997 1 1 1 1 UK FR SP AU IT CI CH 0 0 0 1 1 1 1 0 0 1 0 1 0 X 50 47 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 X Marnie S Matthews 3367585233 PO Box 7201 WinstonSalem NC 27109 X Matthew A King Board Chair 15.00 6.00 X 0 0 0 Jeanne Whitman Bobbitt Board Vice Chair 6.00 0.00 X 0 0 0 Curtis C Farmer Board Vice Chair 6.00 2.00 X 0 0 0 Alexander Acquavella Trustee 3.00 0.00 X 0 0 0 Lynn C Baranski Trustee 3.00 0.60 X 0 0 0 Shelmer D Blackburn Jr Comm Vice Chair 4.00 0.00 X 0 0 0 Peter C Brockway Trustee 5.00 0.60 X 0 0 0 Thomas W Bunn Comm Vice Chair 4.00 0.00 X 0 0 0 Bobby R Burchfield Committee Chair 6.00 0.00 X 0 0 0 Jocelyn Burton Committee Chair 6.00 0.00 X 0 0 0 David F Couch Trustee 3.00 0.00 X 0 0 0 Matthew Starbuck Crawford Trustee 3.00 3.00 X 0 0 0 William Rittenhouse Culbreth Jr Trustee 3.00 0.00 X 0 0 0 H Lawrence Culp Jr Trustee 3.00 0.00 X 0 0 0 Jermyn M Davis Trustee 5.00 0.00 X 0 0 0 James E Dixon Trustee 3.00 0.00 X 0 0 0 Serena Fisher Dugan Trustee 3.00 0.00 X 0 0 0 David W Dupree Trustee 4.00 3.00 X 0 0 0 The Honorable Donna F Edwards Trustee 5.00 0.00 X 0 0 0 Frederick W Eubank II Trustee 5.00 2.60 X 0 0 0 Lisbeth Clark Evans Trustee 3.00 0.00 X 0 0 0 Mary R Farrell Committee Chair 5.00 0.00 X 0 0 0 Helen Hough Feinberg Trustee 3.00 0.00 X 0 0 0 Donald E Flow Comm Vice Chair 4.00 7.00 X 0 0 0 Anil Rai Gupta Trustee 3.00 0.00 X 0 0 0 Julie Ann Mullen Hartman Trustee 3.00 0.00 X 0 0 0 Marybeth Torbet Hays Comm Vice Chair 5.00 2.60 X 0 0 0 Frank B Holding Jr Committee Chair 5.00 0.60 X 0 0 0 A Dale Jenkins Committee Chair 4.00 8.00 X 0 0 0 Aubrey L Martin Trustee 3.00 0.60 X 0 0 0 John M McAvoy Comm Vice Chair 6.00 0.00 X 0 0 0 Robert J McCreary Comm Vice Chair 3.00 0.70 X 0 0 0 Jane McGraw Committee Chair 4.00 0.00 X 0 0 0 James M O'Connell Trustee 3.00 3.60 X 0 0 0 Ogden Phipps II Trustee 3.00 0.60 X 0 0 0 Rev Dr Prince R Rivers Trustee 3.00 0.00 X 0 0 0 Gerald F Roach Trustee 5.00 0.00 X 0 0 0 Jorge Rodriguez Trustee 3.00 0.00 X 0 0 0 Mit B Shah Committee Chair 6.00 3.00 X 0 0 0 Hannah VanderWeide Shue Trustee 3.00 0.00 X 0 0 0 Michael C Smith Committee Chair 5.00 0.60 X 0 0 0 Janice K Story Trustee 5.00 0.00 X 0 0 0 Ben C Sutton Jr Comm Vice Chair 5.00 0.00 X 0 0 0 Matthew B Teller Trustee 3.00 0.00 X 0 0 0 Cathy Wall Thomas MD Trustee 3.00 2.00 X 0 0 0 Shannan Spence Townsend Comm Vice Chair 5.00 2.00 X 0 0 0 John M Vann Trustee 3.00 6.00 X 0 0 0 David I Wahrhaftig Committee Chair 6.00 2.60 X 0 0 0 Eric C Wiseman Comm Vice Chair 5.00 2.00 X 0 0 0 Susan R Wente PhD President & Trustee 29.30 10.70 X X 1473696 0 325680 Julie A Freischlag MD EVP Health Aff. 2.00 21.20 X 0 5194069 50088 J Reid Morgan S.VP, Sec, G.C. 19.70 20.30 X 690571 0 108874 Anita M Conrad Asst Secretary 21.00 19.00 X 218902 0 42998 Michele Gillespie PhD Provost 40.00 0.00 X 741870 0 160244 Jacqueline A Travisano EdD EVP, CFO, Treas 36.50 3.50 X 664838 0 129267 Brian A White VP, Corp. Sec, G.C. 19.70 20.30 X 386863 0 32876 John A Currie Director of Athletics 40.00 0.00 X 1146384 0 151463 Anthony P Marsh PhD Interim Dean, Wake Forest College 40.00 0.00 X 353215 0 64182 Jackie Krasas PhD Dean, Wake Forest College 40.00 0.00 X 289703 0 18871 Annette Ranft PhD Dean, School of Business 40.00 0.00 X 550168 0 43864 David P Clawson Football Coach 40.00 0.00 X 4774547 0 78095 Warren D Ruggiero F'ball Offensive Coordinat 40.00 0.00 X 1067221 0 72601 Brad Lambert F'ball Defensive Coordinat 40.00 0.00 X 900717 0 47762 Steve Forbes Men's BktBall Co 40.00 0.00 X 2281576 0 62667 Tom Walter Baseball Coach 40.00 0.00 X 915597 0 49045 Rogan Kersh PhD Former Provost 40.00 0.00 X 515937 0 63121 B Hofler Milam Former EVP, CFO, Treas 40.00 0.00 X 1041654 0 170987 Charles L Iacovou PhD Dean, School of Profession 40.00 0.00 X 539320 0 144279 Mark A Petersen SVP - Advancement 40.00 0.00 X 1012992 0 133868 19565771 5194069 1950832 687 1 1 0 Aramark Services Inc 2400 Market St Philadelphia PA 19103 Food Service 31020682 The Whiting Turner Contracting Company 300 East Joppa Road Baltimore MD 21285 Construction 16314705 Frank L Blum Construction Company PO Box 4153 WinstonSalem NC 27115 Construction 11345238 James R Vannoy & Sons Constructions Co PO Box 1608 US Highway 221 N Jefferson NC 28640 Construction 5267115 Embanet-Compass Knowledge Group Inc 9720 Wilshire Blvd FL 6 Beverly Hills CA 90212 Online Education 4923156 198 26613 1124523 14971775 96662812 8339024 112785723 Tuition and Fees 611310 438817028 438817028 Athletic Programs 711210 56297557 56297557 Student Housing & Dining 721310 53204052 53204052 Student Health Services 621400 4306378 4306378 Organized Activities 611710 2889384 2889384 1762220 1311120 451100 557276619 32159265 -1257457 33416722 4409702 4409702 8408759 7041516 1367243 1367243 1216950 150293 421840126 385059073 64604 36781053 -64604 36716449 36716449 44526 26613 57880 -13354 -13354 9623232 963707 8659525 5912709 2746816 Executive Educ/Other Instr 611430 5812654 5812654 Parking Revenue 812930 2655034 2655034 Sponsorship Payments 900099 1881992 1881992 656718 656718 11006398 764367570 562638173 6323302 82620372 7627116 7627116 139669622 139669622 1504805 1504805 7327250 2930900 3663625 732725 260991907 215136377 33450538 12404992 18031119 14025884 2953593 1051642 34192536 24702092 5666694 3823750 16915639 13388632 2683738 843269 1681232 1522968 158264 564318 564318 9033563 5871816 3161747 29132145 23844206 2882593 2405346 4216982 3826865 48163 341954 9723398 6904216 1735224 1083958 4827966 4464387 362679 900 764238 764238 10610527 10209057 393466 8004 16424777 15487233 327278 610266 7591970 6874389 643507 74074 19495399 18742237 753162 54952142 49671720 5280422 3738755 1190280 2548068 407 Repairs and Maintenance 11354694 9654095 1231950 468649 Dues. Licenses, Subscri 9182276 4029632 4966351 186293 Non Capital Equip & Fur 8313796 5899456 2303362 110978 Library, Books & Public 7372357 7331885 17889 22583 10447047 8564770 322428 1559849 705687576 603838878 76119059 25729639 59977241 34616280 118779415 123478893 20521856 19513938 7819939 6600681 841896 1145943 6179658 8380357 1423979667 671627582 728541500 752352085 460124525 526020022 1225505150 1308822432 1274550 667335 25593394 22525435 2655159124 2804123401 51876837 51007411 73530983 84205133 250056162 248637935 2432107 6665360 59717509 65642589 250000000 245085000 114906033 115384431 802519631 816627859 X 824360176 921003811 1028279317 1066491731 1852639493 1987495542 2655159124 2804123401 58679994 76176056 0 X 0 1 X 1 1 1 X 86034682 119975960 123550270 74090708 112785723 516437343 86034682 119975960 123550270 74090708 112785723 516437343 41605529 474831814 28674336 22303989 36247457 31062203 32750528 151038513 37539 51322 367485 766598 412274 1635218 793935 2015064 3470237 4884236 13779827 24943299 694054373 2563386055 0.68410 0.69850 X Schedule A, Part II The filing organization is classified as a school under Internal Revenue Code ("IRC") Section 170(b)(1)(A)(ii). However, it also meets the 33 1/3% Support Test of IRC Section 170(b)(1)(A)(vi) for purposes of limiting the charitable gift disclosures to 2%, using the Special Rule on Schedule B. Therefore, Schedule A, Part II is completed in order to utilize the Schedule B Special 2% Rule. Schedule A, Part II, Section C, Line 10 Miscellaneous Income 5,812,654 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 77604 0 0 77604 0 Part II-B, Line 1: The filing organization's employees will sometimes make direct contact with legislators, their staff, government officials, or a legislative body. Such employees were actively involved with several federal and state issues during the year, including federal and state appropriations legislation, various authorizing bills as well as legislation governing higher education at state and federal levels. Activities included participation in numerous conference calls, webex meetings and one-on-one calls with congressional members and staffers at the federal and state level. The University's Government Relations personnel regularly engaged with various federal agencies related to higher education policy and worked closely with national associations with which the filing organization is associated, which represent the interests of institutions of higher education in Washington. At the state level, activities focused on work surrounding the State Budget as well as several policy related bills that impacted higher education. We worked to increase funding for State scholarships that benefit our students as well as legislation impacting our region. X X X 0 1 1276705 628860 647845 1 X 1047642422 22649962 80816944 24038627 19103632 7078602 1100888467 1028313070 22761746 45582528 22817209 18815699 7382014 1047642422 1038917229 24601826 9579810 20685552 17294766 6805477 1028313070 819123414 24284516 235533467 18772673 15475231 5776264 1038917229 837211471 21436980 2431225 19509779 16254628 6191855 819123414 0.21050 0.47370 0.31580 0 1 1 23096540 23096540 57536891 578735109 311396976 324875024 459613992 209993269 249620723 212726139 138382388 74343751 92270996 11854949 80416047 752352085 Interests in Perpetual Trusts 16894517 F Private Equity 350000 F Absolute Return Invtmts 1247619944 F Real Estate-Commercial 10302039 F Other Investments 22410000 F commodities 11245932 F 1308822432 Annuities Payable 17957844 Other Liabilities and Deferrals 44411285 Postretirement Benefits 11496741 Bond Premium 22096588 Operating Lease Obligations 19421973 115384431 X 697593027 76176056 -138280139 -62104083 759697110 4670460 4670460 764367570 562736978 -4670460 -4670460 567407438 138280139 138280139 705687577 Part III, Line 1a: The Consolidated Financial Statements do not contain a footnote regarding the University's art or museum collections. The collections are valued at approximately $18 million. Part III, Line 4: The organization has collections of art, rare books, and artifacts within its facilities. These collections enhance the education of its students and provide research materials for its faculty. Artwork is displayed in many buildings on the organization's campus, accessible to students, employees, and visitors. Part IV, Line 1b: Certain endowment assets are held and managed for the filing organization and related organizations. The value of these assets allocated to related organizations is reported here and not shown on the filing organization's balance sheet. Part IV, Line 2b: Agency accounts are held to provide supervision and banking ability for small student clubs and organizations that are formed by the current student body and may or may not last past the graduation of the members. The University fosters the students' desire to form associations that can function as a social unit on campus. Part V, Line 4: According to and in compliance with donor restriction agreements on endowment funds, approximately 55.72% of the expendable endowment funds provided scholarships for Wake Forest University students during the fiscal year. 21.28% was distributed for department chair and faculty positions, including funds for research professorships. 23% supported educational programs generally, the libraries, general university operations, and other specific university needs, including infrastructure, and capital funding. Due to the fluctuations of university and student needs, these percentages may change from year to year. Part X, Line 2: The University is a tax-exempt organization as described in Section 501(c)(3) of the Internal Revenue Code (the Code) and is generally exempt from federal income taxes on related income pursuant to Section 501(a) of the Code. If applicable, unrelated business income is reported by all member and subsidiary organizations on IRS Form 990-T. Fiscal years ending on or after June 30, 2021 remain subject to examination by federal and state tax authorities. The University has evaluated uncertain tax positions for the year ended June 30, 2024, including a quantification of tax risks in areas such as unrelated business income and taxation of its for-profit subsidiaries. This evaluation did not identify any material items that effect the consolidated financial statements for the year ended June 30, 2024. Part XI, Line 2d - Other Adjustments: Scholarship Reclass -138,280,139. Part XI, Line 4b - Other Adjustments: Rent Expense Reclass -7,041,516. COGS Reclass -963,707. Fundraising Expense Reclass -57,880. Other Expense Reclass 3,700,000. Investment Management Fees Reclass 9,033,563. Part XII, Line 2d - Other Adjustments: Rent Expense Reclass 7,041,516. Fundraising Expense Reclass 57,880. COGS Reclass 963,707. Other Expense Reclass -3,700,000. Investment Management Fees Reclass -9,033,563. Part XII, Line 4b - Other Adjustments: Scholarship Reclass 138,280,139. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Wake Forest University is committed to equal opportunity, diversity, inclusion, and the spirit of Pro Humanitate. In adherence with applicable laws and as provided by University policies, the University prohibits discrimination in its employment practices and its educational programs and activities on the basis of race, color, religion, national origin, sex, age, sexual orientation, gender identity and expression, genetic information, disability, and veteran status. The University publishes its nondiscrimination policy on its web site at www.wfu.edu and in academic bulletins and handbooks, which are distributed to students annually. Nondiscrimination language is also included in employment advertising and in ads for the University's educational programs. Schedule E, Part I, Line 6 Wake Forest University participates in government loan and scholarship programs on behalf of its students. Funds are awarded to eligible students as part of the University's educational purpose. Funds are awarded to eligible students on a nondiscriminatory basis. In addition, government agencies award grants to the University for research. 1 Central America & the Caribbean Program Service Study Abroad 95762 Central America & the Caribbean Program Service Services 510 Central America & the Caribbean Program Service Research 23515 Central America & the Caribbean Program Service Fundraising 1353 East Asia & Pacific 3 Program Service Study Abroad 333603 East Asia & Pacific Program Service Conferences 41814 East Asia & Pacific Program Service Services 8331 East Asia & Pacific Program Service Research 51451 East Asia & Pacific Program Service Recruiting 27479 Europe & North Atlantic Program Service Athletic Events 74519 Europe & North Atlantic Program Service Services 46086 Europe & North Atlantic Program Service Research 128549 Europe & North Atlantic 9 46 Program Service Study Abroad 12958433 Europe & North Atlantic Program Service Recruiting 95643 Europe & North Atlantic Program Service Conferences 269130 Europe & North Atlantic Program Service Depreciation on Foreign Assets 282395 Europe & North Atlantic Program Service Fundraising 1290 Middle East & North Africa Program Services Study Abroad 16517 Middle East & North Africa Program Service Research 26046 Middle East & North Africa Program service Conferences 7730 North America Program Service Recruiting 8370 North America Program Service Research 58791 North America Program Service Conferences 54044 South America 2 1 Program Service Study Abroad 262732 South America Program Services Recruiting 9304 South America Program Services Fundraising 2104 South America Program Service Depreciation on Foreign Assets 24306 South America 3 Program Service Research 1655084 South America Program Service Conferences 20201 South Asia Program Service Research 39893 South Asia Program Services Services 500 South Asia Program Service Conferences 16202 South Asia Program Services Study Abroad 15216 South Asia Program Services Recruiting 40315 Sub-Saharan Africa Program Service Conferences 49645 Sub-Saharan Africa Program Service Study Abroad 105300 Sub-Saharan Africa 2 3 Program Service Research 81331 Sub-Saharan Africa Program Service Recruiting 4040 North America Program Service Services 430 North America Program Service Study Abroad 1413 Russia & the Newly Independent States Program Service Study Abroad 10075 South America Program Service Services 3825 Central America & the Caribbean Program Service Conference 26455 Middle East & North Africa Program Services Recruiting 3495 South Asia Program Services Fundraising 9413 3 0 16 50 19 50 556339 16436301 16992640 Europe Research Subcontract 4592 Check/Wire 0 South America Research Subcontract 1424344 Check/Wire 0 North America Research Subcontract 21481 Check/Wire 0 Middle East and North Africa - Algeria, Bahrain, Djibouti, Egypt, Research Subcontract 10924 Check/Wire 0 4 4 Scholarships Europe 11 3931 Check/wire Scholarships Sub Saharan Africa 1 11912 Check/wire 1 0 1 1 1 1 Part I, Line 2: The organization provides funding to faculty for conferences, research and other projects and scholarships to students for study abroad, research and other projects. Faculty and staff expenses must be substantiated under the Accountable Plan to ensure proper use of funds. The Organization sometimes provides operating funds to collaborative organizations and charitable foreign organizations, generally expenditures are reimbursed upon the submission of appropriate documentation. Other activities funded in advance are subject to review for conformity with the approved budgets. Part I, line 3: The Organization uses the accrual method of accounting on its financial statements and all cash grants and noncash assistance is reported on Schedule F using this method. Part I Line 3f Expenditures Per Region The Organization uses the accrual method of accounting on its financial statements; therefore, all expenditures shown on Schedule F are based on that method. Program related assets held in the various regions are reported at net book value according to the organization's fixed asset ledger as of the end of the fiscal year. Part II, Line 1- Method of Accounting Grants and subcontracts are provided with the understanding that organizations will expend funds according to grant and subcontract agreements. Information is provided by the grantees to document that funds are expended or their intended purpose. Law Auction 47635 13913 33722 38317 2160 BLSA Banquet 20293 12700 7593 697 10524 3059 2 3211 0 3211 3123 71139 26613 44526 38317 697 10524 8342 57880 -13354 1 Reynolda House Inc PO Box 7287 WinstonSalem NC 27109 560810676 501(c)(3) 582000 0 Operations Support United Way of Forsyth County 301 North Main Street WinstonSalem NC 27101 237357234 501(c)(3) 16250 0 Charitable Contribution Duke University 324 Blackwell Street Durham NC 27701 560532129 501(c)(3) 12513 0 Research Subcontract Leadership Winston-Salem 624 W Sixth St Ste 110 WinstonSalem NC 27101 581574887 501(c)(3) 10000 0 Support Local Econ Dev'mt UNC Chapel Hill 104 Airport Drive CB 1270 Chapel Hill NC 27514 566001393 501(c)(3) 389098 0 Research Subcontract University of Tennessee 1331 Circle Park Drive Knoxville TN 37916 626001636 Govt 13442 0 Research Subcontract Wake Forest Univ Health Sciences Medical Center Blvd WinstonSalem NC 27157 223849199 501(c)(3) 1484596 0 Research Subcontract Brigham & Women's Hospital 399 Revolution Drive No 645 Somerville MA 02145 042312909 501(c)(3) 223773 0 Research Subcontract Piedmont Triad Partnership PO Box 2672 High Point NC 27261 561750279 501(c)(3) 10000 0 Support Local Econ Dev'mt Carnegie Mellon University 5000 Forbes Avenue Pittsburgh PA 25213 250969449 501(c)(3) 33248 0 Research Subcontract Rutgers University 65 Davidson Road Piscataway NJ 08854 226001086 501(c)(3) 154232 0 Research Subcontract Brown University Controllers Office Box J Providence RI 02912 050258809 501(c)(3) 76339 0 Research Subcontract Princeton University 701 Carnegie Center Suite 445 Princeton NJ 08540 210634501 501(c)(3) 72222 0 Research Subcontract Yale University PO Box 208239 New Haven CT 06520 060646973 501(c)(3) 32810 0 Research Subcontract University of Memphis 3720 Alumni Avenue Memphis TN 38152 620648618 501(c)(3) 12000 0 Research Subcontract University of Wisconsin-Milwaukee PO Box 413 Milwaukee WI 53201 391018181 Govt 11601 0 Research Subcontract Greater Winston-Salem Inc 411 West Fourth Street WinstonSalem NC 27101 560459820 501(c)(6) 8850 0 Support Local Econ Dev'mt Second Harvest Food Bank of Northwest North Carolina 3655 Reed Street WinstonSalem NC 27107 581457912 501(c)(3) 7986 0 Charitable Contribution Vision Community Foundation 704 Ornewood Ave Atlanta GA 30312 870743282 57143 0 Research Subcontract Foundations for Living 232 Martin Luther King Dr Jefferson GA 30549 463794300 501(c)(3) 60000 0 Research Subcontract Circle of Friends Task Force 1212 Red Banks Rd Greenville NC 27858 561958122 501(c)(3) 90000 0 Research Subcontract Relationship Unleashed 10 South Main St Memphis TN 38103 472296570 501(c)(3) 50000 0 Research Subcontract Compassionate Atlanta Inc PO Box 311408 Atlanta GA 31131 473181026 501(c)(3) 50000 0 Research Subcontract North Carolina Black Repertory Company Inc 419 N Spruce St WinstonSalem NC 27101 581518704 501(c)(3) 186600 0 Research Subcontract Miracle of Love Inc 1301 W Colonial Drive Orlando FL 32804 593455949 501(c)(3) 25000 0 Research Subcontract The Pennsylvania State University 201 Old Main University Par State College PA 16801 246000376 Govt 390656 0 Research Subcontract The Regents of the University of Colorado 3100 Marine Street Boulder CO 80309 846000555 Govt 475827 0 Research Subcontract Creative Visions Foundation 18820 Pacific Coast Hwy Ste 201 Malibu CA 90265 391902814 501(c)(3) 50000 0 Research Subcontract Health Awareness For Life Inc 5860 NW 18th Ct Sunrise FL 33313 474926677 501(c)(3) 25000 0 Research Subcontract Hight Impacto Inc 2221 SW 36th Ave Fort Lauderdale FL 33312 812414283 501(c)(3) 25000 0 Research Subcontract United States Association for Small Business and Entrepreneurship 100 N Merchant St Decatur IL 62523 521287170 501(c)(3) 10000 0 Charitable Contribution Dallas Baptist University 3000 Mountain Creek Parkway Dallas TX 75211 756001300 501(c)(3) 228880 0 Charitable Contribution REACH Women's Network 2618 Arbor Place Court WinstonSalem NC 27104 831574715 501(c)(3) 10000 0 Charitable Contribution AIDS Alabama South LLC 4321 Downtowner Loop N Mobile AL 36609 462661900 501(c)(3) 20000 0 Research Subcontract Arkansas Black Gay Men's Forum 7305 Cantrell RD Little Rock AR 72207 844309426 35000 0 Research Subcontract Be Connected Durham & Beyond 900 S Roxboro St Durham NC 27707 871870259 12500 0 Research Subcontract Choose Healthy Life 525 Westlake Drive East Stroudsburg PA 18302 862604241 501(c)(3) 7143 0 Research Subcontract Circle of Friends Task Force 1212 Red Banks Rd Suite A8 Greenvile NC 27858 561958122 501(c)(3) 90000 0 Research Subcontract Community Uplift Services 4101 W Green Oaks Blvd Ste 449 Arlington TX 76016 820677145 12500 0 Research Subcontract Curators of the University of Missouri 1000 W Nifong Bldg 7 Suite 300 Columbia MO 65211 436003859 501(c)(3) 207889 0 Research Subcontract Do It For Me 1556 De Battista PI New Orleans LA 70131 472225237 501(c)(3) 25000 0 Research Subcontract The Dwelling Place of Grand Rapids Inc 101 Sheldon BLVD SE STE 2 Grand Rapids MI 49503 382313832 501(c)(3) 10000 0 Research Subcontract Engaging Arkansas Communities 2801 Millbrook Rd Little Rock AR 72227 844947395 501(c)(3) 25000 0 Research Subcontract Fabric Inc PO Box 1193 Cleveland MS 38732 812629009 23571 0 Research Subcontract Florida Institute of Technology Inc 150 W UNIVERSITY BLVD Melbourne FL 32901 596046500 501(c)(3) 11821 0 Research Subcontract Freedom Center for Social Justice 4921 Albemarle Rd Ste 201 Charolotte NC 28205 454000599 501(c)(3) 75000 0 Research Subcontract Hamilton Park United Methodist Church 11881 Schroeder Rd Dallas TX 75243 751160392 501(c)(3) 10000 0 Research Subcontract Helping Everyone Receive Ongoing Effective Support PO Box 1258 Columbia LA 71418 721446886 501(c)(3) 25000 0 Research Subcontract HOP Helping Other People 4832 Haskell Ave Kansas City KS 66104 270938661 501(c)(3) 10000 0 Research Subcontract Hued Songs Inc PO Box 630464 Miami FL 33163 843259140 501(c)(3) 25000 0 Research Subcontract Inspiration and Change Inc 200 Towne Center Cir Sanford FL 32771 274657493 501(c)(3) 53571 0 Research Subcontract Jefferson Street Missionary Baptist Church 2708 Jefferson St Nashville TN 37208 621185890 501(c)(3) 25000 0 Research Subcontract MashUp Nashville 309 Plus Park Blvd Ste 221 Nashville TN 37217 823275217 501(c)(3) 12500 0 Research Subcontract Men's Reentry Initiative 261 Business Park Columbia SC 29203 461031840 9400 0 Research Subcontract Miracle of Love Inc 1301 W Colonial Dr Ste 201 Orlando FL 32804 593455949 501(c)(3) 25000 0 Research Subcontract Montclair State University Student Ctr Bldg Rm 400 Montclair NJ 07043 222912692 Govt 15000 0 Research Subcontract Nashville Cares 633 Thompson Ln Nashville TN 37204 621274532 501(c)(3) 12500 0 Research Subcontract North Carolina Aids Action Network 112 Broadway St Ste B Durham NC 27701 320323779 501(c)(3) 50000 0 Research Subcontract Out of Hand Theater Inc 764 Memorial Dr SE Ste 103 Atlanta GA 30316 582619780 501(c)(3) 25000 0 Research Subcontract Pride in the Pews NFP Inc 754 E 77th St Chicago IL 60619 871623538 501(c)(3) 17857 0 Research Subcontract Renacer En Vida Nueva Inc 1405 Melanie Dr Orlando FL 32825 872612100 501(c)(3) 25000 0 Research Subcontract Saint Paul AME Church 706 E Patton Ave Montgomery AL 36111 631028429 501(c)(3) 53571 0 Research Subcontract Seton Hall University 400 South Orange Avenue South Orange NJ 07079 221500645 501(c)(3) 14203 0 Research Subcontract St Stephen Metropolitan AME Zion Church 1012 Leonard Ave High Point NC 27260 561287907 501(c)(3) 19250 0 Research Subcontract Stonehill College Inc 320 Washington Street Easton MA 02357 042104229 501(c)(3) 15000 0 Research Subcontract Texas A&M University Commerce PO Box 3425 Commerce TX 75429 237076930 501(c)(3) 12795 0 Research Subcontract University of Florida PO Box 113201 Suite 1250 East Campus Offive Bldg Gainesville FL 32611 596002052 Govt 18292 0 Research Subcontract University of North Texas 1155 Union Cir 305250 Denton TX 76203 756002149 501(c)(3) 67087 0 Research Subcontract University of South Florida The 4202 E Fowler Avenue Tampa FL 33620 593102112 Govt 66933 0 Research Subcontract Vanderbilt University 2301 Vanderbilt Place Nashville TN 37240 620476822 501(c)(3) 21386 0 Research Subcontract Winston-Salem Mixxer Inc 1375 N Martin Luther King Jr Drive WinstonSalem NC 27101 472272568 501(c)(3) 40000 0 Research Subcontract Winthrop University 2020 Alumni Drive Stewart House Rock Hill SC 29733 237378001 501(c)(3) 15000 0 Research Subcontract Xavier University of Louisiana 1 Drexel Dr New Orleans LA 70125 720635884 501(c)(3) 5965 0 Research Subcontract 1 Love Media LLC 1959 N Peacehaven Rd Suite 147 WinstonSalem NC 27106 872882183 10000 0 Research Subcontract A Place Called Hope Church Inc 139 West Main Street Garner NC 27529 271861057 501(c)(3) 17500 0 Research Subcontract Abyssinian Community Church Inc 3890 Milbranch Rd Memphis TN 38116 850780728 12500 0 Research Subcontract Arizona Board of Regents on behalf of Northern Arizona University 601 S Knoles Dr Rm 220 Flagstaff AZ 86001 742579628 Govt 15000 0 Research Subcontract North Carolina A&T University 1601 East Market Street Greensboro NC 27411 566172047 Govt 28844 0 Research Subcontract North Carolina Central University 1801 Fayetteville Street Durham NC 27707 566000730 Govt 27600 0 Research Subcontract Equality Foundation of Georgia 1530 Dekalb Ave NE Ste A Atlanta GA 30307 582346744 501(c)(3) 25000 0 Research Subcontract North Carolina Chamber 701 Corporate Center Drive Suite 275 Raleigh NC 27607 560340499 501(c)(6) 7500 0 Support Local Econ Dev'mt 71 10 Departmental Scholarships 553 1502768 General Tuition Scholarships 3265 125292874 Tuition Concessions 154 6675976 ROTC Scholarships 30 142500 Study Abroad Scholarships 245 3249392 Third Party Scholarships 730 2806112 Part I, Line 2: Wake Forest University carefully selects qualified exempt organizations for its contributions and provides support for worthy projects and events in which the University has an interest. Grants provided to students are monitored either through use -for University tuition and fees- or by requiring substantiation from the students for research projects or scholastic travel grants. Research subcontracts are passed through to qualifying research institutes to complete a portion of externally funded sponsored projects awarded to Wake Forest University. Wake Forest University monitors these subcontracts to ensure that the subrecipients are in compliance with federal regulations and terms and conditions cascading down from the prime awards. The subrecipient's requests for reimbursement are reviewed for allowability of costs. Interim and final reporting is monitored to ensure adherence to performance expectations as set out in the scope of work. X X X X X X X 1 1 X X X X X X 0 1 0 0 0 0 0 1 0 Julie A Freischlag MD EVP Health Aff. 0 2522156 0 1971675 0 700238 0 18294 0 31794 0 5244157 0 624800 David P Clawson Football Coach 4664128 0 30000 0 80419 0 33000 0 45095 0 4852642 0 0 0 Steve Forbes Men's BktBall Co 2237878 0 0 0 43698 0 24750 0 37917 0 2344243 0 0 0 Susan R Wente PhD President & Trustee 1041165 0 358750 0 73781 0 250725 0 74955 0 1799376 0 0 0 John A Currie Director of Athletics 797528 0 310000 0 38856 0 99750 0 51713 0 1297847 0 112500 0 B Hofler Milam Former EVP, CFO, Treas 563291 0 48500 0 429863 0 141200 0 29787 0 1212641 0 300000 0 Mark A Petersen SVP - Advancement 650663 0 60000 0 302329 0 82491 0 51377 0 1146860 0 213010 0 Warren D Ruggiero F'ball Offensive Coordinat 1014338 0 45000 0 7883 0 33000 0 39601 0 1139822 0 0 0 Tom Walter Baseball Coach 672124 0 237500 0 5973 0 33000 0 16045 0 964642 0 0 0 Brad Lambert F'ball Defensive Coordinat 847534 0 45000 0 8183 0 16500 0 31262 0 948479 0 0 0 Michele Gillespie PhD Provost 671027 0 55000 0 15843 0 133000 0 27244 0 902114 0 0 0 J Reid Morgan S.VP, Sec, G.C. 462733 0 48000 0 179838 0 73575 0 35299 0 799445 0 112500 0 Jacqueline A Travisano EdD EVP, CFO, Treas 385182 0 273411 0 6245 0 116500 0 12767 0 794105 0 0 0 Charles L Iacovou PhD Dean, School of Profession 489698 0 38333 0 11289 0 117000 0 27279 0 683599 0 0 0 Annette Ranft PhD Dean, School of Business 497814 0 40000 0 12354 0 16500 0 27364 0 594032 0 0 0 Rogan Kersh PhD Former Provost 515679 0 0 0 258 0 33000 0 30121 0 579058 0 0 0 Brian A White VP, Corp. Sec, G.C. 296278 0 75000 0 15585 0 15250 0 17626 0 419739 0 0 0 Anthony P Marsh PhD Interim Dean, Wake Forest College 277792 0 75000 0 423 0 27680 0 36502 0 417397 0 0 0 Jackie Krasas PhD Dean, Wake Forest College 233526 0 0 0 56177 0 11775 0 7096 0 308574 0 0 0 Anita M Conrad Asst Secretary 218267 0 0 0 635 0 22223 0 20775 0 261900 0 0 0 Part I, Line 1a Charter and First-Class Travel: Charter and First-Class travel are sometimes made available for various business and scheduling needs of the officers who are traveling. Athletics personnel sometimes use charters for team travel. Chartered flights are sometimes provided by donors to the university. As such travel is for business purposes only, it is not treated as taxable. Travel for companions: Reimbursed spousal travel is allowed per the filing organization's policy when pursuant to a bona fide business purpose. To the extent that there is a business purpose for the travel, it is not treated as taxable. Tax indemnification and gross-up payments: Individuals may have certain payments grossed up at the discretion of the President, Board of Trustees, CFO, or as provided by their employment contract. All such payments are considered taxable. Discretionary spending account: The President has a discretionary spending account. Any expenses deemed personal are treated as taxable compensation. Residence & personal services: The President is provided lodging for the convenience of the University as a condition of the President's employment, and as such, pursuant to IRC Section 119, it is not deemed a taxable benefit. Certain services, such as cleaning, landscaping and maintenance, are provided as part of the operation of the President's University-owned residence. The value of cleaning attributed to personal spaces is included in the President's taxable income. Social club dues: Social club dues are provided by the University when membership fulfills a university business purpose. All such dues are included in taxable compensation when applicable. Part I, Line 4b Line 4b payments - included in Schedule J, column(C): The compensation of Susan R. Wente PhD, President of Wake Forest University, includes $234,225 shown in Schedule J, Part II, Column C, from her participation in a deferred compensation arrangement. The compensation of Dr. Jacqueline A. Travisano, Ed.D., EVP, CFO, and Treasurer of Wake Forest University, includes $100,000 shown in Schedule J, Part II, Column C, from her participation in a deferred compensation arrangement. The compensation of B. Hofler Milam, former EVP, CFO, and Treasurer, includes a deferred compensation payout of $408,200 which is included in his 2023 Form W-2 and in column B(iii). $300,000 of that payment is shown in Schedule J, Part II, Column F and has been previously reported on a prior year Form 990. His compensation also includes $108,200 shown in Schedule J, Part II, Column C, from his participation in a deferred compensation arrangement. The compensation of J. Reid Morgan, Senior Vice President and General Counsel, includes a deferred compensation payout of $153,075 which is included in his 2023 Form W-2 and in column B(iii). $112,500 of that payment is shown in Schedule J, Part II, Column F and has been previously reported on a prior year Form 990. His compensation also includes $40,575 shown in Schedule J, Part II, Column C, from his participation in a deferred compensation arrangement. The compensation of Mark A. Petersen, VP Advancement, includes a deferred compensation payout of $262,501 which is included in his 2023 Form W-2 and in column B(iii). $213,010 of that payment is shown in Schedule J, Part II, Column F and has been previously reported on a prior year Form 990. His compensation also includes $49,491 shown in Schedule J, Part II, Column C, from his participation in a deferred compensation arrangement. The compensation of Michele Gillespie PhD, Provost, includes $100,000 shown in Schedule J, Part II, Column C, from her participation in a deferred compensation arrangement. The compensation of Charles Iacovou PhD, Dean of Wake Forest School of Professional Studies and Former Dean of Wake Forest School of Business, includes $84,000 shown in Schedule J, Part II, Column C, from his participation in a deferred compensation arrangement. The compensation of John Currie, Athletic Director, includes a deferred compensation payout of $150,000 which is included in his 2023 Form W-2 and in column B(ii). $112,500 of that payment is shown in Schedule J, Part II, Column F and has been previously reported on a prior year Form 990. His compensation also includes $75,000 from participation in a deferred compensation arrangement included in Schedule J, Part II, Column C. The compensation of Julie Ann Freischlag M.D., Executive Vice President for Health Affairs, includes a payment of $624,800 on her deferred compensation arrangement, which is included in her 2023 W-2 and reported in Schedule J, Part II, Column B(iii) and Column F. All compensation to Dr. Freischlag is paid by a related organization as described later in Sch J, Part III. Part I, Line 7 Various Officers and Key Employees have incentive compensation components contained in their employment agreements. These are often goal-based and are determined in the course of evaluation of the employee's performance by his or her supervisor or the compensation committee of the filing organization's board, as applicable. Others are awarded discretionary amounts, but within budgetary constraints. Other non-fixed payments may include sums for relocation that are typically included as a provision in an employment agreement. All such payments are reflected on the individual's W-2 when applicable. Schedule J, Part II The following individuals have amounts included in Schedule J, column D (nontaxable benefits) for tuition provided to family members under the Wake Forest University Tuition Concession Plan for Dependent Children. David P. Clawson: $9,849 John A. Currie: $17,637 Anthony P. Marsh: $9,580 Mark A. Peterson: $23,680 Warren D. Ruggiero: $11,840 Steve Forbes: $6,043 Tom Walker: $6,028 All compensation provided to Julie Ann Freischlag M.D. (Current EVP- Health Affairs) was paid by a related organization, Wake Forest University Health Sciences (WFUHS), for her service as an employees of that related organization (and other related and affiliated organizations comprising the academic medical center of which the filing organization's Medical School is a part) and not for any of her services as an officer or former officer of the filing organization. Wake Forest University Baptist Medical Center (WFUBMC) is the organization that has been delegated authority to operate WFUHS and the North Carolina Baptist Hospital (NCBH), an unrelated but affiliated organization, and all of the respective subsidiaries of each of WFUHS and NCBH. Filing organization Wake Forest University (WFU) is one of three Members of WFUBMC; the other two Members are NCBH and Atrium Health, Inc. A NC Capital Facs Fin Agency 561592154 65818PKVO 2016-07-27 190092829 See Part VI 0 0 0 B NC Capital Facs Fin Agency 561592154 65818PMZ9 2018-07-26 107737205 See Part VI 0 0 0 A 5395000 190248809 2170879 1214783 65163737 121699410 2019 1 1 1 1 B 100000 108558082 3594340 818325 104145417 2021 0 0 1 1 A 0 1 1 1 0 0.00650 0.00320 0.00970 0 0 1 B 0 0 1 1 0 0.00780 0.00780 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 Date Rebate Computation Performed Issuer Name: NC Capital Facs Fin Agency Date the Rebate Computation was Performed: 08/27/2020 Issuer Name: NC Capital Facs Fin Agency Date the Rebate Computation was Performed: 07/22/2022 Schedule K Part II Bond A,Col(a) Issuer's Name: North Carolina Capital Facilities Finance Agency Bond A,Col(f) The Educational Facilities Revenue Bonds (Wake Forest University), Series 2016 were used for New Capital Facilities and to fund the refinancing escrow for the 2009 Bond. It also refunded a line of credit used to finance the initial building processes covered by the 2016 bond. Bond B,Col(a) Issuer's Name: North Carolina Capital Facilities Finance Agency Bond B,Col(f) The Educational Facilities Revenue Bonds (Wake Forest University), Series 2018 were issued for the purpose of repaying a portion of the line of credit and financing the costs of acquisition, construction, renovation, and installation of capital assets of the Reynolda Campus. Bond A, Total proceeds of issue include interest earned of $155,980 Bond B, Total proceeds of issue include interest earned of $820,877 Not Required See Part V 19939 Tuition Concession Education Not Required See Part V 93480 Scholarships Education Chris Hardy See Part V 94764 Compensation 0 Flow Properties LLC See Part V 102753 Property Rental Payments 0 Schedule L Part III The University has an employee dependent tuition remission benefit plan, which is available to all employees and their eligible dependents. Various listed persons have received, or have dependents who are currently receiving, tuition remission benefits under this plan.The filing organization awards scholarships for various purposes. As noted in Form 990, Part III, about 49% of our graduate and undergraduate students receive scholarships or other financial aid. Various listed persons have received or have dependents who have received merit scholarships, summer research scholarships and/or study abroad scholarships.Part IVChris Hardy: Family member of the organization's president, Susan R. Wente, was paid wages for his employment with the filing organization.Flow Properties, LLC, a 35% controlled entity of Don Flow, trustee, was paid rent for property used by the filing organization in the ordinary course of business. X 6 30300 Appraised Value X 153 198875 Sales Proceeds X 641 8109759 Market Value X Gift Cards 1 60 Market Value X Equipment 1 30 Market Value 9 0 1 1 Part I, Line 32b: Part I, Line 32b. The organization uses CARS to process and sell vehicle donations to its radio station, WFDD. CARS acts as an agent for the organization in this process, retaining a flat percentage fee and forwarding net proceeds to the University. Various banks and brokers are used to sell donated securities. Local real estate agents are used to sell real property donations. Form 990, Part VI, Section A, line 2 Winston-Salem is a relatively small city, and some of the officers, key employees, and trustees of the filing organization (the "specified group") have routine business dealings with each other. These include the following: some trustees are members or employees of law firms that provide legal services to some of the specified group or to businesses owned or operated by members of the specified group and to the filing organization; and some members of the specified group have banking relationships with banks in which trustees are executives; members of the specified group may also have common investments; and some members may serve together on boards of other entities. As noted in the response to Part VI, Question 12, however, the filing organization has a written conflict of interest policy designed to ensure that none of these transactions adversely affects the filing organization. Interested party transactions with the filing organization that meet the required thresholds, if any, are disclosed on Schedule L. Form 990, Part VI, Section B, line 11b Line 11b Explanation - The organization sends a draft of the Form 990 to its governing board (Board of Trustees) prior to its filing, allowing adequate time for follow-up questions and comments. The draft form is reviewed with the Audit & Compliance Committee of the organization's Board of Trustees. The organization provides a complete copy of the finalized Form 990 to the entire Board of Trustees prior to filing the Form 990 with the IRS. Form 990, Part VI, Section B, line 12c The organization requires officers and key employees to annually review the conflict of interest policy and determine and report any actual and potential conflicts. In addition to the annual disclosure, officers and key employees are required to disclose actual and potential conflicts when they arise. Any actual and potential conflicts noted in the disclosures are reviewed for appropriate resolution by an appropriate reviewer and the organization's Compliance Office. All members of the Board of Trustees are similarly required to determine and report annually, and as they arise, any actual or potential conflicts of interest to the organization's Audit and Compliance Committee. Conflict of interest management plans are prepared in accordance with the applicable policy for all those officers, trustees, and key employees who are found to have conflicts. The conflict management plans are approved by appropriate individuals, also in accordance with the applicable policy. University officers are asked to certify annually that trustees have not exercised inappropriate influence concerning matters within the conflict management plan. Officers and key employees are monitored in accordance with the agreed upon management plan. The resolution of potential and actual conflicts for members of the Board of Trustees is subject to the approval of the Chair of the Board (or by the Vice Chair in cases of conflicts involving the Chair)and is reported to the Chair of the Audit & Compliance Committee of the Board of Trustees. Form 990, Part VI, Section B, line 15 An external compensation consultant experienced in higher education compensation presents available total compensation comparability data for the positions for which compensation is being determined. Other sources of data are used as well to supplement this process. The data is reviewed by the Compensation Committee of the organization's governing board at its meetings; none of the members of that committee are employees of the organization. The Compensation Committee of the organization's governing board has been delegated the authority to review and approve compensation. Minutes of the deliberations of the committee are contemporaneously recorded. In the event that any member of the Compensation Committee has a conflict of interest, that committee member does not participate in the deliberation or approval process and their abstention from the process is reflected in the minutes. Form 990, Part VI, Section B, Line 15B An external compensation consultant experienced in higher education compensation presents available total compensation comparability data for the positions for which compensation is being determined. Other sources of data are used as well to supplement this process. The data is reviewed by the Compensation Committee of the organization's governing board at its meetings; none of the members of that committee are employees of the organization. The Compensation Committee of the organization's governing board has been delegated the authority to review and approve compensation. Minutes of the deliberations of the committee are contemporaneously recorded. In the event that any member of the Compensation Committee has a conflict of interest, that committee member does not participate in the deliberation or approval process and their abstention from the process is reflected in the minutes. Form 990, Part VI, Section C, line 19 The organization's Articles of Incorporation are available to the public on request and are available on the website of the North Carolina Secretary of State. The organization's bylaws are not published, but provisions from the bylaws are included as necessary in the organization's policies. The organization's conflicts of interest policy is available to the public on request. The organization's consolidated financial statements are made available to the public on the University's website. Form 990 Part VII Hours Allocated to This and Other Related and Affiliated Organizations: Susan R. Wente, PhD. Filing Organization: 29.3 hours Related Organizations: 10.7 hours Jacqueline A. Travisan, Ed.D. Filing Organization: 36.5 hours Related Organizations: 3.5 hours J. Reid Morgan Filing Organization: 19.7 hours Related Organizations: 20.3 hours Brian A. White Filing Organization: 19.7 hours Related Organizations: 20.3 hours Anita Conrad (through 10/31/23) Filing Organization: 21 hours Related Organizations: 19 hours Dr. Julie A. Freischlag MD Filing Organization: 2 hours Related Organizations: 21.2 hours Affiliated Organizations: 16.8 hours Form 990 Part VII Julie A. Freischlag, M.D. All compensation provided to Julie A. Freishlag, M.D. was paid by a related organization, Wake Forest University Health Sciences (WFUHS) for her services as an officer of that related organization (and other related and unrelated organizations comprising the academic medical center of which the filing organization's Medical School is a part) and not for any of her services as an officer of the filing organization. Wake Forest University Baptist Medical Center (WFUBMC) is the organization that has been delegated authority to operate WFUHS and the North Carolina Baptist Hospital (NCBH), an unrelated but affiliated organization, and all of the respective subsidiaries of each of WFUHS and NCBH. WFUBMC's three Members are the filing organization Wake Forest University (WFU), NCBH, and Atrium Health, Inc. Dr. Freischlag is the Executive Vice President of Health Affairs of the filing organization and is also the CEO of each of WFUBMC, WFUHS, and NCBH as well as Chief Academic Officer of the Medical Center and of the Atrium enterprise. Dr. Freischlag's remaining work hours are divided among those entities she serves, and their respective subsidiaries. NCBH is unrelated to the filing organization, thus the hours are not reported in Part VII. Deacon Blvd Holdings I LLC PO Box 7201 WinstonSalem NC 27109 262203211 Real Estate Holding - Currently Inactive NC 0 2469 N/A Creative Cafe' LLC PO Box 7201 WinstonSalem NC 27109 263700428 No Operations NC 0 0 N/A Wake Forest University Spain SL C/Toro 84-90 Oficina Izquierda Salamanca Salamanca SP 37120 560532138 Study abroad educ. activities SP 447918 702926 N/A Wake Forest Advantage LLC PO Box 7201 Winston Salem NC 27109 462754916 Study Abroad NC 0 42120 N/A Verger Fund I LLC 751 W Fourth Street Suite 410 Winston Salem NC 27101 560532138 Holding Verger Capital Fund DE 39965830 923993583 N/A Wake Forest University Foundation PO Box 7201 WinstonSalem NC 27109 562038193 Real Estate Holding and Management NC 501(c)(3) Line 12a, I Wake Forest University 1 Wake Forest University Health Sciences Medical Center Blvd WinstonSalem NC 27157 223849199 Medical Education, research and patient care NC 501(c)(3) Line 2 Wake Forest University 1 Wake Forest University Development Foundation PO Box 7201 WinstonSalem NC 27109 562038194 Management/Sale of charitable real property donations NC 501(c)(3) Line 12a, I Wake Forest University 1 Reynolda House Inc PO Box 7287 WinstonSalem NC 27109 560810676 Museum of American Art NC 501(c)(3) Line 7 Wake Forest University 1 Fundacion Educacional Wake Forest Chile 280 Santa Lucia Santiago CI 560532138 Study Abroad Education CI 501(c)(3) Wake Forest University 1 Wake Forest Univ Baptist Med Center Medical Center Blvd WinstonSalem NC 27157 510190238 Supports WFU, WFU Health Sciences, NC Baptist Hospital NC 501(c)(3) Line 12a, I WFU 50 & NC Baptist Hospital 50 0 Wake Forest Univ Health Sciences Group Medical Center Blvd WinstonSalem NC 27157 900222618 Kidney dialysis treatment centers NC 501(c)(3) Line 12a, I WFU Health Sciences 0 Wake Forest Innovation Quarter Development Company Medical Center Blvd WinstonSalem NC 27157 562094067 Research Park development NC 501(c)(6) WFU Health Sciences 0 Innovation Quarter Medical Center Blvd WinstonSalem NC 27157 061818498 Research park development NC 501(c)(3) Line 12a, I WFU Health Sciences 0 RegenMed Development Organization Medical Center Blvd WinstonSalem NC 27157 202710571 Education supporting Regenerative Med. NC 501(c)(3) Line 7 WFU Health Sciences 0 Wake Forest Innovation Quarter CDC Medical Center Blvd WinstonSalem NC 27157 200177581 Research development NC 501(c)(3) Line 12a, I WFU Health Sciences 0 Childress Institute for Pediatric Trauma 575 N Patterson Ave Ste 140 WinstonSalem NC 27101 463674691 Medical Research NC 501(c)(3) Line 3 WFU Health Sciences 0 Wake Forest Emergency Providers Medical Center Blvd WinstonSalem NC 27157 561903275 Operates Primary Care Clinics NC 501(c)(3) Line 3 WFU Health Sciences 0 The James W Denmark Loan Fund Inc PO Box 7354 WinstonSalem NC 27109 560774769 Student Loan Provider NC 501(c)(3) Line 12c, III N/A 0 Verger Capital Management LLC 751 W Fourth Street Suite 410 Winston Salem NC 27101 464037343 Asset Management DE Wake Forest Univ 1026573 7379299 0 0 1.00000 Verger Capital Fund LLC 751 W Fourth Street Suite 410 Winston Salem NC 27101 464027021 Endowment investing DE Verger Fund I 39965830 923993583 0 0 0.50560 Wake Forest Technology Development Prog 2520 Meridian Pkwy 400 Durham NC 27713 475437596 Tech Devel. NC WFU Health Sciences 0 0 Verger Fund II LLC 751 W Fourth Street Suite 410 WinstonSalem NC 27101 352514227 Endowment investing DE WFU Health Sciences 0 0 Wake Forest Ambulatory VTR LLC Medical Center Blvd WinstonSalem NC 27157 820777206 Healthcare NC WFU Health Sciences 0 0 Charitable Remain Trusts (26) 1834 Wake Forest Road WinstonSalem NC 27109 Investment NC WFU T 0 Charitable Remain Trusts (3) Medical Center Blvd Winston Salem NC 27157 Investment NC WFU Health Sciences T 0 0 1 1 1 0 0 0 0 0 1 0 1 1 1 1 1 1 1 1 Wake Forest University Foundation D 1472413 Cash Transfer Wake Forest University Foundation O 38697 Fair Value Wake Forest University Health Sciences C 1000000 Cash Transfer Wake Forest University Health Sciences P 6947809 Cash Transfer Wake Forest University Health Sciences Q 4816535 Cash Transfer Wake Forest University Development Foundation C 124523 Cash Transfer Wake Forest University Development Foundation O 20891 Fair Value Reynolda House Inc B 582000 Cash Transfer Reynolda House Inc Q 320517 Cash Transfer Verger Capital Management LLC Q 2068 Cash Transfer Verger Capital Management LLC M 3645358 Investment Management Fees Verger Capital Fund LLC R 22649962 Cash Transfer Verger Capital Fund LLC S 41308803 Cash Transfer Part VII Verger Capital Management, LLC is a controlled entity that is taxable as a Partnership. It was formed to manage the investment activities for the endowment assets of the University and the Wake Forest controlled group. Verger Capital Fund (VCF) was created in order to hold the filing organization's Endowment Assets for investment, assets of other members of the controlled group, and assets from other, unrelated, entities for investment. Verger Fund I is a disregarded entity that holds the University's partnership interest in Verger Capital Fund, the entity holding the Endowment assets. Verger Fund II is the partnership which holds the interest in VCF (endowment assets) for the other members of the WFU controlled group. These subsidiary entities have a combined controlling interest in the partnership, thus the common parent, Wake Forest University has an indirect controlling interest. Wake Forest Technology Development Program, LP and Wake Forest Ambulatory Ventures, LLC are partnerships controlled by Wake Forest University Health Sciences. Since Wake Forest University is deemed to control Wake Forest University Health Sciences, it has an indirect controlling interest in these partnerships.