Skip to content
Nonprofiteer
← WAKE FOREST UNIVERSITY

Form 990 for tax year 2024

Filed by WAKE FOREST UNIVERSITY.

Totals

Total revenue
$843,176,173
Total expenses
$786,273,688
Contributions and grants received
$158,466,076
Grants paid
$161,601,582
Program service revenue
$579,543,426
Investment income
$78,404,877
Other revenue
$26,761,794
Total assets, end of year
$2,983,355,494
Total liabilities, end of year
$850,043,852
Net assets or fund balances, end of year
$2,133,311,642
Program services expenses (Part IX)
$670,745,090
Management and general expenses
$88,076,077
Fundraising expenses
$27,452,521
Program service expenses (Part III)
$670,745,090

Program services were 85.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $4,507

  • 1d · Related organizations

    $1,000,000

  • 1e · Government grants (contributions)

    $14,673,575

  • 1f · All other contributions, gifts and grants

    $142,787,994

  • 1g · Noncash contributions included above

    $12,773,163

  • 2a · Program service revenue: Tuition and Fees

    total $459,569,927 · related or exempt $459,569,927

  • 2b · Program service revenue: Athletic Programs

    total $56,795,115 · related or exempt $56,795,115

  • 2c · Program service revenue: Student Housing & Dining

    total $53,693,273 · related or exempt $53,693,273

  • 2d · Program service revenue: Student Health Services

    total $4,549,936 · related or exempt $4,549,936

  • 2e · Program service revenue: Organized Activities

    total $3,155,864 · related or exempt $3,155,864

  • 2f · All other program service revenue

    total $1,779,311 · related or exempt $1,508,171 · unrelated business $271,140

  • 3 · Investment income

    total $36,837,631 · unrelated business -$1,013,481 · excluded $37,851,112

  • 5 · Royalties

    total $4,589,824 · excluded $4,589,824

  • 6a · Gross rents

    real property $8,603,157

  • 6b · Less rental expenses

    real property $7,020,723

  • 6c · Rental income or loss

    real property $1,582,434

  • 6d · Net rental income or loss

    total $1,582,434 · unrelated business $835,245 · excluded $747,189

  • 7a · Gross sales of assets other than inventory

    securities $515,056,268 · other assets $50,539

  • 7b · Less cost or other basis and sales expenses

    securities $473,538,093 · other assets $1,468

  • 7c · Gain or loss

    securities $41,518,175 · other assets $49,071

  • 7d · Net gain or loss

    total $41,567,246 · excluded $41,567,246

  • 8a · Fundraising events: gross income

    $46,825

  • 8a · Fundraising events: contributions included on line 1c

    $4,507

  • 8b · Fundraising events: direct expenses

    $19,058

  • 8c · Net income from fundraising events

    total $27,767 · excluded $27,767

  • 10a · Gross sales of inventory

    $10,146,101

  • 10b · Cost of goods sold

    $984,381

  • 10c · Net income from sales of inventory

    total $9,161,720 · unrelated business $7,000,310 · excluded $2,161,410

  • 11a · Other revenue: Executive Educ/Other Instr

    total $6,117,228 · related or exempt $6,117,228

  • 11b · Other revenue: Parking Revenue

    total $2,751,534 · excluded $2,751,534

  • 11c · Other revenue: Sponsorship Payments

    total $1,901,361 · excluded $1,901,361

  • 11d · All other revenue

    total $629,926 · excluded $629,926

  • 11e · Other revenue, total

    $11,400,049

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $19,391,004 · program services $19,391,004

  • 2 · Grants to domestic individuals

    total $140,821,717 · program services $140,821,717

  • 3 · Grants to foreign organizations and individuals

    total $1,388,861 · program services $1,388,861

  • 5 · Compensation of officers, directors and key employees

    total $6,536,233 · program services $2,614,493 · management and general $3,268,117 · fundraising $653,623

  • 7 · Other salaries and wages

    total $281,185,298 · program services $225,028,784 · management and general $42,604,958 · fundraising $13,551,556

  • 8 · Pension plan contributions

    total $19,143,903 · program services $14,989,407 · management and general $3,198,180 · fundraising $956,316

  • 9 · Other employee benefits

    total $36,050,556 · program services $25,642,377 · management and general $6,076,492 · fundraising $4,331,687

  • 10 · Payroll taxes

    total $18,334,601 · program services $14,387,350 · management and general $3,041,272 · fundraising $905,979

  • 11b · Fees: legal

    total $2,744,457 · program services $300,182 · management and general $2,444,275

  • 11c · Fees: accounting

    total $411,879 · management and general $411,879

  • 11f · Fees: investment management

    total $11,254,249 · program services $7,315,262 · management and general $3,938,987

  • 11g · Fees: other

    total $31,470,396 · program services $25,288,171 · management and general $3,501,040 · fundraising $2,681,185

  • 12 · Advertising and promotion

    total $4,724,153 · program services $4,004,061 · management and general $313,549 · fundraising $406,543

  • 13 · Office expenses

    total $11,437,828 · program services $9,409,580 · management and general $1,048,790 · fundraising $979,458

  • 14 · Information technology

    total $4,808,022 · program services $4,467,015 · management and general $337,347 · fundraising $3,660

  • 15 · Royalties

    total $3,050 · program services $3,050

  • 16 · Occupancy

    total $10,906,391 · program services $10,760,395 · management and general $139,257 · fundraising $6,739

  • 17 · Travel

    total $16,707,564 · program services $15,721,053 · management and general $328,911 · fundraising $657,600

  • 19 · Conferences, conventions and meetings

    total $6,621,448 · program services $5,635,702 · management and general $828,603 · fundraising $157,143

  • 20 · Interest

    total $20,485,722 · program services $19,814,476 · management and general $671,246

  • 22 · Depreciation, depletion and amortization

    total $52,377,863 · program services $46,824,560 · management and general $5,553,303

  • 23 · Insurance

    total $4,048,718 · program services $1,302,961 · management and general $2,745,689 · fundraising $68

  • 24a · Other expenses: Settlement Obligations

    total $31,065,630 · program services $31,065,630

  • 24b · Other expenses: Repairs and Maintenance

    total $12,438,410 · program services $10,974,132 · management and general $980,567 · fundraising $483,711

  • 24c · Other expenses: Dues. Licenses, Subscri

    total $11,814,217 · program services $5,771,177 · management and general $5,828,251 · fundraising $214,789

  • 24d · Other expenses: Student Activities

    total $9,926,385 · program services $8,245,454 · management and general $412,763 · fundraising $1,268,168

  • 24e · All other expenses

    total $20,175,133 · program services $19,578,236 · management and general $402,601 · fundraising $194,296

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $34,616,280 · end of year $43,478,836

  • 3 · Pledges and grants receivable

    beginning of year $123,478,893 · end of year $129,023,122

  • 4 · Accounts receivable

    beginning of year $19,513,938 · end of year $22,234,727

  • 7 · Other notes and loans receivable

    beginning of year $6,600,681 · end of year $4,460,171

  • 8 · Inventories for sale or use

    beginning of year $1,145,943 · end of year $1,158,948

  • 9 · Prepaid expenses and deferred charges

    beginning of year $8,380,357 · end of year $9,553,735

  • 10a · Land, buildings and equipment: cost or other basis

    $1,461,637,327

  • 10b · Land, buildings and equipment: accumulated depreciation

    $707,594,463

  • 10c · Land, buildings and equipment, net

    beginning of year $752,352,085 · end of year $754,042,864

  • 11 · Investments: publicly traded securities

    beginning of year $526,020,022 · end of year $558,995,088

  • 12 · Investments: other securities

    beginning of year $1,308,822,432 · end of year $1,428,065,400

  • 14 · Intangible assets

    beginning of year $667,335 · end of year $11,920,640

  • 15 · Other assets

    beginning of year $22,525,435 · end of year $20,421,963

  • 17 · Accounts payable and accrued expenses

    beginning of year $51,007,411 · end of year $45,417,462

  • 19 · Deferred revenue

    beginning of year $84,205,133 · end of year $77,865,155

  • 20 · Tax-exempt bond liabilities

    beginning of year $248,637,935 · end of year $246,289,708

  • 21 · Escrow or custodial account liability

    beginning of year $6,665,360 · end of year $7,467,491

  • 23 · Secured mortgages and notes payable

    beginning of year $65,642,589 · end of year $74,187,935

  • 24 · Unsecured notes and loans payable

    beginning of year $245,085,000 · end of year $240,025,000

  • 25 · Other liabilities

    beginning of year $115,384,431 · end of year $158,791,101

  • 27 · Net assets without donor restrictions

    beginning of year $921,003,811 · end of year $959,933,072

  • 28 · Net assets with donor restrictions

    beginning of year $1,066,491,731 · end of year $1,173,378,570

Mission and programs · 2024

Mission

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.

Activities or mission (Part I)

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.

  • 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 varied 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 2024, Wake Forest's enrollment was comprised of 5,490 undergraduates and 2,563 graduate students for a total of 8,053. Undergraduates in Fall 2024 came from all 50 U.S. states; Washington, D.C.; other U.S. territories and possessions; and approximately 40 international countries. Women represented 54% of the undergraduate population and international students accounted for 8% of the total. Wake Forest offered 49 majors and 62 minors in Wake Forest College and in the School of Business in 2024-25. In the Fall 2024 semester, 99% 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 2024 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 85% 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 nearly 50 of its own international study programs and offers students access to approximately 400 more through various affiliation agreements. In 2024-25, a record total of 1,171 undergraduates studied in 61 cities in 35 countries, traveling an estimated 10.8 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, 97.4% of graduates in Wake Forest's Class of 2024 held full-time positions for which bar passage was required or for which a JD degree was advantageous. That rate is the third-highest in the country for that year. 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; a second Medical School campus in a new innovation district in Charlotte known as The Pearl; 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 FY25 alone, the University created 175 new scholarships in the name of expanding its reach. Approximately 48% of the undergraduate student population and the vast majority of graduate students received financial aid awards in the form of grants or loans in 2024-25.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. Approximately 97% of Class of 2024 graduates had secured employment or a graduate school opportunity within six months of receiving Wake Forest degrees.

    Expenses $436,455,868 · Grants $126,343,485 · Revenue $459,569,927

  • Residence Halls & Dining:In the interest of building community, Wake Forest requires all undergraduates to live on campus for at least three years. Only 10 of the 189 research institutions with data in a November 2024 survey by collegetransitions.com 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 November 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 11 NCAA team championships: three each in men's golf and field hockey; two in men's tennis, the most recent of which was earned in May 2025; and one each in baseball, women's golf and men's soccer. Wake Forest is one of only 30 Division I schools with titles in six unique sports. The median undergraduate enrollment of this group in Fall 2023 was 32,574 almost six times the Wake Forest figure.

    Expenses $108,638,963 · Grants $18,034,646 · Revenue $111,739,621

  • 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 interests; 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 (OCCE) 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 2024-25 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 seven unique community organizations to help meet various public-health needs. In 2024-25, approximately 47% of undergraduates participated in at least one of the three major campus fundraising events supporting cancer research. In 2024-25, the OCCE celebrated the fifth anniversary of its Virtual Tutoring initiative. Born amid the restrictions related to COVID-19, the program has helped more than 700 students in nearly all Winston-Salem/Forsyth County Schools. In 2024-25 alone, unique tutees benefited from the guidance and mentorship of 164 Wake Forest students. Nearly one of every 14 Wake Forest graduates in the Class of 2025 participated in at least one academic year of tutoring while undergraduates.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 40 club sports and 37 intramural leagues and competitions. Nearly every late afternoon and early evening features contests in several distinct sports. In 2024-25, approximately one of every four undergraduates took a fitness class.

    Expenses $73,897,470 · Revenue $3,155,864

  • Research: Wake Forest is classified as a Research 2: High-Research Spending and Doctorate Production, 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 nearly 1 million physical books and nearly 1 million 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 2024, nearly 140 students presented their work, achieved under the guidance of faculty in 25 unique academic disciplines. In the Class of 2025, approximately one of every 12 graduates had participated in at least one Undergraduate Research Day. Wake Forest is also a national leader in the study of leadership and character. The Program for Leadership and Character, an initiative that seeks to inspire, educate and empower leaders of character to serve humanity, has two missions. The first is to impact its own campus by creating programming and developing leaders in and out of the classroom. The second mission, known as the Educating Character Initiative (ECI), equips other institutions with the resources, funding and support necessary to integrate character education into their distinctive educational contexts, curricula and cultures. Wake Forest has redirected more than $35 million in grants from the Lilly Endowment Inc., of Indianapolis, Indiana, and other organizations to more than 140 other colleges and universities through this program. In FY25, Wake Forest announced 40 grants of up to $50,000 each to 42 institutions. By 2030, the ECI aspires to impact 600,000 college students nationwide.Research at Wake Forest is enhanced by the work of 11 discipline-specific institutes and centers. In 2024-25, 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;The Center for Literary Education, which promotes creative intellectual partnerships that facilitate interdisciplinary scholarship and teaching and bring literacy to life through community engagement; andThe Center for Research, Engagement and Collaboration in African American Life (RECAAL), which serves as an incubator of ideas promoting awareness about the complex experiences of Black people in the United States.Conference Services: Wake 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. WFDD: The University owns the broadcast license for 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.In FY25, the University completed the implementation of its student information system, Workday Student. In August of 2024, the final phases of the student experience cycle application for graduation; transcripts; grading; and degree verification were brought online.

    Expenses $51,752,789 · Grants $17,223,449 · Revenue $11,195,242

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jeanne Whitman Bobbitt

    Board Chair

    Total calculated
    $0
    Hours/week
    15

  • Curtis C Farmer

    Board Vice Chair

    Total calculated
    $0
    Hours/week
    6 + 2 related

  • Matthew A King

    Board Vice Chair

    Total calculated
    $0
    Hours/week
    6 + 7 related

  • Alexander Acquavella

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • Diana M Adams

    Comm Vice Chair

    Total calculated
    $0
    Hours/week
    4

  • Lynn C Baranski

    Trustee

    Total calculated
    $0
    Hours/week
    3 + 0.6 related

  • Shelmer D Blackburn Jr

    Committee Chair

    Total calculated
    $0
    Hours/week
    5 + 0.2 related

  • Darlene Boytell-Perez

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • Rich Brock

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • Peter C Brockway

    Comm Vice Chair

    Total calculated
    $0
    Hours/week
    4 + 0.6 related

  • Thomas W Bunn

    Comm Vice Chair

    Total calculated
    $0
    Hours/week
    4

  • Jocelyn Burton

    Committee Chair

    Total calculated
    $0
    Hours/week
    6

  • Peter M Carlson

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • David F Couch

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • Matthew Starbuck Crawford

    Comm Vice Chair

    Total calculated
    $0
    Hours/week
    4 + 3 related

  • Jermyn M Davis

    Committee Chair

    Total calculated
    $0
    Hours/week
    6

  • James E Dixon

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • The Honorable Donna F Edwards

    Trustee

    Total calculated
    $0
    Hours/week
    4

  • Cantey M Ergen

    Committee Chair

    Total calculated
    $0
    Hours/week
    4 + 0.6 related

  • Frederick W Eubank II

    Comm Vice Chair

    Total calculated
    $0
    Hours/week
    4 + 2.6 related

  • Lisbeth Clark Evans

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • Helen Hough Feinberg

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • Anil Rai Gupta

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • Julie Ann Mullen Hartman

    Trustee

    Total calculated
    $0
    Hours/week
    4 + 4 related

  • Marybeth Torbet Hays

    Comm Vice Chair

    Total calculated
    $0
    Hours/week
    6 + 2.6 related

  • Frank B Holding Jr

    Committee Chair

    Total calculated
    $0
    Hours/week
    5 + 0.6 related

  • A Dale Jenkins

    Committee Chair

    Total calculated
    $0
    Hours/week
    4 + 8 related

  • Deborah D Lambert

    Trustee

    Total calculated
    $0
    Hours/week
    4

  • Aubrey L Martin

    Trustee

    Total calculated
    $0
    Hours/week
    3 + 0.6 related

  • Jane McGraw

    Committee Chair

    Total calculated
    $0
    Hours/week
    4

  • James M O'Connell

    Trustee

    Total calculated
    $0
    Hours/week
    3 + 3.6 related

  • Gary S Pinkus

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • Rev Dr Prince R Rivers

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • Gerald F Roach

    Trustee

    Total calculated
    $0
    Hours/week
    6

  • Jorge Rodriguez

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • Stella A Ross

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • Mit B Shah

    Committee Chair

    Total calculated
    $0
    Hours/week
    6 + 3 related

  • Hannah VanderWeide Shue

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • Michael C Smith

    Committee Chair

    Total calculated
    $0
    Hours/week
    6 + 0.6 related

  • Janice K Story

    Trustee

    Total calculated
    $0
    Hours/week
    4

  • Ben C Sutton Jr

    Comm Vice Chair

    Total calculated
    $0
    Hours/week
    5

  • Matthew B Teller

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • Shannan Spence Townsend

    Committee Chair

    Total calculated
    $0
    Hours/week
    6 + 2 related

  • Patricia L Turner

    Trustee

    Total calculated
    $0
    Hours/week
    3 + 0.2 related

  • John M Vann

    Trustee

    Total calculated
    $0
    Hours/week
    3 + 6 related

  • Laura Horton Virkler

    Trustee

    Total calculated
    $0
    Hours/week
    3

  • Eric C Wiseman

    Comm Vice Chair

    Total calculated
    $0
    Hours/week
    5

  • Katherine B Wright

    Committee Chair

    Total calculated
    $0
    Hours/week
    5

  • Susan R Wente PhD

    President & Trustee

    Total calculated
    $1,883,267
    From this org
    $1,519,832
    From related orgs
    $0
    Other
    $363,435
    Hours/week
    29.3 + 10.7 related

    Schedule J breakdown matched by us

    Base
    $1,129,530
    Bonus
    $322,500
    Other
    $67,802
    Deferred
    $288,531
    Nontaxable benefits
    $74,904
    Filer's total
    $1,883,267

  • Julie A Freischlag MD

    EVP Health Aff.

    Total calculated
    $7,634,720
    From this org
    $0
    From related orgs
    $7,594,629
    Other
    $40,091
    Hours/week
    2 + 21.2 related

    Schedule J breakdown matched by us

    Base
    $0 + $2,476,070 related
    Bonus
    $0 + $4,358,126 related
    Other
    $0 + $760,433 related
    Deferred
    $0 + $19,092 related
    Nontaxable benefits
    $0 + $20,999 related
    Filer's total
    $0 + $7,634,720 related

  • Michele Gillespie PhD

    Provost

    Total calculated
    $1,127,825
    From this org
    $1,015,247
    From related orgs
    $0
    Other
    $112,578
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $738,556
    Bonus
    $52,600
    Other
    $224,091
    Deferred
    $84,500
    Nontaxable benefits
    $28,078
    Filer's total
    $1,127,825

  • Jacqueline A Travisano EdD

    EVP, CFO, Treas

    Total calculated
    $1,096,045
    From this org
    $852,445
    From related orgs
    $0
    Other
    $243,600
    Hours/week
    36.5 + 3.5 related

    Schedule J breakdown matched by us

    Base
    $783,456
    Bonus
    $56,500
    Other
    $12,489
    Deferred
    $217,250
    Nontaxable benefits
    $26,350
    Filer's total
    $1,096,045

  • Brian A White

    VP, Corp. Sec, G.C.

    Total calculated
    $740,874
    From this org
    $693,061
    From related orgs
    $0
    Other
    $47,813
    Hours/week
    19.7 + 20.2 related

    Schedule J breakdown matched by us

    Base
    $611,099
    Bonus
    $58,000
    Other
    $23,962
    Deferred
    $17,250
    Nontaxable benefits
    $30,563
    Filer's total
    $740,874

  • John A Currie

    Director of Athletics

    Total calculated
    $1,377,977
    From this org
    $1,254,401
    From related orgs
    $0
    Other
    $123,576
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $984,090
    Bonus
    $240,000
    Other
    $30,311
    Deferred
    $75,875
    Nontaxable benefits
    $47,701
    Filer's total
    $1,377,977

  • Jackie Krasas PhD

    Dean, Wake Forest College

    Total calculated
    $555,165
    From this org
    $523,360
    From related orgs
    $0
    Other
    $31,805
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $475,005
    Bonus
    $36,001
    Other
    $12,354
    Deferred
    $17,250
    Nontaxable benefits
    $14,555
    Filer's total
    $555,165

  • Charles L Iacovou PhD

    Dean, School of Profession

    Total calculated
    $1,007,067
    From this org
    $869,341
    From related orgs
    $0
    Other
    $137,726
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $486,327
    Bonus
    $135,667
    Other
    $247,347
    Deferred
    $109,500
    Nontaxable benefits
    $28,226
    Filer's total
    $1,007,067

  • David P Clawson

    Football Coach

    Total calculated
    $4,951,073
    From this org
    $4,869,999
    From related orgs
    $0
    Other
    $81,074
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $4,763,190
    Bonus
    $30,000
    Other
    $76,809
    Deferred
    $34,500
    Nontaxable benefits
    $46,574
    Filer's total
    $4,951,073

  • Warren D Ruggiero

    F'ball Offensive Coordinat

    Total calculated
    $1,146,966
    From this org
    $1,070,896
    From related orgs
    $0
    Other
    $76,070
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,063,438
    Bonus
    $0
    Other
    $7,458
    Deferred
    $34,500
    Nontaxable benefits
    $41,570
    Filer's total
    $1,146,966

  • Brad Lambert

    F'ball Defensive Coordinat

    Total calculated
    $936,833
    From this org
    $887,048
    From related orgs
    $0
    Other
    $49,785
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $871,590
    Bonus
    $8,000
    Other
    $7,458
    Deferred
    $17,250
    Nontaxable benefits
    $32,535
    Filer's total
    $936,833

  • Steve Forbes

    Men's BktBall Co

    Total calculated
    $2,586,667
    From this org
    $2,515,493
    From related orgs
    $0
    Other
    $71,174
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $2,387,140
    Bonus
    $92,000
    Other
    $36,353
    Deferred
    $25,875
    Nontaxable benefits
    $45,299
    Filer's total
    $2,586,667

  • J Reid Morgan

    Former S.VP, Sec, G.C.

    Total calculated
    $469,700
    From this org
    $412,282
    From related orgs
    $0
    Other
    $57,418
    Hours/week
    19.7 + 20.2 related

    Schedule J breakdown matched by us

    Base
    $366,986
    Bonus
    $39,600
    Other
    $5,696
    Deferred
    $34,500
    Nontaxable benefits
    $22,918
    Filer's total
    $469,700

  • Rogan Kersh PhD

    Former Provost

    Total calculated
    $240,987
    From this org
    $205,645
    From related orgs
    $0
    Other
    $35,342
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,447
    Bonus
    $0
    Other
    $198
    Deferred
    $21,183
    Nontaxable benefits
    $14,159
    Filer's total
    $240,987

  • B Hofler Milam

    Former EVP, CFO, Treas

    Total calculated
    $496,274
    From this org
    $439,002
    From related orgs
    $0
    Other
    $57,272
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $438,631
    Bonus
    $0
    Other
    $371
    Deferred
    $34,500
    Nontaxable benefits
    $22,772
    Filer's total
    $496,274

  • Mark A Petersen

    SVP - Advancement

    Total calculated
    $962,796
    From this org
    $796,310
    From related orgs
    $0
    Other
    $166,486
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $705,672
    Bonus
    $60,000
    Other
    $30,638
    Deferred
    $119,500
    Nontaxable benefits
    $46,986
    Filer's total
    $962,796

  • Anthony P Marsh PhD

    Senior Associate Dean, Wake Forest College

    Total calculated
    $314,630
    From this org
    $250,201
    From related orgs
    $0
    Other
    $64,429
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,805
    Bonus
    $0
    Other
    $396
    Deferred
    $26,195
    Nontaxable benefits
    $38,234
    Filer's total
    $314,630

  • Annette Ranft PhD

    Dean, School of Business

    Total calculated
    $626,025
    From this org
    $593,752
    From related orgs
    $0
    Other
    $32,273
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $544,889
    Bonus
    $34,667
    Other
    $14,196
    Deferred
    $17,250
    Nontaxable benefits
    $15,023
    Filer's total
    $626,025

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1a · Discretionary spending account
  • 1a · Housing allowance or residence for personal use
  • 1a · Health or social club dues or initiation fees
  • 1a · Personal services (maid, chauffeur, chef)
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

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 $262,656 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 $200,000 shown in Schedule J, Part II, Column C, from her participation in a deferred compensation arrangement. The compensation of Mark A. Petersen, VP Advancement, includes $85,000 shown in Schedule J, Part II, Column C, from his participation in a deferred compensation arrangement. The compensation of Michele Gillespie PhD, Provost, includes a deferred compensation payout of $208,200 which is included in her 2024 Form W-2 and in column B(iii). $150,000 of that payment is shown in Schedule J, Part II, Column F and has been previously reported on a prior year Form 990. Her compensation also includes $50,000 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 a deferred compensation payout of $234,450 which is included in his 2024 Form W-2 and in column B(iii). $234,450 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 shown in Schedule J, Part II, Column C, from his participation in a deferred compensation arrangement. The compensation of John Currie, Athletic Director, includes $50,000 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 $688,380 on her deferred compensation arrangement, which is included in her 2024 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: $9,683 John A. Currie: $12,358 Anthony P. Marsh: $10,549 Mark A. Peterson: $18,401 Warren D. Ruggiero: $12,358 Steve Forbes: $12,358 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.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Charitable Remain Trusts (16)

    T · Investment · NC

    Directly controlled by WFU

  • Charitable Remain Trusts (9)

    T · Investment · NC

    Directly controlled by WFU Health Sciences

Provenance

Return type
form_990
Tax year
2024
Filed
13 April 2026
IRS schema version
2024v5.5
Source object
202601359349305890

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.