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Nonprofiteer
← WAKE FOREST INNOVATION QUARTER CDC

Form 990 for tax year 2023

Filed by WAKE FOREST INNOVATION QUARTER CDC.

Totals

Total revenue
$75,240
Total expenses
$10,771
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$240
Other revenue
$75,000
Total assets, end of year
$30,493,666
Total liabilities, end of year
$337,500
Net assets or fund balances, end of year
$30,156,166
Program services expenses (Part IX)
$10,771
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$10,771

Program services were 100.0% 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.

  • 3 · Investment income

    total $240 · excluded $240

  • 6a · Gross rents

    real property $75,000

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $75,000

  • 6d · Net rental income or loss

    total $75,000 · excluded $75,000

Functional expenses

Part IX, the statement of functional expenses.

  • 16 · Occupancy

    total $10,771 · program services $10,771

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,611 · end of year $6,851

  • 4 · Accounts receivable

    beginning of year $10,388 · end of year $10,388

  • 15 · Other assets

    beginning of year $30,487,198 · end of year $30,476,427

  • 19 · Deferred revenue

    beginning of year $412,500 · end of year $337,500

  • 27 · Net assets without donor restrictions

    beginning of year $30,091,697 · end of year $30,156,166

Mission and programs · 2023

Mission

TO DEVELOP AND IMPROVE A LOW-INCOME COMMUNITY IN DOWNTOWN WINSTON-SALEM, NC, AND ENGAGE IN ECONOMIC AND RELATED DEVELOPMENT OF A RESEARCH PARK.

Activities or mission (Part I)

TO DEVELOP AND IMPROVE A LOW-INCOME COMMUNITY IN DOWNTOWN WINSTON-SALEM, NC AND ENGAGE IN ECONOMIC AND RELATED DEVELOPMENT OF A RESEARCH PARK

  • THE ORGANIZATION IS THE DRIVING FORCE BEHIND THE ESTABLISHMENT OF INNOVATION QUARTER, A GROWING URBAN-BASED DISTRICT FOR RESEARCH, BUSINESS, AND EDUCATION IN BIOMEDICAL SCIENCE, INFORMATION TECHNOLOGY, CLINICAL SERVICES, AND ADVANCED MATERIALS. LOCATED IN DOWNTOWN WINSTON-SALEM, IT IS HOME TO MORE THAN 90 COMPANIES, FIVE LEADING ACADEMIC INSTITUTIONS, 3,600 WORKERS, AND 1,800 STUDENTS. THE INNOVATION QUARTER CURRENTLY COMPRISES MORE THAN 2 MILLION SQUARE FEET OF OFFICE, LABORATORY, AND EDUCATION SPACE ON ITS 200 DEVELOPABLE ACRES. GROUNDBREAKING RESEARCH AT WAKE FOREST UNIVERSITY SCHOOL OF MEDICINE ALSO INCLUDES WAKE FOREST INNOVATIONS, A COMMERCIALIZATION ENTERPRISE FOCUSED ON ADVANCING HEALTH CARE THROUGH NEW MEDICAL TECHNOLOGIES AND BIOMEDICAL DISCOVERY.

    Expenses $10,771

As filed on the 2023 return.

Listed in Part VII

  • Susan R Wente PhD

    DIRECTOR & CHAIR

    Total calculated
    $1,799,376
    From this org
    $0
    From related orgs
    $1,473,696
    Other
    $325,680
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,041,165 related
    Bonus
    $0 + $358,750 related
    Other
    $0 + $73,781 related
    Deferred
    $0 + $250,725 related
    Nontaxable benefits
    $0 + $74,955 related
    Filer's total
    $0 + $1,799,376 related

  • J McLain Wallace Jr

    DIRECTOR, VP & TREASURER

    Total calculated
    $1,019,508
    From this org
    $983,574
    From related orgs
    $0
    Other
    $35,934
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $611,075
    Bonus
    $228,185
    Other
    $144,314
    Deferred
    $20,425
    Nontaxable benefits
    $15,509
    Filer's total
    $1,019,508

  • Terry L Hales Jr

    DIRECTOR & PRESIDENT

    Total calculated
    $923,316
    From this org
    $0
    From related orgs
    $867,249
    Other
    $56,067
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $569,946 related
    Bonus
    $0 + $193,050 related
    Other
    $0 + $104,253 related
    Deferred
    $0 + $22,632 related
    Nontaxable benefits
    $0 + $33,435 related
    Filer's total
    $0 + $923,316 related

  • J Reid Morgan

    SECRETARY (TO 6/30/23)

    Total calculated
    $799,445
    From this org
    $0
    From related orgs
    $690,571
    Other
    $108,874
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $462,733 related
    Bonus
    $0 + $48,000 related
    Other
    $0 + $179,838 related
    Deferred
    $0 + $73,575 related
    Nontaxable benefits
    $0 + $35,299 related
    Filer's total
    $0 + $799,445 related

  • Anita Conrad

    ASST SECRETARY (TO 10/31/23)

    Total calculated
    $261,900
    From this org
    $0
    From related orgs
    $218,902
    Other
    $42,998
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $218,267 related
    Bonus
    $0
    Other
    $0 + $635 related
    Deferred
    $0 + $22,223 related
    Nontaxable benefits
    $0 + $20,775 related
    Filer's total
    $0 + $261,900 related

  • Allen Joines

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • C Douglas Maynard MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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

  • 4b · Supplemental nonqualified retirement plan

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
CERTAIN DIRECTORS AND OFFICERS OF THE FILING ORGANIZATION PARTICIPATED IN AND/OR RECEIVED PAYMENTS FROM A NON-QUALIFIED DEFERRED COMPENSATION PLAN (RESTORATION OR SERP). THE DETERMINATION OF THE PAYMENT AMOUNT FROM THE NON-QUALIFIED DEFERRED COMPENSATION PLANS FOLLOWED THE EMPLOYMENT ORGANIZATION'S COMPENSATION PROCEDURES. THE FOLLOWING DIRECTORS AND OFFICERS RECEIVED PAYMENTS FROM NON-QUALIFIED DEFERRED COMPENSATION PLANS DURING THE CURRENT TAX YEAR: TERRY L. HALES, JR. 79,381 J. MCLAIN WALLACE, JR. 114,290 J. REID MORGAN 112,500
FORM 990, PART VII, LINE 5 - COMPENSATION FROM UNRELATED ORGANIZATIONS
J. MCLAIN WALLACE, JR. WAS COMPENSATED BY WAKE FOREST UNIVERSITY BAPTIST MEDICAL CENTER FOR SERVICES RENDERED TO THE ORGANIZATION. SEE PART VII AND SCHEDULE J, PART II FOR COMPENSATION.

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

No itemized grants to organizations on this return.

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.

Related partnerships

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

  • VERGER FUND II LLC

    INVESTMENT · NC

  • WAKE FOREST TECHNOLOGY DEVELOPMENT PROGRAM LP

    INVESTMENT · NC

  • WAKE FOREST AMBULATORY VENTURES LLC

    HEALTHCARE · NC

Related corporations and trusts

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

  • NORTH DISTRICT OWNERS ASSOCIATION

    C · PROPERTY OWNERS ASSOCIATION · NC

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202413209349301711

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