Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1b · Membership dues

  $716,796

• 1c · Fundraising events

  $106,467

• 1d · Related organizations

  $731,356

• 1e · Government grants (contributions)

  $12,500

• 1f · All other contributions, gifts and grants

  $1,187,050

• 1g · Noncash contributions included above

  $73,383

• 2a · Program service revenue: ADMISSIONS

  total $289,584 · related or exempt $289,584

• 2b · Program service revenue: PROGRAMS & EVENTS

  total $105,155 · related or exempt $105,155

• 2c · Program service revenue: NONDEDUCTIBLE FEES

  total $18,080 · related or exempt $18,080

• 3 · Investment income

  total $224,789 · unrelated business -$41,198 · excluded $265,987

• 5 · Royalties

  total $140 · excluded $140

• 7a · Gross sales of assets other than inventory

  securities $1,251,491

• 7c · Gain or loss

  securities $1,251,491

• 7d · Net gain or loss

  total $1,251,491 · excluded $1,251,491

• 8a · Fundraising events: gross income

  $36,096

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

  $106,467

• 8b · Fundraising events: direct expenses

  $69,856

• 8c · Net income from fundraising events

  total -$33,760 · excluded -$33,760

• 10a · Gross sales of inventory

  $172,335

• 10b · Cost of goods sold

  $75,527

• 10c · Net income from sales of inventory

  total $96,808 · related or exempt $96,808

• 11a · Other revenue: MISCELLANEOUS

  total $42,123 · related or exempt $42,123

• 11e · Other revenue, total

  $42,123

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $448,126 · program services $47,122 · management and general $259,637 · fundraising $141,367

• 7 · Other salaries and wages

  total $1,716,056 · program services $1,411,045 · management and general $157,059 · fundraising $147,952

• 8 · Pension plan contributions

  total $101,320 · program services $91,408 · management and general $461 · fundraising $9,451

• 9 · Other employee benefits

  total $171,101 · program services $139,061 · management and general $16,345 · fundraising $15,695

• 10 · Payroll taxes

  total $151,025 · program services $114,355 · management and general $19,656 · fundraising $17,014

• 11c · Fees: accounting

  total $25,310 · management and general $25,310

• 11f · Fees: investment management

  total $266,589 · management and general $266,589

• 11g · Fees: other

  total $301,566 · program services $234,714 · management and general $377 · fundraising $66,475

• 12 · Advertising and promotion

  total $72,631 · program services $72,631

• 13 · Office expenses

  total $200,054 · program services $162,534 · management and general $9,373 · fundraising $28,147

• 14 · Information technology

  total $178,782 · program services $164,844 · management and general $7,736 · fundraising $6,202

• 15 · Royalties

  total $2,604 · program services $2,604

• 16 · Occupancy

  total $585,245 · program services $564,154 · management and general $9,640 · fundraising $11,451

• 17 · Travel

  total $21,526 · program services $17,040 · management and general $3,481 · fundraising $1,005

• 19 · Conferences, conventions and meetings

  total $52,743 · program services $26,220 · management and general $2,893 · fundraising $23,630

• 22 · Depreciation, depletion and amortization

  total $788,166 · program services $762,708 · management and general $15,212 · fundraising $10,246

• 23 · Insurance

  total $66,043 · program services $60,805 · management and general $2,939 · fundraising $2,299

• 24a · Other expenses: EQUIPMENT & GENERAL MAINT

  total $89,562 · program services $86,808 · management and general $1,505 · fundraising $1,249

• 24b · Other expenses: LICENSES/PERMITS

  total $56,599 · program services $43,510 · management and general $12,175 · fundraising $914

• 24c · Other expenses: EXHIBITION FEES

  total $18,612 · program services $18,612

• 24d · Other expenses: ACQUISITION OF ART

  total $1,997 · program services $1,997

• 24e · All other expenses

  total -$96 · program services $645 · management and general -$826 · fundraising $85

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,100 · end of year $1,100

• 2 · Savings and temporary cash investments

  beginning of year $2,060,696 · end of year $3,460,612

• 3 · Pledges and grants receivable

  beginning of year $93,993 · end of year $50,867

• 4 · Accounts receivable

  beginning of year $25,579 · end of year $21,688

• 8 · Inventories for sale or use

  beginning of year $54,835 · end of year $61,774

• 9 · Prepaid expenses and deferred charges

  beginning of year $112,895 · end of year $82,366

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

  $22,071,668

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

  $11,559,138

• 10c · Land, buildings and equipment, net

  beginning of year $11,082,854 · end of year $10,512,530

• 12 · Investments: other securities

  beginning of year $36,854,232 · end of year $37,309,140

• 15 · Other assets

  beginning of year $33,889 · end of year $35,266

• 17 · Accounts payable and accrued expenses

  beginning of year $153,836 · end of year $130,706

• 19 · Deferred revenue

  beginning of year $191,659 · end of year $481,693

• 25 · Other liabilities

  beginning of year $2,429,889 · end of year $2,365,117

• 27 · Net assets without donor restrictions

  beginning of year $38,840,407 · end of year $39,877,693

• 28 · Net assets with donor restrictions

  beginning of year $8,704,282 · end of year $8,680,134

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 1A

SOCIAL CLUB DUES ARE PROVIDED BY THE ORGANIZATION WHEN MEMBERSHIP FULFILLS A MUSEUM BUSINESS PURPOSE. ALL SUCH DUES ARE MONITORED FOR PERSONAL USE AND INCLUDED IN TAXABLE COMPENSATION WHEN APPLICABLE.

SCHEDULE J, PAGE 1, PART I, LINE 7

VARIOUS OFFICERS WERE PROVIDED INCENTIVE COMPENSATION COMPONENTS BASED ON THEIR PERFORMANCE. THESE ARE DETERMINED IN THE COURSE OF EVALUATION OF THE EMPLOYEE'S ACHIEVEMENTS BY HIS OR HER SUPERVISOR, OR THE COMPENSATION COMMITTEE OF THE FILING ORGANIZATION'S BOARD, AS APPLICABLE.

SCHEDULE J, PART III

PART 1, LINE 4B: THE COMPENSATION OF DR. SUSAN R. WENTE, PRESIDENT OF WAKE FOREST UNIVERSITY, INCLUDES 234,225 SHOWN IN SCHEDULE J, PART II, COLUMN C, FROM HER PARTICIPATION IN A DEFERRED COMPENSATION ARRANGEMENT. ALL COMPENSATION PAID TO DR. WENTE IS PAID BY RELATED ORGANIZATION, WAKE FOREST UNIVERSITY. THE COMPENSATION OF ALLISON PERKINS, EXECUTIVE DIRECTOR, INCLUDES 5,556 SHOWN IN SCHEDULE J, PART II, COLUMN C, FROM HER PARTICIPATION IN A DEFERRED COMPENSATION ARRANGEMENT. PART II, ITEM 1: THE PARENT ORGANIZATION OF THE FILING ORGANIZATION, WAKE FOREST UNIVERSITY (WFU), ISSUED THE FORM W-2 FOR THE FILING ORGANIZATION'S EXECUTIVE DIRECTOR, ALLISON PERKINS, WHICH STATEMENT ENCOMPASSES COMPENSATION FOR HER SERVICES AS BOTH THE EXECUTIVE DIRECTOR OF THE FILING ORGANIZATION AND AS AN ASSOCIATE PROVOST OF WFU. THE FILING ORGANIZATION REIMBURSES WFU FOR THE VALUE OF HER SERVICES AS THE FILING ORGANIZATION'S EXECUTIVE DIRECTOR.

Related partnerships

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

• VERGER FUND II LLC

  EXCLUDED · INVESTMENT · NC · 3.31% owned · share of income $1,881,444 · share of assets $17,547,150

  Directly controlled by WFU HEALTH

• VERGER CAPITAL FUND LLC

  INVESTMENT · NC

• VERGER CAPITAL MANAGEMENT LLC

  INVESTMENT · NC

• WAKE FOREST TECHNOLOGY DEVELOPMENT

  TECH DEVEL · NC

• WAKE FOREST AMBULATORY VTR LLC

  HEALTH CAR · NC