Totals
- Total revenue
- $764,367,570
- Total expenses
- $705,687,576
- Contributions and grants received
- $112,785,723
- Grants paid
- $148,801,543
- Program services expenses (Part IX)
- $603,838,878
- Management and general expenses
- $76,119,059
- Fundraising expenses
- $25,729,639
- Program service expenses (Part III)
- $603,838,878
Program services were 85.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Listed in Part VII
-
Matthew A King
Board Chair
- Total calculated
- $0
- Hours/week
- 15 + 6 related
-
Jeanne Whitman Bobbitt
Board Vice Chair
- Total calculated
- $0
- Hours/week
- 6
-
Curtis C Farmer
Board Vice Chair
- Total calculated
- $0
- Hours/week
- 6 + 2 related
-
Alexander Acquavella
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
Lynn C Baranski
Trustee
- Total calculated
- $0
- Hours/week
- 3 + 0.6 related
-
Shelmer D Blackburn Jr
Comm Vice Chair
- Total calculated
- $0
- Hours/week
- 4
-
Peter C Brockway
Trustee
- Total calculated
- $0
- Hours/week
- 5 + 0.6 related
-
Thomas W Bunn
Comm Vice Chair
- Total calculated
- $0
- Hours/week
- 4
-
Bobby R Burchfield
Committee Chair
- Total calculated
- $0
- Hours/week
- 6
-
Jocelyn Burton
Committee Chair
- Total calculated
- $0
- Hours/week
- 6
-
David F Couch
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
Matthew Starbuck Crawford
Trustee
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
William Rittenhouse Culbreth Jr
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
H Lawrence Culp Jr
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
Jermyn M Davis
Trustee
- Total calculated
- $0
- Hours/week
- 5
-
James E Dixon
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
Serena Fisher Dugan
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
David W Dupree
Trustee
- Total calculated
- $0
- Hours/week
- 4 + 3 related
-
The Honorable Donna F Edwards
Trustee
- Total calculated
- $0
- Hours/week
- 5
-
Frederick W Eubank II
Trustee
- Total calculated
- $0
- Hours/week
- 5 + 2.6 related
-
Lisbeth Clark Evans
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
Mary R Farrell
Committee Chair
- Total calculated
- $0
- Hours/week
- 5
-
Helen Hough Feinberg
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
Donald E Flow
Comm Vice Chair
- Total calculated
- $0
- Hours/week
- 4 + 7 related
-
Anil Rai Gupta
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
Julie Ann Mullen Hartman
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
Marybeth Torbet Hays
Comm Vice Chair
- Total calculated
- $0
- Hours/week
- 5 + 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
-
Aubrey L Martin
Trustee
- Total calculated
- $0
- Hours/week
- 3 + 0.6 related
-
John M McAvoy
Comm Vice Chair
- Total calculated
- $0
- Hours/week
- 6
-
Robert J McCreary
Comm Vice Chair
- Total calculated
- $0
- Hours/week
- 3 + 0.7 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
-
Ogden Phipps II
Trustee
- Total calculated
- $0
- Hours/week
- 3 + 0.6 related
-
Rev Dr Prince R Rivers
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
Gerald F Roach
Trustee
- Total calculated
- $0
- Hours/week
- 5
-
Jorge Rodriguez
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
- 5 + 0.6 related
-
Janice K Story
Trustee
- Total calculated
- $0
- Hours/week
- 5
-
Ben C Sutton Jr
Comm Vice Chair
- Total calculated
- $0
- Hours/week
- 5
-
Matthew B Teller
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
Cathy Wall Thomas MD
Trustee
- Total calculated
- $0
- Hours/week
- 3 + 2 related
-
Shannan Spence Townsend
Comm Vice Chair
- Total calculated
- $0
- Hours/week
- 5 + 2 related
-
John M Vann
Trustee
- Total calculated
- $0
- Hours/week
- 3 + 6 related
-
David I Wahrhaftig
Committee Chair
- Total calculated
- $0
- Hours/week
- 6 + 2.6 related
-
Eric C Wiseman
Comm Vice Chair
- Total calculated
- $0
- Hours/week
- 5 + 2 related
-
Susan R Wente PhD
President & Trustee
- Total calculated
- $1,799,376
- From this org
- $1,473,696
- From related orgs
- $0
- Other
- $325,680
- Hours/week
- 29.3 + 10.7 related
Schedule J breakdown matched by us
- Base
- $1,041,165
- Bonus
- $358,750
- Other
- $73,781
- Deferred
- $250,725
- Nontaxable benefits
- $74,955
- Filer's total
- $1,799,376
-
Julie A Freischlag MD
EVP Health Aff.
- Total calculated
- $5,244,157
- From this org
- $0
- From related orgs
- $5,194,069
- Other
- $50,088
- Hours/week
- 2 + 21.2 related
Schedule J breakdown matched by us
- Base
- $0 + $2,522,156 related
- Bonus
- $0 + $1,971,675 related
- Other
- $0 + $700,238 related
- Deferred
- $0 + $18,294 related
- Nontaxable benefits
- $0 + $31,794 related
- Filer's total
- $0 + $5,244,157 related
-
J Reid Morgan
S.VP, Sec, G.C.
- Total calculated
- $799,445
- From this org
- $690,571
- From related orgs
- $0
- Other
- $108,874
- Hours/week
- 19.7 + 20.3 related
Schedule J breakdown matched by us
- Base
- $462,733
- Bonus
- $48,000
- Other
- $179,838
- Deferred
- $73,575
- Nontaxable benefits
- $35,299
- Filer's total
- $799,445
-
Anita M Conrad
Asst Secretary
- Total calculated
- $261,900
- From this org
- $218,902
- From related orgs
- $0
- Other
- $42,998
- Hours/week
- 21 + 19 related
Schedule J breakdown matched by us
- Base
- $218,267
- Bonus
- $0
- Other
- $635
- Deferred
- $22,223
- Nontaxable benefits
- $20,775
- Filer's total
- $261,900
-
Michele Gillespie PhD
Provost
- Total calculated
- $902,114
- From this org
- $741,870
- From related orgs
- $0
- Other
- $160,244
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $671,027
- Bonus
- $55,000
- Other
- $15,843
- Deferred
- $133,000
- Nontaxable benefits
- $27,244
- Filer's total
- $902,114
-
Jacqueline A Travisano EdD
EVP, CFO, Treas
- Total calculated
- $794,105
- From this org
- $664,838
- From related orgs
- $0
- Other
- $129,267
- Hours/week
- 36.5 + 3.5 related
Schedule J breakdown matched by us
- Base
- $385,182
- Bonus
- $273,411
- Other
- $6,245
- Deferred
- $116,500
- Nontaxable benefits
- $12,767
- Filer's total
- $794,105
-
Brian A White
VP, Corp. Sec, G.C.
- Total calculated
- $419,739
- From this org
- $386,863
- From related orgs
- $0
- Other
- $32,876
- Hours/week
- 19.7 + 20.3 related
Schedule J breakdown matched by us
- Base
- $296,278
- Bonus
- $75,000
- Other
- $15,585
- Deferred
- $15,250
- Nontaxable benefits
- $17,626
- Filer's total
- $419,739
-
John A Currie
Director of Athletics
- Total calculated
- $1,297,847
- From this org
- $1,146,384
- From related orgs
- $0
- Other
- $151,463
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $797,528
- Bonus
- $310,000
- Other
- $38,856
- Deferred
- $99,750
- Nontaxable benefits
- $51,713
- Filer's total
- $1,297,847
-
Anthony P Marsh PhD
Interim Dean, Wake Forest College
- Total calculated
- $417,397
- From this org
- $353,215
- From related orgs
- $0
- Other
- $64,182
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $277,792
- Bonus
- $75,000
- Other
- $423
- Deferred
- $27,680
- Nontaxable benefits
- $36,502
- Filer's total
- $417,397
-
Jackie Krasas PhD
Dean, Wake Forest College
- Total calculated
- $308,574
- From this org
- $289,703
- From related orgs
- $0
- Other
- $18,871
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $233,526
- Bonus
- $0
- Other
- $56,177
- Deferred
- $11,775
- Nontaxable benefits
- $7,096
- Filer's total
- $308,574
-
Annette Ranft PhD
Dean, School of Business
- Total calculated
- $594,032
- From this org
- $550,168
- From related orgs
- $0
- Other
- $43,864
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $497,814
- Bonus
- $40,000
- Other
- $12,354
- Deferred
- $16,500
- Nontaxable benefits
- $27,364
- Filer's total
- $594,032
-
David P Clawson
Football Coach
- Total calculated
- $4,852,642
- From this org
- $4,774,547
- From related orgs
- $0
- Other
- $78,095
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $4,664,128
- Bonus
- $30,000
- Other
- $80,419
- Deferred
- $33,000
- Nontaxable benefits
- $45,095
- Filer's total
- $4,852,642
-
Warren D Ruggiero
F'ball Offensive Coordinat
- Total calculated
- $1,139,822
- From this org
- $1,067,221
- From related orgs
- $0
- Other
- $72,601
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $1,014,338
- Bonus
- $45,000
- Other
- $7,883
- Deferred
- $33,000
- Nontaxable benefits
- $39,601
- Filer's total
- $1,139,822
-
Brad Lambert
F'ball Defensive Coordinat
- Total calculated
- $948,479
- From this org
- $900,717
- From related orgs
- $0
- Other
- $47,762
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $847,534
- Bonus
- $45,000
- Other
- $8,183
- Deferred
- $16,500
- Nontaxable benefits
- $31,262
- Filer's total
- $948,479
-
Steve Forbes
Men's BktBall Co
- Total calculated
- $2,344,243
- From this org
- $2,281,576
- From related orgs
- $0
- Other
- $62,667
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $2,237,878
- Bonus
- $0
- Other
- $43,698
- Deferred
- $24,750
- Nontaxable benefits
- $37,917
- Filer's total
- $2,344,243
-
Tom Walter
Baseball Coach
- Total calculated
- $964,642
- From this org
- $915,597
- From related orgs
- $0
- Other
- $49,045
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $672,124
- Bonus
- $237,500
- Other
- $5,973
- Deferred
- $33,000
- Nontaxable benefits
- $16,045
- Filer's total
- $964,642
-
Rogan Kersh PhD
Former Provost
- Total calculated
- $579,058
- From this org
- $515,937
- From related orgs
- $0
- Other
- $63,121
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $515,679
- Bonus
- $0
- Other
- $258
- Deferred
- $33,000
- Nontaxable benefits
- $30,121
- Filer's total
- $579,058
-
B Hofler Milam
Former EVP, CFO, Treas
- Total calculated
- $1,212,641
- From this org
- $1,041,654
- From related orgs
- $0
- Other
- $170,987
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $563,291
- Bonus
- $48,500
- Other
- $429,863
- Deferred
- $141,200
- Nontaxable benefits
- $29,787
- Filer's total
- $1,212,641
-
Charles L Iacovou PhD
Dean, School of Profession
- Total calculated
- $683,599
- From this org
- $539,320
- From related orgs
- $0
- Other
- $144,279
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $489,698
- Bonus
- $38,333
- Other
- $11,289
- Deferred
- $117,000
- Nontaxable benefits
- $27,279
- Filer's total
- $683,599
-
Mark A Petersen
SVP - Advancement
- Total calculated
- $1,146,860
- From this org
- $1,012,992
- From related orgs
- $0
- Other
- $133,868
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $650,663
- Bonus
- $60,000
- Other
- $302,329
- Deferred
- $82,491
- Nontaxable benefits
- $51,377
- Filer's total
- $1,146,860
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 — 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 $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.
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
-
Wake Forest Univ Health Sciences
$1,484,596
Research Subcontract
-
$582,000
Operations Support
-
Research Subcontract
-
The Pennsylvania State University
$390,656
Research Subcontract
-
$389,098
Research Subcontract
-
$228,880
Charitable Contribution
-
$223,773
Research Subcontract
-
Research Subcontract
-
Research Subcontract
-
$154,232
Research Subcontract
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.
-
Wake Forest University Foundation
501(c)(3) · Real Estate Holding and Management · NC · controlled entity
Directly controlled by Wake Forest University
-
Wake Forest University Health Sciences
501(c)(3) · Medical Education, research and patient care · NC · controlled entity
Directly controlled by Wake Forest University
-
Wake Forest University Development Foundation
501(c)(3) · Management/Sale of charitable real property donations · NC · controlled entity
Directly controlled by Wake Forest University
-
501(c)(3) · Museum of American Art · NC · controlled entity
Directly controlled by Wake Forest University
-
Fundacion Educacional Wake Forest Chile
501(c)(3) · Study Abroad Education · CI · controlled entity
Directly controlled by Wake Forest University
-
Wake Forest Univ Baptist Med Center
501(c)(3) · Supports WFU, WFU Health Sciences, NC Baptist Hospital · NC
Directly controlled by WFU 50 & NC Baptist Hospital 50
-
Wake Forest Univ Health Sciences Group
501(c)(3) · Kidney dialysis treatment centers · NC
Directly controlled by WFU Health Sciences
-
Wake Forest Innovation Quarter Development Company
501(c)(6) · Research Park development · NC
Directly controlled by WFU Health Sciences
-
501(c)(3) · Research park development · NC
Directly controlled by WFU Health Sciences
-
RegenMed Development Organization
501(c)(3) · Education supporting Regenerative Med. · NC
Directly controlled by WFU Health Sciences
-
Wake Forest Innovation Quarter CDC
501(c)(3) · Research development · NC
Directly controlled by WFU Health Sciences
-
Childress Institute for Pediatric Trauma
501(c)(3) · Medical Research · NC
Directly controlled by WFU Health Sciences
-
Wake Forest Emergency Providers
501(c)(3) · Operates Primary Care Clinics · NC
Directly controlled by WFU Health Sciences
-
The James W Denmark Loan Fund Inc
501(c)(3) · Student Loan Provider · NC
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 12 May 2025
- IRS schema version
- 2023v6.0
- Source object
- 202541359349303354
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.