Skip to content
Nonprofiteer
← WAKE FOREST INNOVATION QUARTER MANAGEMENT CO

Form 990 for tax year 2022

Filed by WAKE FOREST INNOVATION QUARTER MANAGEMENT CO.

Totals

Total revenue
$0
Total expenses
$2,788,694
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$81,245
Total liabilities, end of year
$21,948,686
Net assets or fund balances, end of year
-$21,867,441
Program services expenses (Part IX)
$2,530,675
Management and general expenses
$258,019
Fundraising expenses
$0
Program service expenses (Part III)
$2,530,675

Program services were 90.7% 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.

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $175,864 · program services $175,864

  • 9 · Other employee benefits

    total $39,934 · program services $39,934

  • 11a · Fees: management

    total $801,163 · program services $679,473 · management and general $121,690

  • 11b · Fees: legal

    total $6,799 · program services $6,799

  • 11g · Fees: other

    total $843,383 · program services $715,280 · management and general $128,103

  • 12 · Advertising and promotion

    total $466,544 · program services $466,544

  • 13 · Office expenses

    total $72,266 · program services $64,040 · management and general $8,226

  • 16 · Occupancy

    total $381,981 · program services $381,981

  • 19 · Conferences, conventions and meetings

    total $760 · program services $760

Balance sheet

Part X, book values.

  • 4 · Accounts receivable

    beginning of year $59,509 · end of year $64,578

  • 9 · Prepaid expenses and deferred charges

    beginning of year $16,667 · end of year $16,667

  • 25 · Other liabilities

    beginning of year $19,154,923 · end of year $21,948,686

  • 27 · Net assets without donor restrictions

    beginning of year -$19,078,747 · end of year -$21,867,441

Mission and programs · 2022

Mission

TO SERVE AS THE UMBRELLA ORGANIZATION OF THE WAKE FOREST UNIVERSITY HEALTH SCIENCES ("WFUHS") AFFILIATED RESEARCH PARK ENTITIES, OVERSEEING ALL WFUHS ACTIVITIES INVOLVING THE WAKE FOREST INNOVATION QUARTER, INCLUDING LAND ACQUISITION, MASTER PLANNING AND PARK DEVELOPMENT.

Activities or mission (Part I)

TO DEVELOP/MANAGE A RESEARCH PARK TO PROVIDE RESEARCH SPACE AND REVITALIZE DOWNTOWN WINSTON-SALEM.

  • OVERSIGHT OF ALL WFUHS ACTIVITIES INVOLVING THE WAKE FOREST INNOVATION QUARTER, INCLUDING LAND ACQUISITION, MASTER PLANNING AND PARK DEVELOPMENT SUCH AS INFRASTRUCTURE, RECRUITING, ETC., AND TO COORDINATE THE EFFORTS OF ALL WFUHS AFFILIATED RESEARCH PARK ENTITIES INCLUDING WAKE FOREST INNOVATION QUARTER CDC. THE ORGANIZATION WILL PROVIDE AN ADDITIONAL CAMPUS FOR THE LONG-TERM RESEARCH SPACE NEEDS OF WFUHS AND UNDERTAKE REVITALIZATION AND REDEVELOPMENT EFFORTS OF THE CENTER-CITY AREA OF WINSTON-SALEM.THE ORGANIZATION MAINTAINS THE LONG BRANCH TRAIL, A 1.7 MILE NETWORK OF GREENWAY TRAILS FOR WALKING, RUNNING AND BIKING THAT RUNS THROUGH INNOVATION QUARTER. THE TRAIL WAS BUILT THROUGH COLLABORATION AMONG THE FILING ORGANIZATION, ITS AFFILIATES, THE CITY OF WINSTON SALEM, THE NORTH CAROLINA DEPARTMENT OF TRANSPORTATION AND THE NORTH CAROLINA DEPARTMENT OF TRANSPORTATION - RAIL DIVISION. DURING CY22, THE ORGANIZATION PROVIDED FREE COMMUNITY PROGRAMS HOSTED AT BAILEY PARK, WHICH OFFERS A STAGE, LAWN AND FOOD TRUCK COURT TO ACCOMMODATE LARGE GATHERINGS:- INNOVATION & CINEMA (COMMUNITY FILM SERIES);- SUNSET SALUTATIONS IN BAILEY PARK (COMMUNITY YOGA SERIES);- FITNESS FRIDAYS (FITNESS SERIES IN PARTNERSHIP WITH F45 WINSTON-SALEM); - FOOD TRUCK FRIDAYS (MONTHLY MAY THROUGH NOVEMBER); AND- JUNETEETH FESTIVAL

    Expenses $2,530,675

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • J REID MORGAN

    DIRECTOR & SECRETARY

    Total calculated
    $789,953
    From this org
    $0
    From related orgs
    $647,740
    Other
    $142,213
    Hours/week
    0.5 + 39.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $551,895 related
    Bonus
    $0 + $75,000 related
    Other
    $0 + $20,845 related
    Deferred
    $0 + $105,500 related
    Nontaxable benefits
    $0 + $36,713 related
    Filer's total
    $0 + $789,953 related

  • TERRY L HALES JR

    DIRECTOR & PRESIDENT

    Total calculated
    $965,665
    From this org
    $0
    From related orgs
    $819,018
    Other
    $146,647
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $493,678 related
    Bonus
    $0 + $222,723 related
    Other
    $0 + $102,617 related
    Deferred
    $0 + $115,923 related
    Nontaxable benefits
    $0 + $30,724 related
    Filer's total
    $0 + $965,665 related

  • J MCLAIN WALLACE JR

    DIRECTOR & TREASURER

    Total calculated
    $1,143,860
    From this org
    $984,139
    From related orgs
    $0
    Other
    $159,721
    Hours/week
    0.5 + 39.5 related

    Schedule J breakdown matched by us

    Base
    $590,200
    Bonus
    $252,513
    Other
    $141,426
    Deferred
    $144,251
    Nontaxable benefits
    $15,470
    Filer's total
    $1,143,860

  • SUSAN R WENTE PHD

    DIRECTOR & CHAIR

    Total calculated
    $1,712,240
    From this org
    $0
    From related orgs
    $1,398,169
    Other
    $314,071
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $988,512 related
    Bonus
    $0 + $280,000 related
    Other
    $0 + $129,657 related
    Deferred
    $0 + $240,250 related
    Nontaxable benefits
    $0 + $73,821 related
    Filer's total
    $0 + $1,712,240 related

  • ANITA M CONRAD

    ASSISTANT SECRETARY

    Total calculated
    $244,717
    From this org
    $0
    From related orgs
    $201,322
    Other
    $43,395
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $200,926 related
    Bonus
    $0
    Other
    $0 + $396 related
    Deferred
    $0 + $21,108 related
    Nontaxable benefits
    $0 + $22,287 related
    Filer's total
    $0 + $244,717 related

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 IN THEIR CALENDAR YEAR 2022 COMPENSATION: TERRY L. HALES, JR. $81,185 J. MCLAIN WALLACE, JR. $116,382 SUSAN R. WENTE, PHD $225,000 J. REID MORGAN $75,000
FORM 990, PART VII, LINE 5 - COMPENSATION FROM UNRELATED ORGANIZATIONS
J. MCLAIN WALLACE, JR. WAS COMPENSATED BY WAKE FOREST UNIVERSITY BAPTIST MEDICAL CENTER, AN UNRELATED BUT AFFILIATED ORGANIZATION, FOR SERVICES PERFORMED AS AN OFFICER OF THE ORGANIZATION. SEE PART VII AND SCHEDULE J, PART II FOR HIS 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.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202323189349305067

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.