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← WAKE FOREST INNOVATION QUARTER CDC

Form 990 for tax year 2024

Filed by WAKE FOREST INNOVATION QUARTER CDC.

Totals

Total revenue
$75,175
Total expenses
$12,065
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$175
Other revenue
$75,000
Total assets, end of year
$30,481,776
Total liabilities, end of year
$262,500
Net assets or fund balances, end of year
$30,219,276
Program services expenses (Part IX)
$12,065
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$12,065

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 $175 · excluded $175

  • 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.

  • 11b · Fees: legal

    total $240 · program services $240

  • 16 · Occupancy

    total $11,825 · program services $11,825

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,851 · end of year $0

  • 4 · Accounts receivable

    beginning of year $10,388 · end of year $0

  • 15 · Other assets

    beginning of year $30,476,427 · end of year $30,481,776

  • 19 · Deferred revenue

    beginning of year $337,500 · end of year $262,500

  • 27 · Net assets without donor restrictions

    beginning of year $30,156,166 · end of year $30,219,276

Mission and programs · 2024

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, NORTH CAROLINA, IT IS HOME TO MORE THAN 90 COMPANIES, FIVE LEADING ACADEMIC INSTITUTIONS, 3,600 WORKERS, AND 1,800 DEGREE-SEEKING 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 THE 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 $12,065

As filed on the 2024 return.

Listed in Part VII

  • J MCLAIN WALLACE JR

    DIRECTOR, VP & TREASURER

    Total calculated
    $1,689,329
    From this org
    $1,659,102
    From related orgs
    $0
    Other
    $30,227
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $599,511
    Bonus
    $371,024
    Other
    $688,567
    Deferred
    $22,898
    Nontaxable benefits
    $7,329
    Filer's total
    $1,689,329

  • SUSAN R WENTE PHD

    DIRECTOR & CHAIR

    Total calculated
    $1,593,017
    From this org
    $0
    From related orgs
    $1,229,582
    Other
    $363,435
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,129,530 related
    Bonus
    $0 + $32,250 related
    Other
    $0 + $67,802 related
    Deferred
    $0 + $288,531 related
    Nontaxable benefits
    $0 + $74,904 related
    Filer's total
    $0 + $1,593,017 related

  • TERRY L HALES JR

    DIRECTOR & PRESIDENT

    Total calculated
    $1,363,334
    From this org
    $0
    From related orgs
    $1,310,800
    Other
    $52,534
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $576,900 related
    Bonus
    $0 + $617,413 related
    Other
    $0 + $116,487 related
    Deferred
    $0 + $22,781 related
    Nontaxable benefits
    $0 + $29,753 related
    Filer's total
    $0 + $1,363,334 related

  • J REID MORGAN

    FORMER OFFICER

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

    Schedule J breakdown matched by us

    Base
    $0 + $366,986 related
    Bonus
    $0 + $39,600 related
    Other
    $0 + $5,696 related
    Deferred
    $0 + $34,500 related
    Nontaxable benefits
    $0 + $22,918 related
    Filer's total
    $0 + $469,700 related

  • C DOUGLAS MAYNARD MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ALLEN JOINES

    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/OR 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/OR OFFICERS RECEIVED PAYMENTS FROM NON-QUALIFIED DEFERRED COMPENSATION PLANS DURING THE CURRENT TAX YEAR: TERRY L. HALES, JR. 90,046 J. MCLAIN WALLACE, JR. 682,207 SUSAN R. WENTE, PHD 262,656
FORM 990, PART VII, LINE 5 - COMPENSATION FROM UNRELATED ORGANIZATIONS
J. MCLAIN WALLACE, JR. WAS COMPENSATED BY WAKE FOREST UNIVERSITY BAPTIST MEDICAL CENTER, AN AFFILIATED BUT UNRELATED ORGANIZATION, 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.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2024
Filed
12 November 2025
IRS schema version
2024v5.2
Source object
202543219349301354

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