2024-05-15T11:21:23-05:00 2023-06-30 990 2022-07-01 560532138 WAKE FOREST UNIVERSITY WAKE 3367585233 1834 WAKE FOREST RD BOX 7201 WINSTONSALEM NC 27109 Jacqueline Travisano EVP/CFO/Treasurer 3367585233 2024-05-13 Jacqueline Travisano XXX-XX-XXXX 0 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Susan R Wente PhD 1834 WAKE FOREST RD BOX 7201 WINSTONSALEM NC 27109 1120195264 0 X www.wfu.edu X 1834 NC Wake Forest University is an institution of higher education dedicated to the pursuit of excellence in the liberal arts and in graduate and professional education. It operates Wake Forest College, a graduate school of arts and sciences, a school of professional studies, and four professional schools. 48 46 5772 2200 8110860 0 123550270 74090708 510330123 541023038 61644679 48365539 19913432 23380905 715438504 686860190 135909105 134557551 0 0 307076529 311342799 0 0 24508131 184980150 208892391 627965784 654792741 87472720 32067449 2572484456 2655159124 782553773 802519631 1789930683 1852639493 X Wake Forest University, a 501(c)(3) institution of higher education, is dedicated to the pursuit of excellence in the liberal arts and in graduate and professional education. The organization is comprised of seven constituent parts: Wake Forest College; the Graduate School of Arts and Sciences; the School of Law; the School of Medicine; the School of Business; the School of Divinity; and the School of Professional Studies. It seeks to honor the ideals of liberal learning, which entail commitment to transmission of cultural heritages; teaching the modes of learning in the basic disciplines of human knowledge; developing critical appreciation of moral, aesthetic and religious values; advancing the frontiers of knowledge through in-depth study and research; and applying knowledge in the service of humanity. 0 0 331040114 114027720 421855438 Founded in 1834, Wake Forest University is a private, coeducational collegiate university based in Winston-Salem, North Carolina. One of the leading institutions of its kind, Wake Forest blends the intimacy of a liberal arts college with the academic vitality of a research university. At the heart of Wake Forest is the teacher-scholar ideal. Professors are committed to personalized teaching and to their students' individual development. Guided by the motto Pro Humanitate (For Humanity), Wake Forest is dedicated to an ethically informed education in a climate that values personal growth, community interaction, and individual honor. It is committed to being a community of students, faculty, staff and alumni from diverse backgrounds, lived experiences and perspectives. It seeks to sustain an equitable, inclusive environment in which all can live, learn, belong and thrive. The University consists of Wake Forest College, the undergraduate arts and sciences division that honors the full institution's former name; the Graduate School of Arts and Sciences; the School of Law; the School of Medicine; the School of Business, which provides undergraduate and graduate study; the School of Divinity; and the School of Professional Studies.In Fall 2022, Wake Forest's enrollment was comprised of 5,447 undergraduates and 2,678 graduate students for a total of 8,125. Undergraduates in Fall 2022 came from 49 U.S. states; Washington, D.C.; other U.S. territories and possessions; and approximately 40 international countries. Women represented 55% of the undergraduate population and international students accounted for 8.6% of the total. Wake Forest offers 50 majors and 62 minors in Wake Forest College and in the School of Business. In the Fall 2022 semester, 99% of all undergraduate classes had fewer than 50 students. That is among the highest rates of any major university in the country. The average student-faculty ratio in Fall 2022 was 10 to 1. The class size is consistent with Wake Forest's educational model, which seeks to make students active participants in their learning. Its core tenets include the merger of classroom learning and real-world experience; the melding of multiple academic disciplines; and variety of instructional methods beyond the traditional lecture format. Wake Forest's footprint extends worldwide. More than half of graduates have participated in study-away programs in recent years. The Institute for International Education's Open Doors Report, which began with the 2002-03 academic year, has ranked Wake Forest among the nation's top 10 doctoral institutions in participation rate in every year the University has operated study-abroad programs. Wake Forest is one of a select group of universities to own and operate academic-residential houses overseas. They are Casa Artom, located on the Grand Canal in Venice; Flow House in Vienna; and Worrell House in London. Since the early 1970s, more than 3,500 graduates have lived and studied at one or more of the houses. Wake Forest operates more than 50 of its own international-study programs and offers students access to approximately 400 more through various affiliation agreements. As of November 2022, those experiences were available in 176 cities in 75 foreign countries. Also under the umbrella of Study Away opportunities is Wake Washington, a University-run program in which students combine classroom instruction with internships. They work four days a week for a variety of government and non-government organizations and agencies and take classes in space rented by the University and located in the heart of the city's Dupont Circle. Participation in all Study Away programs has rebounded considerably after the pandemic. As of June 2023, a record total of 601 students had registered for these opportunities for the Fall 2023 semester. Graduate Studies:More than 90 graduate degree programs are offered in the Graduate School of Arts and Sciences and the Schools of Business, Divinity, Law, Medicine and Professional Studies. General subject areas include Biomedical Science; Business; Computer and Information Systems; Counseling; Education; Humanities; Interdisciplinary Studies; Law; Liberal Arts Studies; Life and Physical Sciences; Mathematics and Statistics; Medicine; Social and Behavioral Sciences; Theology; and Visual and Performing Arts. Business: The School of Business offers a total of seven highly rated graduate programs in Accountancy, Business Administration, Management and Analytics. In the past 20 years in which national records were kept, Wake Forest led the nation in CPA exam passage rate and placed in the top five in 19 of those 20 years. The National Association of State Boards of Accountancy suspended data collection by institution with the onset of the COVID-19 pandemic. The School of Business also co-sponsors dual degrees in Law and Medicine. Divinity: Although less than 25 years old, the Wake Forest School of Divinity is nationally recognized for its commitment to public service. The School aspires for its graduates to be agents of justice, reconciliation and compassion and architects of equity, hope and healing. In addition to its own Master of Divinity degree, the School contributes to dual degrees in Bioethics, Counseling, Education, Law and Sustainability.Law: The School of Law is among national leaders in value, employment rate, bar-passage rate and several practice areas. According to the American Bar Association, 93% of Class of 2023 graduates passed the bar exam in the state of their choosing on the first try. In employment, 96% of the Class of 2022 held full-time positions for which bar passage was required or for which a JD degree was advantageous. That cohort is the most recent for which data is available. Wake Forest offers four law degrees (JD, MSL, LLM and SJD) and combines with other schools on dual degrees in Business Administration, Divinity, Bioethics and Sustainability. Arts and Sciences: The Graduate School of Arts and Sciences houses 23 Masters and Doctoral disciplinary or interdisciplinary programs and sponsors 15 programs jointly with the Schools of Law, Medicine, Business, Divinity and the Undergraduate College. The main campus, known as the Reynolda Campus, consists of more than 80 buildings on 340 acres in Winston-Salem, North Carolina. It opened in 1956 as the institution moved from its original location in Wake Forest, North Carolina, located 100 miles east. In addition, the University owns or leases space in several other locations. They include Wake Downtown, a repurposed tobacco warehouse that now houses robust academic programs in biomedical sciences and engineering approximately four miles from the Reynolda Campus; the Brookstown Campus, a Wake Downtown neighbor serving several Graduate School programs; the Bowman Gray Campus, home to the School of Medicine and select Graduate School programs; and residential-academic houses for study-away opportunities in London, Venice and Vienna. Wake Forest considers access and opportunity vital to the mission articulated by its motto, "Pro Humanitate." In FY23 alone, the University created 72 new scholarship funds and enhanced several others in the name of expanding its reach. Approximately 52% of the undergraduate student population and the vast majority of graduate students received financial aid awards in the form of grants or loans in 2022-23. Personal and Career Development:The Office of Personal and Career Development (OPCD) has shared its best practices and philosophies with more than 200 other institutions since 2009 and has been honored accordingly. In 2023, Wake Forest was one of only 12 institutions to receive a Career Spark Award from Handshake, a career networking firm with more than 1,400 college and university partners. Approximately 97% of Class of 2022 graduates had secured employment or a graduate school opportunity within six months of receiving Wake Forest degrees. That figure is based on an extraordinarily high reporting rate in excess of 80%. OPCD's commitment to Wake Forest graduates extends beyond the receipt of a diploma. In FY23 alone, approximately 1,500 alumni benefited from career coaching and other programs. 124067580 13574719 116923510 Residence Halls & Dining:In the interest of building community, Wake Forest requires all undergraduates to live on campus for at least three years. The University has done its part in this endeavor by acquiring, building or substantially renovating all residence halls in the past decade. The Division of Residence Life and Housing (RLH) maintains 27 facilities. They are equipped with high-speed internet service and include common areas suited to group study. Mission Statement- Find an authentic sense of belonging;- Successfully navigate citizenship within diverse communities; - Develop the skills, knowledge and perspective to maintain a healthy, balanced life; and- Exhibit responsibility for self, others, property and the environment.The Division of Dining Services includes 17 locations. The main dining hall, affectionately known as The Pit, serves cafeteria-style food with several distinct areas, including vegan, gluten-free and other diet-specific options. Athletics:Wake Forest fields 18 intercollegiate athletics teams nine for men and nine for women in the NCAA's Division I and the Atlantic Coast Conference, of which it is a charter member. The University's undergraduate enrollment is the smallest of any school in the five most financially and athletically potent Division I conferences, but that size is a strength rather than a weakness. The distinction helps the University attract student-athletes who excel in competition and academics. Across all sports, Wake Forest posted a 96% NCAA-measured graduation report in a report released in 2023. The institutional-level report measured graduation rates of 14 Wake Forest sport cohorts, considering teams in indoor track, outdoor track and cross country as one entity per gender. Of those 14 groups, seven posted perfect scores of 100%. Demon Deacon teams have won 10 NCAA team championships in six unique sports. Men's golf and field hockey have won three each and women's golf, men's tennis, men's soccer and baseball have one title apiece. In the spring of 2023, the women's golf team won its first NCAA title and the baseball team advanced to the semifinal stage of the College World Series. 81710191 2945020 Campus Life:Wake Forest is committed to putting the spirit of its motto, Pro Humanitate, in action. Student Organizations: Approximately 200 student organizations are active at Wake Forest, providing extracurricular learning and service opportunities for their members and ancillary benefit to the campus and local communities. They are centered around academic and professional development; business development; recreational-sports participation; fraternity and sorority life; cultural affiliation and affinity; media; fine-arts performance and exhibition; student governance; and other focal points. Community Outreach: In addition to student-run organizations, the Office of Civic and Community Engagement partners with approximately 120 projects and institutions across policy areas including aging; poverty; health; food access; various children's matters; education; and environmental sustainability. In the 2022-23 academic year, Wake Forest was one of only two North Carolina colleges to receive funds for a new initiative, Public Health AmeriCorps. Over the year, 13 students partnered with seven unique community organizations to help meet various public-health needs. In 2022-23, more than 40% of undergraduates participated in one or both of the major campus fundraising events supporting cancer research. Wellbeing: The University believes its obligation to students transcends classroom learning and extends to general health and wellbeing. In 2017, the University opened the renovated Reynolds Gym and the new Sutton Center, collectively known as the Wake Forest Wellbeing Center. The project immediately increased space dedicated to personal and group fitness; doubled the size of the Student Health center; and led to a 124% increase in gym usage between its opening and the onset of the COVID-19 pandemic. In early 2023, Wake Forest announced the creation of We, a campus-wide initiative in support of mental health. The program works with the campus community to elevate consciousness of care; promote healthy practices and preventative care awareness; equip community members with knowledge and skills that can support their peers in need; and connect the community to the resources and information necessary to foster a culture of self-care. The endeavor created a dedicated phone number through which callers can refer themselves or others in need of assistance.A robust campus recreation department oversees 37 club sports and 37 intramural leagues and competitions. Nearly every late afternoon and early evening features contests in several distinct sports. 23816365 6955112 4183306 Research:Wake Forest is classified as a High Research Activity institution, the second-highest level, by the Carnegie Foundation for the Advancement of Teaching. Wake Forest University has grants and internally funded research pursuant to basic science and technology. Wake Forest University manages research projects in Biology, Chemistry, Physics, Mathematics, Computer Science, Health & Exercise Science, Divinity and Business. The Z. Smith Reynolds library and the professional school libraries together house 900,000 physical books and 971,000 eBooks, as well as access to a multitude of other web-based resources. The campus libraries provide resources for both student and faculty researchers. Every fall, the Undergraduate Research and Creative Activities Center sponsors Undergraduate Research Day, in which students display and explain the results of their faculty-mentored research, which often takes place the previous summer. In 2022, more than 150 students presented their work, achieved under the guidance of faculty in 29 unique academic disciplines. In the Class of 2023, approximately one of every 11 graduates had participated in at least one Undergraduate Research Day. Wake Forest is also distinctive and impactful in the study of leadership and character. In January of 2023, the University announced it had secured a $30.7 million grant from the Lilly Endowment Inc., to benefit the Program for Leadership and Character, an initiative that seeks to inspire, educate and empower leaders of character to serve humanity. The grant will create a national higher education network dedicated to educating character. Research at Wake Forest is enhanced by the work of 10 discipline-specific institutes and centers. In 2022-23, these organizations included:The Humanities Institute, which establishes programs and funds for University faculty in the humanities and other fields of study engaging in humanistic inquiry and scholarship;The Center for Bioethics, Health and Society, which addresses ethical, social and policy issues vital to biotechnology, healthcare, biomedical research and public health;The Andrew Sabin Family Center for Environment and Sustainability, which is dedicated to influencing the future of environmental protection, sustainability and climate change from the jungles of Peru to Wake Forest;The Center for Functional Materials, which is charged with connecting a broad range of materials-focused research groups and with supporting multidisciplinary research necessary for breakthrough developments; Interdisciplinary Arts Center, which draws artists, scholars, students, faculty and staff from across the academic divisions and disciplines in order to invigorate the intellectual and cultural life of the University;The Center for Molecular Signaling, which brings together investigators in the life, physical, computational and mathematical sciences to tackle basic questions about molecular communication among and within the cells of living organisms ranging from insects to plants to humans;The Center for Nanotechnology and Molecular Materials, which seeks to provide access to a broad range of nationally competitive capabilities in nanosciences.The Center for Research on Abroad and International Student Engagement (RAISE Center), which is dedicated to helping faculty, staff and students collaborate with scholars around the world to understand and enhance the experiences, engagement and development of abroad and international students; The Center for Research, Engagement and Collaboration in African American Life (RECAAL), which promotes awareness about the diverse experiences of Black people in the United States; andThe Translational Science Center (TSC), which focuses on promoting and maintaining functional health in aging through research of cognitive function and physical activity.Conference ServicesWake Forest offers other organizations the space and logistical assistance to run conventions and other events. The locations include academic classrooms and auditoriums on the main campus as well as three separate, affiliated venues: Graylyn Estate and Conference Center; Reynolda Gardens; and Reynolda House Museum of American Art. WFDDThe University owns WFDD, an FM affiliate of National Public Radio. The station broadcast news, information, and public affairs programming covering the arts, people, and institutions in the area. It is the longest continuously broadcasting public radio station in North Carolina. 23816365 6955112 4183306 560634250 1 1 0 1 0 0 0 1 1 1 1 1 0 0 1 1 0 1 1 1 1 1 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 1 0 1 0 1 0 0 0 1 1 1 0 0 0 1 X 11395 0 1 5772 1 1 1 1 UK FR SP AU IT CI CH 0 0 0 1 1 0 0 0 0 1 0 1 0 X 48 46 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 X Marnie S Matthews 3367585233 PO Box 7201 WinstonSalem NC 27109 X Matthew A King Board Chair 15.00 6.00 X 0 0 0 Cantey M Ergen Board Vice Chair 6.00 0.60 X 0 0 0 Herman E Eure Board Vice Chair 6.00 0.00 X 0 0 0 Alexander Acquavella Trustee 3.00 0.00 X 0 0 0 Diana M Adams Committee Chair 4.00 0.60 X 0 0 0 Shelmer D Blackburn Jr Trustee 3.00 0.00 X 0 0 0 Donna A Boswell Committee Chair 6.00 6.00 X 0 0 0 Peter C Brockway Trustee 5.00 0.60 X 0 0 0 Bobby R Burchfield Committee Chair 6.00 0.00 X 0 0 0 Jocelyn Burton Trustee 5.00 0.00 X 0 0 0 Peter M Carlson Committee Chair 6.00 2.00 X 0 0 0 H Lawrence Culp Jr Trustee 3.00 0.00 X 0 0 0 Jermyn M Davis Trustee 5.00 0.00 X 0 0 0 James E Dixon Trustee 3.00 0.00 X 0 0 0 Serena Fisher Dugan Trustee 3.00 0.00 X 0 0 0 David W Dupree Trustee 4.00 3.00 X 0 0 0 Donna F Edwards Trustee 3.00 0.00 X 0 0 0 Lisbeth Clark Evans Trustee 3.00 0.00 X 0 0 0 Mary R Farrell Comm Vice Chair 5.00 0.00 X 0 0 0 Helen Hough Feinberg Trustee 3.00 0.00 X 0 0 0 Donald E Flow Comm Vice Chair 4.00 7.00 X 0 0 0 Anil Rai Gupta Trustee 3.00 0.00 X 0 0 0 Julie Ann Mullen Hartman Trustee 3.00 0.00 X 0 0 0 Marybeth Torbet Hays Comm Vice Chair 5.00 2.60 X 0 0 0 Frank B Holding Jr Committee Chair 5.00 0.60 X 0 0 0 A Dale Jenkins Committee Chair 4.00 4.00 X 0 0 0 Deborah D Lambert Committee Chair 6.00 0.00 X 0 0 0 Savannah Littlejohn Trustee 3.00 0.00 X 0 0 0 Aubrey L Martin Trustee 3.00 0.60 X 0 0 0 John M McAvoy Comm Vice Chair 3.00 0.60 X 0 0 0 Robert J McCreary Comm Vice Chair 3.00 0.70 X 0 0 0 Jane McGraw Comm Vice Chair 3.00 0.00 X 0 0 0 James M O'Connell Trustee 3.00 2.60 X 0 0 0 Ogden Phipps II Trustee 3.00 0.60 X 0 0 0 Gary S Pinkus Trustee 3.00 0.00 X 0 0 0 Alice Proietti Trustee 3.00 0.00 X 0 0 0 Jorge Rodriguez Trustee 3.00 0.00 X 0 0 0 Mit B Shah Committee Chair 6.00 3.00 X 0 0 0 Hannah VanderWeide Shue Trustee 3.00 0.00 X 0 0 0 Michael C Smith Comm Vice Chair 4.00 0.60 X 0 0 0 Janice K Story Trustee 3.00 0.00 X 0 0 0 Ben C Sutton Jr Trustee 5.00 0.00 X 0 0 0 Cathy Wall Thomas Trustee 3.00 2.00 X 0 0 0 Shannan Spence Townsend Trustee 3.00 2.00 X 0 0 0 David I Wahrhaftig Comm Vice Chair 5.00 0.00 X 0 0 0 Eric C Wiseman Comm Vice Chair 5.00 2.00 X 0 0 0 Katherine B Wright Committee Chair 5.00 0.00 X 0 0 0 Susan R Wente PhD President & Trustee 29.30 10.70 X X 1398169 0 314071 Julie A Freischlag MD EVP Health Aff. 2.00 21.20 X 0 5155928 668096 J Reid Morgan S.VP, Sec, G.C. 19.70 20.30 X 647740 0 142213 Anita M Conrad Asst Secretary 21.00 19.00 X 201322 0 43395 B Hofler Milam EVP, CFO, Treas 36.50 3.50 X 734339 0 261754 Michele Gillespie PhD Provost 40.00 0.00 X 826580 0 111042 John A Currie Director of Athletics 40.00 0.00 X 954788 0 141250 Anthony P Marsh Interim Dean, Wake Forest College 40.00 0.00 X 259438 0 85554 Mark A Petersen VP - Advancement 40.00 0.00 X 652428 0 165623 David P Clawson Football Coach 40.00 0.00 X 4709021 0 72389 Warren D Ruggiero F'ball Offensive Coordinator 40.00 0.00 X 1053375 0 57210 Brad Lambert F'ball Defensive Coordinator 40.00 0.00 X 798328 0 40838 Steve Forbes Men's BktBall Co 40.00 0.00 X 3068179 0 45254 Rogan Kersh PhD Former Provost 40.00 0.00 X 872064 0 57629 Nathan O Hatch Former President 40.00 0.00 X 965961 0 59341 Charles L Iacovou PhD Dean, School of Professional Studies 40.00 0.00 X 503410 0 131055 17645142 5155928 2396714 615 1 1 0 Frank L Blum Construction Company PO Box 4153 WinstonSalem NC 27115 Construction 45537316 Aramark Services Inc 2400 Market St Philadelphia PA 19103 Food Service 32816525 The Whiting Turner Contracting Company 300 East Joppa Road Baltimore MD 21286 Construction 12826630 NCS Pearson Inc PO Box 226 Amherst MA 01004 Testing/Counseling 8487935 James R Vannoy & Sons Construction Co 1255 Creekshire Way WinstonSalem NC 27103 Construction 5156241 274 126324 1000000 12296465 60667919 11301250 74090708 Tuition and Fees 611310 421855438 421855438 Athletic Programs 711210 56210093 56210093 Student Housing & Dining 721310 51024701 51024701 Student Health Services 621400 4052375 4052375 Organized Activities 611710 2945020 2945020 4935411 4208518 726893 541023038 26644820 544822 26099998 4417383 4417383 9677178 7958112 1719066 1719066 1289111 429955 366229054 79916362 344535812 79888885 21693242 27477 21720719 21720719 46866 126324 24696 22170 22170 8730195 927569 7802626 5550034 2252592 Executive Educ/Other Instr 611430 4884236 4884236 Parking Revenue 812930 2631209 2631209 Sponsorship Payments 900099 1327372 1327372 576843 576843 9419660 686860190 545180381 8110860 59478241 5590261 5590261 127602439 127602439 1364851 1364851 8976361 3590544 4488181 897636 238892662 197774947 29204733 11912982 17241067 13699274 2537537 1004256 30244968 21915895 4664079 3664994 15987741 12585568 2536518 865655 1716071 1122166 593905 250491 250491 9210716 5986965 3223751 27632427 22549201 2886593 2196633 4164240 3499275 416115 248850 10754342 9222492 588885 942965 4119726 3378935 612671 128120 1527 1527 10289866 10184946 98860 6060 16030917 15266528 196458 567931 5747158 5011049 629287 106822 20108027 19361348 746679 51762730 45647784 6114946 3418629 951403 2467226 Repairs and Maintenance 10357373 8862775 993688 500910 Dues. Licenses, Subscri 8500355 3742875 4609534 147946 Library, Books & Public 7392031 7341672 21630 28729 Non Capital Equip & Fur 6806984 5620753 1127689 58542 10628781 8758777 640904 1229100 654792741 560634250 69650360 24508131 1 44579369 59977241 142015776 118779415 16434847 20521856 11367636 7819939 927945 841896 5336212 6179658 1355079490 626537990 704264389 728541500 436077165 460124525 1181992165 1225505150 29488952 26867943 2572484456 2655159124 55228308 51876837 32411634 73530983 251304389 250056162 2122200 2432107 67150767 59717509 250000000 250000000 124336475 114906033 782553773 802519631 X 763494514 824360176 1026436169 1028279317 1789930683 1852639493 2572484456 2655159124 32067449 30641361 0 X 0 1 X 1 1 1 X 112285982 86034682 119975960 123550270 74090708 515937602 112285982 86034682 119975960 123550270 74090708 515937602 47919013 468018589 22560259 28674336 22303989 36247457 31062203 140848244 163106 37539 51322 367485 766598 1386050 736179 793935 2015064 3470237 4884236 11899651 670071547 1940916675 0.69850 0.75940 X Schedule A, Part II The filing organization is classified as a school under Internal Revenue Code ("IRC") Section 170(b)(1)(A)(ii). However, it also meets the 33 1/3% Support Test of IRC Section 170(b)(1)(A)(vi) for purposes of limiting the charitable gift disclosures to 2%, using the Special Rule on Schedule B. Therefore, Schedule A, Part II is completed in order to utilize the Schedule B Special 2% Rule. Schedule A, Part II, Section C, Line 10 Miscellaneous Income 4,884,236 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 74691 0 0 74691 0 Part II-B, Line 1: The filing organization's employees will sometimes make direct contact with legislators, their staff, government officials, or a legislative body. Such employees were actively involved with several federal and state issues during the year, including federal and state appropriations legislation, various authorizing bills as well as legislation governing higher education at state and federal levels. Activities included participation in numerous conference calls, webex meetings and one-on-one calls with congressional members and staffers at the federal and state level. The University's Government Relations personnel regularly engaged with various federal agencies related to higher education policy and worked closely with national associations with which the filing organization is associated, which represent the interests of institutions of higher education in Washington. At the state level, activities focused on work surrounding the State Budget as well as several policy related bills that impacted higher education. We worked to increase funding for State scholarships that benefit our students as well as legislation impacting our region. X X X 0 1 1998348 721643 1276705 1 X 1028313070 22761746 45582528 22817209 18815699 7382014 1047642422 1038917229 24601826 9579810 20685552 17294766 6805477 1028313070 819123414 24284516 235533467 18772673 15475231 5776264 1038917229 837211471 21436980 2431225 19509779 16254628 6191855 819123414 792516828 38438253 48975003 19930228 17214089 5574296 837211471 0.22240 0.47210 0.30550 0 1 1 19740975 19740975 56991221 583542798 297744277 342789742 414631908 189618820 225013088 201185151 128813758 72371393 78987437 10361135 68626302 728541500 Interests in Perpetual Trusts 12925204 F Private Equity 472212 F Absolute Return Invtmts 1181514701 F Real Estate-Commercial 7559860 F Other Investments 13698048 F commodities 9335125 F 1225505150 Annuities Payable 18924152 Other Liabilities and Deferrals 39006889 Postretirement Benefits 11548896 Bond Premium 23065276 Operating Lease Obligations 22360820 114906033 X 591003770 30641361 -126197442 -95556081 686559851 300339 300339 686860190 528294960 -300339 -300339 528595299 126197442 126197442 654792741 Part III, Line 1a: The Consolidated Financial Statements do not contain a footnote regarding the University's art or museum collections. The collections are valued at approximately $18 million. Part III, Line 4: The organization has collections of art, rare books, and artifacts within its facilities. These collections enhance the education of its students and provide research materials for its faculty. Artwork is displayed in many buildings on the organization's campus, accessible to students, employees, and visitors. Part IV, Line 1b: Certain endowment assets are held and managed for the filing organization and related organizations. The value of these assets allocated to related organizations is reported here and not shown on the filing organization's balance sheet. Part IV, Line 2b: Agency accounts are held to provide supervision and banking ability for small student clubs and organizations that are formed by the current student body and may or may not last past the graduation of the members. The University fosters the students' desire to form associations that can function as a social unit on campus. Part V, Line 4: Approximately 54.81% of the expendable endowment funds provided scholarships for Wake Forest University students during the fiscal year. 20.97% was distributed for department chair and faculty positions, including funds for research professorships. 24.22% supported educational programs generally, the libraries, general university operations, and other specific university needs, including infrastructure, and capital funding. Due to the fluctuations of university and student needs, these percentages may change from year to year. Part X, Line 2: The University is a tax-exempt organization as described in Section 501(c)(3) of the Internal Revenue Code (the Code) and is generally exempt from federal income taxes on related income pursuant to Section 501(a) of the Code. If applicable, unrelated business income is reported by all member and subsidiary organizations on IRS Form 990-T. Fiscal years ending on or after June 30, 2020 remain subject to examination by federal and state tax authorities. The University has evaluated uncertain tax positions for the year ended June 30, 2023, including a quantification of tax risks in areas such as unrelated business income and taxation of its for-profit subsidiaries. This evaluation did not identify any material items that effect the consolidated financial statements for the year ended June 30, 2023. Part XI, Line 2d - Other Adjustments: Scholarship Reclass -126,197,442. Part XI, Line 4b - Other Adjustments: Rent Expense Reclass -7,958,112. COGS Reclass -927,569. Fundraising Expense Reclass -24,696. Investment Management Fees Reclass 9,210,716. Part XII, Line 2d - Other Adjustments: Rent Expense Reclass 7,958,112. Fundraising Expense Reclass 927,569. COGS Reclass 24,696. Investment Management Fees Reclass -9,210,716. Part XII, Line 4b - Other Adjustments: Scholarship Reclass 126,197,442. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Wake Forest University is committed to diversity, inclusion, and the spirit of Pro Humanitate. In adherence with applicable laws and as provided by University policies, the University prohibits discrimination in its employment practices and its educational programs and activities on the basis of race, color, religion, national origin, sex, age, sexual orientation, gender identity and expression, genetic information, disability, and veteran status. Additionally, the University promotes the full realization of equal employment opportunity for women, minorities, persons with disabilities, and veterans through its affirmative action program. The University publishes its nondiscrimination policy on its web site and in the undergraduate bulletin, which is distributed to all students annually. Nondiscrimination language appears in employment advertising and in ads for the University's educational programs and is available at www.wfu.edu Schedule E, Part I, Line 6 Wake Forest University participates in government loan and scholarship programs on behalf of its students. Funds are awarded to eligible students as part of the University's educational purpose. Funds are awarded to eligible students on a nondiscriminatory basis. In addition, government agencies award grants to the University for research. 1 Central America & the Caribbean Program Service Athletic Events 269567 Central America & the Caribbean Program Service Conferences 5342 Central America & the Caribbean Program Service Study Abroad 36516 Central America & the Caribbean Program Service Services 500 Central America & the Caribbean Program Service Research 10476 Central America & the Caribbean Program Service Fundraising 4079 East Asia & Pacific 3 Program Service Study Abroad 461212 East Asia & Pacific Program Service Conferences 15056 East Asia & Pacific Program Service Services 16890 East Asia & Pacific Program Service Research 66364 East Asia & Pacific Program Service Recruiting 19868 Europe & North Atlantic Program Service Athletic Events 261477 Europe & North Atlantic Program Service Services 34906 Europe & North Atlantic Program Service Research 383216 Europe & North Atlantic 9 Program Service Study Abroad 12557863 Europe & North Atlantic Program Service Recruiting 106775 Europe & North Atlantic Program Service Conferences 203560 Europe & North Atlantic Program Service Depreciation on Foreign Assets 260149 Europe & North Atlantic Program Service Fundraising 15219 Middle East & North Africa Program Services Study Abroad 11388 Middle East & North Africa Program Service Research 4846 Middle East & North Africa Program service Conferences 1855 Middle East & North Africa Program Services Services 3390 North America Program Service Recruiting 4453 North America Program Service Research 4674 North America Program Service Conferences 56398 South America 2 Program Service Study Abroad 454482 South America Program Services Recruiting 9422 South America Program Services Fundraising 1167 South America Program Service Depreciation on Foreign Assets 21115 South America 3 Program Service Research 1756425 South America Program Service Conferences 5503 South Asia Program Service Research 11519 South Asia Program Services Services 6030 South Asia Program Service Conferences 3137 South Asia Program Services Fundraising 15071 South Asia Program Services Recruiting 33019 Sub-Saharan Africa Program Service Conferences 9358 Sub-Saharan Africa Program Service Study Abroad 55836 Sub-Saharan Africa 2 Program Service Research 82034 Sub-Saharan Africa Program Service Services 350 3 0 16 0 19 0 802748 16477759 17280507 Europe Research Subcontract 106030 Check/Wire 0 South America Research Subcontract 1261983 Check/Wire 0 8 1 0 1 1 1 1 Part I, Line 2: The organization provides funding to faculty for conferences, research and other projects and scholarships to students for study abroad, research and other projects. Faculty and staff expenses must be substantiated under the Accountable Plan to ensure proper use of funds. The Organization sometimes provides operating funds to collaborative organizations and charitable foreign organizations, generally expenditures are reimbursed upon the submission of appropriate documentation. Other activities funded in advance are subject to review for conformity with the approved budgets. Part I, line 3: The Organization uses the accrual method of accounting on its financial statements and all cash grants and noncash assistance is reported on Schedule F using this method. Part III Accounting Method: Part I Line 3f Expenditures Per Region The Organization uses the accrual method of accounting on its financial statements, therefore all expenditures shown on Schedule F are based on that method. Program related assets held in the various regions are reported at net book value according to the organization's fixed asset ledger as of the end of the fiscal year. Part II, Line 1- Method of Accounting Grants and subcontracts are provided with the understanding that organizations will expend funds according to grant and subcontract agreements. Information is provided by the grantees to document that funds are expended or their intended purpose. Golf Tournament 103250 83646 19604 8599 Law Auction 60337 38325 22012 1216 323 2 9603 4353 5250 14558 173190 126324 46866 1216 23480 24696 22170 1 Reynolda House Inc PO Box 7287 WinstonSalem NC 27109 560810676 501(c)(3) 663356 0 Operations Support United Way of Forsyth County 301 North Main Street WinstonSalem NC 27101 237357234 501(c)(3) 30000 0 Charitable Contribution Duke University 324 Blackwell Street Durham NC 27701 560532129 501(c)(3) 16000 0 Charitable Contribution Leadership Winston-Salem 624 W Sixth St Ste 110 WinstonSalem NC 27101 581574887 501(c)(3) 10000 0 Sponsorship General Support Wake Forest Univ Health Sciences Medical Center Blvd WinstonSalem NC 27157 223849199 501(c)(3) 1253361 0 Research Subcontract Brigham & Women's Hospital 399 Revolution Drive No 645 Somerville MA 02145 042312909 501(c)(3) 19763 0 Research Subcontract Winston-Salem Alliance 100 North Main Street Suite WinstonSalem NC 27101 311726654 501(c)(6) 10300 0 Support Local Econ Dev'mt Piedmont Triad Partnership PO Box 2672 High Point NC 27261 561750279 501(c)(3) 40000 0 Support Local Econ Dev'mt Carnegie Mellon University 5000 Forbes Avenue Pittsburgh PA 25213 250969449 501(c)(3) 254411 0 Research Subcontract Rutgers University 65 Davidson Road Piscataway NJ 08854 226001086 501(c)(3) 89599 0 Research Subcontract University of Texas at Dallas 800 W Campbell Road Richardson TX 75080 751305566 Govt 123711 0 Research Subcontract Brown University Controllers Office Box J Providence RI 02912 050258809 501(c)(3) 55465 0 Research Subcontract Princeton University 701 Carnegie Center Suite 445 Princeton NJ 08540 210634501 501(c)(3) 61516 0 Research Subcontract Yale University PO Box 208239 New Haven CT 06520 060646973 501(c)(3) 11973 0 Research Subcontract La Noticia 5936 Monroe Road Charlotte NC 28212 204552470 501(c)(3) 25000 0 Research Subcontract George Mason University 4400 University Drive Fairfax VA 22030 540836354 Govt 40025 0 Research Subcontract Michigan State University 426 Auditorium Road East Lansing MI 48824 386005984 501(c)(3) 49327 0 Research Subcontract University of Chicago 5801 S Ellis Avenue Chicago IL 60637 362177139 501(c)(3) 51297 0 Research Subcontract University of Memphis 3720 Alumni Avenue Memphis TN 38152 620648618 501(c)(3) 7956 0 Research Subcontract University of Pennsylvannia 3451 Walnut Street Philadelphia PA 19104 231352685 501(c)(3) 59035 0 Research Subcontract University of Rochester PO Box 278893 Rochester NY 14627 160743209 501(c)(3) 58328 0 Research Subcontract Greater Winston-Salem Inc 411 West Fourth Street WinstonSalem NC 27101 560459820 501(c)(6) 12500 0 Charitable Contribution Second Harvest Food Bank of Northwest North Carolina 3655 Reed Street WinstonSalem NC 27107 581457912 501(c)(3) 6161 0 Charitable Contribution Vision Community Foundation 704 Ornewood Ave Atlanta GA 30312 870743282 501(c)(3) 100000 0 Research Subcontract Foundations for Living 232 Martin Luther King Dr Jefferson GA 30549 463794300 501(c)(3) 50000 0 Research Subcontract Relationship Unleashed 10 South Main St Memphis TN 38103 472296570 501(c)(3) 50000 0 Research Subcontract Fayetteville Area Health Education Foundation Inc 1601 Owen Dr Fayetteville NC 28304 561082675 501(c)(3) 25000 0 Research Subcontract Compassionate Atlanta Inc PO Box 311408 Atlanta GA 31131 473181026 501(c)(3) 25000 0 Research Subcontract Metropolitan Charities Inc 3251 3rd Avenue North St Petersburg FL 33713 593153947 501(c)(3) 100000 0 Research Subcontract Old North State Medical Society 204 Muirs Chapel Rd Greensboro NC 27410 566060861 501(c)(3) 13563 0 Research Subcontract North Carolina Black Repertory Company Inc 419 N Spruce St WinstonSalem NC 27101 581518704 501(c)(3) 33400 0 Research Subcontract Miracle of Love Inc 1301 W Colonial Drive Orlando FL 32804 593455949 501(c)(3) 50000 0 Research Subcontract The Pennsylvania State University 201 Old Main University Par State College PA 16801 246000376 Govt 64267 0 Research Subcontract The Regents of the University of Colorado 3100 Marine Street Boulder CO 80309 846000555 Govt 87169 0 Research Subcontract UNC Greensboro 1000 Spring Garden Street Greensboro NC 27412 566001468 Govt 22479 0 Research Subcontract WhatsintheMirror PO Box 5385 Round Rock TX 78683 811417075 501(c)(3) 26666 0 Research Subcontract Creative Visions Foundation 18820 Pacific Coast Hwy Ste 201 Malibu CA 90265 391902814 501(c)(3) 26666 0 Research Subcontract Fractured Atlas Inc 228 Park Avenue South 56651 New York NY 10003 113451703 501(c)(3) 26666 0 Research Subcontract Health Awareness For Life Inc 5860 NW 18th Ct Sunrise FL 33313 474926677 501(c)(3) 25000 0 Research Subcontract Hight Impacto Inc 2221 SW 36th Ave Fort Lauderdale FL 33312 812414283 501(c)(3) 45000 0 Research Subcontract Interfaith America 141 W Jackson Blvd Ste 3200 Chicago IL 60604 300212534 501(c)(3) 150000 0 Research Subcontract InterVarsity Christian FellowshipUSA PO Box 7895 Madison WI 53707 362171714 501(c)(3) 25000 0 Research Subcontract Resource Center for Women and Ministry in the South 1202 Watts St Durham NC 27701 591766535 501(c)(3) 100000 0 Research Subcontract Selma AIR Inc 102 Central Park Pl Selma AL 36701 631133272 501(c)(3) 50000 0 Research Subcontract Texas Health Action PO Box 16431 Austin TX 78761 473809253 501(c)(3) 24750 0 Research Subcontract Together for Hope 8 Natchez Cv Clinton MS 39056 870835491 501(c)(3) 100000 0 Research Subcontract Virginia Tech 925 Prices Fork Road Blacksburg VA 24061 546001805 Govt 6688 0 Research Subcontract American Forensic Association 222 Austin Street Sherry Hall Newton MA 02465 386069238 501(c)(3) 134750 0 Charitable Contribution Old Hickory Council INC 6600 Silas Creek Pkwy WinstonSalem NC 27106 560529985 501(c)(3) 7500 0 Charitable Contribution Public School Forum of NC Inc 1017 Main Campus Drive Suite 2300 Raleigh NC 27603 581654064 501(c)(3) 10000 0 Charitable Contribution 48 2 Departmental Scholarships 1061 2946399 Grants for Student Travel 73 22089 General Tuition Scholarships 3393 105391406 Tuition Concessions 152 6784633 ROTC Scholarships 28 130000 Study Abroad Scholarships 247 3379282 Third Party Scholarships 657 2598948 Part I, Line 2: Wake Forest University carefully selects qualified exempt organizations for its contributions and provides support for worthy projects and events in which the University has an interest. Grants provided to students are monitored either through use -for University tuition and fees- or by requiring substantiation from the students for research projects or scholastic travel grants. Research subcontracts are passed through to qualifying research institutes to complete a portion of externally funded sponsored projects awarded to Wake Forest University. Wake Forest University monitors these subcontracts to ensure that the subrecipients are in compliance with federal regulations and terms and conditions cascading down from the prime awards. The subrecipient's requests for reimbursement are reviewed for allowability of costs. Interim and final reporting is monitored to ensure adherence to performance expectations as set out in the scope of work. X X X X X X X 1 1 X X X X X X 0 1 0 0 0 0 0 1 0 Julie A Freischlag MD EVP Health Aff. 0 2280990 0 2286000 0 588938 0 641866 0 26230 0 5824024 0 513500 David P Clawson Football Coach 4565341 0 75000 0 68680 0 30500 0 41889 0 4781410 0 0 0 Steve Forbes Men's BktBall Co 1955657 0 1074000 0 38522 0 15250 0 30004 0 3113433 0 0 0 Susan R Wente PhD President & Trustee 988512 0 280000 0 129657 0 240250 0 73821 0 1712240 0 0 0 Warren D Ruggiero F'ball Offensive Coordinator 991736 0 50000 0 11639 0 30500 0 26710 0 1110585 0 0 0 John A Currie Director of Athletics 761241 0 150000 0 43547 0 97875 0 43375 0 1096038 0 0 0 Nathan O Hatch Former President 936358 0 0 0 29603 0 30500 0 28841 0 1025302 0 0 0 B Hofler Milam EVP, CFO, Treas 673495 0 40000 0 20844 0 230500 0 31254 0 996093 0 0 0 Michele Gillespie PhD Provost 523618 0 40000 0 262962 0 80500 0 30542 0 937622 0 210675 0 Rogan Kersh PhD Former Provost 624558 0 40000 0 207506 0 30500 0 27129 0 929693 0 150000 0 Brad Lambert F'ball Defensive Coordinator 770863 0 0 0 27465 0 15250 0 25588 0 839166 0 0 0 Mark A Petersen VP - Advancement 562943 0 60000 0 29485 0 116010 0 49613 0 818051 0 0 0 J Reid Morgan S.VP, Sec, G.C. 551895 0 75000 0 20845 0 105500 0 36713 0 789953 0 0 0 Charles L Iacovou PhD Dean, School of Professional Studies 457621 0 35000 0 10789 0 105500 0 25555 0 634465 0 0 0 Anthony P Marsh Interim Dean, Wake Forest College 259170 0 0 0 268 0 24041 0 61513 0 344992 0 0 0 Anita M Conrad Asst Secretary 200926 0 0 0 396 0 21108 0 22287 0 244717 0 0 0 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 Dr. Susan R. Wente, President of Wake Forest University, includes $225,000 shown in Schedule J, Part II, Column C, from her participation in a deferred compensation arrangement. The compensation of B. Hofler Milam, EVP, CFO, and Treasurer includes $200,000 shown in Schedule J, Part II, Column C, from his participation in a deferred compensation arrangement. The compensation of Rogan Kersh, Provost through June 30, 2022, includes a deferred compensation payout of $200,600 which is included in his 2022 Form W-2 and in column Biii. $150,000 of that payment is shown in Schedule J, Part II, Column F and has been previously reported on a prior year Form 990. The compensation of J. Reid Morgan, Senior Vice President and General Counsel, includes $75,000 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 $85,000 from participation in a deferred compensation arrangement included in Schedule J, Part II, Column C. The compensation of Michele Gillespie, Provost effective July 1, 2022, includes a deferred compensation payout of $249,214 which is included in her 2022 Form W-2 and in column Biii. $210,675 of that payment is shown in Schedule J, Part II, Column F and has been previously reported on a prior year Form 990. Her compensation also includes $50,000 shown in Schedule J, Part II, Column C, from her participation in a deferred compensation arrangement. The compensation of Charles Iacovou, Dean of Wake Forest School of Professional Studies and Former Dean of Wake Forest School of Business, includes $75,000 from participation in a deferred compensation arrangement included in Schedule J, Part II, Column C. The compensation of John Currie, Athletic Director, includes 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 an accrual of $396,368 on her deferred compensation arrangement (included in Column C). 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: $9,784 John A. Currie: $11,594 Anthony P. Marsh: $36,514 Mark A. Peterson: $22,750 Warren D. Ruggiero: $5,797 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. A NC Capital Facs Fin Agency 561592154 65818PKVO 2016-07-27 190092829 See Part VI 0 0 0 B NC Capital Facs Fin Agency 561592154 65818PMZ9 2018-07-26 107737205 See Part VI 0 0 0 A 3945000 190248809 2170879 1214783 65163737 121699410 2019 1 1 1 1 B 108558082 3594340 818325 104145417 2021 0 0 1 1 A 0 1 1 1 0 0.00650 0.00260 0.00910 0 0 1 B 0 0 1 1 0 0.00780 0.00780 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 Date Rebate Computation Performed Issuer Name: NC Capital Facs Fin Agency Date the Rebate Computation was Performed: 08/27/2020 Issuer Name: NC Capital Facs Fin Agency Date the Rebate Computation was Performed: 07/22/2022 Schedule K Part II Bond A,Col(a) Issuer's Name: North Carolina Capital Facilities Finance Agency Bond A,Col(f) The Educational Facilities Revenue Bonds (Wake Forest University), Series 2016 were used for New Capital Facilities and to fund the refinancing escrow for the 2009 Bond. It also refunded a line of credit used to finance the initial building processes covered by the 2016 bond. Bond B,Col(a) Issuer's Name: North Carolina Capital Facilities Finance Agency Bond B,Col(f) The Educational Facilities Revenue Bonds (Wake Forest University), Series 2018 were issued for the purpose of repaying a portion of the line of credit and financing the costs of acquisition, construction, renovation, and installation of capital assets of the Reynolda Campus. Bond A, Total proceeds of issue include interest earned of $155,980 Bond B, Total proceeds of issue include interest earned of $820,877 Not Required See Part V 51954 Tuition Concession Education Not Required See Part V 76055 Scholarships Education Chris Hardy See Part V 90000 Compensation 0 Schedule L Part III The University has an employee dependent tuition remission benefit plan, which is available to all employees and their eligible dependents. Various listed persons have received, or have dependents who are currently receiving, tuition remission benefits under this plan.The filing organization awards scholarships for various purposes. As noted in Form 990, Part III, about 52% of our graduate and undergraduate students receive scholarships or other financial aid. Various listed persons have received or have dependents who have received merit scholarships, summer research scholarships and/or study abroad scholarships.Part IVChris Hardy: Family member of the organization's president, Susan R. Wente, was paid wages for his employment with the filing organization. X 8 241900 Appraised Value X 2739 Market Value X 126 145655 Sales Proceeds X 655 10523438 Market Value X Equipment 1 3518 Market Value 2 0 1 1 Part I, Line 32b: Part I, Line 32b. The organization uses CARS to process and sell vehicle donations to its radio station, WFDD. CARS acts as an agent for the organization in this process, retaining a flat percentage fee and forwarding net proceeds to the University. Various banks and brokers are used to sell donated securities. Local real estate agents are used to sell real property donations. Form 990, Part VI, Section A, line 2 Winston-Salem is a relatively small city, and some of the officers, key employees, and trustees of the filing organization (the "specified group") have routine business dealings with each other. These include the following: some trustees are members or employees of law firms that provide legal services to some of the specified group or to businesses owned or operated by members of the specified group and to the filing organization; and some members of the specified group have banking relationships with banks in which trustees are executives; members of the specified group may also have common investments. As noted in the response to Part VI, Question 12, however, the filing organization has a written conflict of interest policy designed to ensure that none of these transactions adversely affects the filing organization. Interested party transactions with the filing organization that meet the required thresholds, if any, are disclosed on Schedule L. Form 990, Part VI, Section B, line 11b Line 11b Explanation - The organization sends a draft of the Form 990 to its governing board (Board of Trustees) prior to its filing, allowing adequate time for follow-up questions and comments. The draft form is reviewed with the Audit & Compliance Committee of the organization's Board of Trustees. The organization provides a complete copy of the finalized Form 990 to the entire Board of Trustees prior to filing the Form 990 with the IRS. Form 990, Part VI, Section B, line 12c The organization requires officers and key employees to annually review the conflict of interest policy and determine and report any actual and potential conflicts. In addition to the annual disclosure, officers and key employees are required to disclose actual and potential conflicts when they arise. Any actual and potential conflicts noted in the disclosures are reviewed for appropriate resolution by an appropriate reviewer and the organization's Compliance Office. All members of the Board of Trustees are similarly required to determine and report annually, and as they arise, any actual or potential conflicts of interest to the organization's Audit and Compliance Committee. Conflict of interest management plans are prepared in accordance with the applicable policy for all those officers, trustees, and key employees who are found to have conflicts. The conflict management plans are approved by appropriate individuals, also in accordance with the applicable policy. University officers are asked to certify annually that trustees have not exercised inappropriate influence concerning matters within the conflict management plan. Officers and key employees are monitored in accordance with the agreed upon management plan. The resolution of potential and actual conflicts for members of the Board of Trustees is subject to the approval of the Chair of the Board (or by the Vice Chair in cases of conflicts involving the Chair)and is reported to the Chair of the Audit & Compliance Committee of the Board of Trustees. Form 990, Part VI, Section B, line 15 An external compensation consultant experienced in higher education compensation presents available total compensation comparability data for the positions for which compensation is being determined. Other sources of data are used as well to supplement this process. The data is reviewed by the Compensation Committee of the organization's governing board at its meetings; none of the members of that committee are employees of the organization. The Compensation Committee of the organization's governing board has been delegated the authority to review and approve compensation. Minutes of the deliberations of the committee are contemporaneously recorded. In the event that any member of the Compensation Committee has a conflict of interest, that committee member does not participate in the deliberation or approval process and their abstention from the process is reflected in the minutes. Form 990, Part VI, Section B, Line 15B An external compensation consultant experienced in higher education compensation presents available total compensation comparability data for the positions for which compensation is being determined. Other sources of data are used as well to supplement this process. The data is reviewed by the Compensation Committee of the organization's governing board at its meetings; none of the members of that committee are employees of the organization. The Compensation Committee of the organization's governing board has been delegated the authority to review and approve compensation. Minutes of the deliberations of the committee are contemporaneously recorded. In the event that any member of the Compensation Committee has a conflict of interest, that committee member does not participate in the deliberation or approval process and their abstention from the process is reflected in the minutes. Form 990, Part VI, Section C, line 19 The organization's Articles of Incorporation are available to the public on request and are available on the website of the North Carolina Secretary of State. The organization's bylaws are not published, but provisions from the bylaws are included as necessary in the organization's policies. The organization's conflicts of interest policy is available to the public on request. The organization's consolidated financial statements are made available to the public on the University's website. Form 990 Part VII Hours Allocated to This and Other Related and Affiliated Organizations: Susan R. Wente, PhD. Filing Organization: 29.3 hours Related Organizations: 10.7 hours Nathan O. Hatch, PhD. Filing Organization: 40 hours Related Organizations: 0 hours J. Reid Morgan Filing Organization: 19.7 hours Related Organizations: 20.3 hours B. Hofler Milam Filing Organization: 36.5 hours Related Organizations: 3.5 hours Anita Conrad Filing Organization: 21 hours Related Organizations: 19 hours Dr. Julie A. Freischlag MD Filing Organization: 2 hours Related Organizations: 21.2 hours Affiliated Organizations: 16.8 hours Form 990 Part VII Julie A. Freischlag, M.D. All compensation provided to Julie A. Freishlag, M.D. was paid by a related organization, Wake Forest University Health Sciences (WFUHS) for her services as an officer of that related organization (and other related and unrelated 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 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, nd all of the respective subsidiaries of each of WFUHS and NCBH. WFUBMC's three Members are the filing organization Wake Forest University (WFU), NCBH, and Atrium Health, Inc. Dr. Freischlag is the Executive Vice President of Health Affairs of the filing organization and is also the CEO of each of WFUBMC, WFUHS, and NCBH as well as Chief Academic Officer of the Medical Center and of the Atrium enterprise. Dr. Freischlag's remaining work hours are divided among those entities she serves, and their respective subsidiaries. NCBH is unrelated to the filing organization, thus the hours are not reported in Part VII. Deacon Blvd Holdings I LLC PO Box 7201 WinstonSalem NC 27109 262203211 Real Estate Holding - Currently Inactive NC 2266 N/A Creative Cafe' LLC PO Box 7201 WinstonSalem NC 27109 263700428 No Operations NC N/A Wake Forest University Spain SL C/Toro 84-90 Oficina Izquierda Salamanca Salamanca SP 37120 560532138 Study abroad educ. activities SP 589358 834588 N/A Wake Forest Advantage LLC PO Box 7201 Winston Salem NC 27109 462754916 Study Abroad NC 0 6084 N/A Verger Fund I LLC 751 W Fourth Street Suite 410 Winston Salem NC 27101 560532138 Holding Verger Capital Fund DE 62009066 901433568 N/A Wake Forest University Foundation PO Box 7201 WinstonSalem NC 27109 562038193 Real Estate Holding and Management NC 501(c)(3) Line 12a, I Wake Forest University 1 Wake Forest University Health Sciences Medical Center Blvd WinstonSalem NC 27157 223849199 Medical Education, research and patient care NC 501(c)(3) Line 2 Wake Forest University 1 Wake Forest University Development Foundation PO Box 7201 WinstonSalem NC 27109 562038194 Management/Sale of charitable real property donations NC 501(c)(3) Line 12a, I Wake Forest University 1 Reynolda House Inc PO Box 7287 WinstonSalem NC 27109 560810676 Museum of American Art NC 501(c)(3) Line 7 Wake Forest University 1 Fundacion Educacional Wake Forest Chile 280 Santa Lucia Santiago CI 560532138 Study Abroad Education CI 501(c)(3) Wake Forest University 1 Wake Forest Univ Baptist Med Center Medical Center Blvd WinstonSalem NC 27157 510190238 Supports WFU, WFU Health Sciences, NC Baptist Hospital NC 501(c)(3) Line 12a, I WFU 50 & NC Baptist Hospital 50 0 Wake Forest Univ Health Sciences Group Medical Center Blvd WinstonSalem NC 27157 900222618 Kidney dialysis treatment centers NC 501(c)(3) Line 12a, I WFU Health Sciences 0 Wake Forest Innovation Quarter Development Company Medical Center Blvd WinstonSalem NC 27157 562094067 Research Park development NC 501(c)(6) WFU Health Sciences 0 Innovation Quarter Medical Center Blvd WinstonSalem NC 27157 061818498 Research park development NC 501(c)(3) Line 12a, I WFU Health Sciences 0 RegenMed Development Organization Medical Center Blvd WinstonSalem NC 27157 202710571 Education supporting Regenerative Med. NC 501(c)(3) Line 7 WFU Health Sciences 0 Wake Forest Innovation Quarter CDC Medical Center Blvd WinstonSalem NC 27157 200177581 Research development NC 501(c)(3) Line 12a, I WFU Health Sciences 0 Childress Institute for Pediatric Trauma 575 N Patterson Ave Ste 140 WinstonSalem NC 27101 463674691 Medical Research NC 501(c)(3) Line 3 WFU Health Sciences 0 Wake Forest Emergency Providers Medical Center Blvd WinstonSalem NC 27157 561903275 Operates Primary Care Clinics NC 501(c)(3) Line 3 WFU Health Sciences 0 The James W Denmark Loan Fund Inc PO Box 7354 WinstonSalem NC 27109 560774769 Student Loan Provider NC 501(c)(3) Line 12a, I N/A 0 Verger Capital Management LLC 751 W Fourth Street Suite 410 Winston Salem NC 27101 464037343 Asset Management DE Wake Forest Univ 1866874 7892003 0 0 1.00000 Verger Capital Fund LLC 751 W Fourth Street Suite 410 Winston Salem NC 27101 464027021 Endowment investing DE Verger Fund I 62009066 901433568 0 -1274973 0 0.50460 Wake Forest Technology Development Prog 2520 Meridian Pkwy 400 Durham NC 27713 475437596 Tech Devel. NC WFU Health Sciences 0 0 Verger Fund II LLC 751 W Fourth Street Suite 410 WinstonSalem NC 27101 352514227 Endowment investing DE WFU Health Sciences 0 0 Wake Forest Ambulatory VTR LLC Medical Center Blvd WinstonSalem NC 27157 820777206 Healthcare NC WFU Health Sciences 0 0 Charitable Remain Trusts (27) 1834 Wake Forest Road WinstonSalem NC 27109 Investment NC WFU T 0 Charitable Remain Trusts (3) Medical Center Blvd Winston Salem NC 27157 Investment NC WFU Health Sciences T 0 0 1 1 1 0 0 0 0 0 1 0 1 1 1 1 1 1 1 1 Wake Forest University Foundation D 168692 Cash Transfer Wake Forest University Foundation O 86544 Fair Value Wake Forest University Health Sciences C 1000000 Cash Transfer Wake Forest University Health Sciences P 6232445 Cash Transfer Wake Forest University Health Sciences Q 8039921 Cash Transfer Wake Forest University Development Foundation D 411 Cash Transfer Wake Forest University Development Foundation O 19904 Fair Value Reynolda House Inc B 663356 Cash Transfer Reynolda House Inc Q 305268 Cash Transfer Verger Capital Management LLC D 1549426 Loan Repayment Verger Capital Management LLC M 3462980 Investment Management Fees Verger Capital Management LLC S 58170 Cash Transfer Verger Capital Fund LLC R 22761746 Cash Transfer Verger Capital Fund LLC S 49016484 Cash Transfer Part VII Verger Capital Management, LLC is a controlled entity that is taxable as a Partnership. It was formed to manage the investment activities for the endowment assets of the University and the Wake Forest controlled group. Verger Capital Fund (VCF) was created in order to hold the filing organization's Endowment Assets for investment, assets of other members of the controlled group, and assets from other, unrelated, entities for investment. Verger Fund I is a disregarded entity that holds the University's partnership interest in Verger Capital Fund, the entity holding the Endowment assets. Verger Fund II is the partnership which holds the interest in VCF (endowment assets) for the other members of the WFU controlled group. These subsidiary entities have a combined controlling interest in the partnership, thus the common parent, Wake Forest University has an indirect controlling interest. Wake Forest Technology Development Program, LP and Wake Forest Ambulatory Ventures, LLC are partnerships controlled by Wake Forest University Health Sciences. Since Wake Forest University is deemed to control Wake Forest University Health Sciences, it has an indirect controlling interest in these partnerships.