WAKE FOREST UNIVERSITY: Form 990, tax year 2020

View the entire original 990 at ProPublica ↗

Organization: WAKE FOREST UNIVERSITY (EIN 56-0532138)
Tax period: 2020-07-01 to 2021-06-30
Filed: 2023-02-14
IRS object ID: 202320459349301642
Schema version: 2020v4.2
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule A
Schedule B
Schedule C
Schedule D
Schedule E
Schedule F
Schedule G
Schedule I
Schedule J
Schedule K
Schedule L
Schedule M
Schedule O
Schedule R
Reasonable Cause Explanation

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2023-02-14T14:04:13-06:00	ReturnTs
Tax Period End	2021-06-30	TaxPeriodEndDt
Return Type	990	ReturnTypeCd
Tax Period Begin	2020-07-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	560532138	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	WAKE FOREST UNIVERSITY	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Business Name Control	WAKE	BusinessNameControlTxt
Phone	3367585233	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	1834 WAKE FOREST RD BOX 7201	AddressLine1Txt
City	WINSTONSALEM	CityNm
State Abbreviation	NC	StateAbbreviationCd
ZIP	27109	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	Bruce Hoflar Milam	PersonNm
Person Title	EVP/CFO/Treasurer	PersonTitleTxt
Phone	3367585233	PhoneNum
Signature	2022-05-05	SignatureDt

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	Bruce	PersonFirstNm
Person Last	Hoflar Milam	PersonLastNm

Field	Value	IRS element (for citing)
SSN	XXX-XX-XXXX	SSN

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

Field	Value	IRS element (for citing)
Trusted Customer	3	TrustedCustomerCd
Authentication Assurance Level	AAL1	AuthenticationAssuranceLevelCd
Identity Assurance Level	IAL1	IdentityAssuranceLevelCd

Field	Value	IRS element (for citing)
Tax	2020	TaxYr
Build TS	2023-03-07 01:45:13Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	Susan R Wente PhD	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	1834 WAKE FOREST RD BOX 7201	AddressLine1Txt
City	WINSTONSALEM	CityNm
State Abbreviation	NC	StateAbbreviationCd
ZIP	27109	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$874,912,947	GrossReceiptsAmt
Group Return For Affiliates	0	GroupReturnForAffiliatesInd
Organization501c3	Yes (X)	Organization501c3Ind
Website Address	www.wfu.edu	WebsiteAddressTxt
Type Of Organization Corp	Yes (X)	TypeOfOrganizationCorpInd
Formation	1834	FormationYr
Legal Domicile State	NC	LegalDomicileStateCd
Activity Or Mission	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, and four professional schools.	ActivityOrMissionDesc
Voting Members Governing Body	48	VotingMembersGoverningBodyCnt
Voting Members Independent	45	VotingMembersIndependentCnt
Total Employee	5601	TotalEmployeeCnt
Total Volunteers	2200	TotalVolunteersCnt
Total Gross UBI	$877,511	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	$0	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$86,034,682	PYContributionsGrantsAmt
CY Contributions Grants	$119,975,960	CYContributionsGrantsAmt
PY Program Service Revenue	$463,431,893	PYProgramServiceRevenueAmt
CY Program Service Revenue	$478,997,743	CYProgramServiceRevenueAmt
PY Investment Income	$19,653,042	PYInvestmentIncomeAmt
CY Investment Income	$71,186,988	CYInvestmentIncomeAmt
PY Other Revenue	$14,324,110	PYOtherRevenueAmt
CY Other Revenue	$11,575,567	CYOtherRevenueAmt
PY Total Revenue	$583,443,727	PYTotalRevenueAmt
CY Total Revenue	$681,736,258	CYTotalRevenueAmt
PY Grants And Similar Paid	$124,978,047	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$131,751,719	CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members	$0	PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$278,237,874	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$288,956,082	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$0	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$20,745,587	CYTotalFundraisingExpenseAmt
PY Other Expenses	$174,381,397	PYOtherExpensesAmt
CY Other Expenses	$164,480,640	CYOtherExpensesAmt
PY Total Expenses	$577,597,318	PYTotalExpensesAmt
CY Total Expenses	$585,188,441	CYTotalExpensesAmt
PY Revenues Less Expenses	$5,846,409	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$96,547,817	CYRevenuesLessExpensesAmt
Total Assets BOY	$2,139,822,388	TotalAssetsBOYAmt
Total Assets EOY	$2,570,183,256	TotalAssetsEOYAmt
Total Liabilities BOY	$697,653,121	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$810,138,099	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$1,442,169,267	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$1,760,045,157	NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part III	Yes (X)	InfoInScheduleOPartIIIInd
Mission	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 six constituent parts: Wake Forest College; the Graduate School of Arts and Sciences; the School of Law; the School of Medicine; the School of Business; and the School of Divinity. 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.	MissionDesc
Significant New Program Srvc	0	SignificantNewProgramSrvcInd
Significant Change	0	SignificantChangeInd
Expense	$278,559,888	ExpenseAmt
Grant	$112,545,465	GrantAmt
Revenue	$395,350,596	RevenueAmt
Desc	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.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 2020, Wake Forest's enrollment was comprised of 5,441 undergraduates and 2,526 graduate students for a total of 7,967.Undergraduates come from unc U.S. states; Washington, D.C.; other U.S. territories and possessions; and nearly 50 international countries. Women represent 54% of the undergraduate population and international students are 9.2% of the total. Wake Forest offers 47 majors and 62 minors, growing gradually and responsibly over time to meet the needs of an increasingly curious population. Over the past four graduating classes (2018-21), 80% of graduates have declared a second major and/or a minor or minors. Wake Forest has been ranked among the Top 30 National Universities by U.S. News & World Report for 26 consecutive years as of the September 2021 publication. Classified as a Regional University when the U.S. News survey began in the 1980s, Wake Forest expanded its academic profile and qualified for National University status, which generally dovetails with Carnegie Foundation classification as a research institution, in the mid-1990s. More than 600 institutions have been classified as top Regional Universities at some point in U.S. News rankings history. Wake Forest is the only one of them to advance to distinction as a Top-30 National University. Additionally, Wake Forest has been ranked in the Top 25 among Best Value Universities by U.S. News in each of the past five years. In the September 2021 U.S. News survey, Wake Forest is one of only 14 National Universities (out of 392 total) ranking in the Top 30 in all of the following: general quality (28th); value (24th) and undergraduate teaching quality (29th). In the Fall 2020 semester, 99% of all undergraduate classes had fewer than 50 students. That is the highest rate of any Top-50 National University. The average student-faculty ratio in Fall 2020 was 10.6 to 1. The class size is consistent with Wake Forest's educational model, known as the Engaged Liberal Arts, 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. Its study-abroad participation rate for the Class of 2020 stood at 65% as measured by the Institute of International Education's Open Doors Report. Wake Forest is one of only two doctoral institutions the University of Denver is the other to rank among the Top 10 in the Open Doors report's national rankings in all 18 years of the report's history. Wake Forest is one of a select group of universities to own and operate three 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 3,200 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 February 2022, those experiences were available in 192 cities in 76 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. Graduate StudiesMore than 40 graduate programs are offered in the Graduate School of Arts and Sciences and the Schools of Business, Divinity, Law and Medicine. 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 highly rated graduate programs in Accountancy, Business Administration, Management and Analytics. Over the past 20 years, Wake Forest leads the nation in CPA exam passage rate and has placed in the top five in 19 of those 20 years. The part-time MBA program was ranked first in North Carolina and 22nd nationally in the U.S. News rankings released in March of 2021, and the Business Analytics program was 21st in U.S. News.Divinity: Although less than 25 years old, the Wake Forest School of Divinity is a national leader. It is one of a select few institutions to make the list of Seminaries That Change the World in every year the rankings were compiled by the Center for Faith and Service. The School aspires for its graduates to be agents of justice, reconciliation and compassion and architects of equity, hope and healing. Law: The School of Law is among national leaders in value, employment rate, bar-passage rate and several practice areas according to various sources, including The National Jurist and U.S. News. Grad School: The Graduate School of Arts and Sciences houses 30 Masters and Doctoral disciplinary or interdisciplinary programs and sponsors 12 programs jointly with the Schools of Medicine, Business, Divinity and the Undergraduate College.Wake Forest considers access and opportunity vital to the mission articulated by its motto, "Pro Humanitate." Approximately 54% of the graduate and undergraduate student population received financial aid awards.	Desc

Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp

Field	Value	IRS element (for citing)
Expense	$117,103,958	ExpenseAmt
Grant	$15,813,273	GrantAmt
Revenue	$81,322,258	RevenueAmt
Desc	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) aspires to help students: 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.RLH maintains 20 facilities. They are equipped with high-speed internet service and include common areas suited to group study. The Division of Dining Services includes 17 locations. The main dining hall, affectionally 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, nine for women in 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 rate in the report released in 2021. Of the 14 out of 18 Demon Deacon teams studied, 11 posted perfect scores of 100. Demon Deacon teams have won nine NCAA team championships in five unique sports. Men's golf and field hockey have won three each and men's tennis, men's soccer and baseball have one title apiece.	Desc

Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp

Field	Value	IRS element (for citing)
Expense	$65,005,270	ExpenseAmt
Revenue	$4,252,553	RevenueAmt
Desc	Campus Life: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. In addition to student-run organizations, the Office of Civic and Community Engagement partners with 121 projects and institutions across policy areas including aging; poverty; health; food access; various children's matters; education; and environmental sustainability. 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 2020-21, the Wellbeing Center was used as the site of the largest blood drives in Wake Forest history and vaccine clinics for students, faculty and staff as the University came together to combat the pandemic and work toward a gradual return to normalcy. 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.	Desc

Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp

Field	Value	IRS element (for citing)
Expense	$39,847,016	ExpenseAmt
Grant	$3,392,981	GrantAmt
Desc	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. An Undergraduate Research Day is held annually, in which students display and explain the results of their faculty-guided research, which often takes place the previous summer. In most recent years, approximately one of every 11 graduates has made at least one presentation at the event, informally known as a celebration of collaboration.	Desc

Field	Value	IRS element (for citing)
Total Other Prog Srvc Expense	$39,847,016	TotalOtherProgSrvcExpenseAmt
Total Other Prog Srvc Grant	$3,392,981	TotalOtherProgSrvcGrantAmt
Total Program Service Expenses	$500,516,132	TotalProgramServiceExpensesAmt
Described In Section501c3	Yes (1)	DescribedInSection501c3Ind
Schedule B Required	Yes (1)	ScheduleBRequiredInd
Political Campaign Acty	0	PoliticalCampaignActyInd
Lobbying Activities	Yes (1)	LobbyingActivitiesInd
Subject To Proxy Tax	0	SubjectToProxyTaxInd
Donor Advised Fund	0	DonorAdvisedFundInd
Conservation Easements	0	ConservationEasementsInd
Collections Of Art	Yes (1)	CollectionsOfArtInd
Credit Counseling	Yes (1)	CreditCounselingInd
Donor Rstr Or Quasi Endowments	Yes (1)	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	Yes (1)	ReportLandBuildingEquipmentInd
Report Investments Other Sec	Yes (1)	ReportInvestmentsOtherSecInd
Report Program Related Invst	0	ReportProgramRelatedInvstInd
Report Other Assets	0	ReportOtherAssetsInd
Report Other Liabilities	Yes (1)	ReportOtherLiabilitiesInd
Include FIN48 Footnote	Yes (1)	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	0	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	Yes (1)	ConsolidatedAuditFinclStmtInd
School Operating	Yes (1)	SchoolOperatingInd
Foreign Office	Yes (1)	ForeignOfficeInd
Foreign Activities	Yes (1)	ForeignActivitiesInd
More Than5000 K To Org	Yes (1)	MoreThan5000KToOrgInd
More Than5000 K To Individuals	Yes (1)	MoreThan5000KToIndividualsInd
Professional Fundraising	0	ProfessionalFundraisingInd
Fundraising Activities	Yes (1)	FundraisingActivitiesInd
Gaming Activities	0	GamingActivitiesInd
Operate Hospital	0	OperateHospitalInd
Grants To Organizations	Yes (1)	GrantsToOrganizationsInd
Grants To Individuals	Yes (1)	GrantsToIndividualsInd
Schedule J Required	Yes (1)	ScheduleJRequiredInd
Tax Exempt Bonds	Yes (1)	TaxExemptBondsInd
Invest Tax Exempt Bonds	0	InvestTaxExemptBondsInd
Escrow Account	0	EscrowAccountInd
On Behalf Of Issuer	0	OnBehalfOfIssuerInd
Engaged In Excess Benefit Trans	0	EngagedInExcessBenefitTransInd
PY Excess Benefit Trans	0	PYExcessBenefitTransInd
Loan Outstanding	0	LoanOutstandingInd
Grant To Related Person	Yes (1)	GrantToRelatedPersonInd
Business Rln With Org Mem	0	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	Yes (1)	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	0	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	Yes (1)	DeductibleNonCashContriInd
Deductible Art Contribution	0	DeductibleArtContributionInd
Terminate Operations	0	TerminateOperationsInd
Partial Liquidation	0	PartialLiquidationInd
Disregarded Entity	Yes (1)	DisregardedEntityInd
Related Entity	Yes (1)	RelatedEntityInd
Related Organization Ctrl Ent	Yes (1)	RelatedOrganizationCtrlEntInd
Transaction With Control Ent	Yes (1)	TransactionWithControlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org	0	TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp	0	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (1)	ScheduleORequiredInd
Info In Schedule O Part V	Yes (X)	InfoInScheduleOPartVInd
IRP Document	10878	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (1)	BackupWthldComplianceInd
Employee	5601	EmployeeCnt
Employment Tax Returns Filed	Yes (1)	EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit	Yes (1)	UnrelatedBusIncmOverLimitInd
Form990 T Filed	Yes (1)	Form990TFiledInd
Foreign Financial Account	Yes (1)	ForeignFinancialAccountInd
Foreign Country	UK	ForeignCountryCd
Foreign Country	FR	ForeignCountryCd
Foreign Country	SP	ForeignCountryCd
Foreign Country	AU	ForeignCountryCd
Foreign Country	IT	ForeignCountryCd
Foreign Country	CI	ForeignCountryCd
Foreign Country	CH	ForeignCountryCd
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTransInd
Taxable Party Notification	0	TaxablePartyNotificationInd
Nondeductible Contributions	0	NondeductibleContributionsInd
Quid Pro Quo Contributions	Yes (1)	QuidProQuoContributionsInd
Quid Pro Quo Contri Discl	Yes (1)	QuidProQuoContriDisclInd
Form8282 Property Disposed Of	Yes (1)	Form8282PropertyDisposedOfInd
Form8282 Filed	1	Form8282FiledCnt
Rcv Fnds To Pay Prsnl Bnft Cntrct	0	RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct	0	PayPremiumsPrsnlBnftCntrctInd
Form1098 C Filed	Yes (1)	Form1098CFiledInd
Indoor Tanning Services	0	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	Yes (1)	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	0	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	48	GoverningBodyVotingMembersCnt
Independent Voting Member	45	IndependentVotingMemberCnt
Family Or Business Rln	Yes (1)	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	0	DelegationOfMgmtDutiesInd
Change To Org Documents	Yes (1)	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	0	MaterialDiversionOrMisuseInd
Members Or Stockholders	0	MembersOrStockholdersInd
Election Of Board Members	0	ElectionOfBoardMembersInd
Decisions Subject To Approva	0	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (1)	MinutesOfGoverningBodyInd
Minutes Of Committees	Yes (1)	MinutesOfCommitteesInd
Officer Mailing Address	0	OfficerMailingAddressInd
Local Chapters	0	LocalChaptersInd
Form990 Provided To Gvrn Body	Yes (1)	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (1)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (1)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (1)	RegularMonitoringEnfrcInd
Whistleblower Policy	Yes (1)	WhistleblowerPolicyInd
Document Retention Policy	Yes (1)	DocumentRetentionPolicyInd
Compensation Process CEO	Yes (1)	CompensationProcessCEOInd
Compensation Process Other	Yes (1)	CompensationProcessOtherInd
Investment In Joint Venture	Yes (1)	InvestmentInJointVentureInd
Written Policy Or Procedure	Yes (1)	WrittenPolicyOrProcedureInd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	Marnie S Matthews	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Phone	3367585233	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	PO Box 7201	AddressLine1Txt
City	WinstonSalem	CityNm
State Abbreviation	NC	StateAbbreviationCd
ZIP	27109	ZIPCd

Field	Value	IRS element (for citing)
Info In Schedule O Part VII	Yes (X)	InfoInScheduleOPartVIIInd

Form990 Part VII Section A Form990PartVIISectionAGrp (64 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt	OfficerOfficerInd	Key EmployeeKeyEmployeeInd	Highest Compensated EmployeeHighestCompensatedEmployeeInd	Former Ofcr Director TrusteeFormerOfcrDirectorTrusteeInd
Gerald F Roach
Board Chair	15.00	2.00	Yes (X)	$0	$0	$0
Herman E Eure
Board ViceChair	6.00	0.00	Yes (X)	$0	$0	$0
Matthew A King
Board ViceChair	6.00	6.00	Yes (X)	$0	$0	$0
Diana Adams
Comm Vice Chair	4.00	0.60	Yes (X)	$0	$0	$0
John I Bitove
Committee Chair	4.00	0.00	Yes (X)	$0	$0	$0
Jeanne Whitman Bobbitt
Committee Chair	4.00	0.00	Yes (X)	$0	$0	$0
Donna A Boswell
Comm Vice Chair	5.00	6.00	Yes (X)	$0	$0	$0
Thomas W Bunn
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Bobby R Burchfield
Comm Vice Chair	5.00	0.00	Yes (X)	$0	$0	$0
Jocelyn Burton
Committee Chair	5.00	0.00	Yes (X)	$0	$0	$0
Peter M Carlson
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Lindsay N Chambers
Comm Vice Chair	4.00	0.00	Yes (X)	$0	$0	$0
Matthew S Crawford
Trustee	3.00	2.00	Yes (X)	$0	$0	$0
H Lawrence Culp Jr
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Jermyn M Davis
Trustee	5.00	0.00	Yes (X)	$0	$0	$0
James E Dixon
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Serena Fisher Dugan
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
David W Dupree
Comm Vice Chair	4.00	3.00	Yes (X)	$0	$0	$0
Donna F Edwards
Comm Vice Chair	5.00	0.00	Yes (X)	$0	$0	$0
Cantey M Ergen
Committee Chair	4.00	0.00	Yes (X)	$0	$0	$0
Eric W Eubank II
Committee Chair	4.00	2.00	Yes (X)	$0	$0	$0
Lisbeth Clark Evans
Trustee	6.00	0.60	Yes (X)	$0	$0	$0
Curtis C Farmer
Committee Chair	5.00	0.60	Yes (X)	$0	$0	$0
Mary R Farrell
Trustee	5.00	0.00	Yes (X)	$0	$0	$0
Donald E Flow
Comm Vice Chair	4.00	7.00	Yes (X)	$0	$0	$0
Frank B Holding Jr
Committee Chair	5.00	1.00	Yes (X)	$0	$0	$0
Beth Norbrey Hopkins
Trustee on 12/20	3.00	0.00	Yes (X)	$0	$0	$0
Alice Kirby Horton
Comm Vice Chair	4.00	0.00	Yes (X)	$0	$0	$0
Deborah D Lambert
Committee Chair	4.00	0.00	Yes (X)	$0	$0	$0
Andrew J Logan
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
John M McAvoy
Trustee	3.00	0.60	Yes (X)	$0	$0	$0
Robert J McCreary
Committee Chair	4.00	0.60	Yes (X)	$0	$0	$0
James M O'Connell
Trustee	3.00	0.60	Yes (X)	$0	$0	$0
Ogden Phipps II
Trustee	3.00	0.60	Yes (X)	$0	$0	$0
Gary S Pinkus
Committee Chair	4.00	0.00	Yes (X)	$0	$0	$0
Alice Proietti
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Prince R Rivers
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Jorge Rodriguez
Comm Vice Chair	5.00	1.70	Yes (X)	$0	$0	$0
Michael J Selverian
Committee Chair	6.00	1.60	Yes (X)	$0	$0	$0
Mit B Shah
Comm Vice Chair	5.00	1.60	Yes (X)	$0	$0	$0
Lloyd P Tate Jr
Committee Chair	5.00	0.00	Yes (X)	$0	$0	$0
Cathy Wall Thomas
Trustee	3.00	2.00	Yes (X)	$0	$0	$0
Shannan Spence Townsend
Comm Vice Chair	5.00	0.60	Yes (X)	$0	$0	$0
John M Vann
Committee Chair	4.00	8.00	Yes (X)	$0	$0	$0
David I Wahrhaftig
Trustee	5.00	0.00	Yes (X)	$0	$0	$0
Eric C Wiseman
Comm Vice Chair	5.00	0.00	Yes (X)	$0	$0	$0
Katherine B Wright
Trustee	5.00	1.20	Yes (X)	$0	$0	$0
Nathan O Hatch PhD
Pres. & Trustee	29.00	11.00	Yes (X)	$1,524,226	$0	$229,727	Yes (X)
Julie A Freischlag MD
EVP Health Aff.	2.00	21.20		$0	$3,070,030	$440,137	Yes (X)
J Reid Morgan
S.VP, Sec, G.C.	19.70	20.30		$659,852	$0	$140,201	Yes (X)
Anita M Conrad
Asst Secretary	21.00	19.00		$191,046	$0	$41,640	Yes (X)
Rogan Kersh PhD
Provost	40.00	0.00		$1,122,469	$0	$107,973	Yes (X)
B Hofler Milam
EVP, CFO, Treas	37.50	2.50		$617,669	$0	$261,595	Yes (X)
Charles L Iacovou PhD
Dean, Business School	40.00	0.00		$447,679	$0	$53,889		Yes (X)
Mark A Petersen
VP - Advancement	40.00	0.00		$756,650	$0	$107,795		Yes (X)
Michele Gillespie PhD
Dean, Wake Forest College	40.00	0.00		$365,074	$0	$56,777		Yes (X)
John A Currie
Director of Athletics	40.00	0.00		$715,044	$0	$44,308		Yes (X)
David P Clawson
Football Coach	40.00	0.00		$3,356,169	$0	$63,071			Yes (X)
Daniel R Manning
Men's BktBall Co	40.00	0.00		$769,379	$0	$29,299			Yes (X)
Warren D Ruggiero
Asst F'ball Coach	40.00	0.00		$701,028	$0	$37,684			Yes (X)
Andrew R Chan
VP Career Development	40.00	0.00		$945,868	$0	$115,896			Yes (X)
Steve Forbes
Men's BktBall Co	40.00	0.00		$1,080,624	$0	$32,977			Yes (X)
John D McConnell MD
Former EVP Health Affairs	0.00	40.00		$0	$489,759	$43,549				Yes (X)
Ronald D Wellman
Former Director of Athletics	40.00	0.00		$515,881	$0	$49,087				Yes (X)

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$13,768,658	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$3,559,789	TotReportableCompRltdOrgAmt
Total Other Compensation	$1,855,605	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	570	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	Yes (1)	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	Yes (1)	TotalCompGreaterThan150KInd
Compensation From Other Srcs	0	CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (5 entries)

Address Line1ContractorAddress/USAddress/AddressLine1Txt	CityContractorAddress/USAddress/CityNm	State AbbreviationContractorAddress/USAddress/StateAbbreviationCd	ZIPContractorAddress/USAddress/ZIPCd	ServicesServicesDesc	CompensationCompensationAmt
Aramark Campus Services
1101 Market St 12th Fl	Philadelphia	PA	19107	Food Service	$18,129,426
New Atlantic Contracting Inc
2635 Reynolda Road	WinstonSalem	NC	27106	Construction	$6,418,009
NCS Pearson Inc
13036 Collections Center Drive	Chicago	IL	60693	Testing/Counseling	$4,339,264
Budd Group
Po Box 651085	Charlotte	NC	28265	Janitorial/Landscaping	$4,229,484
IL Long Construction Co Inc
4117 Indiana Avenue	Winston Salem	NC	27105	Construction	$3,449,682

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	139	CntrctRcvdGreaterThan100KCnt
Fundraising	$30,287	FundraisingAmt
Related Organizations	$1,059,042	RelatedOrganizationsAmt
Government Grants	$18,001,680	GovernmentGrantsAmt
All Other Contributions	$100,884,951	AllOtherContributionsAmt
Noncash Contributions	$19,881,019	NoncashContributionsAmt
Total Contributions	$119,975,960	TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp (5 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
Tuition and Fees	611310	$395,350,596	$395,350,596
Athletic Programs	711210	$35,681,016	$35,681,016
Student Housing & Dining	721310	$35,214,196	$35,214,196
Organized Activities	515100	$4,252,553	$4,252,553
Student Health Services	621400	$3,566,769	$3,566,769

Total Oth Program Service Rev TotalOthProgramServiceRevGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$4,932,613	TotalRevenueColumnAmt
Related Or Exempt Func Income	$4,845,213	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$87,400	UnrelatedBusinessRevenueAmt

Field	Value	IRS element (for citing)
Total Program Service Revenue	$478,997,743	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$4,574,149	TotalRevenueColumnAmt
Unrelated Business Revenue	-$1,107,674	UnrelatedBusinessRevenueAmt
Exclusion	$5,681,823	ExclusionAmt

Royalties Revenue RoyaltiesRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$2,482,462	TotalRevenueColumnAmt
Exclusion	$2,482,462	ExclusionAmt

Gross Rents GrossRentsGrp

Field	Value	IRS element (for citing)
Real	$15,297,378	RealAmt

Less Rental Expenses LessRentalExpensesGrp

Field	Value	IRS element (for citing)
Real	$12,906,300	RealAmt

Rental Income Or Loss RentalIncomeOrLossGrp

Field	Value	IRS element (for citing)
Real	$2,391,078	RealAmt

Net Rental Income Or Loss NetRentalIncomeOrLossGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$2,391,078	TotalRevenueColumnAmt
Unrelated Business Revenue	$295,490	UnrelatedBusinessRevenueAmt
Exclusion	$2,095,588	ExclusionAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

Field	Value	IRS element (for citing)
Securities	$244,715,487	SecuritiesAmt
Other	$1,797,356	OtherAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

Field	Value	IRS element (for citing)
Securities	$178,127,738	SecuritiesAmt
Other	$1,772,266	OtherAmt

Gain Or Loss GainOrLossGrp

Field	Value	IRS element (for citing)
Securities	$66,587,749	SecuritiesAmt
Other	$25,090	OtherAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$66,612,839	TotalRevenueColumnAmt
Exclusion	$66,612,839	ExclusionAmt

Field	Value	IRS element (for citing)
Fundraising Gross Income	$8,840	FundraisingGrossIncomeAmt
Contri Rpt Fundraising Event	$30,287	ContriRptFundraisingEventAmt
Fundraising Direct Expenses	$7,911	FundraisingDirectExpensesAmt

Net Incm From Fundraising Evt NetIncmFromFundraisingEvtGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$929	TotalRevenueColumnAmt
Exclusion	$929	ExclusionAmt

Field	Value	IRS element (for citing)
Gross Sales Of Inventory	$3,028,923	GrossSalesOfInventoryAmt
Cost Of Goods Sold	$362,474	CostOfGoodsSoldAmt

Net Income Or Loss NetIncomeOrLossGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$2,666,449	TotalRevenueColumnAmt
Unrelated Business Revenue	$1,442,527	UnrelatedBusinessRevenueAmt
Exclusion	$1,223,922	ExclusionAmt

Other Revenue Misc OtherRevenueMiscGrp (3 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt	ExclusionExclusionAmt
Executive Educ/Other Instr	611430	$2,015,064	$2,015,064
Sponsorship Payments	811000	$1,307,561		$1,307,561
Contract Revenue	900099	$302,609		$302,609

Miscellaneous Revenue MiscellaneousRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$409,415	TotalRevenueColumnAmt
Unrelated Business Revenue	$159,768	UnrelatedBusinessRevenueAmt
Exclusion	$249,647	ExclusionAmt

Field	Value	IRS element (for citing)
Other Revenue Total	$4,034,649	OtherRevenueTotalAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$681,736,258	TotalRevenueColumnAmt
Related Or Exempt Func Income	$480,925,407	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$877,511	UnrelatedBusinessRevenueAmt
Exclusion	$79,957,380	ExclusionAmt

Grants To Domestic Orgs GrantsToDomesticOrgsGrp

Field	Value	IRS element (for citing)
Total	$3,792,866	TotalAmt
Program Services	$3,792,866	ProgramServicesAmt

Grants To Domestic Individuals GrantsToDomesticIndividualsGrp

Field	Value	IRS element (for citing)
Total	$127,081,874	TotalAmt
Program Services	$127,081,874	ProgramServicesAmt

Foreign Grants ForeignGrantsGrp

Field	Value	IRS element (for citing)
Total	$876,979	TotalAmt
Program Services	$876,979	ProgramServicesAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

Field	Value	IRS element (for citing)
Total	$9,624,586	TotalAmt
Program Services	$3,849,834	ProgramServicesAmt
Management And General	$4,812,293	ManagementAndGeneralAmt
Fundraising	$962,459	FundraisingAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

Field	Value	IRS element (for citing)
Total	$217,315,196	TotalAmt
Program Services	$177,446,148	ProgramServicesAmt
Management And General	$28,816,225	ManagementAndGeneralAmt
Fundraising	$11,052,823	FundraisingAmt

Pension Plan Contributions PensionPlanContributionsGrp

Field	Value	IRS element (for citing)
Total	$18,027,519	TotalAmt
Program Services	$14,566,308	ProgramServicesAmt
Management And General	$2,502,042	ManagementAndGeneralAmt
Fundraising	$959,169	FundraisingAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

Field	Value	IRS element (for citing)
Total	$29,651,359	TotalAmt
Program Services	$21,475,930	ProgramServicesAmt
Management And General	$4,687,073	ManagementAndGeneralAmt
Fundraising	$3,488,356	FundraisingAmt

Payroll Taxes PayrollTaxesGrp

Field	Value	IRS element (for citing)
Total	$14,337,422	TotalAmt
Program Services	$11,584,280	ProgramServicesAmt
Management And General	$1,997,669	ManagementAndGeneralAmt
Fundraising	$755,473	FundraisingAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$1,907,004	TotalAmt
Program Services	$899,995	ProgramServicesAmt
Management And General	$1,007,009	ManagementAndGeneralAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$290,012	TotalAmt
Program Services	$13,385	ProgramServicesAmt
Management And General	$276,627	ManagementAndGeneralAmt

Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp

Field	Value	IRS element (for citing)
Total	$7,105,637	TotalAmt
Program Services	$4,618,664	ProgramServicesAmt
Management And General	$2,486,973	ManagementAndGeneralAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$15,417,488	TotalAmt
Program Services	$12,720,010	ProgramServicesAmt
Management And General	$1,317,554	ManagementAndGeneralAmt
Fundraising	$1,379,924	FundraisingAmt

Advertising AdvertisingGrp

Field	Value	IRS element (for citing)
Total	$2,256,825	TotalAmt
Program Services	$1,935,890	ProgramServicesAmt
Management And General	$129,403	ManagementAndGeneralAmt
Fundraising	$191,532	FundraisingAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$8,148,763	TotalAmt
Program Services	$6,908,859	ProgramServicesAmt
Management And General	$549,624	ManagementAndGeneralAmt
Fundraising	$690,280	FundraisingAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$3,001,064	TotalAmt
Program Services	$2,503,987	ProgramServicesAmt
Management And General	$430,439	ManagementAndGeneralAmt
Fundraising	$66,638	FundraisingAmt

Royalties RoyaltiesGrp

Field	Value	IRS element (for citing)
Total	$88,459	TotalAmt
Program Services	$88,459	ProgramServicesAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$7,747,802	TotalAmt
Program Services	$6,291,565	ProgramServicesAmt
Management And General	$1,456,237	ManagementAndGeneralAmt

Travel TravelGrp

Field	Value	IRS element (for citing)
Total	$3,397,109	TotalAmt
Program Services	$3,184,835	ProgramServicesAmt
Management And General	$212,274	ManagementAndGeneralAmt

Conferences Meetings ConferencesMeetingsGrp

Field	Value	IRS element (for citing)
Total	$4,445,387	TotalAmt
Program Services	$3,781,808	ProgramServicesAmt
Management And General	$634,655	ManagementAndGeneralAmt
Fundraising	$28,924	FundraisingAmt

Interest InterestGrp

Field	Value	IRS element (for citing)
Total	$15,751,476	TotalAmt
Program Services	$15,066,426	ProgramServicesAmt
Management And General	$685,050	ManagementAndGeneralAmt

Depreciation Depletion DepreciationDepletionGrp

Field	Value	IRS element (for citing)
Total	$49,918,071	TotalAmt
Program Services	$44,471,774	ProgramServicesAmt
Management And General	$5,446,297	ManagementAndGeneralAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$2,217,040	TotalAmt
Program Services	$776,813	ProgramServicesAmt
Management And General	$1,440,227	ManagementAndGeneralAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDesc	TotalTotalAmt	Program ServicesProgramServicesAmt	Management And GeneralManagementAndGeneralAmt	FundraisingFundraisingAmt
Legal Obligations	$12,500,000	$12,500,000
Repairs and Maintenance	$10,404,784	$8,611,145	$1,427,850	$365,789
Library, Books & Public	$6,971,865	$6,895,114	$17,886	$58,865
Non Capital Equip & Fur	$5,013,931	$3,511,986	$1,451,613	$50,332

All Other Expenses AllOtherExpensesGrp

Field	Value	IRS element (for citing)
Total	$7,897,923	TotalAmt
Program Services	$5,061,198	ProgramServicesAmt
Management And General	$2,141,702	ManagementAndGeneralAmt
Fundraising	$695,023	FundraisingAmt

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$585,188,441	TotalAmt
Program Services	$500,516,132	ProgramServicesAmt
Management And General	$63,926,722	ManagementAndGeneralAmt
Fundraising	$20,745,587	FundraisingAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$53,553,830	BOYAmt
EOY	$34,574,723	EOYAmt

Pledges And Grants Receivable PledgesAndGrantsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$120,904,564	BOYAmt
EOY	$130,868,473	EOYAmt

Accounts Receivable AccountsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$22,317,614	BOYAmt
EOY	$15,517,908	EOYAmt

Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp

Field	Value	IRS element (for citing)
BOY	$19,106,958	BOYAmt
EOY	$15,283,313	EOYAmt

Inventories For Sale Or Use InventoriesForSaleOrUseGrp

Field	Value	IRS element (for citing)
BOY	$736,642	BOYAmt
EOY	$799,304	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$4,872,645	BOYAmt
EOY	$5,530,407	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$1,217,246,170	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$539,225,327	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$701,043,892	BOYAmt
EOY	$678,020,843	EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

Field	Value	IRS element (for citing)
BOY	$237,999,279	BOYAmt
EOY	$459,533,537	EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

Field	Value	IRS element (for citing)
BOY	$935,474,894	BOYAmt
EOY	$1,189,791,612	EOYAmt

Other Assets Total OtherAssetsTotalGrp

Field	Value	IRS element (for citing)
BOY	$43,812,070	BOYAmt
EOY	$40,263,136	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$2,139,822,388	BOYAmt
EOY	$2,570,183,256	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$35,898,493	BOYAmt
EOY	$65,378,912	EOYAmt

Grants Payable GrantsPayableGrp

Field	Value	IRS element (for citing)
BOY	$4,533,130	BOYAmt
EOY	$2,049,160	EOYAmt

Deferred Revenue DeferredRevenueGrp

Field	Value	IRS element (for citing)
BOY	$24,026,032	BOYAmt
EOY	$29,033,914	EOYAmt

Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$254,480,295	BOYAmt
EOY	$252,489,967	EOYAmt

Escrow Account Liability EscrowAccountLiabilityGrp

Field	Value	IRS element (for citing)
BOY	$1,482,075	BOYAmt
EOY	$1,405,424	EOYAmt

Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp

Field	Value	IRS element (for citing)
BOY	$113,237,920	BOYAmt
EOY	$71,511,290	EOYAmt

Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp

Field	Value	IRS element (for citing)
BOY	$125,000,000	BOYAmt
EOY	$250,000,000	EOYAmt

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$138,995,176	BOYAmt
EOY	$138,269,432	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$697,653,121	BOYAmt
EOY	$810,138,099	EOYAmt

Field	Value	IRS element (for citing)
Organization Follows FASB117	Yes (X)	OrganizationFollowsFASB117Ind

No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$645,487,121	BOYAmt
EOY	$755,194,751	EOYAmt

Donor Restriction Net Assets DonorRestrictionNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$796,682,146	BOYAmt
EOY	$1,004,850,406	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$1,442,169,267	BOYAmt
EOY	$1,760,045,157	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$2,139,822,388	BOYAmt
EOY	$2,570,183,256	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	$96,547,817	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	$221,328,073	NetUnrlzdGainsLossesInvstAmt
Other Changes In Net Assets	$0	OtherChangesInNetAssetsAmt
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd
Accountant Compile Or Review	0	AccountantCompileOrReviewInd
FS Audited	Yes (1)	FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

Field	Value	IRS element (for citing)
Consolidated Basis Fincl Stmt	Yes (X)	ConsolidatedBasisFinclStmtInd

Field	Value	IRS element (for citing)
Audit Committee	Yes (1)	AuditCommitteeInd
Federal Grant Audit Required	Yes (1)	FederalGrantAuditRequiredInd
Federal Grant Audit Performed	Yes (1)	FederalGrantAuditPerformedInd

Schedule A IRS990ScheduleA

Field	Value	IRS element (for citing)
School	Yes (X)	SchoolInd

Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$157,306,803	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$85,906,758	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$112,285,982	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$86,034,682	CurrentTaxYearMinus1YearAmt
Current Tax Year	$119,975,960	CurrentTaxYearAmt
Total	$561,510,185	TotalAmt

Total Calendar Year170 TotalCalendarYear170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$157,306,803	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$85,906,758	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$112,285,982	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$86,034,682	CurrentTaxYearMinus1YearAmt
Current Tax Year	$119,975,960	CurrentTaxYearAmt
Total	$561,510,185	TotalAmt

Field	Value	IRS element (for citing)
Substantial Contributors Tot	$56,427,590	SubstantialContributorsTotAmt
Public Support Total170	$505,082,595	PublicSupportTotal170Amt

Gross Investment Income170 GrossInvestmentIncome170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$62,678,782	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$18,740,986	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$22,560,259	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$28,674,336	CurrentTaxYearMinus1YearAmt
Current Tax Year	$22,303,989	CurrentTaxYearAmt
Total	$154,958,352	TotalAmt

Unrelated Business Net Incm170 UnrelatedBusinessNetIncm170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$2,189,568	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus2 Years	$163,106	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$37,539	CurrentTaxYearMinus1YearAmt
Current Tax Year	$51,322	CurrentTaxYearAmt
Total	$2,441,535	TotalAmt

Other Income170 OtherIncome170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus3 Years	$37,437	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$736,179	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$793,935	CurrentTaxYearMinus1YearAmt
Current Tax Year	$2,015,064	CurrentTaxYearAmt
Total	$3,582,615	TotalAmt

Field	Value	IRS element (for citing)
Total Support	$722,492,687	TotalSupportAmt
Gross Receipts Rltd Activities	$2,044,354,066	GrossReceiptsRltdActivitiesAmt
Public Support CY170	0.69910	PublicSupportCY170Pct
Public Support PY170	0.67930	PublicSupportPY170Pct
Thirty Thr Pct Suprt Tests CY170	Yes (X)	ThirtyThrPctSuprtTestsCY170Ind

Form990 Schedule A Part VI Form990ScheduleAPartVIGrp

Field	Value	IRS element (for citing)
Form And Line Reference	Schedule A, Part II	FormAndLineReferenceDesc
Explanation	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 2,015,064	ExplanationTxt

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

Field	Value	IRS element (for citing)
Contributor	RESTRICTED	ContributorNum

Contributor Business Name ContributorBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	RESTRICTED	BusinessNameLine1

Contributor US Address ContributorUSAddress

Field	Value	IRS element (for citing)
Address Line1	RESTRICTED	AddressLine1
Address Line2	RESTRICTED	AddressLine2
City	RESTRICTED	City
State	RESTRICTED	State
ZIP Code	RESTRICTED	ZIPCode

Field	Value	IRS element (for citing)
Total Contributions	RESTRICTED	TotalContributionsAmt

Schedule C IRS990ScheduleC

Field	Value	IRS element (for citing)
Volunteers	0	VolunteersInd
Paid Staff Or Management	0	PaidStaffOrManagementInd
Media Advertisements	0	MediaAdvertisementsInd
Mailings Members	0	MailingsMembersInd
Publications Or Broadcast	0	PublicationsOrBroadcastInd
Grants Other Organizations	0	GrantsOtherOrganizationsInd
Direct Contact Legislators	Yes (1)	DirectContactLegislatorsInd
Direct Contact Legislators	$82,630	DirectContactLegislatorsAmt
Rallies Demonstrations	0	RalliesDemonstrationsInd
Other Activities	0	OtherActivitiesInd
Total Lobbying Expenditures	$82,630	TotalLobbyingExpendituresAmt
Not Described Section501c3	0	NotDescribedSection501c3Ind

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Part II-B, Line 1:	FormAndLineReferenceDesc
Explanation	The filing organization's employees will sometimes make direct contact with legislators, their staffs, government officials, or a legislative body. Such employees were actively involved with several federal and state issues during the year, including COVID-19 relief bills, unrelated business income, and other provisions in the Tax Cuts and Jobs Act. 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 to facilitate funding for the challenges faced due to the COVID-19 pandemic in higher education. The COVID-l9 pandemic relief bills provided funding for medical supplies, vaccine development, diagnostic testing, and more. 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 associations represent the interests of institutions of higher education in Washington. At the state level, activities focused on work securing COVID relief funding through the budget process. Our efforts were focused on three separate budget bills which resulted in a final bill which became the State Budget. This is a multi-step process. We worked on legislation surrounding vaccine policy as it related to the opening of school. We also worked closely with State regulators at the Department of Health and Human Services on continuing operations in general during COVID -- specifically focused on testing.	ExplanationTxt

Schedule D IRS990ScheduleD

Field	Value	IRS element (for citing)
Collection Used Pub Exhibition	Yes (X)	CollectionUsedPubExhibitionInd
Coll Used Scholarly Rsrch	Yes (X)	CollUsedScholarlyRsrchInd
Collection Used Preservation	Yes (X)	CollectionUsedPreservationInd
Solicited Assets Sale	0	SolicitedAssetsSaleInd
Agent Trustee Etc	Yes (1)	AgentTrusteeEtcInd
Beginning Balance	$2,400,022	BeginningBalanceAmt
Distributions During Year	$246,142	DistributionsDuringYearAmt
Ending Balance	$2,153,880	EndingBalanceAmt
Incl Escrow Custodial Acct Liab	Yes (1)	InclEscrowCustodialAcctLiabInd
Explanation Provided	Yes (X)	ExplanationProvidedInd

CY Endwmt Fund CYEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$819,123,414	BeginningYearBalanceAmt
Contributions	$24,284,516	ContributionsAmt
Investment Earnings Or Losses	$235,533,467	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$18,772,673	GrantsOrScholarshipsAmt
Other Expenditures	$15,475,231	OtherExpendituresAmt
Administrative Expenses	$5,776,264	AdministrativeExpensesAmt
End Year Balance	$1,038,917,229	EndYearBalanceAmt

CY Minus1 Yr Endwmt Fund CYMinus1YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$837,211,471	BeginningYearBalanceAmt
Contributions	$21,436,980	ContributionsAmt
Investment Earnings Or Losses	$2,431,225	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$19,509,779	GrantsOrScholarshipsAmt
Other Expenditures	$16,254,628	OtherExpendituresAmt
Administrative Expenses	$6,191,855	AdministrativeExpensesAmt
End Year Balance	$819,123,414	EndYearBalanceAmt

CY Minus2 Yr Endwmt Fund CYMinus2YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$792,516,828	BeginningYearBalanceAmt
Contributions	$38,438,253	ContributionsAmt
Investment Earnings Or Losses	$48,975,003	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$19,930,228	GrantsOrScholarshipsAmt
Other Expenditures	$17,214,089	OtherExpendituresAmt
Administrative Expenses	$5,574,296	AdministrativeExpensesAmt
End Year Balance	$837,211,471	EndYearBalanceAmt

CY Minus3 Yr Endwmt Fund CYMinus3YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$689,116,543	BeginningYearBalanceAmt
Contributions	$98,721,815	ContributionsAmt
Investment Earnings Or Losses	$42,556,841	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$16,890,539	GrantsOrScholarshipsAmt
Other Expenditures	$15,874,132	OtherExpendituresAmt
Administrative Expenses	$5,113,700	AdministrativeExpensesAmt
End Year Balance	$792,516,828	EndYearBalanceAmt

CY Minus4 Yr Endwmt Fund CYMinus4YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$656,509,662	BeginningYearBalanceAmt
Contributions	$19,189,767	ContributionsAmt
Investment Earnings Or Losses	$52,856,427	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$16,960,403	GrantsOrScholarshipsAmt
Other Expenditures	$17,199,348	OtherExpendituresAmt
Administrative Expenses	$5,279,562	AdministrativeExpensesAmt
End Year Balance	$689,116,543	EndYearBalanceAmt

Field	Value	IRS element (for citing)
Board Designated Balance EOY	0.23190	BoardDesignatedBalanceEOYPct
Prmnnt Endowment Balance EOY	0.43620	PrmnntEndowmentBalanceEOYPct
Term Endowment Balance EOY	0.33190	TermEndowmentBalanceEOYPct
Endowments Held Unrelated Org	0	EndowmentsHeldUnrelatedOrgInd
Endowments Held Related Org	Yes (1)	EndowmentsHeldRelatedOrgInd
Related Org List Sch R	Yes (1)	RelatedOrgListSchRInd

Land LandGrp

Field	Value	IRS element (for citing)
Investment Cost Or Other Basis	$555,162	InvestmentCostOrOtherBasisAmt
Other Cost Or Other Basis	$18,617,115	OtherCostOrOtherBasisAmt
Book Value	$19,172,277	BookValueAmt

Buildings BuildingsGrp

Field	Value	IRS element (for citing)
Investment Cost Or Other Basis	$56,553,526	InvestmentCostOrOtherBasisAmt
Other Cost Or Other Basis	$584,816,398	OtherCostOrOtherBasisAmt
Depreciation	$270,578,651	DepreciationAmt
Book Value	$370,791,273	BookValueAmt

Leasehold Improvements LeaseholdImprovementsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$328,747,638	OtherCostOrOtherBasisAmt
Depreciation	$151,657,359	DepreciationAmt
Book Value	$177,090,279	BookValueAmt

Equipment EquipmentGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$179,056,491	OtherCostOrOtherBasisAmt
Depreciation	$108,617,926	DepreciationAmt
Book Value	$70,438,565	BookValueAmt

Other Land Buildings OtherLandBuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$48,899,840	OtherCostOrOtherBasisAmt
Depreciation	$8,371,391	DepreciationAmt
Book Value	$40,528,449	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$678,020,843	TotalBookValueLandBuildingsAmt

Other Securities OtherSecuritiesGrp (5 entries)

DescDesc	Book ValueBookValueAmt	Method ValuationMethodValuationCd
Interests in Perpetual Trusts	$13,166,948	F
Private Equity	$507,781	F
Absolute Return Investments	$1,158,274,344	F
Real Estate-Commercial	$4,817,162	F
Other Investments	$13,025,377	F

Field	Value	IRS element (for citing)
Total Book Value Securities	$1,189,791,612	TotalBookValueSecuritiesAmt

Other Liabilities Org OtherLiabilitiesOrgGrp (5 entries)

DescDesc	AmtAmt
Annuities Payable	$20,219,024
Other Liabilities and Deferrals	$51,559,714
Postretirement Benefits	$14,542,168
Bond Premium	$25,002,651
Operating Lease Obligations	$26,945,875

Field	Value	IRS element (for citing)
Total Liability	$138,269,432	TotalLiabilityAmt
Footnote Text	Yes (X)	FootnoteTextInd
Total Rev Etc Audited Fincl Stmt	$783,000,232	TotalRevEtcAuditedFinclStmtAmt
Net Unrealized Gains Invst	$221,328,073	NetUnrealizedGainsInvstAmt
Other Revenue	-$126,235,147	OtherRevenueAmt
Revenue Not Reported	$95,092,926	RevenueNotReportedAmt
Revenue Subtotal	$687,907,306	RevenueSubtotalAmt
Other Revenues Not Included	-$6,171,048	OtherRevenuesNotIncludedAmt
Revenue Not Reported Fincl Stmt	-$6,171,048	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$681,736,258	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$465,124,342	TotExpnsEtcAuditedFinclStmtAmt
Other Expenses Included	$6,171,048	OtherExpensesIncludedAmt
Expenses Not Reported	$6,171,048	ExpensesNotReportedAmt
Expenses Subtotal	$458,953,294	ExpensesSubtotalAmt
Other Expenses Not Included	$126,235,147	OtherExpensesNotIncludedAmt
Expenses Not Rpt Fincl Stmt	$126,235,147	ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990	$585,188,441	TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail (10 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
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 54.82% of the expendable endowment funds provided scholarships for Wake Forest University students during the fiscal year. 20.30% was distributed for department chair and faculty positions, including funds for research professorships. 24.88% 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, 2018 remain subject to examination by federal and state tax authorities. The University has evaluated uncertain tax positions for the year ended June 30, 2021, 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 affect the consolidated financial statements for the year ended June 30, 2021.
Part XI, Line 2d - Other Adjustments:	Scholarship Reclass -126,235,147.
Part XI, Line 4b - Other Adjustments:	Rent Expense Reclass -12,906,300. COGS Reclass -362,474. Fundraising Expense Reclass -7,911. Investment Management Fees Reclass 7,105,637.
Part XII, Line 2d - Other Adjustments:	Rent Expense Reclass 12,906,300. Fundraising Expense Reclass 7,911. COGS Reclass 362,474. Investment Management Fees Reclass -7,105,637.
Part XII, Line 4b - Other Adjustments:	Scholarship Reclass 126,235,147.

Schedule E IRS990ScheduleE

Field	Value	IRS element (for citing)
Nondiscriminatory Policy Stmt	Yes (1)	NondiscriminatoryPolicyStmtInd
Policy Stmt In Brochures Etc	Yes (1)	PolicyStmtInBrochuresEtcInd
Plcy Pblczd Via Broadcast Media	Yes (1)	PlcyPblczdViaBroadcastMediaInd
Maintain Racial Comp Recs	Yes (1)	MaintainRacialCompRecsInd
Maintain Scholarships Recs	Yes (1)	MaintainScholarshipsRecsInd
Maintain Cpy Of Brochures Etc	Yes (1)	MaintainCpyOfBrochuresEtcInd
Maintain Cpy Of All Sol	Yes (1)	MaintainCpyOfAllSolInd
Discriminate Race Stdnts Rghts	0	DiscriminateRaceStdntsRghtsInd
Discriminate Race Admiss Plcy	0	DiscriminateRaceAdmissPlcyInd
Discriminate Race Emplm Fculty	0	DiscriminateRaceEmplmFcultyInd
Discriminate Race Schs	0	DiscriminateRaceSchsInd
Discriminate Race Educ Plcy	0	DiscriminateRaceEducPlcyInd
Discriminate Race Use Of Fclts	0	DiscriminateRaceUseOfFcltsInd
Discriminate Race Athlt Prog	0	DiscriminateRaceAthltProgInd
Discriminate Race Other Acty	0	DiscriminateRaceOtherActyInd
Government Financial Aid Rcvd	Yes (1)	GovernmentFinancialAidRcvdInd
Government Financial Aid Rvkd	0	GovernmentFinancialAidRvkdInd
Compliance With Rev Proc7550	Yes (1)	ComplianceWithRevProc7550Ind

Supplemental Information Detail SupplementalInformationDetail (2 entries)

Form And Line ReferenceFormAndLineReferenceDesc

ExplanationExplanationTxt

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.

Schedule F IRS990ScheduleF

Field	Value	IRS element (for citing)
Grant Records Maintained	Yes (1)	GrantRecordsMaintainedInd

Account Activities Outside US AccountActivitiesOutsideUSGrp (21 entries)

RegionRegionTxt	Type Of Activities ConductedTypeOfActivitiesConductedTxt	Specific Services ProvidedSpecificServicesProvidedTxt	Region Total ExpendituresRegionTotalExpendituresAmt	OfficesOfficesCnt	EmployeeEmployeeCnt
Europe & North Atlantic	Program Service	Services	$46,120
Europe & North Atlantic	Program Service	Research	$176,695
Europe & North Atlantic	Program Service	Study Abroad	$992,249	6	56
Europe & North Atlantic	Program Service	Conferences	$3,423
Europe & North Atlantic	Program Service	Depreciation on Foreign Assets	$275,455
Europe & North Atlantic	Prog-Related Assets Book Value	N/A	$2,101,101
Europe & North Atlantic	Program Service	Recruiting	$42
East Asia & Pacific	Program Service	Research	$65,199
East Asia & Pacific	Program Service	Study Abroad	$1,987,900	1	2
North America	Program Service	Research	$14,150
North America	Program Service	Conferences	$779
Middle East & North Africa	Program Service	Research	$2,650
Sub-Saharan Africa	Program Service	Research	$50,818	1	9
South America	Program Service	Study Abroad	$100,000
South America	Program Service	Research	$847,914	3	7
South Asia	Program Service	Study Abroad	$153
South America	Program Service	Depreciation on Foreign Assets	$7,178
North America	Program Service	Services	$2,525
Sub-Saharan Africa	Program Service	Conferences	$400
South America	Prog-Related Assets Book Value	N/A	$4,187
East Asia & Pacific	Program Service	Services	$38,880

Field	Value	IRS element (for citing)
Subtotal Offices	6	SubtotalOfficesCnt
Subtotal Employees	56	SubtotalEmployeesCnt
Continuation Total Office	5	ContinuationTotalOfficeCnt
Continuation Total Employee	18	ContinuationTotalEmployeeCnt
Total Office	11	TotalOfficeCnt
Total Employee	74	TotalEmployeeCnt
Subtotal Spent	$3,660,284	SubtotalSpentAmt
Continuation Spent	$3,057,534	ContinuationSpentAmt
Total Spent	$6,717,818	TotalSpentAmt

Grants To Org Outside US GrantsToOrgOutsideUSGrp (4 entries)

RegionRegionTxt	Purpose Of GrantPurposeOfGrantTxt	Cash GrantCashGrantAmt	Manner Of Cash DisbursementMannerOfCashDisbursementTxt
East Asia & Pacific	Research Subcontract	$12,865	Check/Wire
Europe	Research Subcontract	$122,496	Check/Wire
South America	Research Subcontract	$721,884	Check/Wire
Sub Saharan Africa	Research Subcontract	$19,733	Check/Wire

Field	Value	IRS element (for citing)
Total501c3 Org	4	Total501c3OrgCnt
Total Other Org	0	TotalOtherOrgCnt

Foreign Individuals Grants ForeignIndividualsGrantsGrp (2 entries)

Type Of AssistanceTypeOfAssistanceTxt	RegionRegionTxt	RecipientRecipientCnt	Cash GrantCashGrantAmt	Manner Of Cash DisbursementMannerOfCashDisbursementTxt
Student Scholarships	Europe & North Atlantic	17	$17,365	Check/Wire
Student Scholarships	South America	2	$1,923	Check/Wire

Field	Value	IRS element (for citing)
Transfer To Foreign Corp	Yes (1)	TransferToForeignCorpInd
Interest In Foreign Trust	0	InterestInForeignTrustInd
Foreign Corp Ownership	Yes (1)	ForeignCorpOwnershipInd
Passive Foreign Investmest Co	Yes (1)	PassiveForeignInvestmestCoInd
Foreign Partnership	Yes (1)	ForeignPartnershipInd
Boycott Countries	Yes (1)	BoycottCountriesInd

Supplemental Information Detail SupplementalInformationDetail (4 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
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	Investments & Expenditures Per Region The Organization uses the accrual method of accounting on its financial statements, therefore all investments and expenditures shown on Schedule F are based on that method. Investments are reported at Net Book Value as of the end of the Organization's fiscal year. The valuation and location of investments comes from investment managers and investment financial statements external to the filing organization. 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.

Schedule G IRS990ScheduleG

Fundraising Event Information FundraisingEventInformationGrp

Field	Value	IRS element (for citing)
Event1	Law Banquet	Event1Nm
Gross Receipts Event1	$31,334	GrossReceiptsEvent1Amt
Charitable Contri Event1	$30,287	CharitableContriEvent1Amt
Gross Revenue Event1	$1,047	GrossRevenueEvent1Amt
Non Cash Prizes Event1	$330	NonCashPrizesEvent1Amt
Other Direct Expenses Event1	$52	OtherDirectExpensesEvent1Amt
Event2	PILO 5K	Event2Nm
Gross Receipts Event2	$5,309	GrossReceiptsEvent2Amt
Gross Revenue Event2	$5,309	GrossRevenueEvent2Amt
Non Cash Prizes Event2	$7,529	NonCashPrizesEvent2Amt
Gross Receipts Total	$36,643	GrossReceiptsTotalAmt
Charitable Contributions Tot	$30,287	CharitableContributionsTotAmt
Gross Revenue Total Events	$6,356	GrossRevenueTotalEventsAmt
Non Cash Prizes Total Events	$7,859	NonCashPrizesTotalEventsAmt
Oth Direct Expnss Total Events	$52	OthDirectExpnssTotalEventsAmt
Direct Expense Summary Events	$7,911	DirectExpenseSummaryEventsAmt
Net Income Summary	-$1,555	NetIncomeSummaryAmt

Schedule I IRS990ScheduleI

Field	Value	IRS element (for citing)
Grant Records Maintained	Yes (1)	GrantRecordsMaintainedInd

Recipient Table RecipientTable (21 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	Recipient EINRecipientEIN	IRC SectionIRCSectionDesc	Cash GrantCashGrantAmt	Purpose Of GrantPurposeOfGrantTxt
Reynolda House Inc
PO Box 7287	WinstonSalem	NC	27109	560810676	501(c)(3)	$444,000	Operations Support
United Way of Forsyth County
301 North Main Street	WinstonSalem	NC	27101	237357234	501(c)(3)	$20,000	Charitable Contribution
Duke University
324 Blackwell Street	Durham	NC	27701	560532129	501(c)(3)	$22,872	Research subcontract
Habitat For Humanity
339 Witt Street	WinstonSalem	NC	27103	561448955	501(c)(3)	$45,000	Habitat House Sponsor
Leadership Winston-Salem
624 W Sixth St Ste 110	WinstonSalem	NC	27101	581574887	501(c)(3)	$10,000	Sponsorship General Support
UNC Chapel Hill
104 Airport Drive CB 1270	Chapel Hill	NC	27514	566001393	501(c)(3)	$306,822	Research subcontract
University of Tennessee
1331 Circle Park Drive	Knoxville	TN	37916	626001636	Govt	$83,119	Research Subcontract
Wake Forest Univ Health Scien
Medical Center Blvd	WinstonSalem	NC	27157	223849199	501(c)(3)	$801,372	Research Subcontract
Wake Forest Univ Health Scien
Medical Center Blvd	WinstonSalem	NC	27157	223849199	501(c)(3)	$791,328	Pass-Through Grant
Brigham & Women's Hospital
399 Revolution Drive No 645	Somerville	MA	02145	042312909	501(c)(3)	$113,893	Research Subcontract
Winston-Salem Foundation
751 W Fourth Street	WinstonSalem	NC	27101	566037615	501(c)(3)	$100,000	Support Local Econ/Edu Dev'mt
Winston-Salem Alliance
100 North Main Street Suite	WinstonSalem	NC	27101	311726654	501(c)(6)	$5,150	Support Local Econ Dev'mt
Piedmont Triad Partnership
PO Box 2672	High Point	NC	27261	561750279	501(c)(3)	$10,000	Support Local Econ Dev'mt
Junior Achiev of the Triad
3220 Northline Avenue	Greensboro	NC	27408	560844838	501(c)(3)	$10,000	Charitable Contribution
Lawrence Berkeley Nat'l Lab
1 Cyclotron Road	Berkeley	CA	94720	942951741	501(c)(3)	$57,104	Research subcontract
Carnegie Mellon University
5000 Forbes Avenue	Pittsburgh	PA	25213	250969449	501(c)(3)	$93,542	Research Subcontract
Cleveland Clinic
6801 Brecksville Road RK1-85	Independence	OH	44131	341893439	501(c)(3)	$25,420	Research Subcontract
Calvin College
3201 Burton Street SE	Grand Rapids	MI	49546	383071514	501(c)(3)	$26,100	Research Subcontract
Rutgers University
65 Davidson Road	Piscataway	NJ	08854	226001086	501(c)(3)	$155,319	Research Subcontract
University of Texas at Dallas
800 W Campbell Road	Richardson	TX	75080	751305566	Govt	$116,357	Research Subcontract
Brown University
Controllers Office Box J	Providence	RI	02912	050258809	501(c)(3)	$6,261	Research Subcontract

Field	Value	IRS element (for citing)
Total501c3 Org	20	Total501c3OrgCnt
Total Other Org	1	TotalOtherOrgCnt

Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp (7 entries)

Grant TypeGrantTypeTxt	RecipientRecipientCnt	Cash GrantCashGrantAmt
Departmental Scholarships	792	$1,285,951
Grants for Student Travel	166	$127,969
General Tuition Scholarships	3755	$115,351,358
Tuition Concessions	187	$7,057,017
ROTC Scholarships	32	$157,500
Study Abroad Scholarships	4	$12,400
Third Party Scholarships	582	$2,927,112

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Part I, Line 2:	FormAndLineReferenceDesc
Explanation	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 awarded to qualifying research institutes able to complete research projects and monitored during such projects as well as by reviewing and collating the end results of the work.	ExplanationTxt

Schedule J IRS990ScheduleJ

Field	Value	IRS element (for citing)
First Class Or Charter Travel	Yes (X)	FirstClassOrCharterTravelInd
Travel For Companions	Yes (X)	TravelForCompanionsInd
Idemnification Gross Up Pmts	Yes (X)	IdemnificationGrossUpPmtsInd
Discretionary Spending Acct	Yes (X)	DiscretionarySpendingAcctInd
Housing Allowance Or Residence	Yes (X)	HousingAllowanceOrResidenceInd
Club Dues Or Fees	Yes (X)	ClubDuesOrFeesInd
Personal Services	Yes (X)	PersonalServicesInd
Written Policy Ref T And E Expnss	Yes (1)	WrittenPolicyRefTAndEExpnssInd
Substantiation Required	Yes (1)	SubstantiationRequiredInd
Compensation Committee	Yes (X)	CompensationCommitteeInd
Independent Consultant	Yes (X)	IndependentConsultantInd
Form990 Of Other Organizations	Yes (X)	Form990OfOtherOrganizationsInd
Written Employment Contract	Yes (X)	WrittenEmploymentContractInd
Compensation Survey	Yes (X)	CompensationSurveyInd
Board Or Committee Approval	Yes (X)	BoardOrCommitteeApprovalInd
Severance Payment	0	SeverancePaymentInd
Supplemental Nonqual Rtr Plan	Yes (1)	SupplementalNonqualRtrPlanInd
Equity Based Comp Arrngm	0	EquityBasedCompArrngmInd
Comp Based On Revenue Of Flng Org	0	CompBasedOnRevenueOfFlngOrgInd
Comp Bsd On Rev Related Orgs	0	CompBsdOnRevRelatedOrgsInd
Comp Bsd Net Earns Flng Org	0	CompBsdNetEarnsFlngOrgInd
Comp Bsd Net Earns Rltd Orgs	0	CompBsdNetEarnsRltdOrgsInd
Any Non Fixed Payments	Yes (1)	AnyNonFixedPaymentsInd
Initial Contract Exception	0	InitialContractExceptionInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (17 entries)

TitleTitleTxt	Base Compensation Filing OrgBaseCompensationFilingOrgAmt	Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt	Bonus Filing OrganizationBonusFilingOrganizationAmount	Bonus Related OrganizationsBonusRelatedOrganizationsAmt	Other Compensation Filing OrgOtherCompensationFilingOrgAmt	Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt	Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt	Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt	Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt	Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt	Total Compensation Filing OrgTotalCompensationFilingOrgAmt	Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt	Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt	Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt
Julie A Freischlag MD
EVP Health Aff.	$0	$1,456,803	$0	$663,750	$0	$949,477	$0	$412,187	$0	$27,950	$0	$3,510,167	$0	$905,232
David P Clawson
Football Coach	$3,298,883	$0	$0	$0	$57,286	$0	$21,375	$0	$41,696	$0	$3,419,240	$0	$0	$0
Nathan O Hatch PhD
Pres. & Trustee	$870,516	$0	$300,000	$0	$353,710	$0	$173,381	$0	$56,346	$0	$1,753,953	$0	$249,477	$0
Rogan Kersh PhD
Provost	$563,450	$0	$6,163	$0	$552,856	$0	$80,250	$0	$27,723	$0	$1,230,442	$0	$437,552	$0
Steve Forbes
Men's BktBall Co	$993,397	$0	$0	$0	$87,227	$0	$14,250	$0	$18,727	$0	$1,113,601	$0	$0	$0
Andrew R Chan
VP Career Development	$394,202	$0	$0	$0	$551,666	$0	$80,250	$0	$35,646	$0	$1,061,764	$0	$321,478	$0
B Hofler Milam
EVP, CFO, Treas	$596,899	$0	$0	$0	$20,770	$0	$231,035	$0	$30,560	$0	$879,264	$0	$0	$0
Mark A Petersen
VP - Advancement	$467,612	$0	$0	$0	$289,038	$0	$71,697	$0	$36,098	$0	$864,445	$0	$174,250	$0
J Reid Morgan
S.VP, Sec, G.C.	$489,082	$0	$150,000	$0	$20,770	$0	$104,450	$0	$35,751	$0	$800,053	$0	$0	$0
Daniel R Manning
Men's BktBall Co	$760,849	$0	$0	$0	$8,530	$0	$21,375	$0	$7,924	$0	$798,678	$0	$0	$0
John A Currie
Director of Athletics	$680,933	$0	$0	$0	$34,111	$0	$14,250	$0	$30,058	$0	$759,352	$0	$0	$0
Warren D Ruggiero
Asst F'ball Coach	$617,847	$0	$74,000	$0	$9,181	$0	$21,375	$0	$16,309	$0	$738,712	$0	$0	$0
Ronald D Wellman
Former Director of Athletics	$493,278	$0	$0	$0	$22,603	$0	$28,500	$0	$20,587	$0	$564,968	$0	$0	$0
John D McConnell MD
Former EVP Health Affairs	$0	$444,351	$0	$0	$0	$45,408	$0	$21,519	$0	$22,030	$0	$533,308	$0	$0
Charles L Iacovou PhD
Dean, Business School	$439,390	$0	$0	$0	$8,289	$0	$28,500	$0	$25,389	$0	$501,568	$0	$0	$0
Michele Gillespie PhD
Dean, Wake Forest College	$353,431	$0	$0	$0	$11,643	$0	$28,500	$0	$28,277	$0	$421,851	$0	$0	$0
Anita M Conrad
Asst Secretary	$190,650	$0	$0	$0	$396	$0	$20,000	$0	$21,640	$0	$232,686	$0	$0	$0

Supplemental Information Detail SupplementalInformationDetail (4 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
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: 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. 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 are provided by the University when membership fulfills a university business purpose. All such dues are included in taxable compensation when applicable. The President has a discretionary spending account. Any expenses deemed personal are treated as taxable compensation.
Part I, Line 4b	Line 4b payments - included in Schedule J, column(C): The compensation of Dr. Nathan O. Hatch, President, includes a payout of $272,769 which is included in his 2020 Form W-2 and in column Biii. $249,477 is shown in Schedule J, Part II, Column F and has been previously reported on a prior year Form 990. Dr. Hatch participates in a supplemental nonqualified retirement plan (SERP). Schedule J, Part II, Column C includes the actuarial value increase of $144,881. The compensation of B. Hofler Milam, EVP, CFO, and Treasurer includes an accrual of $202,535 on a deferred compensation arrangement included in Schedule J, Part II, Column C. The compensation of Rogan Kersh, Provost, includes a payout of $539,302 which is included in his 2020 Form W-2 and in column Biii. $437,552 is shown in Schedule J, Part II, Column F and has been previously reported on a prior year Form 990. His compensation also includes $51,750 from participation in a deferred compensation arrangement included in Schedule J, Part II, Column C. The compensation of J. Reid Morgan, Senior Vice President and General Counsel, includes $75,950 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 payout of $259,947 which is included in his 2020 Form W-2 and in column Biii. $174,250 is shown in Schedule J, Part II, Column F and has been previously reported on a prior year Form 990. His compensation also includes $43,197 from participation in a deferred compensation arrangement included in Schedule J, Part II, Column C. The compensation of Andrew Chan, VP of Career, includes a payout of $539,302 which is included in his 2020 Form W-2 and in column Biii. $321,478 is shown in Schedule J, Part II, Column F and has been previously reported on a prior year Form 990. The compensation of Julie Ann Freischlag M.D., Executive Vice President for Health Affairs, includes an accrual of $915,849 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, available to all employees. Michele Gillespie, PhD: $10,342 David P. Clawson: $10,342 Mark A. Peterson: $10,560 Andrew R. Chan: $10,560 All compensation provided to Julie Ann Freischlag M.D. (Current EVP- Health Affairs) and John D. McConnell, M.D. (Former EVP- Health Affairs) was paid by a related organization, Wake Forest University Health Sciences (WFUHS), for their services as 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 their 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. Dr. McConnell was the CEO of WFUBMC, WFUHS and NCBH through 4-26-17; Dr. Julie A. Freischlag succeeded Dr. McConnell in that office effective 4-27-17 and has since also assumed roles in Atrium Health, Inc.

Schedule K IRS990ScheduleK

Tax Exempt Bonds Issues TaxExemptBondsIssuesGrp (2 entries)

Bond ReferenceBondReferenceCd	Bond Issuer EINBondIssuerEIN	CUSIPCUSIPNum	Bond IssuedBondIssuedDt	Issue PriceIssuePriceAmt	PurposePurposeDesc	DefeasedDefeasedInd	On Behalf Of IssuerOnBehalfOfIssuerInd	Pool FinancingPoolFinancingInd
NC Capital Facs Fin Agency
A	561592154	65818PKVO	2016-07-27	$190,092,829	See Part VI	0	0	0
NC Capital Facs Fin Agency
B	561592154	65818PMZ9	2018-07-26	$107,737,205	See Part VI	0	0	0

Tax Exempt Bonds Proceeds TaxExemptBondsProceedsGrp (2 entries)

Bond ReferenceBondReferenceCd	RetiredRetiredAmt	Total ProceedsTotalProceedsAmt	Capitalized InterestCapitalizedInterestAmt	Issuance Costs From ProceedsIssuanceCostsFromProceedsAmt	Capital ExpendituresCapitalExpendituresAmt	Other Spent ProceedsOtherSpentProceedsAmt	Substantial CompletionSubstantialCompletionYr	Refunding Tax Exempt BondsRefundingTaxExemptBondsInd	Refunding Taxable BondsRefundingTaxableBondsInd	Final Allocation MadeFinalAllocationMadeInd	Adequate Books And Rec MaintAdequateBooksAndRecMaintInd	UnspentUnspentAmt
A	$1,250,000	$190,248,809	$2,170,879	$1,214,783	$65,163,737	$121,699,410	2019	Yes (1)	Yes (1)	Yes (1)	Yes (1)
B		$108,616,528	$3,594,340	$818,325	$93,650,386	$2,761,824	2021	0	0	0	Yes (1)	$7,791,653

Tax Exempt Bonds Private Bus Use TaxExemptBondsPrivateBusUseGrp (2 entries)

Bond ReferenceBondReferenceCd	Owning Bond Financed PropertyOwningBondFinancedPropertyInd	Any Lease ArrangementsAnyLeaseArrangementsInd	Mgmt Contract Bond Fincd PropMgmtContractBondFincdPropInd	Engage Bond Counsel ContractsEngageBondCounselContractsInd	Any Research AgreementsAnyResearchAgreementsInd	Private Bus Use By OthersPrivateBusUseByOthersPct	Total Private Business UseTotalPrivateBusinessUsePct	Bond Iss Meet Prvt Sec Pymt TestBondIssMeetPrvtSecPymtTestInd	Change In Use Bond Financed PropChangeInUseBondFinancedPropInd	Procs Nonqualified Bond RemdtdProcsNonqualifiedBondRemdtdInd
A	0	Yes (1)	Yes (1)	Yes (1)	0	0.00640	0.00640	0	0	Yes (1)
B	0	0	Yes (1)	Yes (1)	0	0.00780	0.00780	0	0	Yes (1)

Tax Exempt Bonds Arbitrage TaxExemptBondsArbitrageGrp (2 entries)

Bond ReferenceBondReferenceCd	Form8038 T FiledForm8038TFiledInd	Rebate Not Due YetRebateNotDueYetInd	Exception To RebateExceptionToRebateInd	No Rebate DueNoRebateDueInd	Variable Rate IssueVariableRateIssueInd	Hedge Identified In Bks And RecHedgeIdentifiedInBksAndRecInd	Gross Proceeds Invested In GICGrossProceedsInvestedInGICInd	Gross Proceeds InvestedGrossProceedsInvestedInd	Written Proc To Monitor ReqsWrittenProcToMonitorReqsInd
A	0	0	0	Yes (1)	0	0	0	0	Yes (1)
B	0	0	0	Yes (1)	0	0	0	0	Yes (1)

Procedures Corrective Action ProceduresCorrectiveActionGrp (2 entries)

Bond ReferenceBondReferenceCd	Procedures Corrective ActionProceduresCorrectiveActionInd
A	Yes (1)
B	Yes (1)

Supplemental Information Detail SupplementalInformationDetail (2 entries)

Form And Line ReferenceFormAndLineReferenceDesc

ExplanationExplanationTxt

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: 08/27/2020

SCHEDULE K, PART I

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. SCHEDULE K, PART II Bond A, Total proceeds of issue include interest earned of $155,980. Bond B, Total proceeds of issue include interest earned of $879,323.

Schedule L IRS990ScheduleL

Grnt Asst Bnft Interested Prsn GrntAsstBnftInterestedPrsnGrp (2 entries)

Relationship With OrgRelationshipWithOrgTxt	Cash GrantCashGrantAmt	Type Of AssistanceTypeOfAssistanceTxt	Assistance PurposeAssistancePurposeTxt
Not Required
See Part V	$21,556	Tuition Concession	Education
Not Required
See Part V	$84,916	Scholarships	Education

Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp (4 entries)

Relationship DescriptionRelationshipDescriptionTxt	TransactionTransactionAmt	TransactionTransactionDesc	Sharing Of RevenuesSharingOfRevenuesInd
Julia Hatch
See Part V	$63,052	Compensation	0
Angela J Lynde
See Part V	$44,535	Compensation	0
Kevin Pittard
See Part V	$78,439	Compensation	0
Monica Rivers
See Part V	$47,871	Compensation	0

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Schedule L Part III	FormAndLineReferenceDesc
Explanation	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 discounts under this plan.The filing organization awards scholarships for various purposes. As noted in Form 990, Part III, about 54% 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 study abroad scholarships.Part IVJulia Hatch: Family member of the organization's president, Nathan O. Hatch, was paid wages for her employment with the filing organization.Angela J. Lynde: Family member of the organization's former key employee, Ronald D. Wellman, was paid wages for her employment with the filing organization.Kevin Pittard: Family member of the organization's key employee, Michele Gillespie, was paid wages for his employment with the filing organization.Monica Rivers: Family member of the organization's trustee, Prince Rainey Rivers, was paid wages for her employment with the filing organization.	ExplanationTxt

Schedule M IRS990ScheduleM

Cars And Other Vehicles CarsAndOtherVehiclesGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	228	ContributionCnt
Noncash Contributions Rpt F990	$200,355	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Sales Proceeds	MethodOfDeterminingRevenuesTxt

Securities Publicly Traded SecuritiesPubliclyTradedGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	583	ContributionCnt
Noncash Contributions Rpt F990	$15,514,789	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Market Value	MethodOfDeterminingRevenuesTxt

Securities Closely Held Stock SecuritiesCloselyHeldStockGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	2	ContributionCnt
Noncash Contributions Rpt F990	$30,170	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Sales Proceeds	MethodOfDeterminingRevenuesTxt

Secur Prtnrshp Trust Intrsts SecurPrtnrshpTrustIntrstsGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	114	ContributionCnt
Noncash Contributions Rpt F990	$3,763,355	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Annuity NPV	MethodOfDeterminingRevenuesTxt

Field	Value	IRS element (for citing)
Form8283 Received	6	Form8283ReceivedCnt
Any Property That Must Be Held	0	AnyPropertyThatMustBeHeldInd
Review Process Unusual NC Gifts	Yes (1)	ReviewProcessUnusualNCGiftsInd
Third Parties Used	Yes (1)	ThirdPartiesUsedInd

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Part I, Line 32b:	FormAndLineReferenceDesc
Explanation	Part I, Line 32b. The organization uses CARS to process and sell vehicle donations to its radio statio, 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.	ExplanationTxt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (8 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
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. Two of the filing organization's trustees, Gerald Roach and John Vann had a business relationship. 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 A, line 4	The primary significant changes made to the governing documents of the filing organization during the tax period were those that incorporated modifications envisioned by an Amended and Restated Medical Center Integration Agreement ("MCIA") and several related Integration Agreements comprising a health system integration transaction among the filing organization (Wake Forest University, or "WFU"), Wake Forest University Health Sciences ("WFUHS", a wholly-controlled subsidiary of the filing organization), Wake Forest University Baptist Medical Center (the "Medical Center"), North Carolina Baptist Hospital, and the Charlotte-Mecklenburg Hospital Authority ("CMHA," a North Carolina hospital authority that operates a multi-state integrated healthcare system in the southeastern United States), WFUBMC and CMHA became participants in a single, integrated healthcare delivery and academic system (the "Enterprise") managed and overseen by Atrium Health, Inc. ("Atrium"), a new joint operating company without members whose 16-person board of directors (the "Atrium Board") is comprised initially of 13 CMHA designees and three designees designated by WFUBMC. The transaction, and the below-described changes to the filing organization's governing documents, were effective on October 9, 2020. Changes to Bylaws The bylaws of the filing organization were modified to incorporate the provisions reflected in the several documents comprising the health system integration transaction, as follows: A bylaws subsection entitled "Health Affairs Committee" was revised to reflect that Committee's responsibility to now include in its annual report to the full WFU Board, relevant information on the status and performance of Atrium Health, Inc., and deleted its obligation to recommend approval of the annual budget for the activities of the Medical School. A bylaws subsection was revised to state that the WFU officer position of Executive Vice President for Health Affairs is held by the person (currently Dr. Julie Freischlag) who concurrently holds the appointments of WFUBMC CEO and CAO (Chief Academic Officer). Appendix B to the Bylaws entitled "Policy for the Operation of the Wake Forest University School of Medicine" was revised to reflect (i) Atrium's (and CMHA's) addition as parties to all or some of the MCIA and Related Agreements (as defined in the MCIA); (ii) the new role of the CAO in participating in the appointment process for the Medical School Dean; and (iii) the MCIA-mandated changes in the Medical Center budget approval process (Atrium being empowered to approve the annual Medical Center operating and capital budgets developed and proposed by the Medical Center). Changes to WFU Policy Resolutions in Implementation of the Bylaws The WFU Policy Resolutions, which include in several places provisions relating to WFUHS and WFUBMC, were likewise amended; significant changes were (in addition to a provision regarding the EVP for Health Affairs identical to that noted in the bylaws changes above) those that reflect additional detail on the new WFUBMC CAO position and that person's report to the WFU President with respect to the academic mission. The filing organization's Bylaws and Policy Resolutions were further amended on June 24, 2021 to reflect the addition, in the listing of the several Schools comprising the University, the "School of Professional Studies," which School was established by Board action on April 23, 2021, joining the University's existing six schools.
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 in detail 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 potential conflicts of interest. Any potential conflicts noted in the disclosure are reviewed for appropriate resolution. All members of the Board of Trustees are similarly required to determine and report annually, and as they arise, any potential conflicts of interest to the Secretary or to the Chair of the Board of Trustees. Conflict of interest management plans are prepared for all those officers, trustees, and key employees who are found to have conflicts. The conflict management plans are approved by appropriate individuals in accordance with the 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 by their supervisors and, for the President, by the Chair of the Board.The resolution of potential and actual conflicts is subject to the approval of the Chair of the Board 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. 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: Nathan O. Hatch, Ph.D. Filing Organization: 29 hours Related Organizations: 11 hours J. Reid Morgan Filing Organization: 19.7 hours Related Organizations: 20.3 hours B. Hofler Milam Filing Organization: 37.5 hours Related Organizations: 2.5 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 Dr. John D. McConnell, MD Filing Organization: 0 hours Related Organizations: 40.0 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. John D. McConnell MD All compensation provided to John D. McConnell, M.D. was paid by a related organization, Wake Forest University Health Sciences (WFUHS) for his services as a former officer and current employee of that related organization (and other related and unrelated organizations comprising the academic medical center of which the filing organization's Medical School is part) and not for any of his services as a former officer of the filing organization. Wake Forest University Baptist Medical Center (WFUBMC) is the organization that has been delegated authority to operated 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. WFUBMC's three Members are the filing organization Wake Forest University (WFU), NCBH, and Atrium Health, Inc; Dr. McConnell was the Executive Vice president of Health Affairs and CEO of each of WFUBMC, WFUHS, and NCBH through April 26, 2017.

Schedule R IRS990ScheduleR

Id Disregarded Entities IdDisregardedEntitiesGrp (6 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	EINEIN	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Total IncomeTotalIncomeAmt	End Of Year AssetsEndOfYearAssetsAmt	Direct Controlling NADirectControllingNACd	Address Line1ForeignAddress/AddressLine1Txt	CityForeignAddress/CityNm	Province Or StateForeignAddress/ProvinceOrStateNm	CountryForeignAddress/CountryCd	Foreign PostalForeignAddress/ForeignPostalCd	Legal Domicile Foreign CountryLegalDomicileForeignCountryCd
Deacon Blvd Holdings I LLC
PO Box 7201	WinstonSalem	NC	27109	262203211	Real Estate Holding - Currently Inactive	NC	$0	$0	N/A
Creative Cafe' LLC
PO Box 7201	WinstonSalem	NC	27109	263700428	No Operations	NC	$0	$0	N/A
Wake Forest University Spain SL
				560532138	Study abroad educ. activities		$27,408	$742,201	N/A	C/Toro 84-90 Oficina Izquierda	Salamanca	Salamanca	SP	37120	SP
Wake Forest Advantage LLC
PO Box 7201	Winston Salem	NC	27109	462754916	Study Abroad	NC	$23,420	$30,967	N/A
Verger Fund I LLC
751 W Fourth Street Suite 410	Winston Salem	NC	27101	560532138	Holding Verger Capital Fund	DE	$39,568,305	$743,765,110	N/A
Wake Forest University Chile SpA
				560532138	Study Abroad		$3,000	$12,682	N/A	Santa Lucia 280 Oficina 12	Santiago	Santiago	CI		CI

Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (13 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	EINEIN	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Exempt Code SectionExemptCodeSectionTxt	Public Charity StatusPublicCharityStatusTxt	Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt	Controlled OrganizationControlledOrganizationInd	Direct Controlling NADirectControllingNACd
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	Yes (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	Yes (1)
Wake Forest University Development Fndn
PO Box 7201	WinstonSalem	NC	27109	562038194	Management/Sale of charitable real property donations	NC	501(c)(3)	Line 12a, I	Wake Forest University	Yes (1)
Reynolda House Inc
PO Box 7287	WinstonSalem	NC	27109	560810676	Museum of American Art	NC	501(c)(3)	Line 7	Wake Forest University	Yes (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 Devel Co
Medical Center Blvd	WinstonSalem	NC	27157	562094067	Research Park development	NC	501(c)(6)		WFU Health Sciences	0
Wake Forest Innovation Quarter Mgmt Co
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 Inst 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		0	N/A

Id Related Org Txbl Partnership IdRelatedOrgTxblPartnershipGrp (5 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	EINEIN	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt	Share Of Total IncomeShareOfTotalIncomeAmt	Share Of EOY AssetsShareOfEOYAssetsAmt	Disproportionate AllocationsDisproportionateAllocationsInd	General Or Managing PartnerGeneralOrManagingPartnerInd	OwnershipOwnershipPct	UBI Code VUBICodeVAmt
Verger Capital Management LLC
751 W Fourth Street Suite 410	Winston Salem	NC	27101	464037343	Asset Management	DE	Wake Forest Univ	$1,026,198	$6,575,015	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	$39,568,305	$743,765,110	0	0	0.53640	-$968,544
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

Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp (2 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt	Entity TypeEntityTypeTxt	Controlled OrganizationControlledOrganizationInd
Charitable Remain Trusts (26)
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

Field	Value	IRS element (for citing)
Receipt Of Int Annts Rnts Rylts	0	ReceiptOfIntAnntsRntsRyltsInd
Gift Grnt Or Cap Contri To Oth Org	Yes (1)	GiftGrntOrCapContriToOthOrgInd
Gift Grnt Cap Contri From Oth Org	Yes (1)	GiftGrntCapContriFromOthOrgInd
Loans Or Guarantees To Other Org	Yes (1)	LoansOrGuaranteesToOtherOrgInd
Loans Or Guarantees From Oth Org	Yes (1)	LoansOrGuaranteesFromOthOrgInd
Div Related Organization	0	DivRelatedOrganizationInd
Asset Sale To Other Org	0	AssetSaleToOtherOrgInd
Asset Purchase From Other Org	0	AssetPurchaseFromOtherOrgInd
Asset Exchange	0	AssetExchangeInd
Rental Of Facilities To Oth Org	Yes (1)	RentalOfFacilitiesToOthOrgInd
Rental Of Fclts From Oth Org	0	RentalOfFcltsFromOthOrgInd
Perform Of Services For Oth Org	Yes (1)	PerformOfServicesForOthOrgInd
Perform Of Services By Other Org	Yes (1)	PerformOfServicesByOtherOrgInd
Sharing Of Facilities	Yes (1)	SharingOfFacilitiesInd
Paid Employees Sharing	Yes (1)	PaidEmployeesSharingInd
Reimbursement Paid To Other Org	Yes (1)	ReimbursementPaidToOtherOrgInd
Reimbursement Paid By Other Org	Yes (1)	ReimbursementPaidByOtherOrgInd
Transfer To Other Org	Yes (1)	TransferToOtherOrgInd
Transfer From Other Org	Yes (1)	TransferFromOtherOrgInd

Transactions Related Org TransactionsRelatedOrgGrp (14 entries)

Transaction TypeTransactionTypeTxt	InvolvedInvolvedAmt	Method Of Amount DeterminationMethodOfAmountDeterminationTxt
Wake Forest University Foundation
D	$221,163	Cash Transfer
Wake Forest University Foundation
O	$44,968	Fair Value
Wake Forest University Health Sciences
C	$1,000,000	Cash Transfer
Wake Forest University Health Sciences
P	$9,508,208	Cash Transfer
Wake Forest University Health Sciences
Q	$7,064,958	Cash Transfer
Wake Forest University Development Foundation
C	$59,042	Cash Transfer
Wake Forest University Development Foundation
O	$48,476	Fair Value
Reynolda House Inc
B	$444,000	Cash Transfer
Reynolda House Inc
Q	$276,887	Cash Transfer
The James W Denmark Loan Fund Inc
S	$18,150	Cash Transfer
Verger Capital Management LLC
D	$725,436	Loan Repayment
Verger Capital Management LLC
M	$3,076,750	Investment Management Fees
Verger Capital Fund LLC
R	$24,284,516	Cash Transfer
Verger Capital Fund LLC
S	$39,971,443	Cash Transfer

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Part VII	FormAndLineReferenceDesc
Explanation	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.	ExplanationTxt

Reasonable Cause Explanation ReasonableCauseExplanation

Field	Value	IRS element (for citing)
Explanation	Taxpayer paper filed its 2020 Form 990 for the fiscal year ended June 30, 2021 on May 13,2022. Taxpayer properly filed an extension and mailed the return certified receipt. Taxpayer historically filed its Form 990 electronically using Lacerte tax software, a division of Intuit. We were unable to qualify the return for electronic filing. Lacerte is a 32 bit software program. 32 bit programs are unable to process a field with a value exceeding 2,147,483,647. Taxpayer's total assets were 2,570,183,256. This software issue was discovered in May 2022 and we did not have ample time to select a new software provider and timely file the return. Therefore, we decided to submit a paper copy and included Form 8948, Preparer Explanation for Not Filing Electronically. The paper copy was returned to us in late December 2022. We have found a new software provider that is able to meet our needs, CCH Tax Axcess. Therefore, we are now submitting the return electronically. We respectfully request abatement of any associated penalties and interest as we purchased new software to fix the issue and tried to correct the failure as quickly as possible. Taxpayer has a history of good compliance and timely filing. This was the first time we encountered a tax software limitation with our former software provider and have therefore changed software providers. Additionally, taxpayer requests penalty abatement under IRS Notice 2022-36 and IRS release IR-2022-185:Taxpayer requests relief from certain failure to file penalties with respect to tax year 2020 that are filed on or before February 15, 2023. The notice provides that penalties will be automatically abated.	ExplanationTxt