2023-02-14T14:04:13-06:00 2021-06-30 990 2020-07-01 560532138 WAKE FOREST UNIVERSITY WAKE 3367585233 1834 WAKE FOREST RD BOX 7201 WINSTONSALEM NC 27109 Bruce Hoflar Milam EVP/CFO/Treasurer 3367585233 2022-05-05 Bruce Hoflar Milam XXX-XX-XXXX 3 AAL1 IAL1 2020 2023-03-07 01:45:13Z Susan R Wente PhD 1834 WAKE FOREST RD BOX 7201 WINSTONSALEM NC 27109 874912947 0 X www.wfu.edu X 1834 NC Wake Forest University is an institution of higher education dedicated to the pursuit of excellence in the liberal arts and in graduate and professional education. It operates Wake Forest College, a graduate school of arts and sciences, and four professional schools. 48 45 5601 2200 877511 0 86034682 119975960 463431893 478997743 19653042 71186988 14324110 11575567 583443727 681736258 124978047 131751719 0 0 278237874 288956082 0 0 20745587 174381397 164480640 577597318 585188441 5846409 96547817 2139822388 2570183256 697653121 810138099 1442169267 1760045157 X Wake Forest University, a 501(c)(3) institution of higher education, is dedicated to the pursuit of excellence in the liberal arts and in graduate and professional education. The organization is comprised of 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. 0 0 278559888 112545465 395350596 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. 117103958 15813273 81322258 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. 65005270 4252553 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. 39847016 3392981 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. 39847016 3392981 500516132 1 1 0 1 0 0 0 1 1 1 1 1 0 0 1 1 0 1 1 1 1 1 1 0 1 0 0 1 1 1 1 0 0 0 0 0 0 1 0 1 0 1 0 0 0 1 1 1 1 0 0 1 X 10878 0 1 5601 1 1 1 1 UK FR SP AU IT CI CH 0 0 0 1 1 1 1 0 0 1 0 1 0 X 48 45 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 X Marnie S Matthews 3367585233 PO Box 7201 WinstonSalem NC 27109 X Gerald F Roach Board Chair 15.00 2.00 X 0 0 0 Herman E Eure Board ViceChair 6.00 0.00 X 0 0 0 Matthew A King Board ViceChair 6.00 6.00 X 0 0 0 Diana Adams Comm Vice Chair 4.00 0.60 X 0 0 0 John I Bitove Committee Chair 4.00 0.00 X 0 0 0 Jeanne Whitman Bobbitt Committee Chair 4.00 0.00 X 0 0 0 Donna A Boswell Comm Vice Chair 5.00 6.00 X 0 0 0 Thomas W Bunn Trustee 3.00 0.00 X 0 0 0 Bobby R Burchfield Comm Vice Chair 5.00 0.00 X 0 0 0 Jocelyn Burton Committee Chair 5.00 0.00 X 0 0 0 Peter M Carlson Trustee 3.00 0.00 X 0 0 0 Lindsay N Chambers Comm Vice Chair 4.00 0.00 X 0 0 0 Matthew S Crawford Trustee 3.00 2.00 X 0 0 0 H Lawrence Culp Jr Trustee 3.00 0.00 X 0 0 0 Jermyn M Davis Trustee 5.00 0.00 X 0 0 0 James E Dixon Trustee 3.00 0.00 X 0 0 0 Serena Fisher Dugan Trustee 3.00 0.00 X 0 0 0 David W Dupree Comm Vice Chair 4.00 3.00 X 0 0 0 Donna F Edwards Comm Vice Chair 5.00 0.00 X 0 0 0 Cantey M Ergen Committee Chair 4.00 0.00 X 0 0 0 Eric W Eubank II Committee Chair 4.00 2.00 X 0 0 0 Lisbeth Clark Evans Trustee 6.00 0.60 X 0 0 0 Curtis C Farmer Committee Chair 5.00 0.60 X 0 0 0 Mary R Farrell Trustee 5.00 0.00 X 0 0 0 Donald E Flow Comm Vice Chair 4.00 7.00 X 0 0 0 Frank B Holding Jr Committee Chair 5.00 1.00 X 0 0 0 Beth Norbrey Hopkins Trustee on 12/20 3.00 0.00 X 0 0 0 Alice Kirby Horton Comm Vice Chair 4.00 0.00 X 0 0 0 Deborah D Lambert Committee Chair 4.00 0.00 X 0 0 0 Andrew J Logan Trustee 3.00 0.00 X 0 0 0 John M McAvoy Trustee 3.00 0.60 X 0 0 0 Robert J McCreary Committee Chair 4.00 0.60 X 0 0 0 James M O'Connell Trustee 3.00 0.60 X 0 0 0 Ogden Phipps II Trustee 3.00 0.60 X 0 0 0 Gary S Pinkus Committee Chair 4.00 0.00 X 0 0 0 Alice Proietti Trustee 3.00 0.00 X 0 0 0 Prince R Rivers Trustee 3.00 0.00 X 0 0 0 Jorge Rodriguez Comm Vice Chair 5.00 1.70 X 0 0 0 Michael J Selverian Committee Chair 6.00 1.60 X 0 0 0 Mit B Shah Comm Vice Chair 5.00 1.60 X 0 0 0 Lloyd P Tate Jr Committee Chair 5.00 0.00 X 0 0 0 Cathy Wall Thomas Trustee 3.00 2.00 X 0 0 0 Shannan Spence Townsend Comm Vice Chair 5.00 0.60 X 0 0 0 John M Vann Committee Chair 4.00 8.00 X 0 0 0 David I Wahrhaftig Trustee 5.00 0.00 X 0 0 0 Eric C Wiseman Comm Vice Chair 5.00 0.00 X 0 0 0 Katherine B Wright Trustee 5.00 1.20 X 0 0 0 Nathan O Hatch PhD Pres. & Trustee 29.00 11.00 X X 1524226 0 229727 Julie A Freischlag MD EVP Health Aff. 2.00 21.20 X 0 3070030 440137 J Reid Morgan S.VP, Sec, G.C. 19.70 20.30 X 659852 0 140201 Anita M Conrad Asst Secretary 21.00 19.00 X 191046 0 41640 Rogan Kersh PhD Provost 40.00 0.00 X 1122469 0 107973 B Hofler Milam EVP, CFO, Treas 37.50 2.50 X 617669 0 261595 Charles L Iacovou PhD Dean, Business School 40.00 0.00 X 447679 0 53889 Mark A Petersen VP - Advancement 40.00 0.00 X 756650 0 107795 Michele Gillespie PhD Dean, Wake Forest College 40.00 0.00 X 365074 0 56777 John A Currie Director of Athletics 40.00 0.00 X 715044 0 44308 David P Clawson Football Coach 40.00 0.00 X 3356169 0 63071 Daniel R Manning Men's BktBall Co 40.00 0.00 X 769379 0 29299 Warren D Ruggiero Asst F'ball Coach 40.00 0.00 X 701028 0 37684 Andrew R Chan VP Career Development 40.00 0.00 X 945868 0 115896 Steve Forbes Men's BktBall Co 40.00 0.00 X 1080624 0 32977 John D McConnell MD Former EVP Health Affairs 0.00 40.00 X 0 489759 43549 Ronald D Wellman Former Director of Athletics 40.00 0.00 X 515881 0 49087 13768658 3559789 1855605 570 1 1 0 Aramark Campus Services 1101 Market St 12th Fl Philadelphia PA 19107 Food Service 18129426 New Atlantic Contracting Inc 2635 Reynolda Road WinstonSalem NC 27106 Construction 6418009 NCS Pearson Inc 13036 Collections Center Drive Chicago IL 60693 Testing/Counseling 4339264 Budd Group Po Box 651085 Charlotte NC 28265 Janitorial/Landscaping 4229484 IL Long Construction Co Inc 4117 Indiana Avenue Winston Salem NC 27105 Construction 3449682 139 30287 1059042 18001680 100884951 19881019 119975960 Tuition and Fees 611310 395350596 395350596 Athletic Programs 711210 35681016 35681016 Student Housing & Dining 721310 35214196 35214196 Organized Activities 515100 4252553 4252553 Student Health Services 621400 3566769 3566769 4932613 4845213 87400 478997743 4574149 -1107674 5681823 2482462 2482462 15297378 12906300 2391078 2391078 295490 2095588 244715487 1797356 178127738 1772266 66587749 25090 66612839 66612839 8840 30287 7911 929 929 3028923 362474 2666449 1442527 1223922 Executive Educ/Other Instr 611430 2015064 2015064 Sponsorship Payments 811000 1307561 1307561 Contract Revenue 900099 302609 302609 409415 159768 249647 4034649 681736258 480925407 877511 79957380 3792866 3792866 127081874 127081874 876979 876979 9624586 3849834 4812293 962459 217315196 177446148 28816225 11052823 18027519 14566308 2502042 959169 29651359 21475930 4687073 3488356 14337422 11584280 1997669 755473 1907004 899995 1007009 290012 13385 276627 7105637 4618664 2486973 15417488 12720010 1317554 1379924 2256825 1935890 129403 191532 8148763 6908859 549624 690280 3001064 2503987 430439 66638 88459 88459 7747802 6291565 1456237 3397109 3184835 212274 4445387 3781808 634655 28924 15751476 15066426 685050 49918071 44471774 5446297 2217040 776813 1440227 Legal Obligations 12500000 12500000 Repairs and Maintenance 10404784 8611145 1427850 365789 Library, Books & Public 6971865 6895114 17886 58865 Non Capital Equip & Fur 5013931 3511986 1451613 50332 7897923 5061198 2141702 695023 585188441 500516132 63926722 20745587 53553830 34574723 120904564 130868473 22317614 15517908 19106958 15283313 736642 799304 4872645 5530407 1217246170 539225327 701043892 678020843 237999279 459533537 935474894 1189791612 43812070 40263136 2139822388 2570183256 35898493 65378912 4533130 2049160 24026032 29033914 254480295 252489967 1482075 1405424 113237920 71511290 125000000 250000000 138995176 138269432 697653121 810138099 X 645487121 755194751 796682146 1004850406 1442169267 1760045157 2139822388 2570183256 96547817 221328073 0 X 0 1 X 1 1 1 X 157306803 85906758 112285982 86034682 119975960 561510185 157306803 85906758 112285982 86034682 119975960 561510185 56427590 505082595 62678782 18740986 22560259 28674336 22303989 154958352 2189568 163106 37539 51322 2441535 37437 736179 793935 2015064 3582615 722492687 2044354066 0.69910 0.67930 X Schedule A, Part II The filing organization is classified as a school under Internal Revenue Code ("IRC") Section 170(b)(1)(A)(ii). However, it also meets the 33 1/3% Support Test of IRC Section 170(b)(1)(A)(vi) for purposes of limiting the charitable gift disclosures to 2%, using the Special Rule on Schedule B. Therefore, Schedule A, Part II is completed in order to utilize the Schedule B Special 2% Rule. Schedule A, Part II, Section C, Line 10 Miscellaneous Income 2,015,064 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 82630 0 0 82630 0 Part II-B, Line 1: 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. X X X 0 1 2400022 246142 2153880 1 X 819123414 24284516 235533467 18772673 15475231 5776264 1038917229 837211471 21436980 2431225 19509779 16254628 6191855 819123414 792516828 38438253 48975003 19930228 17214089 5574296 837211471 689116543 98721815 42556841 16890539 15874132 5113700 792516828 656509662 19189767 52856427 16960403 17199348 5279562 689116543 0.23190 0.43620 0.33190 0 1 1 555162 18617115 19172277 56553526 584816398 270578651 370791273 328747638 151657359 177090279 179056491 108617926 70438565 48899840 8371391 40528449 678020843 Interests in Perpetual Trusts 13166948 F Private Equity 507781 F Absolute Return Investments 1158274344 F Real Estate-Commercial 4817162 F Other Investments 13025377 F 1189791612 Annuities Payable 20219024 Other Liabilities and Deferrals 51559714 Postretirement Benefits 14542168 Bond Premium 25002651 Operating Lease Obligations 26945875 138269432 X 783000232 221328073 -126235147 95092926 687907306 -6171048 -6171048 681736258 465124342 6171048 6171048 458953294 126235147 126235147 585188441 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. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Wake Forest University is committed to diversity, inclusion, and the spirit of Pro Humanitate. In adherence with applicable laws and as provided by University policies, the University prohibits discrimination in its employment practices and its educational programs and activities on the basis of race, color, religion, national origin, sex, age, sexual orientation, gender identity and expression, genetic information, disability, and veteran status. Additionally, the University promotes the full realization of equal employment opportunity for women, minorities, persons with disabilities, and veterans through its affirmative action program. The University publishes its nondiscrimination policy on its web site and in the undergraduate bulletin, which is distributed to all students annually. Nondiscrimination language appears in employment advertising and in ads for the University's educational programs and is available at www.wfu.edu Schedule E, Part I, Line 6 Wake Forest University participates in government loan and scholarship programs on behalf of its students. Funds are awarded to eligible students as part of the University's educational purpose. Funds are awarded to eligible students on a nondiscriminatory basis. In addition, government agencies award grants to the University for research. 1 Europe & North Atlantic Program Service Services 46120 Europe & North Atlantic Program Service Research 176695 Europe & North Atlantic 6 56 Program Service Study Abroad 992249 Europe & North Atlantic Program Service Conferences 3423 Europe & North Atlantic Program Service Depreciation on Foreign Assets 275455 Europe & North Atlantic Prog-Related Assets Book Value N/A 2101101 Europe & North Atlantic Program Service Recruiting 42 East Asia & Pacific Program Service Research 65199 East Asia & Pacific 1 2 Program Service Study Abroad 1987900 North America Program Service Research 14150 North America Program Service Conferences 779 Middle East & North Africa Program Service Research 2650 Sub-Saharan Africa 1 9 Program Service Research 50818 South America Program Service Study Abroad 100000 South America 3 7 Program Service Research 847914 South Asia Program Service Study Abroad 153 South America Program Service Depreciation on Foreign Assets 7178 North America Program Service Services 2525 Sub-Saharan Africa Program Service Conferences 400 South America Prog-Related Assets Book Value N/A 4187 East Asia & Pacific Program Service Services 38880 6 56 5 18 11 74 3660284 3057534 6717818 East Asia & Pacific Research Subcontract 12865 Check/Wire Europe Research Subcontract 122496 Check/Wire South America Research Subcontract 721884 Check/Wire Sub Saharan Africa Research Subcontract 19733 Check/Wire 4 0 Student Scholarships Europe & North Atlantic 17 17365 Check/Wire Student Scholarships South America 2 1923 Check/Wire 1 0 1 1 1 1 Part I, Line 2: The organization provides funding to faculty for conferences, research and other projects and scholarships to students for study abroad, research and other projects. Faculty and staff expenses must be substantiated under the Accountable Plan to ensure proper use of funds. The Organization sometimes provides operating funds to collaborative organizations and charitable foreign organizations, generally expenditures are reimbursed upon the submission of appropriate documentation. Other activities funded in advance are subject to review for conformity with the approved budgets. Part I, line 3: The Organization uses the accrual method of accounting on its financial statements and all cash grants and noncash assistance is reported on Schedule F using this method. Part III Accounting Method: Part I Line 3f 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. Law Banquet 31334 30287 1047 330 52 PILO 5K 5309 5309 7529 36643 30287 6356 7859 52 7911 -1555 1 Reynolda House Inc PO Box 7287 WinstonSalem NC 27109 560810676 501(c)(3) 444000 Operations Support United Way of Forsyth County 301 North Main Street WinstonSalem NC 27101 237357234 501(c)(3) 20000 Charitable Contribution Duke University 324 Blackwell Street Durham NC 27701 560532129 501(c)(3) 22872 Research subcontract Habitat For Humanity 339 Witt Street WinstonSalem NC 27103 561448955 501(c)(3) 45000 Habitat House Sponsor Leadership Winston-Salem 624 W Sixth St Ste 110 WinstonSalem NC 27101 581574887 501(c)(3) 10000 Sponsorship General Support UNC Chapel Hill 104 Airport Drive CB 1270 Chapel Hill NC 27514 566001393 501(c)(3) 306822 Research subcontract University of Tennessee 1331 Circle Park Drive Knoxville TN 37916 626001636 Govt 83119 Research Subcontract Wake Forest Univ Health Scien Medical Center Blvd WinstonSalem NC 27157 223849199 501(c)(3) 801372 Research Subcontract Wake Forest Univ Health Scien Medical Center Blvd WinstonSalem NC 27157 223849199 501(c)(3) 791328 Pass-Through Grant Brigham & Women's Hospital 399 Revolution Drive No 645 Somerville MA 02145 042312909 501(c)(3) 113893 Research Subcontract Winston-Salem Foundation 751 W Fourth Street WinstonSalem NC 27101 566037615 501(c)(3) 100000 Support Local Econ/Edu Dev'mt Winston-Salem Alliance 100 North Main Street Suite WinstonSalem NC 27101 311726654 501(c)(6) 5150 Support Local Econ Dev'mt Piedmont Triad Partnership PO Box 2672 High Point NC 27261 561750279 501(c)(3) 10000 Support Local Econ Dev'mt Junior Achiev of the Triad 3220 Northline Avenue Greensboro NC 27408 560844838 501(c)(3) 10000 Charitable Contribution Lawrence Berkeley Nat'l Lab 1 Cyclotron Road Berkeley CA 94720 942951741 501(c)(3) 57104 Research subcontract Carnegie Mellon University 5000 Forbes Avenue Pittsburgh PA 25213 250969449 501(c)(3) 93542 Research Subcontract Cleveland Clinic 6801 Brecksville Road RK1-85 Independence OH 44131 341893439 501(c)(3) 25420 Research Subcontract Calvin College 3201 Burton Street SE Grand Rapids MI 49546 383071514 501(c)(3) 26100 Research Subcontract Rutgers University 65 Davidson Road Piscataway NJ 08854 226001086 501(c)(3) 155319 Research Subcontract University of Texas at Dallas 800 W Campbell Road Richardson TX 75080 751305566 Govt 116357 Research Subcontract Brown University Controllers Office Box J Providence RI 02912 050258809 501(c)(3) 6261 Research Subcontract 20 1 Departmental Scholarships 792 1285951 Grants for Student Travel 166 127969 General Tuition Scholarships 3755 115351358 Tuition Concessions 187 7057017 ROTC Scholarships 32 157500 Study Abroad Scholarships 4 12400 Third Party Scholarships 582 2927112 Part I, Line 2: Wake Forest University carefully selects qualified exempt organizations for its contributions and provides support for worthy projects and events in which the University has an interest. Grants provided to students are monitored either through use -for University tuition and fees- or by requiring substantiation from the students for research projects or scholastic travel grants. Research subcontracts are 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. X X X X X X X 1 1 X X X X X X 0 1 0 0 0 0 0 1 0 Julie A Freischlag MD EVP Health Aff. 0 1456803 0 663750 0 949477 0 412187 0 27950 0 3510167 0 905232 David P Clawson Football Coach 3298883 0 0 0 57286 0 21375 0 41696 0 3419240 0 0 0 Nathan O Hatch PhD Pres. & Trustee 870516 0 300000 0 353710 0 173381 0 56346 0 1753953 0 249477 0 Rogan Kersh PhD Provost 563450 0 6163 0 552856 0 80250 0 27723 0 1230442 0 437552 0 Steve Forbes Men's BktBall Co 993397 0 0 0 87227 0 14250 0 18727 0 1113601 0 0 0 Andrew R Chan VP Career Development 394202 0 0 0 551666 0 80250 0 35646 0 1061764 0 321478 0 B Hofler Milam EVP, CFO, Treas 596899 0 0 0 20770 0 231035 0 30560 0 879264 0 0 0 Mark A Petersen VP - Advancement 467612 0 0 0 289038 0 71697 0 36098 0 864445 0 174250 0 J Reid Morgan S.VP, Sec, G.C. 489082 0 150000 0 20770 0 104450 0 35751 0 800053 0 0 0 Daniel R Manning Men's BktBall Co 760849 0 0 0 8530 0 21375 0 7924 0 798678 0 0 0 John A Currie Director of Athletics 680933 0 0 0 34111 0 14250 0 30058 0 759352 0 0 0 Warren D Ruggiero Asst F'ball Coach 617847 0 74000 0 9181 0 21375 0 16309 0 738712 0 0 0 Ronald D Wellman Former Director of Athletics 493278 0 0 0 22603 0 28500 0 20587 0 564968 0 0 0 John D McConnell MD Former EVP Health Affairs 0 444351 0 0 0 45408 0 21519 0 22030 0 533308 0 0 Charles L Iacovou PhD Dean, Business School 439390 0 0 0 8289 0 28500 0 25389 0 501568 0 0 0 Michele Gillespie PhD Dean, Wake Forest College 353431 0 0 0 11643 0 28500 0 28277 0 421851 0 0 0 Anita M Conrad Asst Secretary 190650 0 0 0 396 0 20000 0 21640 0 232686 0 0 0 Part I, Line 1a Charter and First-Class Travel: Charter and First-Class travel are sometimes made available for various business and scheduling needs of the officers who are traveling. Athletics personnel sometimes use charters for team travel. Chartered flights are sometimes provided by donors to the university. As such travel is for business purposes only, it is not treated as taxable. Travel for companions: Reimbursed spousal travel is allowed per the filing organization's policy when pursuant to a bona fide business purpose. To the extent that there is a business purpose for the travel, it is not treated as taxable. Tax indemnification: 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. A NC Capital Facs Fin Agency 561592154 65818PKVO 2016-07-27 190092829 See Part VI 0 0 0 B NC Capital Facs Fin Agency 561592154 65818PMZ9 2018-07-26 107737205 See Part VI 0 0 0 A 1250000 190248809 2170879 1214783 65163737 121699410 2019 1 1 1 1 B 108616528 3594340 818325 93650386 2761824 7791653 2021 0 0 0 1 A 0 1 1 1 0 0.00640 0.00640 0 0 1 B 0 0 1 1 0 0.00780 0.00780 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 Date Rebate Computation Performed Issuer Name: NC Capital Facs Fin Agency Date the Rebate Computation was Performed: 08/27/2020 Issuer Name: NC Capital Facs Fin Agency Date the Rebate Computation was Performed: 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. Not Required See Part V 21556 Tuition Concession Education Not Required See Part V 84916 Scholarships Education Julia Hatch See Part V 63052 Compensation 0 Angela J Lynde See Part V 44535 Compensation 0 Kevin Pittard See Part V 78439 Compensation 0 Monica Rivers See Part V 47871 Compensation 0 Schedule L Part III The University has an employee dependent tuition remission benefit plan, which is available to all employees and their eligible dependents. Various listed persons have received, or have dependents who are currently receiving, tuition 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. X 228 200355 Sales Proceeds X 583 15514789 Market Value X 2 30170 Sales Proceeds X 114 3763355 Annuity NPV 6 0 1 1 Part I, Line 32b: 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. 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. 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 C/Toro 84-90 Oficina Izquierda Salamanca Salamanca SP 37120 560532138 Study abroad educ. activities SP 27408 742201 N/A Wake Forest Advantage LLC PO Box 7201 Winston Salem NC 27109 462754916 Study Abroad NC 23420 30967 N/A Verger Fund I LLC 751 W Fourth Street Suite 410 Winston Salem NC 27101 560532138 Holding Verger Capital Fund DE 39568305 743765110 N/A Wake Forest University Chile SpA Santa Lucia 280 Oficina 12 Santiago Santiago CI 560532138 Study Abroad CI 3000 12682 N/A Wake Forest University Foundation PO Box 7201 WinstonSalem NC 27109 562038193 Real Estate Holding and Management NC 501(c)(3) Line 12a, I Wake Forest University 1 Wake Forest University Health Sciences Medical Center Blvd WinstonSalem NC 27157 223849199 Medical Education, research and patient care NC 501(c)(3) Line 2 Wake Forest University 1 Wake Forest University Development 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 1 Reynolda House Inc PO Box 7287 WinstonSalem NC 27109 560810676 Museum of American Art NC 501(c)(3) Line 7 Wake Forest University 1 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 N/A 0 Verger Capital Management LLC 751 W Fourth Street Suite 410 Winston Salem NC 27101 464037343 Asset Management DE Wake Forest Univ 1026198 6575015 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 39568305 743765110 0 -968544 0 0.53640 Wake Forest Technology Development Prog 2520 Meridian Pkwy 400 Durham NC 27713 475437596 Tech Devel. NC WFU Health Sciences 0 0 Verger Fund II LLC 751 W Fourth Street Suite 410 WinstonSalem NC 27101 352514227 Endowment investing DE WFU Health Sciences 0 0 Wake Forest Ambulatory VTR LLC Medical Center Blvd WinstonSalem NC 27157 820777206 Healthcare NC WFU Health Sciences 0 0 Charitable Remain Trusts (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 0 1 1 1 1 0 0 0 0 1 0 1 1 1 1 1 1 1 1 Wake Forest University Foundation D 221163 Cash Transfer Wake Forest University Foundation O 44968 Fair Value Wake Forest University Health Sciences C 1000000 Cash Transfer Wake Forest University Health Sciences P 9508208 Cash Transfer Wake Forest University Health Sciences Q 7064958 Cash Transfer Wake Forest University Development Foundation C 59042 Cash Transfer Wake Forest University Development Foundation O 48476 Fair Value Reynolda House Inc B 444000 Cash Transfer Reynolda House Inc Q 276887 Cash Transfer The James W Denmark Loan Fund Inc S 18150 Cash Transfer Verger Capital Management LLC D 725436 Loan Repayment Verger Capital Management LLC M 3076750 Investment Management Fees Verger Capital Fund LLC R 24284516 Cash Transfer Verger Capital Fund LLC S 39971443 Cash Transfer Part VII Verger Capital Management, LLC is a controlled entity that is taxable as a Partnership. It was formed to manage the investment activities for the endowment assets of the University and the Wake Forest controlled group. Verger Capital Fund (VCF) was created in order to hold the filing organization's Endowment Assets for investment, assets of other members of the controlled group, and assets from other, unrelated, entities for investment. Verger Fund I is a disregarded entity that holds the University's partnership interest in Verger Capital Fund, the entity holding the Endowment assets. Verger Fund II is the partnership which holds the interest in VCF (endowment assets) for the other members of the WFU controlled group. These subsidiary entities have a combined controlling interest in the partnership, thus the common parent, Wake Forest University has an indirect controlling interest. Wake Forest Technology Development Program, LP and Wake Forest Ambulatory Ventures, LLC are partnerships controlled by Wake Forest University Health Sciences. Since Wake Forest University is deemed to control Wake Forest University Health Sciences, it has an indirect controlling interest in these partnerships. 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.