2023-05-15T08:38:38-05:00 2022-06-30 990 2021-07-01 560532138 WAKE FOREST UNIVERSITY WAKE 3367585233 1834 WAKE FOREST RD BOX 7201 WINSTONSALEM NC 27109 Bruce Hoflar Milam EVP/CFO/Treasurer 3367585233 2020-05-08 Bruce Hoflar Milam XXX-XX-XXXX 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z Susan R Wente PhD 1834 WAKE FOREST RD BOX 7201 WINSTONSALEM NC 27109 1221671044 0 X www.wfu.edu X 1834 NC Wake Forest University is an institution of higher education dedicated to the pursuit of excellence in the liberal arts and in graduate and professional education. It operates Wake Forest College, a graduate school of arts and sciences, a school of professional studies, and four professional schools. 48 46 5546 2200 7076344 0 119975960 123550270 478997743 510330123 71136988 61644679 11625567 19913432 681736258 715438504 131751719 135909105 0 0 288956082 307076529 0 0 19129026 164480640 184980150 585188441 627965784 96547817 87472720 2570183256 2572484456 810138099 782553773 1760045157 1789930683 X Wake Forest University, a 501(c)(3) institution of higher education, is dedicated to the pursuit of excellence in the liberal arts and in graduate and professional education. The organization is comprised of seven constituent parts: Wake Forest College; the Graduate School of Arts and Sciences; the School of Law; the School of Medicine; the School of Business; the School of Divinity; and the School of Professional Studies. It seeks to honor the ideals of liberal learning, which entail commitment to transmission of cultural heritages; teaching the modes of learning in the basic disciplines of human knowledge; developing critical appreciation of moral, aesthetic and religious values; advancing the frontiers of knowledge through in-depth study and research; and applying knowledge in the service of humanity. 0 0 299947477 112059965 392521565 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 2021, Wake Forest's enrollment was comprised of 5,472 undergraduates and 2,647 graduate students for a total of 8,119.Undergraduates come from 47 U.S. states; Washington, D.C.; other U.S. territories and possessions; and approximately 64 international countries. Women represent 56% of the undergraduate population and international students are 9.8% of the total. Wake Forest has been ranked among the Top 30 National Universities by U.S. News & World Report for 27 consecutive years. 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 six 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 (21st). In the Fall 2021 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 2021 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 and more than half of its students participate in study abroad programs. Wake Forest is one of only two doctoral institutions ranked among in the Top 10 in the Open Doors Report's national rankings in every year from 2002-03 through 2019-20, the final academic year in which international study was fully operational before the COVID-19 pandemic.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 November 2021, those experiences were available in 176 cities in 75 foreign countries. Also under the umbrella of Study Away opportunities is Wake Washington, a University-run program in which students combine classroom instruction with internships. They work four days a week for a variety of government and non-government organizations and agencies. 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.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 53% of the graduate and undergraduate student population received financial aid awards. 116384533 18176672 119294085 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 report in a report released in 2022. The institutional-level report measured graduation rates of 14 Wake Forest sport cohorts, considering teams in indoor track, outdoor track and cross country as one entity per gender. Of those 14 groups, nine 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. 69292425 1694767 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 approximately 120 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. 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. 51331579 5672469 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. 51331579 5672469 536956014 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 10246 0 1 5546 1 1 1 1 UK FR SP AU IT CI CH 0 0 0 1 1 1 3 0 0 1 0 1 0 X 48 46 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 X Marnie S Matthews 3367585233 PO Box 7201 WinstonSalem NC 27109 X Matthew A King Board Chair 15.00 6.00 X 0 0 0 Herman E Eure Board Vice Chair 6.00 0.00 X 0 0 0 Cantey M Ergen Board Vice Chair 6.00 0.60 X 0 0 0 Diana M Adams Committee Chair 4.00 0.60 X 0 0 0 Shelmer D Blackburn Jr Trustee 3.00 0.00 X 0 0 0 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 Peter C Brockway Trustee 3.00 0.00 X 0 0 0 Thomas W Bunn Trustee 3.00 0.00 X 0 0 0 Bobby R Burchfield Committee Chair 6.00 0.00 X 0 0 0 Peter M Carlson Comm Vice Chair 4.00 2.00 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 Serena Fisher Dugan Trustee 3.00 0.00 X 0 0 0 David W Dupree Trustee 4.00 3.00 X 0 0 0 Eric W Eubank II Committee Chair 4.00 2.00 X 0 0 0 Curtis C Farmer Committee Chair 6.00 0.60 X 0 0 0 Mary R Farrell Comm Vice Chair 5.00 0.00 X 0 0 0 Helen Hough Feinberg Trustee 5.00 0.60 X 0 0 0 Donald E Flow Comm Vice Chair 4.00 7.00 X 0 0 0 Anil Rai Gupta Trustee 3.00 0.00 X 0 0 0 Marybeth Torbet Hays Trustee 3.00 0.60 X 0 0 0 Alice Kirby Horton Comm Vice Chair 4.00 0.00 X 0 0 0 A Dale Jenkins Comm Vice Chair 4.00 6.00 X 0 0 0 Deborah D Lambert Committee Chair 5.00 0.00 X 0 0 0 Aubrey L Martin Trustee 3.00 0.60 X 0 0 0 John M McAvoy Trustee 3.00 0.60 X 0 0 0 Robert J McCreary Comm Vice Chair 4.00 0.70 X 0 0 0 Jane McGraw Comm Vice Chair 3.00 0.00 X 0 0 0 James M O'Connell Trustee 3.00 0.60 X 0 0 0 Ogden Phipps II Trustee 3.00 0.60 X 0 0 0 Gary S Pinkus Comm Vice 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 Gerald F Roach Comm Vice Chair 6.00 0.00 X 0 0 0 Michael J Selverian Committee Chair 6.00 1.60 X 0 0 0 Mit B Shah Committee Chair 5.00 1.00 X 0 0 0 Michael C Smith Trustee 3.00 0.00 X 0 0 0 Janice K Story Trustee 3.00 2.00 X 0 0 0 Ben C Sutton Jr Trustee 5.00 0.00 X 0 0 0 Cathy Wall Thomas Trustee 3.00 2.00 X 0 0 0 John M Vann Committee Chair 5.00 8.00 X 0 0 0 David I Wahrhaftig Trustee 5.00 0.00 X 0 0 0 Caroline Walker Trustee 3.00 0.00 X 0 0 0 Katherine B Wright Committee Chair 6.00 0.00 X 0 0 0 Susan R Wente PhD President & Trustee 29.30 10.70 X X 692191 0 156642 Julie A Freischlag MD EVP Health Aff. 2.00 21.20 X 0 3375350 555809 J Reid Morgan S.VP, Sec, G.C. 19.70 20.30 X 1218034 0 102296 Anita M Conrad Asst Secretary 21.00 19.00 X 205155 0 42128 Rogan Kersh PhD Provost 40.00 0.00 X 789819 0 159900 B Hofler Milam EVP, CFO, Treas 36.50 3.50 X 2133852 0 209297 Charles L Iacovou PhD Dean, Business School 40.00 0.00 X 809695 0 129375 Mark A Petersen VP - Advancement 40.00 0.00 X 713601 0 156270 Michele Gillespie PhD Dean, Wake Forest College 40.00 0.00 X 542588 0 147652 John A Currie Director of Athletics 40.00 0.00 X 1094303 0 82103 David P Clawson Football Coach 40.00 0.00 X 4220955 0 63701 Warren D Ruggiero Asst F'ball Coach 40.00 0.00 X 821357 0 38001 Lyle Joseph Hemphill Asst F'ball Coach 40.00 0.00 X 586693 0 47347 Steve Forbes Men's BktBall Co 40.00 0.00 X 1601737 0 43689 Jane Aiken Dean, Law School 40.00 0.00 X 654682 0 43897 John D McConnell MD Former EVP Health Affairs 0.00 40.00 X 0 456795 45242 Nathan O Hatch Former President 40.00 0.00 X 1893057 0 67467 Ronald D Wellman Former Director of Athletics 40.00 0.00 X 311771 0 39088 Daniel R Manning Former Men's BktBall Co 0.00 0.00 X 14658459 0 0 32947949 3832145 2129904 583 1 1 0 Aramark Campus Services 1101 Market St 12th Fl Philadelphia PA 19107 Food Service 25677396 Frank L Blum Construction Company PO Box 4153 WinstonSalem NC 27115 Construction 22465653 Budd Group Po Box 651085 Charlotte NC 28265 Janitorial/Landscaping 5717743 NCS Pearson Inc 13036 Collections Center Drive Chicago IL 60693 Testing/Counseling 4394807 EBSCO Subscription Service 6800 Versar Center Springfield VA 22151 Subscription 3267534 151 18996 1154112 17108151 105269011 11518321 123550270 Tuition and Fees 611310 410698237 410698237 Athletic Programs 711210 49353160 49353160 Student Housing & Dining 721310 42112737 42112737 Student Health Services 621400 3966349 3966349 Organized Activities 611710 2742287 2742287 1457353 1167410 289943 510330123 19212818 24688 19188130 3478618 3478618 13556022 11300484 2255538 2255538 1037754 1217784 534789723 1797356 492196566 1958652 42593157 -161296 42431861 42431861 32982 18996 8921 24061 24061 7141225 767917 6373308 5300618 1072690 Executive Educ/Other Instr 611430 3470237 3470237 Parking Revenue 812930 2490039 2490039 Sponsorship Payments 900099 1379117 1379117 442514 423341 19173 7781907 715438504 513510417 7076344 71301473 5831889 5831889 128469580 128469580 1607636 1607636 9103723 3641489 4551862 910372 235119479 191728783 32211185 11179511 16346691 13110780 2437300 798611 31481526 22703256 4876080 3902190 15025110 11500777 2274010 1250323 1691787 1046652 645135 355756 355756 8482183 5513419 2968764 26485466 23498854 2941639 44973 3394866 2726934 662153 5779 10333987 8782672 642253 909062 1417505 1187010 161556 68939 4286 4286 8679296 7151779 1527517 10452161 9659003 782402 10756 4367491 3887045 475396 5050 18418545 17692906 725639 49196884 44186238 5010646 2912868 834529 2078339 Repairs and Maintenance 10081913 9374488 704790 2635 Dues. Licenses, Subscri 6976901 3298731 3656366 21804 Library, Books & Public 6945552 6925964 17274 2314 Non Capital Equip & Fur 6651789 5297976 1351488 2325 8130914 7293338 823194 14382 627965784 536956014 71880744 19129026 34574723 44579369 130868473 142015776 15517908 16434847 15283313 11367636 799304 927945 5530407 5336212 1285192675 580928286 678020843 704264389 459533537 436077165 1189791612 1181992165 40263136 29488952 2570183256 2572484456 65378912 55228308 2049160 0 29033914 32411634 252489967 251304389 1405424 2122200 71511290 67150767 250000000 250000000 138269432 124336475 810138099 782553773 X 755194751 763494514 1004850406 1026436169 1760045157 1789930683 2570183256 2572484456 87472720 -57587193 0 X 0 1 X 1 1 1 X 85906758 112285982 86034682 119975960 123550270 527753652 85906758 112285982 86034682 119975960 123550270 527753652 23540840 504212812 18740986 22560259 28674336 22303989 36247457 128527027 163106 37539 51322 367485 619452 37437 736179 793935 2015064 3470237 7052852 663952983 2313540663 0.75940 0.69910 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 3,470,237 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 79940 0 0 79940 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 re-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 2153880 155532 1998348 1 X 1038917229 24601826 9579810 20685552 17294766 6805477 1028313070 819123414 24284516 235533467 18772673 15475231 5776264 1038917229 837211471 21436980 2431225 19509779 16254628 6191855 819123414 792516828 38438253 48975003 19930228 17214089 5574296 837211471 689116543 98721815 42556841 16890539 15874132 5113700 792516828 0.22730 0.45900 0.31370 0 1 1 555612 19820652 20376264 56423184 585989024 284599609 357812599 353199866 167083931 186115935 186477320 119085147 67392173 82727017 10159599 72567418 704264389 Interests in Perpetual Trusts 12618018 F Private Equity 490034 F Absolute Return Invtmts 1154512012 F Real Estate-Commercial 3605010 F Other Investments 10767091 F 1181992165 Annuities Payable 16351135 Other Liabilities and Deferrals 47158350 Postretirement Benefits 11724249 Bond Premium 24033963 Operating Lease Obligations 25068778 124336475 X 534261221 -57587193 -127185228 -184772421 719033642 -3595139 -3595139 715438503 504375695 3595139 3595139 500780556 127185228 127185228 627965784 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 54.46% of the expendable endowment funds provided scholarships for Wake Forest University students during the fiscal year. 20.93% was distributed for department chair and faculty positions, including funds for research professorships. 24.61% supported educational programs generally, the libraries, general university operations, and other specific university needs, including infrastructure, future debt repayments, 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, 2019 remain subject to examination by federal and state tax authorities. The University has evaluated uncertain tax positions for the year ended June 30, 2022, including a quantification of tax risks in areas such as unrelated business income and taxation of its for-profit subsidiaries. This evaluation did not identify any material items that effect the consolidated financial statements for the year ended June 30, 2022. Part XI, Line 2d - Other Adjustments: Scholarship Reclass -127,185,228. Part XI, Line 4b - Other Adjustments: Rent Expense Reclass -11,300,484. COGS Reclass -767,917. Fundraising Expense Reclass -8,921. Investment Management Fees Reclass 8,482,183. Part XII, Line 2d - Other Adjustments: Rent Expense Reclass 11,300,484. Fundraising Expense Reclass 8,921. COGS Reclass 767,917. Investment Management Fees Reclass -8,482,183. Part XII, Line 4b - Other Adjustments: Scholarship Reclass 127,185,228. 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 9644 Europe & North Atlantic Program Service Research 535185 Europe & North Atlantic 9 45 Program Service Study Abroad 9311190 Europe & North Atlantic Program Service Conferences 90637 Europe & North Atlantic Program Service Depreciation on Foreign Assets 265749 Europe & North Atlantic Program Service Fundraising 1590 Europe & North Atlantic Program Service Recruiting 30679 East Asia & Pacific Program Service Research 27792 East Asia & Pacific 3 Program Service Study Abroad 445830 North America Program Service Services 3527 North America Program Service Conferences 13600 Middle East & North Africa Program Service Research 143089 Sub-Saharan Africa 2 4 Program Service Research 83448 South America 2 1 Program Service Study Abroad 486833 South America 3 1 Program Service Research 837278 South Asia Program Service Conferences 6513 South America Program Service Depreciation on Foreign Assets 13453 North America Program Service Study Abroad 14332 Sub-Saharan Africa Program Service Conferences 13702 South America Program Service Conferences 395 Russia and Neighboring States Program Service Research 7756 Europe & North Atlantic Program Service Tours 79991 East Asia & Pacific Program Service Recruiting 3943 East Asia & Pacific Program Service Services 4073 North America Program Service Recruiting 3209 Middle East & North Africa Program service Conferences 7532 Middle East & North Africa Program Service Study Abroad 66174 Middle East & North Africa Program Service Tour 733 Middle East & North Africa Program Service Recruiting 4060 Sub-Saharan Africa Program Service Recruiting 1635 Sub-Saharan Africa Program Service Study Abroad 11079 South Asia Program Service Research 2085 Central America & the Caribbean Program Service Conferences 4351 Central America & the Caribbean Program Service Research 38270 Central America & the Caribbean Program Service Study Abroad 25887 9 45 10 6 19 51 10272466 2322778 12595244 East Asia & Pacific Research Subcontract 24516 Check/Wire 0 Europe Research Subcontract 401986 Check/Wire 0 South America Research Subcontract 947183 Check/Wire 0 Middle East and North Africa Research Subcontract 140000 Check/Wire 0 14 Student Scholarships Europe & North Atlantic 4 4180 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 Expenditures Per Region The Organization uses the accrual method of accounting on its financial statements, therefore all expenditures shown on Schedule F are based on that method. Program related assets held in the various regions are reported at net book value according to the organization's fixed asset ledger as of the end of the fiscal year. Part II, Line 1- Method of Accounting Grants and subcontracts are provided with the understanding that organizations will expend funds according to grant and subcontract agreements. Information is provided by the grantees to document that funds are expended or their intended purpose. Law Banquet 25123 18245 6878 409 4585 318 Law Auction 22080 751 21329 40 1638 2 4775 4775 1931 51978 18996 32982 409 4585 40 3887 8921 24061 1 Reynolda House Inc PO Box 7287 WinstonSalem NC 27109 560810676 501(c)(3) 884000 0 Operations Support United Way of Forsyth County 301 North Main Street WinstonSalem NC 27101 237357234 501(c)(3) 7000 0 Charitable Contribution Duke University 324 Blackwell Street Durham NC 27701 560532129 501(c)(3) 36803 0 Research subcontract Leadership Winston-Salem 624 W Sixth St Ste 110 WinstonSalem NC 27101 581574887 501(c)(3) 10000 0 Sponsorship General Support UNC Chapel Hill 104 Airport Drive CB 1270 Chapel Hill NC 27514 566001393 501(c)(3) 83845 0 Research subcontract University of Tennessee 1331 Circle Park Drive Knoxville TN 37916 626001636 Govt 25000 0 Research Subcontract Wake Forest Univ Health Sciences Medical Center Blvd WinstonSalem NC 27157 223849199 501(c)(3) 308197 0 Research Subcontract Wake Forest Univ Health Sciences Medical Center Blvd WinstonSalem NC 27157 223849199 501(c)(3) 414764 0 Pass-Through Grant Brigham & Women's Hospital 399 Revolution Drive No 645 Somerville MA 02145 042312909 501(c)(3) 93375 0 Research Subcontract Lawrence Berkeley Nat'l Lab 1 Cyclotron Road Berkeley CA 94720 942951741 501(c)(3) 153967 0 Research subcontract Carnegie Mellon University 5000 Forbes Avenue Pittsburgh PA 25213 250969449 501(c)(3) 178501 0 Research Subcontract Cleveland Clinic 6801 Brecksville Road RK1-85 Independence OH 44131 341893439 501(c)(3) 17448 0 Research Subcontract Rutgers University 65 Davidson Road Piscataway NJ 08854 226001086 501(c)(3) 151209 0 Research Subcontract University of Texas at Dallas 800 W Campbell Road Richardson TX 75080 751305566 Govt 109589 0 Research Subcontract University of Idaho 875 Perimeter Drive Moscow ID 83844 826000945 Govt 10400 0 Research Subcontract East Carolina University E 5th Street Greenville NC 27858 566000403 501(c)(3) 10067 0 Research Subcontract Winston Salem State University 601 Martin Luther King Jr Drive WinstonSalem NC 27110 566001466 Govt 17753 0 Research Subcontract Princeton University 701 Carnegie Center Suite 445 Princeton NJ 08540 210634501 501(c)(3) 76000 0 Research Subcontract Yale University PO Box 208239 New Haven CT 06520 060646973 501(c)(3) 50489 0 Research Subcontract La Noticia 5936 Monroe Road Charlotte NC 28212 204552470 501(c)(3) 25000 0 Research Subcontract California State University Long Beach Research Foundation 6300 E State University Dr Long Beach CA 90815 956106694 501(c)(3) 40000 0 Research Subcontract George Mason University 4400 University Drive Fairfax VA 22030 540836354 Govt 93393 0 Research Subcontract Michigan State University 426 Auditorium Road East Lansing MI 48824 386005984 501(c)(3) 164424 0 Research Subcontract Seattle Pacific University 3307 Third Avenue W Seattle WA 98119 910565553 501(c)(3) 36000 0 Research Subcontract University of Chicago 5801 S Ellis Avenue Chicago IL 60637 362177139 501(c)(3) 170991 0 Research Subcontract University of Memphis 3720 Alumni Avenue Memphis TN 38152 620648618 501(c)(3) 71608 0 Research Subcontract University of Pennsylvannia 3451 Walnut Street Philadelphia PA 19104 231352685 501(c)(3) 196783 0 Research Subcontract University of Rochester PO Box 278893 Rochester NY 14627 160743209 501(c)(3) 194426 0 Research Subcontract University of Wisconsin-Milwaukee PO Box 413 Milwaukee WI 53201 391018181 Govt 27694 0 Research Subcontract Greater Winston-Salem Inc 411 West Fourth Street WinstonSalem NC 27101 560459820 501(c)(6) 10000 0 Charitable Contribution Second Harvest Food Bank of Northwest North Carolina 3655 Reed Street WinstonSalem NC 27107 581457912 501(c)(3) 6151 0 Charitable Contribution Vision Community Foundation 704 Ornewood Ave Atlanta GA 30312 870743282 501(c)(3) 50000 0 Research Subcontract Foundations for Living 232 Martin Luther King Dr Jefferson GA 30549 463794300 501(c)(3) 10000 0 Research Subcontract Circle of Friends Task Force 1212 Red Banks Rd Greenville NC 27858 561958122 501(c)(3) 15000 0 Research Subcontract Interfaith Youth Core 141 W Jackson Blvd Chicago IL 60604 300212534 501(c)(3) 200000 0 Research Subcontract North Carolina Council of Churches 27 Horne St Raleigh NC 27607 560619364 501(c)(3) 100000 0 Research Subcontract Relationship Unleashed 10 South Main St Memphis TN 38103 472296570 501(c)(3) 20000 0 Research Subcontract Center for Black Health & Equity 2726 Croasdaile Dr Durham NC 27705 562211875 501(c)(3) 15000 0 Research Subcontract Reaching All HIV Muslims 13112 Park Crescent Cir Herndon VA 20171 461586946 501(c)(3) 25000 0 Research Subcontract Sunday School Union African Methodist Episcopal Church 1722 Scovel St Nashville TN 37207 620559648 501(c)(3) 100000 0 Research Subcontract Samuel DeWitt Proctor Conference 4533 S Lake Park Ave Chicago IL 60653 061707903 501(c)(3) 100000 0 Research Subcontract Christian Theological Seminary 1000 W 42nd St Indianapolis IN 46208 351045939 501(c)(3) 100000 0 Research Subcontract Afiya Center 7220 S Westmoreland Dallas TX 75237 364625704 501(c)(3) 25000 0 Research Subcontract Fayetteville Area Health Education Foundation Inc 1601 Owen Dr Fayetteville NC 28304 561082675 501(c)(3) 15000 0 Research Subcontract TheoLab Media LLC 700 Kirk Rd Decatur GA 30030 862183571 501(c)(3) 10000 0 Research Subcontract Compassionate Atlanta Inc PO Box 311408 Atlanta GA 31131 473181026 501(c)(3) 25000 0 Research Subcontract Metropolitan Charities Inc 3251 3rd Avenue North St Petersburg FL 33713 593153947 501(c)(3) 100000 0 Research Subcontract Cooperative Baptist Fellowship of Mississippi 115 Clinton Parkway Clinton MS 39056 640856118 501(c)(3) 75000 0 Research Subcontract Old North State Medical Society 204 Muirs Chapel Rd Greensboro NC 27410 566060861 501(c)(3) 153000 0 Research Subcontract 31 1 Departmental Scholarships 678 1106074 Grants for Student Travel 13 8396 General Tuition Scholarships 3581 106956623 Tuition Concessions 157 5726797 ROTC Scholarships 29 138700 Study Abroad Scholarships 182 2238638 Third Party Scholarships 626 2972112 Part I, Line 2: Wake Forest University carefully selects qualified exempt organizations for its contributions and provides support for worthy projects and events in which the University has an interest. Grants provided to students are monitored either through use -for University tuition and fees- or by requiring substantiation from the students for research projects or scholastic travel grants. Research subcontracts are passed through to qualifying research institutes to complete a portion of externally funded sponsored projects awarded to Wake Forest University. Wake Forest University monitors these subcontracts to ensure that the subrecipients are in compliance with federal regulations and terms and conditions cascading down from the prime awards. The subrecipient's requests for reimbursement are reviewed for allowability of costs. Interim and final reporting is monitored to ensure adherence to performance expectations as set out in the scope of work. X X X X X X X 1 1 X X X X X X 0 1 0 0 0 0 0 1 0 Daniel R Manning Former Men's BktBall Co 0 0 0 0 14658459 0 0 0 0 0 14658459 0 0 0 David P Clawson Football Coach 3747247 0 415000 0 58708 0 21750 0 41951 0 4284656 0 0 0 Julie A Freischlag MD EVP Health Aff. 0 1899767 0 1003777 0 471806 0 529516 0 26293 0 3931159 0 396368 B Hofler Milam EVP, CFO, Treas 703713 0 115000 0 1315139 0 179000 0 30297 0 2343149 0 936164 0 Nathan O Hatch Former President 1010331 0 568609 0 314117 0 29000 0 38467 0 1960524 0 144881 0 Steve Forbes Men's BktBall Co 1556364 0 0 0 45373 0 14500 0 29189 0 1645426 0 0 0 J Reid Morgan S.VP, Sec, G.C. 576981 0 135000 0 506053 0 66500 0 35796 0 1320330 0 351061 0 John A Currie Director of Athletics 793197 0 262000 0 39106 0 52000 0 30103 0 1176406 0 0 0 Rogan Kersh PhD Provost 661265 0 115000 0 13554 0 129000 0 30900 0 949719 0 0 0 Charles L Iacovou PhD Dean, Business School 529410 0 120000 0 160285 0 104000 0 25375 0 939070 0 0 0 Mark A Petersen VP - Advancement 550890 0 135000 0 27711 0 114000 0 42270 0 869871 0 0 0 Warren D Ruggiero Asst F'ball Coach 667899 0 146000 0 7458 0 21750 0 16251 0 859358 0 0 0 Susan R Wente PhD President & Trustee 482060 0 200000 0 10131 0 127000 0 29642 0 848833 0 0 0 Jane Aiken Dean, Law School 584776 0 60000 0 9906 0 14500 0 29397 0 698579 0 0 0 Michele Gillespie PhD Dean, Wake Forest College 425945 0 105000 0 11643 0 127175 0 20477 0 690240 0 0 0 Lyle Joseph Hemphill Asst F'ball Coach 533658 0 46000 0 7035 0 21750 0 25597 0 634040 0 0 0 John D McConnell MD Former EVP Health Affairs 0 418681 0 0 0 38114 0 21816 0 23426 0 502037 0 0 Ronald D Wellman Former Director of Athletics 300470 0 0 0 11301 0 29000 0 10088 0 350859 0 0 0 Anita M Conrad Asst Secretary 192759 0 12000 0 396 0 20250 0 21878 0 247283 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. Susan R. Wente, President of Wake Forest University effective July 1, 2021, includes $112,500 shown in Schedule J, Part II, Column C, from her participation in a deferred compensation arrangement. The compensation of B. Hofler Milam, EVP, CFO, and Treasurer includes a payout of $1,294,538 which is included in his 2021 Form W-2 and in column Biii. $936,164 is shown in Schedule J, Part II, Column F and has been previously reported on a prior year Form 990. His compensation also includes $150,000 shown in Schedule J, Part II, Column C, from his participation in a deferred compensation arrangement. The compensation of Rogan Kersh, Provost, includes $100,000 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 a payout of $485,452 which is included in his 2021 Form W-2 and in column Biii. $351,061 is shown in Schedule J, Part II, Column F and has been previously reported on a prior year Form 990. His compensation also includes $37,500 shown in Schedule J, Part II, Column C, from his participation in a deferred compensation arrangement. The compensation of Mark A. Petersen, VP Advancement, includes $85,000 from participation in a deferred compensation arrangement included in Schedule J, Part II, Column C. The compensation of Michele Gillespie, Dean of Wake Forest College, includes $98,175 from participation in a deferred compensation arrangement included in Schedule J, Part II, Column C. The compensation of Charles Iacovou, Dean of Wake Forest School of Business, includes $75,000 from participation in a deferred compensation arrangement included in Schedule J, Part II, Column C. The compensation of John Currie, Athletic Director, includes includes $37,500 from participation in a deferred compensation arrangement included in Schedule J, Part II, Column C. The compensation of Dr. Nathan O. Hatch, President of Wake Forest University through June 30, 2021, includes a payout of $258,193 supplemental executive retirement plan, which is included in his 2021 Form W-2 and in column Biii. $144,881 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 $396,368 on her deferred compensation arrangement (included in Column C). All compensation to Dr. Freischlag is paid by a related organization as described later in Sch J, Part III. Part I, Line 7 Various Officers and Key Employees have incentive compensation components contained in their employment agreements. These are often goal-based and are determined in the course of evaluation of the employee's performance by his or her supervisor or the compensation committee of the filing organization's board, as applicable. Others are awarded discretionary amounts, but within budgetary constraints. Other non-fixed payments may include sums for relocation that are typically included as a provision in an employment agreement. All such payments are reflected on the individual's W-2 when applicable. Schedule J, Part II The compensation of Daniel R. Manning, former Basketball Coach, shown in Schedule J, Part II, Column Biii, reflects a payment that was included in his 2021 Form W-2 in full satisfaction of all obligations under his contract of employment as men's head basketball coach of Wake Forest University. 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. David P. Clawson: $10,552 Mark A. Peterson: $16,545 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 2565000 190248809 2170879 1214783 65163737 121699410 2019 1 1 1 1 B 108558082 3594340 818325 104145417 2021 0 0 0 1 A 0 1 1 1 0 0.00910 0.00910 0 0 1 B 0 0 1 1 0 0.00780 0.00780 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 Date Rebate Computation Performed Issuer Name: NC Capital Facs Fin Agency Date the Rebate Computation was Performed: 07/22/2022 Issuer Name: NC Capital Facs Fin Agency Date the Rebate Computation was Performed: 07/22/2022 Schedule K Part II Bond A,Col(a) Issuer's Name: North Carolina Capital Facilities Finance Agency Bond A,Col(f) The Educational Facilities Revenue Bonds (Wake Forest University), Series 2016 were used for New Capital Facilities and to fund the refinancing escrow for the 2009 Bond. It also refunded a line of credit used to finance the initial building processes covered by the 2016 bond. Bond B,Col(a) Issuer's Name: North Carolina Capital Facilities Finance Agency Bond B,Col(f) The Educational Facilities Revenue Bonds (Wake Forest University), Series 2018 were issued for the purpose of repaying a portion of the line of credit and financing the costs of acquisition, construction, renovation, and installation of capital assets of the Reynolda Campus. Bond A, Total proceeds of issue include interest earned of $155,980 Bond B, Total proceeds of issue include interest earned of $820,877 Not Required See Part V 39046 Tuition Concession Education Not Required See Part V 5000 Scholarships Education Angela J Lynde See Part V 64611 Compensation 0 Chris Hardy See Part V 89047 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 53% 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 IVAngela J. Lynde: Family member of the organization's former key employee, Ronald D. Wellman, was paid wages for her employment with the filing organization.Chris Hardy: Family member of the organization's president, Susan R. Wente, was paid wages for his employment with the filing organization. X 166 183935 Sales Proceeds X 571 10668269 Market Value X 2 30396 Sales Proceeds X 2 128994 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 station, WFDD. CARS acts as an agent for the organization in this process, retaining a flat percentage fee and forwarding net proceeds to the University. Various banks and brokers are used to sell donated securities. Local real estate agents are used to sell real property donations. Form 990, Part VI, Section A, line 2 Winston-Salem is a relatively small city, and some of the officers, key employees, and trustees of the filing organization (the "specified group") have routine business dealings with each other. These include the following: some trustees are members or employees of law firms that provide legal services to some of the specified group or to businesses owned or operated by members of the specified group and to the filing organization; and some members of the specified group have banking relationships with banks in which trustees are executives; members of the specified group may also have common investments. 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 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. Form 990, Part VI, Section B, Line 15B An external compensation consultant experienced in higher education compensation presents available total compensation comparability data for the positions for which compensation is being determined. Other sources of data are used as well to supplement this process. The data is reviewed by the Compensation Committee of the organization's governing board at its meetings; none of the members of that committee are employees of the organization. The Compensation Committee of the organization's governing board has been delegated the authority to review and approve compensation. Minutes of the deliberations of the committee are contemporaneously recorded. In the event that any member of the Compensation Committee has a conflict of interest, that committee member does not participate in the deliberation or approval process and their abstention from the process is reflected in the minutes. Form 990, Part VI, Section C, line 19 The organization's Articles of Incorporation are available to the public on request and are available on the website of the North Carolina Secretary of State. The organization's bylaws are not published, but provisions from the bylaws are included as necessary in the organization's policies. The organization's conflicts of interest policy is available to the public on request. The organization's consolidated financial statements are made available to the public on the University's website. Form 990 Part VII Hours Allocated to This and Other Related and Affiliated Organizations: Susan R. Wente, PhD. Filing Organization: 29.3 hours Related Organizations: 10.7 hours Nathan O. Hatch, PhD. Filing Organization: 40 hours Related Organizations: 0 hours J. Reid Morgan Filing Organization: 19.7 hours Related Organizations: 20.3 hours B. Hofler Milam Filing Organization: 36.5 hours Related Organizations: 3.5 hours Anita Conrad Filing Organization: 21 hours Related Organizations: 19 hours Dr. Julie A. Freischlag MD Filing Organization: 2 hours Related Organizations: 21.2 hours Affiliated Organizations:16.8 hours 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 N/A Creative Cafe' LLC PO Box 7201 WinstonSalem NC 27109 263700428 No Operations NC N/A Wake Forest University Spain SL C/Toro 84-90 Oficina Izquierda Salamanca Salamanca SP 37120 560532138 Study abroad educ. activities SP 403653 780943 N/A Wake Forest Advantage LLC PO Box 7201 Winston Salem NC 27109 462754916 Study Abroad NC 0 7653 N/A Verger Fund I LLC 751 W Fourth Street Suite 410 Winston Salem NC 27101 560532138 Holding Verger Capital Fund DE 1474754 6038248 N/A Wake Forest University Chile SpA Santa Lucia 280 Oficina 12 Santiago Santiago CI 560532138 Study Abroad CI 126469 188 N/A Wake Forest University Foundation PO Box 7201 WinstonSalem NC 27109 562038193 Real Estate Holding and Management NC 501(c)(3) Line 12a, I Wake Forest University 1 Wake Forest University Health Sciences Medical Center Blvd WinstonSalem NC 27157 223849199 Medical Education, research and patient care NC 501(c)(3) Line 2 Wake Forest University 1 Wake Forest University Development Foundation PO Box 7201 WinstonSalem NC 27109 562038194 Management/Sale of charitable real property donations NC 501(c)(3) Line 12a, I Wake Forest University 1 Reynolda House Inc PO Box 7287 WinstonSalem NC 27109 560810676 Museum of American Art NC 501(c)(3) Line 7 Wake Forest University 1 Wake Forest Univ Baptist Med Center Medical Center Blvd WinstonSalem NC 27157 510190238 Supports WFU, WFU Health Sciences, NC Baptist Hospital NC 501(c)(3) Line 12a, I WFU 50 & NC Baptist Hospital 50 0 Wake Forest Univ Health Sciences Group Medical Center Blvd WinstonSalem NC 27157 900222618 Kidney dialysis treatment centers NC 501(c)(3) Line 12a, I WFU Health Sciences 0 Wake Forest Innovation Quarter Development Company Medical Center Blvd WinstonSalem NC 27157 562094067 Research Park development NC 501(c)(6) WFU Health Sciences 0 Innovation Quarter Medical Center Blvd WinstonSalem NC 27157 061818498 Research park development NC 501(c)(3) Line 12a, I WFU Health Sciences 0 RegenMed Development Organization Medical Center Blvd WinstonSalem NC 27157 202710571 Education supporting Regenerative Med. NC 501(c)(3) Line 7 WFU Health Sciences 0 Wake Forest Innovation Quarter CDC Medical Center Blvd WinstonSalem NC 27157 200177581 Research development NC 501(c)(3) Line 12a, I WFU Health Sciences 0 Childress Institute for Pediatric Trauma 575 N Patterson Ave Ste 140 WinstonSalem NC 27101 463674691 Medical Research NC 501(c)(3) Line 3 WFU Health Sciences 0 Wake Forest Emergency Providers Medical Center Blvd WinstonSalem NC 27157 561903275 Operates Primary Care Clinics NC 501(c)(3) Line 3 WFU Health Sciences 0 The James W Denmark Loan Fund Inc PO Box 7354 WinstonSalem NC 27109 560774769 Student Loan Provider NC 501(c)(3) Line 12a, I N/A 0 Verger Capital Management LLC 751 W Fourth Street Suite 410 Winston Salem NC 27101 464037343 Asset Management DE Wake Forest Univ 80967072 830670626 0 -142501 0 1.00000 Verger Capital Fund LLC 751 W Fourth Street Suite 410 Winston Salem NC 27101 464027021 Endowment investing DE Verger Fund I 1474754 6038248 0 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 (28) 1834 Wake Forest Road WinstonSalem NC 27109 Investment NC WFU T 0 Charitable Remain Trusts (3) Medical Center Blvd Winston Salem NC 27157 Investment NC WFU Health Sciences T 0 0 1 1 1 0 0 0 0 0 1 0 1 1 1 1 1 1 1 1 Wake Forest University Foundation D 1774995 Cash Transfer Wake Forest University Foundation O 48854 Fair Value Wake Forest University Health Sciences C 1000000 Cash Transfer Wake Forest University Health Sciences P 7830549 Cash Transfer Wake Forest University Health Sciences Q 7136650 Cash Transfer Wake Forest University Development Foundation C 154112 Cash Transfer Wake Forest University Development Foundation O 42729 Fair Value Reynolda House Inc B 884000 Cash Transfer Reynolda House Inc Q 290731 Cash Transfer The James W Denmark Loan Fund Inc S 9075 Cash Transfer Verger Capital Management LLC D 1013799 Loan Repayment Verger Capital Management LLC M 3549873 Investment Management Fees Verger Capital Fund LLC R 24601826 Cash Transfer Verger Capital Fund LLC S 44812795 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.