WAKE FOREST UNIVERSITY: Form 990, tax year 2017

View the entire original 990 at ProPublica ↗

Organization: WAKE FOREST UNIVERSITY (EIN 56-0532138)
Tax period: 2017-07-01 to 2018-06-30
Filed: 2019-05-13
IRS object ID: 201901339349304650
Schema version: 2017v2.2
Source: Download XML · Original 990 at ProPublica

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

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

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2019-05-13T11:28:08-07:00	ReturnTs
Tax Period End	2018-06-30	TaxPeriodEndDt
Return Type	990	ReturnTypeCd
Tax Period Begin	2017-07-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	560532138	EIN

Business Name BusinessName

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

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

US Address USAddress

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

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	B Hofler Milam	PersonNm
Person Title	EVP/CFO/Treasurer	PersonTitleTxt
Signature	2019-05-13	SignatureDt

Field	Value	IRS element (for citing)
Tax	2017	TaxYr
Build TS	2019-02-21 02:37:17Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	Nathan O Hatch PhD	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	Wake Forest PO Box 7226	AddressLine1Txt
City	WinstonSalem	CityNm
State Abbreviation	NC	StateAbbreviationCd
ZIP	27109	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$1,079,180,590	GrossReceiptsAmt
Group Return For Affiliates	false	GroupReturnForAffiliatesInd
All Affiliates Included	false	AllAffiliatesIncludedInd
Organization501c3	Yes (X)	Organization501c3Ind
Website Address	www.wfu.edu	WebsiteAddressTxt
Type Of Organization Corp	Yes (X)	TypeOfOrganizationCorpInd
Formation	1834	FormationYr
Legal Domicile State	NC	LegalDomicileStateCd
Activity Or Mission	Wake Forest University is an institution of higher education dedicated to the pursuit of excellence in the liberal arts and in graduate and professional education. It operates Wake Forest College, a graduate school of arts and sciences, and four professional schools.	ActivityOrMissionDesc
Voting Members Governing Body	46	VotingMembersGoverningBodyCnt
Voting Members Independent	42	VotingMembersIndependentCnt
Total Employee	5899	TotalEmployeeCnt
Total Volunteers	2150	TotalVolunteersCnt
Total Gross UBI	$5,101,399	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	-$314,341	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$155,959,222	PYContributionsGrantsAmt
CY Contributions Grants	$85,906,758	CYContributionsGrantsAmt
PY Program Service Revenue	$410,762,241	PYProgramServiceRevenueAmt
CY Program Service Revenue	$427,874,039	CYProgramServiceRevenueAmt
PY Investment Income	$72,984,533	PYInvestmentIncomeAmt
CY Investment Income	$55,270,818	CYInvestmentIncomeAmt
PY Other Revenue	$10,992,335	PYOtherRevenueAmt
CY Other Revenue	$14,309,917	CYOtherRevenueAmt
PY Total Revenue	$650,698,331	PYTotalRevenueAmt
CY Total Revenue	$583,361,532	CYTotalRevenueAmt
PY Grants And Similar Paid	$111,634,418	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$112,387,153	CYGrantsAndSimilarPaidAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$241,310,091	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$250,705,705	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$1,583,833	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$201,880	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$21,809,706	CYTotalFundraisingExpenseAmt
PY Other Expenses	$143,159,663	PYOtherExpensesAmt
CY Other Expenses	$151,157,056	CYOtherExpensesAmt
PY Total Expenses	$497,688,005	PYTotalExpensesAmt
CY Total Expenses	$514,451,794	CYTotalExpensesAmt
PY Revenues Less Expenses	$153,010,326	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$68,909,738	CYRevenuesLessExpensesAmt
Total Assets BOY	$1,824,862,917	TotalAssetsBOYAmt
Total Assets EOY	$1,919,040,249	TotalAssetsEOYAmt
Total Liabilities BOY	$541,295,485	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$556,705,829	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$1,283,567,432	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$1,362,334,420	NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part III	Yes (X)	InfoInScheduleOPartIIIInd
Mission	Wake Forest University, a 501(c)(3) institution of higher education, is dedicated to the pursuit of excellence in the liberal arts and in graduate and professional education.The organization is comprised of six constituent parts: Wake Forest College; the Graduate School of Arts and Sciences; the School of Law; the School of Medicine; the School of Business; and the School of Divinity. It seeks to honor the ideals of liberal learning, which entail commitment to transmission of cultural heritages; teaching the modes of learning in the basic disciplines of human knowledge; developing critical appreciation of moral, aesthetic and religious values; advancing the frontiers of knowledge through in-depth study and research; and applying knowledge in the service of humanity.	MissionDesc
Significant New Program Srvc	false	SignificantNewProgramSrvcInd
Significant Change	false	SignificantChangeInd
Expense	$228,084,262	ExpenseAmt
Grant	$90,630,609	GrantAmt
Revenue	$334,724,857	RevenueAmt
Desc	Instruction of approximately 8,116 students in graduate and undergraduate programs. In addition to the U.S. campus, Wake Forest maintains five student learning centers in Europe, and has numerous study abroad programs available. WFU provides opportunities for foreign students to enter degree programs at the U.S. Campus. The Center for Global Programs and Studies manages the student exchange and study abroad programs, with 789 visiting students from 35 different countries. More than 73.5% of our U.S. students travel abroad for at least one program. Scholarships are awarded to eligible students based on financial need and academic merit. 53.9% of the graduate and undergraduate student population received financial aid awards. Approximately 4,131 students received scholarships or grants from the institution during the year.	Desc

Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp

Field	Value	IRS element (for citing)
Expense	$102,811,686	ExpenseAmt
Grant	$16,295,917	GrantAmt
Revenue	$85,365,626	RevenueAmt
Desc	Wake Forest maintains campus bookstores, housing and dining facilities, mail services and other program services, including Athletics. Athletic scholarships provided funding for 309 of our athletes during the fiscal year. The Wake Forest conference center serves both University and external constituencies. WFDD-FM Radio, the University's Public Broadcasting Station, provides a venue for teaching and learning as well as communication. The station serves the 32-county Winston-Salem, Greensboro, High Point market bringing music and culture, news and information to the public at large.	Desc

Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp

Field	Value	IRS element (for citing)
Expense	$64,079,895	ExpenseAmt
Grant	$1,591,117	GrantAmt
Revenue	$3,231,198	RevenueAmt
Desc	Wake Forest University maintains a campus with academic buildings, research laboratories, space for fraternities and sororities, and recreational facilities. The grounds add to the student experience. The organization also has other auxiliary enterprises designed to enhance and improve the University and the surrounding community. The University supports, with occasional gifts, local exempt organizations, in order to enhance arts and culture in the area.	Desc

Field	Value	IRS element (for citing)
Total Other Prog Srvc Expense	$31,365,214	TotalOtherProgSrvcExpenseAmt
Total Other Prog Srvc Grant	$4,316,898	TotalOtherProgSrvcGrantAmt
Total Other Prog Srvc Revenue	$3,403,769	TotalOtherProgSrvcRevenueAmt
Total Program Service Expenses	$426,341,057	TotalProgramServiceExpensesAmt
Described In Section501c3	Yes (true)	DescribedInSection501c3Ind
Schedule B Required	Yes (true)	ScheduleBRequiredInd
Political Campaign Acty	false	PoliticalCampaignActyInd
Lobbying Activities	Yes (true)	LobbyingActivitiesInd
Subject To Proxy Tax	false	SubjectToProxyTaxInd
Donor Advised Fund	false	DonorAdvisedFundInd
Conservation Easements	false	ConservationEasementsInd
Collections Of Art	Yes (true)	CollectionsOfArtInd
Credit Counseling	Yes (true)	CreditCounselingInd
Temp Or Permanent Endowments	Yes (true)	TempOrPermanentEndowmentsInd
Report Land Building Equipment	Yes (true)	ReportLandBuildingEquipmentInd
Report Investments Other Sec	Yes (true)	ReportInvestmentsOtherSecInd
Report Program Related Invst	false	ReportProgramRelatedInvstInd
Report Other Assets	false	ReportOtherAssetsInd
Report Other Liabilities	Yes (true)	ReportOtherLiabilitiesInd
Include FIN48 Footnote	Yes (true)	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	false	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	Yes (true)	ConsolidatedAuditFinclStmtInd
School Operating	Yes (true)	SchoolOperatingInd
Foreign Office	Yes (true)	ForeignOfficeInd
Foreign Activities	Yes (true)	ForeignActivitiesInd
More Than5000 K To Org	Yes (true)	MoreThan5000KToOrgInd
More Than5000 K To Individuals	Yes (true)	MoreThan5000KToIndividualsInd
Professional Fundraising	Yes (true)	ProfessionalFundraisingInd
Fundraising Activities	Yes (true)	FundraisingActivitiesInd
Gaming Activities	false	GamingActivitiesInd
Operate Hospital	false	OperateHospitalInd
Grants To Organizations	Yes (true)	GrantsToOrganizationsInd
Grants To Individuals	Yes (true)	GrantsToIndividualsInd
Schedule J Required	Yes (true)	ScheduleJRequiredInd
Tax Exempt Bonds	Yes (true)	TaxExemptBondsInd
Invest Tax Exempt Bonds	false	InvestTaxExemptBondsInd
Escrow Account	false	EscrowAccountInd
On Behalf Of Issuer	false	OnBehalfOfIssuerInd
Engaged In Excess Benefit Trans	false	EngagedInExcessBenefitTransInd
PY Excess Benefit Trans	false	PYExcessBenefitTransInd
Loan Outstanding	Yes (true)	LoanOutstandingInd
Grant To Related Person	Yes (true)	GrantToRelatedPersonInd
Business Rln With Org Mem	false	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	Yes (true)	BusinessRlnWithFamMemInd
Business Rln With Officer Ent	false	BusinessRlnWithOfficerEntInd
Deductible Non Cash Contri	Yes (true)	DeductibleNonCashContriInd
Deductible Art Contribution	false	DeductibleArtContributionInd
Terminate Operations	false	TerminateOperationsInd
Partial Liquidation	false	PartialLiquidationInd
Disregarded Entity	Yes (true)	DisregardedEntityInd
Related Entity	Yes (true)	RelatedEntityInd
Related Organization Ctrl Ent	Yes (true)	RelatedOrganizationCtrlEntInd
Transaction With Control Ent	Yes (true)	TransactionWithControlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org	false	TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp	false	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (true)	ScheduleORequiredInd
Info In Schedule O Part V	Yes (X)	InfoInScheduleOPartVInd
IRP Document	10834	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (true)	BackupWthldComplianceInd
Employee	5899	EmployeeCnt
Employment Tax Returns Filed	Yes (true)	EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit	Yes (true)	UnrelatedBusIncmOverLimitInd
Form990 T Filed	Yes (true)	Form990TFiledInd
Foreign Financial Account	Yes (true)	ForeignFinancialAccountInd
Foreign Country	OC	ForeignCountryCd
Prohibited Tax Shelter Trans	false	ProhibitedTaxShelterTransInd
Taxable Party Notification	false	TaxablePartyNotificationInd
Nondeductible Contributions	false	NondeductibleContributionsInd
Quid Pro Quo Contributions	Yes (true)	QuidProQuoContributionsInd
Quid Pro Quo Contri Discl	Yes (true)	QuidProQuoContriDisclInd
Form8282 Property Disposed Of	false	Form8282PropertyDisposedOfInd
Form8282 Filed	0	Form8282FiledCnt
Rcv Fnds To Pay Prsnl Bnft Cntrct	false	RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct	false	PayPremiumsPrsnlBnftCntrctInd
Form8899 Filedind	false	Form8899Filedind
Form1098 C Filed	false	Form1098CFiledInd
DAF Excess Business Holdings	false	DAFExcessBusinessHoldingsInd
Taxable Distributions	false	TaxableDistributionsInd
Distribution To Donor	false	DistributionToDonorInd
Org Filed In Lieu Of Form1041	false	OrgFiledInLieuOfForm1041Ind
Licensed More Than One State	false	LicensedMoreThanOneStateInd
Indoor Tanning Services	false	IndoorTanningServicesInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	46	GoverningBodyVotingMembersCnt
Independent Voting Member	42	IndependentVotingMemberCnt
Family Or Business Rln	Yes (true)	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	false	DelegationOfMgmtDutiesInd
Change To Org Documents	false	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	false	MaterialDiversionOrMisuseInd
Members Or Stockholders	false	MembersOrStockholdersInd
Election Of Board Members	false	ElectionOfBoardMembersInd
Decisions Subject To Approva	false	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (true)	MinutesOfGoverningBodyInd
Minutes Of Committees	Yes (true)	MinutesOfCommitteesInd
Officer Mailing Address	false	OfficerMailingAddressInd
Local Chapters	false	LocalChaptersInd
Form990 Provided To Gvrn Body	Yes (true)	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (true)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (true)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (true)	RegularMonitoringEnfrcInd
Whistleblower Policy	Yes (true)	WhistleblowerPolicyInd
Document Retention Policy	Yes (true)	DocumentRetentionPolicyInd
Compensation Process CEO	Yes (true)	CompensationProcessCEOInd
Compensation Process Other	Yes (true)	CompensationProcessOtherInd
Investment In Joint Venture	Yes (true)	InvestmentInJointVentureInd
Written Policy Or Procedure	Yes (true)	WrittenPolicyOrProcedureInd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Field	Value	IRS element (for citing)
Person	Marnie S Matthews	PersonNm
Phone	3367585233	PhoneNum

US Address USAddress

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

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

Form990 Part VII Section A Form990PartVIISectionAGrp (63 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt	OfficerOfficerInd	Key EmployeeKeyEmployeeInd	Highest Compensated EmployeeHighestCompensatedEmployeeInd	Former Ofcr Director TrusteeFormerOfcrDirectorTrusteeInd
Donna A Boswell PhD
Board Chair	15.00	6.00	Yes (X)	$0	$0	$0
Diana M Adams
Comm Vice Chair	4.00	0.60	Yes (X)	$0	$0	$0
Shelmer D Blackburn Jr
Comm Vice Chair	4.00	0.00	Yes (X)	$0	$0	$0
John I Bitove Jr
Trustee	3.00	0.60	Yes (X)	$0	$0	$0
Peter C Brockway
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Jocelyn Burton
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Bobby R Burchfield
Board ViceChair	6.00	2.00	Yes (X)	$0	$0	$0
Jermyn M Davis
Trustee	5.00	0.00	Yes (X)	$0	$0	$0
H Lawrence Culp Jr
Trustee	3.00	2.60	Yes (X)	$0	$0	$0
David W Dupree
Comm Vice Chair	6.00	5.00	Yes (X)	$0	$0	$0
Thomas A Dingledine
Committee Chair	4.00	0.00	Yes (X)	$0	$0	$0
James E Dixon
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Donna F Edwards
Trustee	3.00	2.00	Yes (X)	$5,208	$0	$0
Cantey M Ergen
Committee Chair	4.00	0.00	Yes (X)	$0	$0	$0
Lisbeth Clark Evans
Trustee	5.00	0.00	Yes (X)	$0	$0	$0
Mary R Farrell
Comm Vice Chair	5.00	0.00	Yes (X)	$0	$0	$0
Helen Hough Feinberg
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Donald E Flow
Committee Chair	6.00	19.00	Yes (X)	$0	$0	$0
Richard Alan Fox
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Lawrence D Hopkins MD
Trustee	3.00	0.00	Yes (X)	$0	$323,846	$41,655
Frank B Holding Jr
Committee Chair	4.00	1.00	Yes (X)	$0	$0	$0
Herman E Eure
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Matthew A King
Committee Chair	6.00	2.00	Yes (X)	$0	$0	$0
Deborah D Lambert
Committee Chair	6.00	0.00	Yes (X)	$0	$0	$0
John R Lowden
Trustee	3.00	0.60	Yes (X)	$0	$0	$0
James J Marino
Committee Chair	5.00	7.00	Yes (X)	$0	$0	$0
John A McAvoy
Comm Vice Chair	4.00	0.00	Yes (X)	$0	$0	$0
John K Medica dec101317
Committee Chair	5.00	0.60	Yes (X)	$0	$0	$0
Jane Love McGraw
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Ogden Phipps II
Trustee	3.00	0.60	Yes (X)	$0	$0	$0
Steven S Reinemund
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Gerald F Roach
Board ViceChair	6.00	2.00	Yes (X)	$0	$0	$0
Jorge Rodriguez
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Harold O Rosser
Comm Vice Chair	4.00	0.70	Yes (X)	$0	$0	$0
Mit B Shah
Committee Chair	6.00	0.60	Yes (X)	$0	$0	$0
Michael J Selverian Sr
Committee Chair	4.00	1.00	Yes (X)	$0	$0	$0
Janice Kulynych Story
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Benjamin C Sutton Jr
Comm Vice Chair	5.00	1.00	Yes (X)	$0	$0	$0
Cathy Wall Thomas MD
Comm Vice Chair	4.00	2.00	Yes (X)	$0	$0	$0
Lloyd P Tate Jr
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Shannan Spence Townsend
Trustee	3.00	0.60	Yes (X)	$0	$0	$0
David I Wahrhaftig
Comm Vice Chair	5.00	0.00	Yes (X)	$0	$0	$0
Eric C Wiseman
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Katherine B Wright
Committee Chair	6.00	0.00	Yes (X)	$0	$0	$0
Charles Jeffrey Young
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Jorge A Fournier
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Nathan O Hatch PhD
Pres. & Trustee	29.00	11.00	Yes (X)	$1,405,146	$0	$480,383	Yes (X)
Julie A Frieschlag MD
EVP Health Aff.	2.00	21.20		$0	$992,415	$208,694	Yes (X)
J Reid Morgan
S.VP, Sec, G.C.	19.70	20.30		$528,855	$0	$182,806	Yes (X)
Anita M Conrad
Asst Secretary	21.00	19.00		$184,521	$0	$38,363	Yes (X)
Rogan Kersh PhD
Provost	40.00	0.00		$561,863	$0	$156,040	Yes (X)
B Hofler Milam
EVP, CFO, Treas	37.50	2.50		$654,358	$0	$303,297	Yes (X)
Charles L Iacovou
Dean, School of Business	40.00	0.00		$459,908	$0	$49,917		Yes (X)
Ronald D Wellman
Director of Athletics	40.00	0.00		$804,673	$0	$399,352		Yes (X)
Mark A Petersen
VP - Advancement	40.00	0.00		$851,574	$0	$92,836		Yes (X)
Michele Gillespie
Dean, Wake Forest College	40.00	0.00		$297,415	$0	$62,462		Yes (X)
David P Clawson
Football Coach	40.00	0.00		$2,131,469	$0	$57,594			Yes (X)
Jay Sawvel
Asst F'ball Coach	40.00	0.00		$539,125	$0	$34,967			Yes (X)
Daniel R Manning
Basketball Coach	40.00	0.00		$1,993,909	$0	$46,576			Yes (X)
Ajay Patel
Prof, Sch of Busns	40.00	0.00		$477,661	$0	$85,607			Yes (X)
Andrew R Chan
VP Career Devel	40.00	0.00		$450,833	$0	$171,682			Yes (X)
James J Dunn
Former Chief Invest Officr	0.00	40.00		$0	$640,769	$25,510				Yes (X)
John D McConnell MD
Former EVP Health Affairs	0.00	40.00		$0	$1,860,397	$289,177				Yes (X)

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$11,346,518	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$3,817,427	TotReportableCompRltdOrgAmt
Total Other Compensation	$2,726,918	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	456	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	Yes (true)	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	Yes (true)	TotalCompGreaterThan150KInd
Compensation From Other Srcs	false	CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (5 entries)

Address Line1ContractorAddress/USAddress/AddressLine1Txt	CityContractorAddress/USAddress/CityNm	State AbbreviationContractorAddress/USAddress/StateAbbreviationCd	ZIPContractorAddress/USAddress/ZIPCd	ServicesServicesDesc	CompensationCompensationAmt
Frank L Blum Construction Company
830 25th St NE	WinstonSalem	NC	27105	Construction	$47,315,546
Aramark Campus Services
1101 Market St 12th Fl	Philadelphia	PA	19107	Food Service	$23,550,830
IL Long Construction Co Inc
4117 Indiana Avenue	Winston Salem	NC	27105	Construction	$14,857,111
NCS Pearson Inc
13036 Collections Center Drive	Chicago	IL	60693	Subscription Service	$4,803,203
EBSCO Subscription Services
6800 Versar Center Suite 131	Springfiels	VA	22151	Subscription Service	$3,229,364

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	131	CntrctRcvdGreaterThan100KCnt
Fundraising	$110,535	FundraisingAmt
Related Organizations	$2,201,881	RelatedOrganizationsAmt
Government Grants	$9,205,027	GovernmentGrantsAmt
All Other Contributions	$74,389,315	AllOtherContributionsAmt
Noncash Contributions	$19,782,513	NoncashContributionsAmt
Total Contributions	$85,906,758	TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp (5 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
Athletic Programs	711210	$36,265,589	$36,265,589
Organized Activities	515100	$6,997,914	$6,997,914
Student Health Services	621400	$3,195,490	$3,195,490
Student Housing & Dining	721310	$42,102,123	$42,102,123
Tuition and Fees	611310	$334,724,857	$334,724,857

Total Oth Program Service Rev TotalOthProgramServiceRevGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$4,588,066	TotalRevenueColumnAmt
Related Or Exempt Func Income	$3,403,769	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$1,184,297	UnrelatedBusinessRevenueAmt

Field	Value	IRS element (for citing)
Total Program Service Revenue	$427,874,039	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$4,652,626	TotalRevenueColumnAmt
Unrelated Business Revenue	$122,436	UnrelatedBusinessRevenueAmt
Exclusion	$4,530,190	ExclusionAmt

Incm From Invest Bond Proceeds IncmFromInvestBondProceedsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$0	TotalRevenueColumnAmt

Royalties Revenue RoyaltiesRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$2,989,269	TotalRevenueColumnAmt
Exclusion	$2,989,269	ExclusionAmt

Gross Rents GrossRentsGrp

Field	Value	IRS element (for citing)
Real	$11,099,091	RealAmt

Less Rental Expenses LessRentalExpensesGrp

Field	Value	IRS element (for citing)
Real	$8,720,278	RealAmt

Rental Income Or Loss RentalIncomeOrLossGrp

Field	Value	IRS element (for citing)
Real	$2,378,813	RealAmt

Net Rental Income Or Loss NetRentalIncomeOrLossGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$2,378,813	TotalRevenueColumnAmt
Exclusion	$2,378,813	ExclusionAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

Field	Value	IRS element (for citing)
Securities	$534,789,231	SecuritiesAmt
Other	$147,143	OtherAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

Field	Value	IRS element (for citing)
Securities	$483,845,249	SecuritiesAmt
Other	$472,933	OtherAmt

Gain Or Loss GainOrLossGrp

Field	Value	IRS element (for citing)
Securities	$50,943,982	SecuritiesAmt
Other	-$325,790	OtherAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$50,618,192	TotalRevenueColumnAmt
Exclusion	$50,618,192	ExclusionAmt

Field	Value	IRS element (for citing)
Fundraising Gross Income	$46,262	FundraisingGrossIncomeAmt
Contri Rpt Fundraising Event	$110,535	ContriRptFundraisingEventAmt
Fundraising Direct Expenses	$66,160	FundraisingDirectExpensesAmt

Net Incm From Fundraising Evt NetIncmFromFundraisingEvtGrp

Field	Value	IRS element (for citing)
Total Revenue Column	-$19,898	TotalRevenueColumnAmt
Exclusion	-$19,898	ExclusionAmt

Net Income From Gaming NetIncomeFromGamingGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$0	TotalRevenueColumnAmt

Field	Value	IRS element (for citing)
Gross Sales Of Inventory	$9,806,691	GrossSalesOfInventoryAmt
Cost Of Goods Sold	$2,714,438	CostOfGoodsSoldAmt

Net Income Or Loss NetIncomeOrLossGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$7,092,253	TotalRevenueColumnAmt
Unrelated Business Revenue	$3,229,057	UnrelatedBusinessRevenueAmt
Exclusion	$3,863,196	ExclusionAmt

Other Revenue Misc OtherRevenueMiscGrp (3 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Unrelated Business RevenueUnrelatedBusinessRevenueAmt	ExclusionExclusionAmt
Indoor Tennis Club	713940	$186,817	$186,817
Sponsorship Payments	541800	$1,268,163		$1,268,163
Winston Salem Tennis Open	711210	$312,789	$312,789

Miscellaneous Revenue MiscellaneousRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$101,711	TotalRevenueColumnAmt
Related Or Exempt Func Income	$35,708	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$66,003	UnrelatedBusinessRevenueAmt

Field	Value	IRS element (for citing)
Other Revenue Total	$1,869,480	OtherRevenueTotalAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$583,361,532	TotalRevenueColumnAmt
Related Or Exempt Func Income	$426,725,450	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$5,101,399	UnrelatedBusinessRevenueAmt
Exclusion	$65,627,925	ExclusionAmt

Grants To Domestic Orgs GrantsToDomesticOrgsGrp

Field	Value	IRS element (for citing)
Total	$3,266,191	TotalAmt
Program Services	$3,266,191	ProgramServicesAmt

Grants To Domestic Individuals GrantsToDomesticIndividualsGrp

Field	Value	IRS element (for citing)
Total	$108,397,253	TotalAmt
Program Services	$108,397,253	ProgramServicesAmt

Foreign Grants ForeignGrantsGrp

Field	Value	IRS element (for citing)
Total	$723,709	TotalAmt
Program Services	$723,709	ProgramServicesAmt

Benefits To Members BenefitsToMembersGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

Field	Value	IRS element (for citing)
Total	$5,160,503	TotalAmt
Program Services	$1,806,176	ProgramServicesAmt
Management And General	$2,580,252	ManagementAndGeneralAmt
Fundraising	$774,075	FundraisingAmt

Comp Disqual Persons CompDisqualPersonsGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

Field	Value	IRS element (for citing)
Total	$194,755,098	TotalAmt
Program Services	$151,568,750	ProgramServicesAmt
Management And General	$31,690,209	ManagementAndGeneralAmt
Fundraising	$11,496,139	FundraisingAmt

Pension Plan Contributions PensionPlanContributionsGrp

Field	Value	IRS element (for citing)
Total	$14,445,073	TotalAmt
Program Services	$11,194,932	ProgramServicesAmt
Management And General	$2,253,431	ManagementAndGeneralAmt
Fundraising	$996,710	FundraisingAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

Field	Value	IRS element (for citing)
Total	$22,647,812	TotalAmt
Program Services	$17,547,750	ProgramServicesAmt
Management And General	$3,563,752	ManagementAndGeneralAmt
Fundraising	$1,536,310	FundraisingAmt

Payroll Taxes PayrollTaxesGrp

Field	Value	IRS element (for citing)
Total	$13,697,219	TotalAmt
Program Services	$10,615,345	ProgramServicesAmt
Management And General	$2,136,766	ManagementAndGeneralAmt
Fundraising	$945,108	FundraisingAmt

Fees For Services Management FeesForServicesManagementGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$396,532	TotalAmt
Program Services	$22,784	ProgramServicesAmt
Management And General	$373,748	ManagementAndGeneralAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$215,358	TotalAmt
Program Services	$9,552	ProgramServicesAmt
Management And General	$205,806	ManagementAndGeneralAmt

Fees For Services Lobbying FeesForServicesLobbyingGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Fees For Services Prof Fundraising FeesForServicesProfFundraising

Field	Value	IRS element (for citing)
Total	$201,880	TotalAmt
Fundraising	$201,880	FundraisingAmt

Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp

Field	Value	IRS element (for citing)
Total	$6,243,755	TotalAmt
Program Services	$4,034,930	ProgramServicesAmt
Management And General	$2,208,825	ManagementAndGeneralAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$25,878,267	TotalAmt
Program Services	$18,798,638	ProgramServicesAmt
Management And General	$5,812,643	ManagementAndGeneralAmt
Fundraising	$1,266,986	FundraisingAmt

Advertising AdvertisingGrp

Field	Value	IRS element (for citing)
Total	$4,914,719	TotalAmt
Program Services	$3,428,682	ProgramServicesAmt
Management And General	$347,488	ManagementAndGeneralAmt
Fundraising	$1,138,549	FundraisingAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$10,674,093	TotalAmt
Program Services	$7,254,186	ProgramServicesAmt
Management And General	$1,999,680	ManagementAndGeneralAmt
Fundraising	$1,420,227	FundraisingAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$2,619,344	TotalAmt
Program Services	$1,998,355	ProgramServicesAmt
Management And General	$429,441	ManagementAndGeneralAmt
Fundraising	$191,548	FundraisingAmt

Royalties RoyaltiesGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$15,573,203	TotalAmt
Program Services	$12,366,839	ProgramServicesAmt
Management And General	$3,022,107	ManagementAndGeneralAmt
Fundraising	$184,257	FundraisingAmt

Travel TravelGrp

Field	Value	IRS element (for citing)
Total	$13,430,739	TotalAmt
Program Services	$11,389,358	ProgramServicesAmt
Management And General	$1,082,679	ManagementAndGeneralAmt
Fundraising	$958,702	FundraisingAmt

Pymt Travel Entrtnmnt Pub Ofcl PymtTravelEntrtnmntPubOfclGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Conferences Meetings ConferencesMeetingsGrp

Field	Value	IRS element (for citing)
Total	$3,396,733	TotalAmt
Program Services	$2,305,463	ProgramServicesAmt
Management And General	$797,875	ManagementAndGeneralAmt
Fundraising	$293,395	FundraisingAmt

Interest InterestGrp

Field	Value	IRS element (for citing)
Total	$9,786,114	TotalAmt
Program Services	$6,067,391	ProgramServicesAmt
Management And General	$3,718,723	ManagementAndGeneralAmt

Payments To Affiliates PaymentsToAffiliatesGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Depreciation Depletion DepreciationDepletionGrp

Field	Value	IRS element (for citing)
Total	$40,608,839	TotalAmt
Program Services	$39,164,528	ProgramServicesAmt
Management And General	$1,444,311	ManagementAndGeneralAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$1,738,690	TotalAmt
Program Services	$568,692	ProgramServicesAmt
Management And General	$1,169,998	ManagementAndGeneralAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDesc	TotalTotalAmt	Program ServicesProgramServicesAmt	Management And GeneralManagementAndGeneralAmt	FundraisingFundraisingAmt
Library, Books & Subscriptions	$7,273,628	$7,146,931	$38,496	$88,201
Auxiliary Enterprises	$4,000,633	$3,896,843	$102,430	$1,360
Non Capital Equip & Furnishing	$3,395,952	$2,542,463	$773,512	$79,977
Miscellaneous	$1,010,457	$225,316	$548,859	$236,282

All Other Expenses AllOtherExpensesGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$514,451,794	TotalAmt
Program Services	$426,341,057	ProgramServicesAmt
Management And General	$66,301,031	ManagementAndGeneralAmt
Fundraising	$21,809,706	FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
EOY	$0	EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$53,774,535	BOYAmt
EOY	$62,930,337	EOYAmt

Pledges And Grants Receivable PledgesAndGrantsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$184,636,117	BOYAmt
EOY	$110,301,402	EOYAmt

Accounts Receivable AccountsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$9,698,107	BOYAmt
EOY	$5,957,906	EOYAmt

Receivables From Officers Etc ReceivablesFromOfficersEtcGrp

Field	Value	IRS element (for citing)
BOY	$570,000	BOYAmt
EOY	$735,000	EOYAmt

Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp

Field	Value	IRS element (for citing)
EOY	$0	EOYAmt

Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp

Field	Value	IRS element (for citing)
BOY	$26,539,697	BOYAmt
EOY	$25,024,135	EOYAmt

Inventories For Sale Or Use InventoriesForSaleOrUseGrp

Field	Value	IRS element (for citing)
BOY	$687,889	BOYAmt
EOY	$716,805	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$5,088,089	BOYAmt
EOY	$4,918,957	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$1,093,338,545	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$459,767,451	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$574,824,734	BOYAmt
EOY	$633,571,094	EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

Field	Value	IRS element (for citing)
BOY	$512,619,624	BOYAmt
EOY	$225,669,950	EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

Field	Value	IRS element (for citing)
BOY	$451,988,616	BOYAmt
EOY	$846,552,573	EOYAmt

Investments Program Related InvestmentsProgramRelatedGrp

Field	Value	IRS element (for citing)
EOY	$0	EOYAmt

Intangible Assets IntangibleAssetsGrp

Field	Value	IRS element (for citing)
EOY	$0	EOYAmt

Other Assets Total OtherAssetsTotalGrp

Field	Value	IRS element (for citing)
BOY	$4,435,509	BOYAmt
EOY	$2,662,090	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$1,824,862,917	BOYAmt
EOY	$1,919,040,249	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$46,883,775	BOYAmt
EOY	$38,226,931	EOYAmt

Grants Payable GrantsPayableGrp

Field	Value	IRS element (for citing)
BOY	$9,360,770	BOYAmt
EOY	$8,221,936	EOYAmt

Deferred Revenue DeferredRevenueGrp

Field	Value	IRS element (for citing)
BOY	$30,581,787	BOYAmt
EOY	$33,913,058	EOYAmt

Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$180,375,000	BOYAmt
EOY	$171,516,292	EOYAmt

Escrow Account Liability EscrowAccountLiabilityGrp

Field	Value	IRS element (for citing)
BOY	$795,297	BOYAmt
EOY	$1,311,664	EOYAmt

Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp

Field	Value	IRS element (for citing)
BOY	$50,995,451	BOYAmt
EOY	$97,106,486	EOYAmt

Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp

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

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$97,303,405	BOYAmt
EOY	$81,409,462	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$541,295,485	BOYAmt
EOY	$556,705,829	EOYAmt

Field	Value	IRS element (for citing)
Organization Follows SFAS117	Yes (X)	OrganizationFollowsSFAS117Ind

Unrestricted Net Assets UnrestrictedNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$566,385,433	BOYAmt
EOY	$609,068,783	EOYAmt

Temporarily Rstr Net Assets TemporarilyRstrNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$347,404,393	BOYAmt
EOY	$347,994,414	EOYAmt

Permanently Rstr Net Assets PermanentlyRstrNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$369,777,606	BOYAmt
EOY	$405,271,223	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$1,283,567,432	BOYAmt
EOY	$1,362,334,420	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$1,824,862,917	BOYAmt
EOY	$1,919,040,249	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	$68,909,738	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	$9,857,250	NetUnrlzdGainsLossesInvstAmt
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd
Accountant Compile Or Review	false	AccountantCompileOrReviewInd
FS Audited	Yes (true)	FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

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

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

Schedule A IRS990ScheduleA

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

Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$93,868,783	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$87,133,767	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$72,144,441	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$157,306,803	CurrentTaxYearMinus1YearAmt
Current Tax Year	$85,906,758	CurrentTaxYearAmt
Total	$496,360,552	TotalAmt

Tax Rev Levied Orgnztnl Bnft170 TaxRevLeviedOrgnztnlBnft170Grp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Govt Furn Srvc Fclts Vl170 GovtFurnSrvcFcltsVl170Grp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Total Calendar Year170 TotalCalendarYear170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$93,868,783	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$87,133,767	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$72,144,441	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$157,306,803	CurrentTaxYearMinus1YearAmt
Current Tax Year	$85,906,758	CurrentTaxYearAmt
Total	$496,360,552	TotalAmt

Field	Value	IRS element (for citing)
Substantial Contributors Tot	$57,810,576	SubstantialContributorsTotAmt
Public Support Total170	$438,549,976	PublicSupportTotal170Amt

Gross Investment Income170 GrossInvestmentIncome170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$24,833,246	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$25,521,576	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$19,388,703	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$62,678,782	CurrentTaxYearMinus1YearAmt
Current Tax Year	$18,740,986	CurrentTaxYearAmt
Total	$151,163,293	TotalAmt

Unrelated Business Net Incm170 UnrelatedBusinessNetIncm170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus3 Years	$1,618,183	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$1,974,386	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$2,189,568	CurrentTaxYearMinus1YearAmt
Total	$5,782,137	TotalAmt

Other Income170 OtherIncome170Grp

Field	Value	IRS element (for citing)
Current Tax Year	$37,437	CurrentTaxYearAmt
Total	$37,437	TotalAmt

Field	Value	IRS element (for citing)
Total Support	$653,343,419	TotalSupportAmt
Gross Receipts Rltd Activities	$1,982,067,010	GrossReceiptsRltdActivitiesAmt
Public Support CY170	0.67120	PublicSupportCY170Pct
Public Support PY170	0.66380	PublicSupportPY170Pct
Thirty Thr Pct Suprt Tests CY170	Yes (X)	ThirtyThrPctSuprtTestsCY170Ind

Form990 Schedule A Part VI Form990ScheduleAPartVIGrp (2 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Part I: Additional Information	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. Schedule A, Part II is completed in order to utilize the Schedule B Special 2% Rule.
Support Schedule: Other Income Explanation	Miscellaneous Income $37,437

Schedule B IRS990ScheduleB

Schedule C IRS990ScheduleC

Field	Value	IRS element (for citing)
Form4720 Filed Section4955 Tax	false	Form4720FiledSection4955TaxInd
Correction Made	false	CorrectionMadeInd
Volunteers	false	VolunteersInd
Paid Staff Or Management	false	PaidStaffOrManagementInd
Media Advertisements	false	MediaAdvertisementsInd
Mailings Members	false	MailingsMembersInd
Publications Or Broadcast	false	PublicationsOrBroadcastInd
Grants Other Organizations	false	GrantsOtherOrganizationsInd
Direct Contact Legislators	Yes (true)	DirectContactLegislatorsInd
Direct Contact Legislators	$41,806	DirectContactLegislatorsAmt
Rallies Demonstrations	false	RalliesDemonstrationsInd
Other Activities	false	OtherActivitiesInd
Total Lobbying Expenditures	$41,806	TotalLobbyingExpendituresAmt
Not Described Section501c3	false	NotDescribedSection501c3Ind
Form4720 Filed4912 Tax	false	Form4720Filed4912TaxInd

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Part II-B, Line 1i - Other Activities Description	FormAndLineReferenceDesc
Explanation	The organization's medical school subsidiary organization has a Government Relations office. Working in coordination with that government relations office, the filing organization's employees will sometimes make direct contact with legislators, their staffs, government officials, or a legislative body. The Government Relations office was actively involved with several federal and state issues during the year, (including endowment tax, unrelated business income, and other provisions in the Tax Cuts and Jobs Act, and the Higher Education Act reauthorization and financial aid simplification), but because of the preponderance of current Health Care legislation, the Government Relations Office of the filing organization's subsidiary spent less time during the tax year on purely educational issues of greatest relevance to the filing organization.	ExplanationTxt

Schedule D IRS990ScheduleD

Field	Value	IRS element (for citing)
Collection Used Pub Exhibition	Yes (X)	CollectionUsedPubExhibitionInd
Coll Used Scholarly Rsrch	Yes (X)	CollUsedScholarlyRsrchInd
Collection Used Preservation	Yes (X)	CollectionUsedPreservationInd
Solicited Assets Sale	false	SolicitedAssetsSaleInd
Agent Trustee Etc	Yes (true)	AgentTrusteeEtcInd
Beginning Balance	$5,337,883	BeginningBalanceAmt
Distributions During Year	$1,749,452	DistributionsDuringYearAmt
Ending Balance	$3,588,431	EndingBalanceAmt
Incl Escrow Custodial Acct Liab	Yes (true)	InclEscrowCustodialAcctLiabInd
Explanation Provided	Yes (X)	ExplanationProvidedInd

CY Endwmt Fund CYEndwmtFundGrp

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

CY Minus1 Yr Endwmt Fund CYMinus1YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$656,509,662	BeginningYearBalanceAmt
Contributions	$19,439,767	ContributionsAmt
Investment Earnings Or Losses	$52,606,427	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$16,960,403	GrantsOrScholarshipsAmt
Other Expenditures	$17,199,348	OtherExpendituresAmt
Administrative Expenses	$5,279,562	AdministrativeExpensesAmt
End Year Balance	$689,116,543	EndYearBalanceAmt

CY Minus2 Yr Endwmt Fund CYMinus2YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$681,921,800	BeginningYearBalanceAmt
Contributions	$13,348,075	ContributionsAmt
Investment Earnings Or Losses	$1,264,626	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$17,115,679	GrantsOrScholarshipsAmt
Other Expenditures	$17,696,558	OtherExpendituresAmt
Administrative Expenses	$5,212,602	AdministrativeExpensesAmt
End Year Balance	$656,509,662	EndYearBalanceAmt

CY Minus3 Yr Endwmt Fund CYMinus3YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$682,432,627	BeginningYearBalanceAmt
Contributions	$17,630,121	ContributionsAmt
Investment Earnings Or Losses	$14,391,190	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$16,708,857	GrantsOrScholarshipsAmt
Other Expenditures	$10,462,540	OtherExpendituresAmt
Administrative Expenses	$5,360,741	AdministrativeExpensesAmt
End Year Balance	$681,921,800	EndYearBalanceAmt

CY Minus4 Yr Endwmt Fund CYMinus4YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$630,580,382	BeginningYearBalanceAmt
Contributions	$18,658,099	ContributionsAmt
Investment Earnings Or Losses	$61,345,143	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$17,125,125	GrantsOrScholarshipsAmt
Other Expenditures	$9,464,087	OtherExpendituresAmt
Administrative Expenses	$1,561,785	AdministrativeExpensesAmt
End Year Balance	$682,432,627	EndYearBalanceAmt

Field	Value	IRS element (for citing)
Board Designated Balance EOY	0.25550	BoardDesignatedBalanceEOYPct
Prmnnt Endowment Balance EOY	0.46300	PrmnntEndowmentBalanceEOYPct
Term Endowment Balance EOY	0.28150	TermEndowmentBalanceEOYPct
Endowments Held Unrelated Org	false	EndowmentsHeldUnrelatedOrgInd
Endowments Held Related Org	Yes (true)	EndowmentsHeldRelatedOrgInd
Related Org List Sch R	Yes (true)	RelatedOrgListSchRInd

Land LandGrp

Field	Value	IRS element (for citing)
Investment Cost Or Other Basis	$555,162	InvestmentCostOrOtherBasisAmt
Other Cost Or Other Basis	$13,323,635	OtherCostOrOtherBasisAmt
Book Value	$13,878,797	BookValueAmt

Buildings BuildingsGrp

Field	Value	IRS element (for citing)
Investment Cost Or Other Basis	$55,606,059	InvestmentCostOrOtherBasisAmt
Other Cost Or Other Basis	$484,248,663	OtherCostOrOtherBasisAmt
Depreciation	$200,001,554	DepreciationAmt
Book Value	$339,853,168	BookValueAmt

Leasehold Improvements LeaseholdImprovementsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$262,479,950	OtherCostOrOtherBasisAmt
Depreciation	$144,111,676	DepreciationAmt
Book Value	$118,368,274	BookValueAmt

Equipment EquipmentGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$162,774,855	OtherCostOrOtherBasisAmt
Depreciation	$111,517,393	DepreciationAmt
Book Value	$51,257,462	BookValueAmt

Other Land Buildings OtherLandBuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$114,350,221	OtherCostOrOtherBasisAmt
Depreciation	$4,136,828	DepreciationAmt
Book Value	$110,213,393	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$633,571,094	TotalBookValueLandBuildingsAmt
Total Book Value Securities	$846,552,573	TotalBookValueSecuritiesAmt

Other Liabilities Org OtherLiabilitiesOrgGrp (4 entries)

DescDesc	AmtAmt
Annuities payable	$16,741,706
Bond premium	$18,114,377
Other liabilities and deferral	$33,586,647
Postretirement benefits	$12,966,732

Field	Value	IRS element (for citing)
Total Liability	$81,409,462	TotalLiabilityAmt
Footnote Text	Yes (X)	FootnoteTextInd
Total Rev Etc Audited Fincl Stmt	$496,322,405	TotalRevEtcAuditedFinclStmtAmt
Net Unrealized Gains Invst	$9,857,250	NetUnrealizedGainsInvstAmt
Other Revenue	-$108,397,253	OtherRevenueAmt
Revenue Not Reported	-$98,540,003	RevenueNotReportedAmt
Revenue Subtotal	$594,862,408	RevenueSubtotalAmt
Other Revenues Not Included	-$11,500,876	OtherRevenuesNotIncludedAmt
Revenue Not Reported Fincl Stmt	-$11,500,876	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$583,361,532	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$417,555,417	TotExpnsEtcAuditedFinclStmtAmt
Other Expenses Included	$11,500,876	OtherExpensesIncludedAmt
Expenses Not Reported	$11,500,876	ExpensesNotReportedAmt
Expenses Subtotal	$406,054,541	ExpensesSubtotalAmt
Other Expenses Not Included	$108,397,253	OtherExpensesNotIncludedAmt
Expenses Not Rpt Fincl Stmt	$108,397,253	ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990	$514,451,794	TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail (8 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Part III, Line 1a: If organization elected under SFAS 116 to not report are, historical treasures, o	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: Description of organization's collections and how it furthers its purpose.	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: Why is organization an agent, trustee, custodian or other intermediary for contrib	Prior to FY16, the organization managed the endowment pool for both the organization and several related organizations identified in Schedule R. Investments for related parties were not included on the organization's balance sheet, but were contained in the consolidated financial statements.In the transfer of endowment assets to the Verger Capital Fund, a related organization to the filing organization, a few items were not transferred. These assets are still 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: Explanation of escrow account liability	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: Intended uses of the endowment fund.	Approximately 57.05% of the expendable endowment funds provided scholarships for Wake Forest University students during the fiscal year. 14.38% was distributed for department chair and faculty positions, including funds for research professorships. 15.74% supported educational programs generally, the libraries and general university operations. 12.83% provided support for 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 : FIN48 Footnote	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. Accordingly, no provision for income taxes is made in the consolidated financial statements. 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, 2015 remain subject to examination by federal and state tax authorities. The University has evaluated uncertain tax positions for the years ended June 30, 2018 and 2017, 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 years ended June 30, 2018 and 2017.
Part XII, Line 2d: Other expenses and losses per audited F/S	Rent Expense Reclass $8720278 Fundraising Expense Reclass $66160 COGS Reclass $2714438
Part XII, Line 4b: Other revenue amounts included on 990 but not included in F/S	Scholarship Reclass $XXX-XX-XXXX Allocations moved to net expense $0 Pledge allowance adjustment $0 Premiums on donor life polices to gifts $0

Schedule E IRS990ScheduleE

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

Supplemental Information Detail SupplementalInformationDetail (4 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized	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, Line 4 - Explanation of Records and Materials Not Maintained
Schedule E, Line 5 - Explanation of Organization Discrimination by Race
Schedule E, Line 6 - Explanation of Aid or Assistance from Governmental Agency	Wake Forest University participates in government loan and scholarship programs on behalf of its students. Funds are awarded to eligible students as part of the University's educational purpose. Funds are awarded to eligible students on a nondiscriminatory basis. In addition, government agencies award grants to the University for research.

Schedule F IRS990ScheduleF

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

Account Activities Outside US AccountActivitiesOutsideUSGrp (52 entries)

RegionRegionTxt	OfficesOfficesCnt	EmployeeEmployeeCnt	Type Of Activities ConductedTypeOfActivitiesConductedTxt	Specific Services ProvidedSpecificServicesProvidedTxt	Region Total ExpendituresRegionTotalExpendituresAmt
Ctr America & Caribbean	0	0	Program Service	Study Abroad	$98,121
Europe & North Atlantic	0	0	Program Service	Services	$217,378
Europe & North Atlantic	0	0	Program Service	Research	$265,631
East Asia & Pacific	0	0	Program Service	Research	$88,192
East Asia & Pacific	1	2	Program Service	Study Abroad	$430,654
Europe & North Atlantic	6	52	Program Service	Study Abroad	$5,566,275
Europe & North Atlantic	0	0	Program Service	Conferences	$367,670
Ctr America & Caribbean	0	0	Program Service	Research	$69,575
East Asia & Pacific	0	0	Program Service	Services	$4,190
Middle East & North Africa	0	0	Program Service	Research	$30,456
Sub-Saharan Africa	1	4	Program Service	Research	$132,600
North America	0	0	Program Service	Conferences	$71,963
North America	0	0	Program Service	Research	$20,348
South America	1	5	Program Service	Study Abroad	$486,912
Europe & North Atlantic	0	0	Program Service	Depr'n on foreign assets	$290,360
South America	2	58	Program Service	Research	$902,792
South America	0	0	Program Service	Conferences	$22,014
Sub-Saharan Africa	0	0	Program Service	Serv/Educ Trips	$3,000
Europe & North Atlantic	0	0	Prog-Related Assets Book Value		$2,938,700
South Asia	0	0	Program Services	Study Abroad	$113,572
Sub-Saharan Africa	0	0	Prog-Related Assets Book Value		$119
South America	0	0	Program Services	Depr'n on foreign assets	$24,554
Europe & North Atlantic	0	0	Program Services	Recruiting	$22,281
Ctr America & Caribbean	0	0	Fundraising		$2,020
Ctr America & Caribbean	0	0	Program Services	Serv/Educ Trips	$27,811
Europe & North Atlantic	0	0	Fundraising		$3,554
Europe & North Atlantic	0	0	Program Services	Serv/Educ Trips	$99,063
East Asia & Pacific	0	0	Program Service	Conference	$41,042
East Asia & Pacific	0	0	Program Service	Recruiting	$6,195
East Asia & Pacific	0	0	Fundraising		$35,920
Middle East & North Africa	0	0	Program Service	Conferences	$7,389
Ctr America & Caribbean	0	0	Program Service	Conferences	$7,017
North America	0	0	Program Services	Services	$22,800
North America	0	0	Program Services	Recruiting	$4,715
South America	0	0	Program Services	Recruiting	$11,529
South Asia	0	0	Program Services	Conferences	$4,301
South Asia	0	0	Program Services	Recruiting	$10,477
South Asia	0	0	Program Services	Research	$22,574
Sub-Saharan Africa	0	0	Program Services	Conferences	$15,628
Russia & the Ind States	0	0	Program Services	Conferences	$10,729
Europe & North Atlantic	0	0	Investments Book Value		$7,651
Sub-Saharan Africa	0	0	Program Service	Depr'n on foreign assets	$1,420
Sub-Saharan Africa	0	0	Program Service	Study Abroad	$14,081
South America	0	0	Prog-Related Assets Book Value		$68,487
North America	0	0	Program Services	Study Abroad	$3,514
Ctr America & Caribbean	0	0	Program Services	Recruiting	$98
East Asia & Pacific	0	0	Program Services	Serv/Educ Trips	$57,170
Ctr America & Caribbean	0	0	Program Services	Services	$18,131
Sub-Sahran Africa	0	0	Program Services	Services	$966
Middle East & North Africa	0	0	Program Services	Recruiting	$3,755
South Asia	0	0	Fundraising		$7,751
Sub-Saharan Africa	0	0	Fundraising		$1,112

Field	Value	IRS element (for citing)
Subtotal Offices	11	SubtotalOfficesCnt
Subtotal Employees	121	SubtotalEmployeesCnt
Total Office	11	TotalOfficeCnt
Total Employee	121	TotalEmployeeCnt
Subtotal Spent	$9,065,131	SubtotalSpentAmt
Continuation Spent	$3,619,126	ContinuationSpentAmt
Total Spent	$12,684,257	TotalSpentAmt

Grants To Org Outside US GrantsToOrgOutsideUSGrp (3 entries)

RegionRegionTxt	Purpose Of GrantPurposeOfGrantTxt	Cash GrantCashGrantAmt	Manner Of Cash DisbursementMannerOfCashDisbursementTxt
East Asia & Pac	Research Subcon	$43,606	Check/wire
Europe & N Atl	Research Subcon	$179,267	Check/wire
North America	Research Subcon	$18,771	Check/wire

Field	Value	IRS element (for citing)
Total501c3 Org	14	Total501c3OrgCnt

Foreign Individuals Grants ForeignIndividualsGrantsGrp (5 entries)

Type Of AssistanceTypeOfAssistanceTxt	RegionRegionTxt	RecipientRecipientCnt	Cash GrantCashGrantAmt	Manner Of Cash DisbursementMannerOfCashDisbursementTxt
Student scholarships	East Asia & Pacific	19	$7,800	Check/wire
Student scholarships	Europe & N Atlantic	24	$27,800	Check/wire
Student scholarships	North America	2	$520	Check/wire
Student scholarships	South America	3	$4,000	Check/wire
Student Scholarships	Middle East & N Afr	1	$1,276	Check/wire

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

Supplemental Information Detail SupplementalInformationDetail (4 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Part I, Line 2 - Grantmakers Explanation For Monitoring Use of Funds Outside US	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 3f - Method of Accounting	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 I, Line 3f - Investments and Expenditures	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 for their intended purpose.

Schedule G IRS990ScheduleG

Field	Value	IRS element (for citing)
Mail Solicitations	Yes (X)	MailSolicitationsInd
Email Solicitations	Yes (X)	EmailSolicitationsInd
Phone Solicitations	Yes (X)	PhoneSolicitationsInd
In Person Solicitations	Yes (X)	InPersonSolicitationsInd
Solicitation Of Non Govt Grants	Yes (X)	SolicitationOfNonGovtGrantsInd
Solicitation Of Govt Grants	Yes (X)	SolicitationOfGovtGrantsInd
Special Fundraising Events	Yes (X)	SpecialFundraisingEventsInd
Agrmt Prof Fundraising Acty	Yes (true)	AgrmtProfFundraisingActyInd

Fundraiser Activity Info FundraiserActivityInfoGrp (10 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	ActivityActivityTxt	Fundraiser Control Of FundsFundraiserControlOfFundsInd	Retained By ContractorRetainedByContractorAmt
Lamphier
Post Office Box 26029	Greensboro	NC	27420	Marketing & Consulting	false	$120,940
Joel W Bowers
1920 Pacific Av	San Fran	CA	94109	Campaign Videos	false	$30,750
Lisa Quisenberry
2001 Ashland Avenue	Charlotte	NC	28205	Consulting	false	$22,500
The Stelter Co
PO Box 5228	Des Moines	IA	50305	Gift Planning	false	$20,011
(no name)
					false
(no name)
					false
(no name)
					false
(no name)
					false
(no name)
					false
(no name)
					false

Field	Value	IRS element (for citing)
Total Retained By Contractors	$194,201	TotalRetainedByContractorsAmt
Licensed States	AL	LicensedStatesCd
Licensed States	AK	LicensedStatesCd
Licensed States	AZ	LicensedStatesCd
Licensed States	AR	LicensedStatesCd
Licensed States	CA	LicensedStatesCd
Licensed States	CO	LicensedStatesCd
Licensed States	CT	LicensedStatesCd
Licensed States	DE	LicensedStatesCd
Licensed States	FL	LicensedStatesCd
Licensed States	GA	LicensedStatesCd
Licensed States	HI	LicensedStatesCd
Licensed States	ID	LicensedStatesCd
Licensed States	IL	LicensedStatesCd
Licensed States	IN	LicensedStatesCd
Licensed States	IA	LicensedStatesCd
Licensed States	KS	LicensedStatesCd
Licensed States	KY	LicensedStatesCd
Licensed States	LA	LicensedStatesCd
Licensed States	ME	LicensedStatesCd
Licensed States	MA	LicensedStatesCd
Licensed States	MD	LicensedStatesCd
Licensed States	MI	LicensedStatesCd
Licensed States	MN	LicensedStatesCd
Licensed States	MO	LicensedStatesCd
Licensed States	MS	LicensedStatesCd
Licensed States	MT	LicensedStatesCd
Licensed States	NE	LicensedStatesCd
Licensed States	NV	LicensedStatesCd
Licensed States	NH	LicensedStatesCd
Licensed States	NJ	LicensedStatesCd
Licensed States	NM	LicensedStatesCd
Licensed States	NC	LicensedStatesCd
Licensed States	NY	LicensedStatesCd
Licensed States	ND	LicensedStatesCd
Licensed States	OH	LicensedStatesCd
Licensed States	OK	LicensedStatesCd
Licensed States	OR	LicensedStatesCd
Licensed States	PA	LicensedStatesCd
Licensed States	RI	LicensedStatesCd
Licensed States	SC	LicensedStatesCd
Licensed States	SD	LicensedStatesCd
Licensed States	TN	LicensedStatesCd
Licensed States	TX	LicensedStatesCd
Licensed States	UT	LicensedStatesCd
Licensed States	VT	LicensedStatesCd
Licensed States	VA	LicensedStatesCd
Licensed States	WA	LicensedStatesCd
Licensed States	WV	LicensedStatesCd
Licensed States	WI	LicensedStatesCd
Licensed States	WY	LicensedStatesCd
Licensed States	DC	LicensedStatesCd

Fundraising Event Information FundraisingEventInformationGrp

Field	Value	IRS element (for citing)
Event1	Athletics Events	Event1Nm
Gross Receipts Event1	$120,283	GrossReceiptsEvent1Amt
Charitable Contri Event1	$101,533	CharitableContriEvent1Amt
Gross Revenue Event1	$18,750	GrossRevenueEvent1Amt
Non Cash Prizes Event1	$12,525	NonCashPrizesEvent1Amt
Food And Beverage Event1	$21,619	FoodAndBeverageEvent1Amt
Entertainment Event1	$6,908	EntertainmentEvent1Amt
Other Direct Expenses Event1	$11,505	OtherDirectExpensesEvent1Amt
Event2	Law Events	Event2Nm
Gross Receipts Event2	$18,691	GrossReceiptsEvent2Amt
Charitable Contri Event2	$1,582	CharitableContriEvent2Amt
Gross Revenue Event2	$17,109	GrossRevenueEvent2Amt
Food And Beverage Event2	$809	FoodAndBeverageEvent2Amt
Other Direct Expenses Event2	$665	OtherDirectExpensesEvent2Amt
Other Events Total	2	OtherEventsTotalCnt
Gross Receipts Other Events	$17,823	GrossReceiptsOtherEventsAmt
Charitable Contri Other Events	$7,420	CharitableContriOtherEventsAmt
Gross Revenue Other Events	$10,403	GrossRevenueOtherEventsAmt
Non Cash Prizes Other Events	$677	NonCashPrizesOtherEventsAmt
Food And Beverage Other Events	$5,073	FoodAndBeverageOtherEventsAmt
Entertainment Other Events	$579	EntertainmentOtherEventsAmt
Oth Direct Expnss Other Events	$5,800	OthDirectExpnssOtherEventsAmt
Gross Receipts Total	$156,797	GrossReceiptsTotalAmt
Charitable Contributions Tot	$110,535	CharitableContributionsTotAmt
Gross Revenue Total Events	$46,262	GrossRevenueTotalEventsAmt
Non Cash Prizes Total Events	$13,202	NonCashPrizesTotalEventsAmt
Food And Beverage Total Events	$27,501	FoodAndBeverageTotalEventsAmt
Entertainment Total Events	$7,487	EntertainmentTotalEventsAmt
Oth Direct Expnss Total Events	$17,970	OthDirectExpnssTotalEventsAmt
Direct Expense Summary Events	$66,160	DirectExpenseSummaryEventsAmt
Net Income Summary	-$19,898	NetIncomeSummaryAmt

Schedule I IRS990ScheduleI

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

Recipient Table RecipientTable (10 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	Recipient EINRecipientEIN	IRC SectionIRCSectionDesc	Cash GrantCashGrantAmt	Non Cash AssistanceNonCashAssistanceAmt	Purpose Of GrantPurposeOfGrantTxt
Georgia Tech Foundation
760 Spring St NW Ste 400	Atlanta	GA	30308	586043294	501(c)(3)	$12,500	$0	Research Subcontract
HOPE of Winston-Salem Inc
PO Box 26672	WinstonSalem	NC	27114	463772491	501(c)(3)	$7,500	$0	Charitable Contribution
Habitat For Humanity
339 Witt Street	WinstonSalem	NC	27103	561448955	501(c)(3)	$32,500	$0	Habitat House Sponsor
National Football Foundation
433 Las Colinas Blvd Ste 113	Irving	TX	75039	221508812	501(c)(3)	$44,500	$0	Charitable Contribution
Old Hickory Council BSA
6600 Silas Creek Parkway	WinstonSalem	NC	27106	560529985	501(c)(3)	$24,500	$0	Charitable Contribution
Reynolda House Inc
PO Box 7287	WinstonSalem	NC	27109	560810676	501(c)(3)	$505,000	$0	Operations Support
University of Virginia
580 Massie Rd	Charlottesville	VA	22903	546001796	501(c)(3)	$15,500	$0	Charitable Contribution
Wake Forest College Birthplace Society
PO Box 494	Wake Forest	NC	27588	566072013	201(c)(3)	$82,742	$0	Operations Support
Winston Salem Business Inc
1080 W Fourth Street	WinstonSalem	NC	27101	510436665	501(c)(3)	$10,000	$0	Support Local Econ Dev'mt
Winston-Salem Foundation
751 W Fourth Streetq	WinstonSalem	NC	27101	566037615	501(c)(3)	$100,840	$0	Local Econ/Edu Dev'mt

Field	Value	IRS element (for citing)
Total501c3 Org	10	Total501c3OrgCnt
Total Other Org	0	TotalOtherOrgCnt

Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp (9 entries)

Grant TypeGrantTypeTxt	RecipientRecipientCnt	Cash GrantCashGrantAmt	Non Cash AssistanceNonCashAssistanceAmt	Valuation Method UsedValuationMethodUsedDesc	Non Cash AssistanceNonCashAssistanceDesc
Departmental Scholarships	1347	$1,549,080
Grants for Student Travel	407	$156,866
General Tuition Scholarships	3217		$87,982,456	Univ. charges	Tuition discounts
Tuition Concessions	106		$4,293,931	Univ. charges	Direct tuition payments
Athletic Tuition Awards	309		$12,981,978	Univ. charges	Tuition discounts
ROTC Scholarships	34	$180,210
Athletic Room & Board	236	$2,978,829
Study Abroad Scholarships	261	$871,969	$1,917,297	Univ. charges	WFU Program payments
Third Party Scholarships	615	$73,381	$3,327,943	Univ. charges	Direct tuition payments

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Grantmaker's Description of How Grants are Used	FormAndLineReferenceDesc
Explanation	Wake Forest University carefully selects qualified exempt organizations for its contributions and provides support for worthy projects and events in which the University has an interest.Grants provided to students are monitored either through use -for University tuition and fees- or by requiring substantiation from the students for research projects or scholastic travel grants.Research subcontracts are awarded to qualifying research institutes able to complete research projects and monitored during such projects as well as by reviewing and collating the end results of the work.	ExplanationTxt

Schedule J IRS990ScheduleJ

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

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (18 entries)

TitleTitleTxt	Base Compensation Filing OrgBaseCompensationFilingOrgAmt	Bonus Filing OrganizationBonusFilingOrganizationAmount	Other Compensation Filing OrgOtherCompensationFilingOrgAmt	Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt	Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt	Total Compensation Filing OrgTotalCompensationFilingOrgAmt	Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt	Bonus Related OrganizationsBonusRelatedOrganizationsAmt	Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt	Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt	Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt	Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt	Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt
Ajay Patel
Prof, Sch of Busns	$409,353	$1,000	$67,308	$27,000	$58,607	$563,268
Andrew R Chan
VP Career Devel	$395,497	$40,000	$15,336	$134,980	$36,702	$622,515
Anita M Conrad
Asst Secretary	$179,263	$5,000	$258	$18,731	$19,632	$222,884
B Hofler Milam
EVP, CFO, Treas	$598,515	$40,000	$15,843	$277,000	$26,297	$957,655
Charles L Iacovou
Dean, School of Business	$422,738	$30,000	$7,170	$27,000	$22,917	$509,825
Daniel R Manning
Basketball Coach	$1,927,364	$27,500	$39,045	$20,250	$26,326	$2,040,485
David P Clawson
Football Coach	$1,928,798	$160,000	$42,671	$20,250	$37,344	$2,189,063
J Reid Morgan
S.VP, Sec, G.C.	$473,012	$40,000	$15,843	$102,000	$80,806	$711,661
James J Dunn
Former Chief Invest Officr							$557,475	$83,294	$10,010	$15,500	$666,279
Jay Sawvel
Asst F'ball Coach	$514,141		$24,984	$13,500	$21,467	$574,092
John D McConnell MD
Former EVP Health Affairs							$1,026,360	$267,085	$269,643	$19,534	$2,149,574	$566,952
Julie A Frieschlag MD
EVP Health Aff.							$796,930	$190,000	$190,699	$17,995	$1,201,109	$5,485
Lawrence D Hopkins MD
Trustee							$315,560		$23,037	$18,618	$365,501	$8,286
Mark A Petersen
VP - Advancement	$450,580	$40,000	$360,994	$69,500	$23,336	$944,410							$287,143
Michele Gillespie
Dean, Wake Forest College	$270,701	$20,000	$6,714	$27,000	$35,462	$359,877
Nathan O Hatch PhD
Pres. & Trustee	$886,558	$440,000	$78,588	$410,515	$69,868	$1,885,529							$300,000
Rogan Kersh PhD
Provost	$503,674	$46,195	$11,994	$128,230	$27,810	$717,903
Ronald D Wellman
Director of Athletics	$762,188		$42,485	$378,023	$21,329	$1,204,025

Supplemental Information Detail SupplementalInformationDetail (3 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Part I, Line 1a: Relevant information in regards to selections on 1a.	Charter Travel: Charter travel is 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 his 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 which is monitored against the University's Accountable Plan. Any expenses deemed personal are treated as taxable compensation.
Part I, Line 7: Non-Fixed payments not listed above	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.
Part III, Additional Information	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.J. Reid Morgan: $49,740 Andrew Chan: $9,608Ajay Patel: $32,788Michele Gillespie: $19,532David Clawson: $4,883All compensation provided to Julie Ann Frieschlag M.D. and John D. McConnell, M.D. was paid by a related organization, Wake Forest University Health Sciences (WFUHS) for their services as officers 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 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. WFUBMCs two equal members are the filing organization (WFU) and NCBH; 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. Compensation paid to James J. Dunn, former VP and Chief Investment Officer of the filing organization, was paid by the related organization, Verger Capital Management LLC, which has contracted to manage the filing organization's endowment assets.

Schedule K IRS990ScheduleK

Tax Exempt Bonds Issues TaxExemptBondsIssuesGrp (3 entries)

Bond ReferenceBondReferenceCd	Bond Issuer EINBondIssuerEIN	CUSIPCUSIPNum	Bond IssuedBondIssuedDt	Issue PriceIssuePriceAmt	PurposePurposeDesc	DefeasedDefeasedInd	On Behalf Of IssuerOnBehalfOfIssuerInd	Pool FinancingPoolFinancingInd
NC Capital Facs Fin Agcy
A	561592154	65818PEC9	2004-12-21	$36,605,000	See Sch K, Part VI, Ser A	false	false	false
NC Capital Facs Fin Agcy
B	561592154	65818PEB1	2004-12-21	$30,760,000	See Sch K, Part VI, Ser B	false	false	false
NC Capital Facs Fin Agcy
C	561592154	65818PKVO	2016-07-22	$190,092,829	See Sch K, Part VI,Series 2016	false	false	false

Tax Exempt Bonds Proceeds TaxExemptBondsProceedsGrp (3 entries)

Bond ReferenceBondReferenceCd	RetiredRetiredAmt	Total ProceedsTotalProceedsAmt	Issuance Costs From ProceedsIssuanceCostsFromProceedsAmt	Other Spent ProceedsOtherSpentProceedsAmt	Substantial CompletionSubstantialCompletionYr	Current RefundingCurrentRefundingInd	Advance RefundingAdvanceRefundingInd	Final Allocation MadeFinalAllocationMadeInd	Adequate Books And Rec MaintAdequateBooksAndRecMaintInd	Capitalized InterestCapitalizedInterestAmt	Refunding EscrowRefundingEscrowAmt	Capital ExpendituresCapitalExpendituresAmt	UnspentUnspentAmt
A	$22,180,000	$36,605,000	$300,161	$36,304,839	2001	Yes (true)	false	Yes (true)	Yes (true)
B	$30,760,000	$30,760,000	$270,000	$30,490,000	1999	false	Yes (true)	Yes (true)	Yes (true)
C		$190,246,089	$1,214,783	$2,161,164		Yes (true)	Yes (true)	false	Yes (true)	$2,170,879	$121,699,410	$62,824,971	$174,882

Tax Exempt Bonds Private Bus Use TaxExemptBondsPrivateBusUseGrp

Field	Value	IRS element (for citing)
Bond Reference	C	BondReferenceCd
Owning Bond Financed Property	false	OwningBondFinancedPropertyInd
Any Lease Arrangements	Yes (true)	AnyLeaseArrangementsInd
Mgmt Contract Bond Fincd Prop	Yes (true)	MgmtContractBondFincdPropInd
Engage Bond Counsel Contracts	Yes (true)	EngageBondCounselContractsInd
Any Research Agreements	false	AnyResearchAgreementsInd
Engage Bond Counsel Research	Yes (true)	EngageBondCounselResearchInd
Private Bus Use By Others	0.00410	PrivateBusUseByOthersPct
Private Bus Concerning UBI	0.00330	PrivateBusConcerningUBIPct
Total Private Business Use	0.00740	TotalPrivateBusinessUsePct
Bond Iss Meet Prvt Sec Pymt Test	false	BondIssMeetPrvtSecPymtTestInd
Change In Use Bond Financed Prop	false	ChangeInUseBondFinancedPropInd
Procs Nonqualified Bond Remdtd	Yes (true)	ProcsNonqualifiedBondRemdtdInd

Tax Exempt Bonds Arbitrage TaxExemptBondsArbitrageGrp (3 entries)

Bond ReferenceBondReferenceCd	Form8038 T FiledForm8038TFiledInd	Rebate Not Due YetRebateNotDueYetInd	Exception To RebateExceptionToRebateInd	No Rebate DueNoRebateDueInd	Hedge Identified In Bks And RecHedgeIdentifiedInBksAndRecInd	Gross Proceeds Invested In GICGrossProceedsInvestedInGICInd	Gross Proceeds InvestedGrossProceedsInvestedInd	Written Proc To Monitor ReqsWrittenProcToMonitorReqsInd	Term Of HedgeTermOfHedgePct	Superintegrated HedgeSuperintegratedHedgeInd	Hedge TerminatedHedgeTerminatedInd
(no name)
A	false	false	Yes (true)	Yes (true)	false	false	false	Yes (true)
See Part V
B	false	false	false	Yes (true)	Yes (true)	false	false	Yes (true)	8.5000	false	Yes (true)
(no name)
C	false	Yes (true)	false	false	false	false	false	Yes (true)

Procedures Corrective Action ProceduresCorrectiveActionGrp (3 entries)

Bond ReferenceBondReferenceCd	Procedures Corrective ActionProceduresCorrectiveActionInd
A	Yes (true)
B	Yes (true)
C	Yes (true)

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Part VI	FormAndLineReferenceDesc
Explanation	SCHEDULE K, PART IBond A,Col(a) Issuer's Name: North Carolina Capital Facilities Finance AgencyBond A,Col(f) The Variable Rate Educational Facilities Revenue Bonds (Wake Forest University), Series 2004A, were used to refund two previous bond issues and a line of credit. Prior Bond issues refunded were dated 12/02/2000 (Exempt bonds) and 12/17/1997 (taxable bonds). The 2004A bond also refunded the line of credit, dated 11/1/2004, which had refunded the maturing principal due on 11/1/04 of the 12/17/1997 tax exempt bond issue. Exception applied, no rebate calculation was required. Bond B,Col(a) Issuer's Name: North Carolina Capital Facilities Finance AgencyBond B,Col(f) The Variable Rate Educational Facilities Revenue Bonds (Wake Forest University), Series 2004B were used for refunding the tax exempt bonds issued 12/17/1997. Arbitrage rebate calculation December 21, 2004.Bond C,Col(a) Issuer's Name: North Carolina Capital Facilities Finance AgencyBond C,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. SCHEDULE K, PART IIBond C, Total proceeds of issue include interest earned of $153,260. SCHEDULE K, PART IV, COLUMN C, LINE 3bHedge Providers: Bank of America, N.A. and Wachovia Bank, N.A. The Bank of America, N.A. hedge was terminated in 2009. The Wachovia Bank, N.A., now Wells Fargo Bank, N.A., hedge was terminated in 2011.	ExplanationTxt

Schedule L IRS990ScheduleL

Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp

Field	Value	IRS element (for citing)
Person	David P Clawson	PersonNm
Relationship With Org	Coach	RelationshipWithOrgTxt
Loan Purpose	Insurance	LoanPurposeTxt
Loan From Organization	Yes (X)	LoanFromOrganizationInd
Balance Due	$735,000	BalanceDueAmt
Default	false	DefaultInd
Board Or Committee Approval	false	BoardOrCommitteeApprovalInd
Written Agreement	Yes (true)	WrittenAgreementInd

Field	Value	IRS element (for citing)
Total Balance Due	$735,000	TotalBalanceDueAmt

Grnt Asst Bnft Interested Prsn GrntAsstBnftInterestedPrsnGrp (2 entries)

Relationship With OrgRelationshipWithOrgTxt	Cash GrantCashGrantAmt	Type Of AssistanceTypeOfAssistanceTxt	Assistance PurposeAssistancePurposeTxt
Not required
See Part V	$77,618	Tuition Waiv	Education
Not Required
See Part V	$6,000	Scholarships	Education

Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp (5 entries)

Relationship DescriptionRelationshipDescriptionTxt	TransactionTransactionAmt	TransactionTransactionDesc	Sharing Of RevenuesSharingOfRevenuesInd
Julia Hatch
See Part V	$67,450	Compensation	false
Angela J Lynde
See Part V	$35,211	Compensation	false
Muriel Hopkins
See Part V	$13,750	Compensation	false
Addison Sutton
See Part V	$39,483	Compensation	false
Kevin Pittard
See Part V	$105,472	Compensation	false

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Schedule L, Part V Supplemental Information	FormAndLineReferenceDesc
Explanation	Part IIIThe 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 key employee, Ronald D. Wellman, was paid wages for her employment with the filing organization.Muriel Hopkins: Family member of the organization's trustee, Lawrence D. Hopkins, M.D., was paid wages for her employment with the filing organization.Addison Sutton: Family member of the organization's trustee, Ben C. Sutton, Jr., 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.	ExplanationTxt

Schedule M IRS990ScheduleM

Works Of Art WorksOfArtGrp

Field	Value	IRS element (for citing)
Contribution	8	ContributionCnt
Noncash Contributions Rpt F990	$279,200	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Market Value	MethodOfDeterminingRevenuesTxt

Books And Publications BooksAndPublicationsGrp

Field	Value	IRS element (for citing)
Noncash Contributions Rpt F990	$5,845	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Market Value	MethodOfDeterminingRevenuesTxt

Cars And Other Vehicles CarsAndOtherVehiclesGrp

Field	Value	IRS element (for citing)
Contribution	197	ContributionCnt
Noncash Contributions Rpt F990	$177,695	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Sales proceeds	MethodOfDeterminingRevenuesTxt

Securities Publicly Traded SecuritiesPubliclyTradedGrp

Field	Value	IRS element (for citing)
Contribution	637	ContributionCnt
Noncash Contributions Rpt F990	$18,646,314	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Market Value	MethodOfDeterminingRevenuesTxt

Secur Prtnrshp Trust Intrsts SecurPrtnrshpTrustIntrstsGrp

Field	Value	IRS element (for citing)
Contribution	22	ContributionCnt
Noncash Contributions Rpt F990	$280,640	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Annuity NPV	MethodOfDeterminingRevenuesTxt

Food Inventory FoodInventoryGrp

Field	Value	IRS element (for citing)
Contribution	191	ContributionCnt
Noncash Contributions Rpt F990	$65,213	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Retail	MethodOfDeterminingRevenuesTxt

Other Non Cash Contri Table OtherNonCashContriTableGrp

Field	Value	IRS element (for citing)
Desc	Furniture	Desc
Contribution	1	ContributionCnt
Noncash Contributions Rpt F990	$400	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Market Value	MethodOfDeterminingRevenuesTxt

Field	Value	IRS element (for citing)
Form8283 Received	5	Form8283ReceivedCnt
Any Property That Must Be Held	false	AnyPropertyThatMustBeHeldInd
Review Process Unusual NC Gifts	Yes (true)	ReviewProcessUnusualNCGiftsInd
Third Parties Used	Yes (true)	ThirdPartiesUsedInd

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Part I, Line 32, Hire and Use of Third Parties	FormAndLineReferenceDesc
Explanation	Part I, Line 32b. The organization uses Charitable Auto Resources(CARS) to process and sell vehicle donations to its radio station. CARS acts as an agent for the Organization in this process, retaining a flat percentage fee and forwarding the net proceeds to the University.Various Banks and brokers are used to sell donated securities.Local Real estate agents are used to sell real property donations.	ExplanationTxt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (10 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Client Note 1	Client Note 1 - Wake Forest University2016 year ended 6/30/2017Attachment to Form 990-TSTATEMENT 6PART V, LINE 1: INTEREST IN OR AUTHORITY OVER A FOREIGN ACCOUNTNAME OF COUNTRY: United Kingdom, France, Spain, Austria, Italy, Nicaragua, China, Chile.
Form 990, Part III, Line 4d: Other Program Services Description	OTHER PROGRAM SERVICES 4: Wake Forest University maintains a campus with academic buildings, research laboratories, space for fraternities and sororities, and recreational facilities. The grounds add to the student experience. The organization also has other auxiliary enterprises designed to enhance and improve the University and the surrounding community. The University supports, with occasional gifts, local exempt organizations, in order to enhance arts and culture in the area.
Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et	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; some members of the specified group do business with a car dealership owned by a trustee; and some members of the specified group have banking relationships with banks in which trustees are executives; members of the specified group may also have common investments. As noted in the response to Part VI, Question 12, however, the filing organization has a written conflict of interest policy designed to ensure that none of these transactions adversely affect 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, Line 11b: Form 990 Review Process	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, Line 12c: Explanation of Monitoring and Enforcement of Conflicts	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, Line 15a: Compensation Review & Approval Process - CEO, Top Management	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 meeting; 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, Line 15b: Compensation Review and Approval Process for Officers and Key Employees	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 meeting; 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, Line 19: Other Organization Documents Publicly Available	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 hoursRelated Organizations: 11 hoursJ. Reid MorganFiling Organization: 19.7 hoursRelated Organizations: 20.3 hoursB. Hofler MilamFiling Organization: 37.5 hours Related Organizations: 2.5 hoursAnita ConradFiling Organization: 21 hoursRelated Organizations: 19 hours Dr. Julie A. Frieschlag MDFiling Organization: 2 hoursRelated Organizations: 21.2 hoursAffiliated Organizations: 16.8 hoursDr. John D. McConnell, MDFiling Organization: 0 hoursRelated Organizations: 40.0 hours
PART V, LINE 4b: Foreign Accounts	INTEREST IN OR AUTHORITY OVER A FOREIGN ACCOUNTNAME OF COUNTRY: United Kingdom, France, Spain, Austria, Italy, Nicaragua, Chile, China.

Schedule R IRS990ScheduleR

Id Disregarded Entities IdDisregardedEntitiesGrp (6 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	EINEIN	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt	End Of Year AssetsEndOfYearAssetsAmt	Total IncomeTotalIncomeAmt	Address Line1ForeignAddress/AddressLine1Txt	CityForeignAddress/CityNm	Province Or StateForeignAddress/ProvinceOrStateNm	CountryForeignAddress/CountryCd	Foreign PostalForeignAddress/ForeignPostalCd	Legal Domicile Foreign CountryLegalDomicileForeignCountryCd
Deacon Blvd Holdings I LLC
PO Box 7201	WinstonSalem	NC	27109	262203211	Real Estate Holding - Currently Inactive	NC	NA
Creative Cafe LLC
PO Box 7201	WinstonSalem	NC	27109	263700428	No Operations	NC	NA
Wake Forest Advantage-WF Ed Cons Nanjing
PO Box 7201	Winston Salem	NC	27109	462754916	Int'l study program holding China WFOE	NC	NA	$6,602
Verger Fund I LLC
PO Box 7354	Winston Salem	NC	27109	560532138	Holding Verger Capital Fund	DE	NA	$842,383,237	$50,722,350
Wake Forest University Spain SL
				560532138	study abroad educ. activities		NA	$68,633		C/Toro 84-90 Oficina Izquierda	Salamanca	Salamanca	SP	37120	SP
Wake Forest University Chile SpA
				560532138	Study Abroad		NA	$32,352		Santa Lucia 280 Oficina 12	Santiago	Santiago	CI		CI

Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (13 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	EINEIN	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Exempt Code SectionExemptCodeSectionTxt	Public Charity StatusPublicCharityStatusTxt	Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt	Controlled OrganizationControlledOrganizationInd
Wake Forest University Foundation
PO Box 7201	WinstonSalem	NC	27109	562038193	Real Estate Holding and Management	NC	501(c)(3)	Line 11a, I	Wake Forest University	Yes (true)
Wake Forest University Health Sciences
Medical Center Blvd	WinstonSalem	NC	27157	223849199	Medical Education, research and patient care	NC	501(c)(3)	Line 2	Wake Forest University	Yes (true)
Wake Forest University Development Fndn
PO Box 7201	WinstonSalem	NC	27109	562038194	Management/Sale of charitable real property donations	NC	501(c)(3)	Line 11a, I	Wake Forest University	Yes (true)
Reynolda House Inc
PO Box 7287	WinstonSalem	NC	27109	560810676	Museum of American Art	NC	501(c)(3)	Line 7	Wake Forest University	Yes (true)
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 11a, I	WFU 50 & NC Baptist Hospital 50	false
Wake Forest Univ Health Sciences Group
Medical Center Blvd	WinstonSalem	NC	27157	900222618	Kidney dialysis treatment centers	NC	501(c)(3)	Line 11a, I	WFU Health Sciences	false
Wake Forest Innovation Quarter Devel Co
Medical Center Blvd	WinstonSalem	NC	27157	562094067	Research Park development	NC	501(c)(6)		WFU Health Sciences	false
Wake Forest Innovation Quarter Mgmt Co
Medical Center Blvd	WinstonSalem	NC	27157	061818498	Research park development oversight	NC	501(c)(3)	Line 11a, I	WFU Health Sciences	false
RegenMed Development Organization
Medical Center Blvd	WinstonSalem	NC	27157	202710571	Education supporting Regenerative Med.	NC	501(c)(3)	Line 7	WFU Health Sciences	false
Wake Forest Innovation Quarter CDC
Medical Center Blvd	WinstonSalem	NC	27157	200177581	Research Park & community economic development	NC	501(c)(3)	Line 11a, I	WFU Health Sciences	false
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	false
Wake Forest Emergency Providers
Medical Center Blvd	WinstonSalem	NC	27157	561903275	Operates Primary Care Clinics	NC	501(c)(3)	Line 3	WFU Health Sciences	false
The James W Denmark Loan Fund Inc
PO Box 7354	WinstonSalem	NC	27109	560774769	Student Loan Provider	NC	501(c)(3)	Line 11a, I	NA	false

Id Related Org Txbl Partnership IdRelatedOrgTxblPartnershipGrp (5 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	EINEIN	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt	Predominant Income TypePredominantIncomeTypeTxt	Share Of Total IncomeShareOfTotalIncomeAmt	Share Of EOY AssetsShareOfEOYAssetsAmt	Disproportionate AllocationsDisproportionateAllocationsInd	General Or Managing PartnerGeneralOrManagingPartnerInd	OwnershipOwnershipPct	UBI Code VUBICodeVAmt
Verger Capital Management LLC
PO Box 7354	Winston Salem	NC	27109	464037343	Asset Management	DE	Wake Forest Univ	Excluded	-$150,941	$5,337,794	false	false	1.00000
Verger Capital Fund LLC
1834 Wake Forest Rd Starling Hall	Winston Salem	NC	27109	464027021	Endowment investing	DE	Verger Fund I	Excluded	$50,722,350	$842,383,237	false	false	0.57720	-$309,965
Wake Forest Technology Development Prog
2520 Meridian Pkwy 400	Durham	NC	27713	475437596	Tech Devel.	NC	WFU Health Sciences				false	false
Verger Fund II LLC
P O Box 7354	WinstonSalem	NC	27109	352514227	Endowment investing	DE	WFU Health Sciences				false	false
Wake Forest Ambulatory VTR LLC
Medical Center Blvd	WinstonSalem	NC	27157	820777206	Healthcare	NC	WFU Health Sciences				false	false

Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp (2 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt	Entity TypeEntityTypeTxt	Controlled OrganizationControlledOrganizationInd
Charitable Remain Trusts 33
1834 Wake Forest Rd Box 7201	WinstonSalem	NC	27109	Investment	NC	WFU	T	false
Charitable Remainder Trusts
1834 Wake Forest Rd Box 7201	Winston Salem	NC	27157	Investment	NC	WFU Health Sciences	T	false

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

Transactions Related Org TransactionsRelatedOrgGrp (16 entries)

Transaction TypeTransactionTypeTxt	InvolvedInvolvedAmt	Method Of Amount DeterminationMethodOfAmountDeterminationTxt
Wake Forest University Foundation
o	$73,042	FMV Allocation
Wake Forest University Health Sciences
c	$2,201,844	Cash Transfer
Wake Forest University Health Sciences
p	$7,195,473	Cash Transfer
Wake Forest University Health Sciences
q	$8,195,473	Cash Transfer
Wake Forest University Development Fndn
c	$145,422	Cash Transfer
Wake Forest University Development Fndn
o	$52,573	FMV Allocation
Reynolda House Inc
b	$505,000	Cash support
Reynolda House Inc
q	$268,545	Cash Transfer
The James W Denmark Loan Fund Inc
s	$84,206	Cash transfer
Verger Capital Management LLC
a	$100,282	Interest Pymt
Verger Capital Management LLC
d	$642,505	Loan repayment
Verger Capital Management LLC
j	$164,162	Cash rent
Verger Capital Management LLC
m	$2,368,663	Inv Mgmt Fees
Verger Capital Management LLC
q	$3,772,302	Cash reimb
Verger Capital Fund LLC
r	$98,721,815	Cash Transfer
Verger Capital Fund LLC
s	$37,878,371	Cash Transfer

Supplemental Information Detail SupplementalInformationDetail (4 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Related Party Disclosures	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 LLC	Verger Capital Fund (VCF) was created in order to hold the filing organization's Endowment Assets for investment. VCF accepted endowment assets of other members of the controlled group in FY15. During this fiscal year VCF received assets from other, unrelated, entities for investment and plans to continue this avenue of growth.
Verger Fund I LLC	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 LLC	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 Techonology Development Program, LP and Wake Forest Ambulatory VTR, 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.