WAKE FOREST UNIVERSITY: Form 990, tax year 2024

View the entire original 990 at ProPublica ↗

Organization: WAKE FOREST UNIVERSITY (EIN 56-0532138)
Tax period: 2024-07-01 to 2025-06-30
Filed: 2026-05-15
IRS object ID: 202601359349305890
Schema version: 2024v5.5
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	2026-05-15T10:50:27-05:00	ReturnTs
Tax Period End	2025-06-30	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	135565207	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	KPMG LLP	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	500 W 5TH STREET SUITE 800	AddressLine1Txt
City	WINSTONSALEM	CityNm
State Abbreviation	NC	StateAbbreviationCd
ZIP	27101	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2024-07-01	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	Jacqueline A Travisano EdD	PersonNm
Person Title	CFO/EVP/TREASURER	PersonTitleTxt
Phone	3367585233	PhoneNum
Signature	2026-04-13	SignatureDt
Discuss With Paid Preparer	Yes (1)	DiscussWithPaidPreparerInd

Field	Value	IRS element (for citing)
IRS Responsible Prty Info Curr	0	IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	SHAWN HUTCHINSON	PreparerPersonNm
PTIN	P01048557	PTIN
Phone	3362753394	PhoneNum

Field	Value	IRS element (for citing)
Tax	2024	TaxYr
Build TS	2025-03-06 01:10:19Z	BuildTS

Form 990 IRS990

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

US Address USAddress

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

Field	Value	IRS element (for citing)
Gross Receipts	$1,324,739,896	GrossReceiptsAmt
Group Return For Affiliates	0	GroupReturnForAffiliatesInd
Organization501c3	Yes (X)	Organization501c3Ind
Website Address	www.wfu.edu	WebsiteAddressTxt
Type Of Organization Corp	Yes (X)	TypeOfOrganizationCorpInd
Formation	1834	FormationYr
Legal Domicile State	NC	LegalDomicileStateCd
Activity Or Mission	Wake Forest University is an institution of higher education dedicated to the pursuit of excellence in the liberal arts and in graduate and professional education. It operates Wake Forest College, a graduate school of arts and sciences, a school of professional studies, and four professional schools.	ActivityOrMissionDesc
Voting Members Governing Body	49	VotingMembersGoverningBodyCnt
Voting Members Independent	48	VotingMembersIndependentCnt
Total Employee	6118	TotalEmployeeCnt
Total Volunteers	2200	TotalVolunteersCnt
Total Gross UBI	$7,093,214	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	$0	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$112,785,723	PYContributionsGrantsAmt
CY Contributions Grants	$158,466,076	CYContributionsGrantsAmt
PY Program Service Revenue	$557,276,619	PYProgramServiceRevenueAmt
CY Program Service Revenue	$579,543,426	CYProgramServiceRevenueAmt
PY Investment Income	$68,875,714	PYInvestmentIncomeAmt
CY Investment Income	$78,404,877	CYInvestmentIncomeAmt
PY Other Revenue	$25,429,514	PYOtherRevenueAmt
CY Other Revenue	$26,761,794	CYOtherRevenueAmt
PY Total Revenue	$764,367,570	PYTotalRevenueAmt
CY Total Revenue	$843,176,173	CYTotalRevenueAmt
PY Grants And Similar Paid	$148,801,543	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$161,601,582	CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members	$0	PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$337,458,451	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$361,250,591	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$0	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$27,452,521	CYTotalFundraisingExpenseAmt
PY Other Expenses	$219,427,582	PYOtherExpensesAmt
CY Other Expenses	$263,421,515	CYOtherExpensesAmt
PY Total Expenses	$705,687,576	PYTotalExpensesAmt
CY Total Expenses	$786,273,688	CYTotalExpensesAmt
PY Revenues Less Expenses	$58,679,994	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$56,902,485	CYRevenuesLessExpensesAmt
Total Assets BOY	$2,804,123,401	TotalAssetsBOYAmt
Total Assets EOY	$2,983,355,494	TotalAssetsEOYAmt
Total Liabilities BOY	$816,627,859	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$850,043,852	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$1,987,495,542	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$2,133,311,642	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 seven constituent parts: Wake Forest College; the Graduate School of Arts and Sciences; the School of Law; the School of Medicine; the School of Business; the School of Divinity; and the School of Professional Studies. It seeks to honor the ideals of liberal learning, which entail commitment to transmission of cultural heritages; teaching the modes of learning in the basic disciplines of human knowledge; developing critical appreciation of moral, aesthetic and religious values; advancing the frontiers of knowledge through in-depth study and research; and applying knowledge in the service of humanity.	MissionDesc
Significant New Program Srvc	0	SignificantNewProgramSrvcInd
Significant Change	0	SignificantChangeInd
Expense	$436,455,868	ExpenseAmt
Grant	$126,343,485	GrantAmt
Revenue	$459,569,927	RevenueAmt
Desc	Founded in 1834, Wake Forest University is a private, coeducational collegiate university based in Winston-Salem, North Carolina. One of the leading institutions of its kind, Wake Forest blends the intimacy of a liberal arts college with the academic vitality of a research university. At the heart of Wake Forest is the teacher-scholar ideal. Professors are committed to personalized teaching and to their students' individual development. Guided by the motto Pro Humanitate (For Humanity), Wake Forest is dedicated to an ethically informed education in a climate that values personal growth, community interaction, and individual honor. It is committed to being a community of students, faculty, staff and alumni from varied backgrounds, lived experiences and perspectives. It seeks to sustain an equitable, inclusive environment in which all can live, learn, belong and thrive. The University consists of Wake Forest College, the undergraduate arts and sciences division that honors the full institution's former name; the Graduate School of Arts and Sciences; the School of Law; the School of Medicine; the School of Business, which provides undergraduate and graduate study; the School of Divinity; and the School of Professional Studies.In Fall 2024, Wake Forest's enrollment was comprised of 5,490 undergraduates and 2,563 graduate students for a total of 8,053. Undergraduates in Fall 2024 came from all 50 U.S. states; Washington, D.C.; other U.S. territories and possessions; and approximately 40 international countries. Women represented 54% of the undergraduate population and international students accounted for 8% of the total. Wake Forest offered 49 majors and 62 minors in Wake Forest College and in the School of Business in 2024-25. In the Fall 2024 semester, 99% of all undergraduate classes had fewer than 50 students. That is among the highest rates of any major university in the country. The average student-faculty ratio in Fall 2024 was 10 to 1. The class size is consistent with Wake Forest's educational model, which seeks to make students active participants in their learning. Its core tenets include the merger of classroom learning and real-world experience; the melding of multiple academic disciplines; and variety of instructional methods beyond the traditional lecture format. Wake Forest's footprint extends worldwide. More than 85% of graduates have participated in study-away programs in recent years. The Institute for International Education's Open Doors Report, which began with the 2002-03 academic year, has ranked Wake Forest among the nation's top 10 doctoral institutions in participation rate in every year the University has operated study-abroad programs. Wake Forest is one of a select group of universities to own and operate academic-residential houses overseas. They are Casa Artom, located on the Grand Canal in Venice; Flow House in Vienna; and Worrell House in London. Since the early 1970s, more than 3,600 graduates have lived and studied at one or more of the houses. Wake Forest operates nearly 50 of its own international study programs and offers students access to approximately 400 more through various affiliation agreements. In 2024-25, a record total of 1,171 undergraduates studied in 61 cities in 35 countries, traveling an estimated 10.8 million miles round-trip from Winston-Salem. Also, under the umbrella of Study Away opportunities is Wake Washington, a University-run program in which students combine classroom instruction with internships. They work four days a week for a variety of government and non-government organizations and agencies and take classes in space rented by the University and located in the heart of the city's Dupont Circle. Graduate Studies: More than 90 graduate degree programs are offered in the Graduate School of Arts and Sciences and the Schools of Business, Divinity, Law, Medicine and Professional Studies. General subject areas include Biomedical Science; Business; Computer and Information Systems; Counseling; Education; Humanities; Interdisciplinary Studies; Law; Liberal Arts Studies; Life and Physical Sciences; Mathematics and Statistics; Medicine; Social and Behavioral Sciences; Theology; and Visual and Performing Arts. Business: The School of Business offers a total of seven highly rated graduate programs in Accountancy, Business Administration, Management and Analytics. In the past 20 years in which national records were kept, Wake Forest led the nation in CPA exam passage rate and placed in the top five in 19 of those 20 years. The School of Business also co-sponsors dual degrees in Law and Medicine. The part-time Master of Business Administration program offers working professionals the opportunity to keep their jobs while enhancing their careers. Serving separate cohorts of students in Winston-Salem and Charlotte, the MBA program is consistently ranked among the nation's best part-time offerings in the field. Divinity: The Wake Forest School of Divinity is nationally recognized for its commitment to public service. The School aspires for its graduates to be agents of justice, reconciliation and compassion and architects of equity, hope and healing. In addition to its own Master of Divinity degree, the School contributes to dual degrees in Bioethics, Counseling, Education, Law and Sustainability.Law: The School of Law is among national leaders in value, employment rate, bar-passage rate and several practice areas. According to the American Bar Association, 97.4% of graduates in Wake Forest's Class of 2024 held full-time positions for which bar passage was required or for which a JD degree was advantageous. That rate is the third-highest in the country for that year. Wake Forest offers four law degrees (JD, MSL, LLM and SJD) and combines with other schools on dual degrees in Business Administration, Divinity, Bioethics and Sustainability. Arts and Sciences: The Graduate School of Arts and Sciences houses 23 Masters and Doctoral disciplinary or interdisciplinary programs and sponsors 15 programs jointly with the Schools of Law, Medicine, Business, Divinity and the Undergraduate College. The School of Professional Studies houses 12 Masters degree programs, all of which are offered online; six certificate, certification or other online training programs; and more than 15 non-credit classes, which take place in-person in Charlotte and Winston-Salem or online. The main campus, known as the Reynolda Campus, consists of more than 80 buildings on 340 acres in Winston-Salem, North Carolina. It opened in 1956 as the institution moved from its original location in Wake Forest, North Carolina, located 100 miles east. In addition, the University owns or leases space in several other locations. They include Wake Downtown, a repurposed tobacco warehouse that now houses robust academic programs in biomedical sciences and engineering approximately four miles from the Reynolda Campus; the Brookstown Campus, a Wake Downtown neighbor serving several Graduate School programs; the Bowman Gray Center for Medical Education, home to the School of Medicine and select Graduate School programs; the Charlotte Center, home to select graduate degree programs and the administration of the School of Professional Studies; a second Medical School campus in a new innovation district in Charlotte known as The Pearl; and residential-academic houses for study-away opportunities in London, Venice and Vienna. Wake Forest considers access and opportunity vital to the mission articulated by its motto, Pro Humanitate. In FY25 alone, the University created 175 new scholarships in the name of expanding its reach. Approximately 48% of the undergraduate student population and the vast majority of graduate students received financial aid awards in the form of grants or loans in 2024-25.Personal and Career Development: The Office of Personal and Career Development (OPCD) has shared its best practices and philosophies with more than 200 other institutions since 2009 and has been honored accordingly. Approximately 97% of Class of 2024 graduates had secured employment or a graduate school opportunity within six months of receiving Wake Forest degrees.	Desc

Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp

Field	Value	IRS element (for citing)
Expense	$108,638,963	ExpenseAmt
Grant	$18,034,646	GrantAmt
Revenue	$111,739,621	RevenueAmt
Desc	Residence Halls & Dining:In the interest of building community, Wake Forest requires all undergraduates to live on campus for at least three years. Only 10 of the 189 research institutions with data in a November 2024 survey by collegetransitions.com required three or four years of on-campus residency. The University has done its part in this endeavor by acquiring, building or substantially renovating all residence halls in the past decade. The Division of Residence Life and Housing (RLH) maintains 27 facilities. They are equipped with high-speed internet service and include common areas suited to group study. The Division of Dining Services includes 17 locations. The main dining hall, affectionately known as The Pit, serves cafeteria-style food with several distinct areas, including vegan, gluten-free and other diet-specific options. Athletics:Wake Forest fields 18 intercollegiate athletics teams nine for men and nine for women in the NCAA's Division I and the Atlantic Coast Conference, of which it is a charter member. The University's undergraduate enrollment is the smallest of any school in the four most financially and athletically potent Division I conferences, but that size is a strength rather than a weakness. The distinction helps the University attract student-athletes who excel in competition and academics. Across all sports, Wake Forest posted a 96% NCAA-measured graduation report in a report released in November 2024. The institutional-level report measured graduation rates of 14 Wake Forest sport cohorts, considering teams in indoor track, outdoor track and cross country as one entity per gender. Of those 14 groups, seven posted perfect scores of 100%. Demon Deacon teams have won 11 NCAA team championships: three each in men's golf and field hockey; two in men's tennis, the most recent of which was earned in May 2025; and one each in baseball, women's golf and men's soccer. Wake Forest is one of only 30 Division I schools with titles in six unique sports. The median undergraduate enrollment of this group in Fall 2023 was 32,574 almost six times the Wake Forest figure.	Desc

Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp

Field	Value	IRS element (for citing)
Expense	$73,897,470	ExpenseAmt
Revenue	$3,155,864	RevenueAmt
Desc	Campus Life:Wake Forest is committed to putting the spirit of its motto, Pro Humanitate, in action. Student Organizations: Approximately 200 student organizations are active at Wake Forest, providing extracurricular learning and service opportunities for their members and ancillary benefit to the campus and local communities. They are centered around academic and professional development; business development; recreational-sports participation; fraternity and sorority life; cultural interests; media; fine-arts performance and exhibition; student governance; and other focal points. Community Outreach: In addition to student-run organizations, the Office of Civic and Community Engagement (OCCE) partners with approximately 120 projects and institutions across policy areas including aging; poverty; health; food access; various children's matters; education; and environmental sustainability. In the 2024-25 academic year, Wake Forest was one of only two North Carolina colleges to receive funds for an important initiative, Public Health AmeriCorps. Over the year, 14 students partnered with seven unique community organizations to help meet various public-health needs. In 2024-25, approximately 47% of undergraduates participated in at least one of the three major campus fundraising events supporting cancer research. In 2024-25, the OCCE celebrated the fifth anniversary of its Virtual Tutoring initiative. Born amid the restrictions related to COVID-19, the program has helped more than 700 students in nearly all Winston-Salem/Forsyth County Schools. In 2024-25 alone, unique tutees benefited from the guidance and mentorship of 164 Wake Forest students. Nearly one of every 14 Wake Forest graduates in the Class of 2025 participated in at least one academic year of tutoring while undergraduates.Wellbeing: The University believes its obligation to students transcends classroom learning and extends to general health and wellbeing. In 2017, the University opened the renovated Reynolds Gym and the new Sutton Center, collectively known as the Wake Forest Wellbeing Center. The project immediately increased space dedicated to personal and group fitness; doubled the size of the Student Health center; and led to an increase in gym usage. A member of the Wake Forest community enters the facility every 68 seconds.In early 2023, Wake Forest announced the creation of We, a campus-wide initiative in support of mental health. The program works with the campus community to elevate consciousness of care; promote healthy practices and preventative care awareness; equip community members with knowledge and skills that can support their peers in need; and connect the community to the resources and information necessary to foster a culture of self-care. The endeavor created a dedicated phone number through which callers can refer themselves or others in need of assistance.A robust campus recreation department oversees 40 club sports and 37 intramural leagues and competitions. Nearly every late afternoon and early evening features contests in several distinct sports. In 2024-25, approximately one of every four undergraduates took a fitness class.	Desc

Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp

Field	Value	IRS element (for citing)
Expense	$51,752,789	ExpenseAmt
Grant	$17,223,449	GrantAmt
Revenue	$11,195,242	RevenueAmt
Desc	Research: Wake Forest is classified as a Research 2: High-Research Spending and Doctorate Production, the second-highest level, by the Carnegie Foundation for the Advancement of Teaching. Wake Forest University has grants and internally funded research pursuant to basic science and technology. Wake Forest University manages research projects in Biology, Chemistry, Physics, Mathematics, Computer Science, Health & Exercise Science, Divinity and Business. The Z. Smith Reynolds Library and the professional school libraries together house nearly 1 million physical books and nearly 1 million eBooks, as well as access to a multitude of other web-based resources. The campus libraries provide resources for both student and faculty researchers. Every fall, the Undergraduate Research and Creative Activities Center sponsors Undergraduate Research Day, in which students display and explain the results of their faculty-mentored research, which often takes place the previous summer. In 2024, nearly 140 students presented their work, achieved under the guidance of faculty in 25 unique academic disciplines. In the Class of 2025, approximately one of every 12 graduates had participated in at least one Undergraduate Research Day. Wake Forest is also a national leader in the study of leadership and character. The Program for Leadership and Character, an initiative that seeks to inspire, educate and empower leaders of character to serve humanity, has two missions. The first is to impact its own campus by creating programming and developing leaders in and out of the classroom. The second mission, known as the Educating Character Initiative (ECI), equips other institutions with the resources, funding and support necessary to integrate character education into their distinctive educational contexts, curricula and cultures. Wake Forest has redirected more than $35 million in grants from the Lilly Endowment Inc., of Indianapolis, Indiana, and other organizations to more than 140 other colleges and universities through this program. In FY25, Wake Forest announced 40 grants of up to $50,000 each to 42 institutions. By 2030, the ECI aspires to impact 600,000 college students nationwide.Research at Wake Forest is enhanced by the work of 11 discipline-specific institutes and centers. In 2024-25, these organizations included:The Humanities Institute, which establishes programs and funds for University faculty in the humanities and other fields of study engaging in humanistic inquiry and scholarship;The Center for Bioethics, Health and Society, which addresses ethical, social and policy issues vital to biotechnology, healthcare, biomedical research and public health;The Andrew Sabin Family Center for Environment and Sustainability, which is dedicated to influencing the future of environmental protection, sustainability and climate change from the jungles of Peru to Wake Forest;The Center for Functional Materials, which is charged with connecting a broad range of materials-focused research groups and with supporting multidisciplinary research necessary for breakthrough developments; Interdisciplinary Arts Center, which draws artists, scholars, students, faculty and staff from across the academic divisions and disciplines in order to invigorate the intellectual and cultural life of the University;The Center for Molecular Signaling, which brings together investigators in the life, physical, computational and mathematical sciences to tackle basic questions about molecular communication among and within the cells of living organisms ranging from insects to plants to humans;The Center for Nanotechnology and Molecular Materials, which seeks to provide access to a broad range of nationally competitive capabilities in nanosciences;The Center for Research on Abroad and International Student Engagement (RAISE Center), which is dedicated to helping faculty, staff and students collaborate with scholars around the world to understand and enhance the experiences, engagement and development of abroad and international students; The Translational Science Center (TSC), which focuses on promoting and maintaining functional health in aging through research of cognitive function and physical activity;The Center for Literary Education, which promotes creative intellectual partnerships that facilitate interdisciplinary scholarship and teaching and bring literacy to life through community engagement; andThe Center for Research, Engagement and Collaboration in African American Life (RECAAL), which serves as an incubator of ideas promoting awareness about the complex experiences of Black people in the United States.Conference Services: Wake Forest offers other organizations the space and logistical assistance to run conventions and other events. The locations include academic classrooms and auditoriums on the main campus as well as three separate, affiliated venues: Graylyn Estate and Conference Center; Reynolda Gardens; and Reynolda House Museum of American Art. WFDD: The University owns the broadcast license for WFDD, an FM affiliate of National Public Radio. The station broadcast news, information, and public affairs programming covering the arts, people, and institutions in the area. It is the longest continuously broadcasting public radio station in North Carolina.In FY25, the University completed the implementation of its student information system, Workday Student. In August of 2024, the final phases of the student experience cycle application for graduation; transcripts; grading; and degree verification were brought online.	Desc

Field	Value	IRS element (for citing)
Total Other Prog Srvc Expense	$51,752,789	TotalOtherProgSrvcExpenseAmt
Total Other Prog Srvc Grant	$17,223,449	TotalOtherProgSrvcGrantAmt
Total Other Prog Srvc Revenue	$11,195,242	TotalOtherProgSrvcRevenueAmt
Total Program Service Expenses	$670,745,090	TotalProgramServiceExpensesAmt
Described In Section501c3	Yes (1)	DescribedInSection501c3Ind
Schedule B Required	Yes (1)	ScheduleBRequiredInd
Political Campaign Acty	0	PoliticalCampaignActyInd
Lobbying Activities	Yes (1)	LobbyingActivitiesInd
Subject To Proxy Tax	0	SubjectToProxyTaxInd
Donor Advised Fund	0	DonorAdvisedFundInd
Conservation Easements	0	ConservationEasementsInd
Collections Of Art	Yes (1)	CollectionsOfArtInd
Credit Counseling	Yes (1)	CreditCounselingInd
Donor Rstr Or Quasi Endowments	Yes (1)	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	Yes (1)	ReportLandBuildingEquipmentInd
Report Investments Other Sec	Yes (1)	ReportInvestmentsOtherSecInd
Report Program Related Invst	0	ReportProgramRelatedInvstInd
Report Other Assets	0	ReportOtherAssetsInd
Report Other Liabilities	Yes (1)	ReportOtherLiabilitiesInd
Include FIN48 Footnote	Yes (1)	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	0	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	Yes (1)	ConsolidatedAuditFinclStmtInd
School Operating	Yes (1)	SchoolOperatingInd
Foreign Office	Yes (1)	ForeignOfficeInd
Foreign Activities	Yes (1)	ForeignActivitiesInd
More Than5000 K To Org	Yes (1)	MoreThan5000KToOrgInd
More Than5000 K To Individuals	Yes (1)	MoreThan5000KToIndividualsInd
Professional Fundraising	0	ProfessionalFundraisingInd
Fundraising Activities	Yes (1)	FundraisingActivitiesInd
Gaming Activities	0	GamingActivitiesInd
Operate Hospital	0	OperateHospitalInd
Grants To Organizations	Yes (1)	GrantsToOrganizationsInd
Grants To Individuals	Yes (1)	GrantsToIndividualsInd
Schedule J Required	Yes (1)	ScheduleJRequiredInd
Tax Exempt Bonds	Yes (1)	TaxExemptBondsInd
Invest Tax Exempt Bonds	0	InvestTaxExemptBondsInd
Escrow Account	0	EscrowAccountInd
On Behalf Of Issuer	0	OnBehalfOfIssuerInd
Engaged In Excess Benefit Trans	0	EngagedInExcessBenefitTransInd
PY Excess Benefit Trans	0	PYExcessBenefitTransInd
Loan Outstanding	0	LoanOutstandingInd
Grant To Related Person	Yes (1)	GrantToRelatedPersonInd
Business Rln With Org Mem	0	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	Yes (1)	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	0	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	Yes (1)	DeductibleNonCashContriInd
Deductible Art Contribution	0	DeductibleArtContributionInd
Terminate Operations	0	TerminateOperationsInd
Partial Liquidation	0	PartialLiquidationInd
Disregarded Entity	Yes (1)	DisregardedEntityInd
Related Entity	Yes (1)	RelatedEntityInd
Related Organization Ctrl Ent	Yes (1)	RelatedOrganizationCtrlEntInd
Transaction With Control Ent	0	TransactionWithControlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org	0	TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp	0	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (1)	ScheduleORequiredInd
Info In Schedule O Part V	Yes (X)	InfoInScheduleOPartVInd
IRP Document	10962	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (1)	BackupWthldComplianceInd
Employee	6118	EmployeeCnt
Employment Tax Returns Filed	Yes (1)	EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit	Yes (1)	UnrelatedBusIncmOverLimitInd
Form990 T Filed	Yes (1)	Form990TFiledInd
Foreign Financial Account	Yes (1)	ForeignFinancialAccountInd
Foreign Country	UK	ForeignCountryCd
Foreign Country	FR	ForeignCountryCd
Foreign Country	SP	ForeignCountryCd
Foreign Country	AU	ForeignCountryCd
Foreign Country	IT	ForeignCountryCd
Foreign Country	CI	ForeignCountryCd
Foreign Country	CH	ForeignCountryCd
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTransInd
Taxable Party Notification	0	TaxablePartyNotificationInd
Nondeductible Contributions	0	NondeductibleContributionsInd
Quid Pro Quo Contributions	Yes (1)	QuidProQuoContributionsInd
Quid Pro Quo Contri Discl	Yes (1)	QuidProQuoContriDisclInd
Form8282 Property Disposed Of	Yes (1)	Form8282PropertyDisposedOfInd
Form8282 Filed	3	Form8282FiledCnt
Rcv Fnds To Pay Prsnl Bnft Cntrct	0	RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct	0	PayPremiumsPrsnlBnftCntrctInd
Form1098 C Filed	Yes (1)	Form1098CFiledInd
Indoor Tanning Services	0	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	Yes (1)	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	0	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	49	GoverningBodyVotingMembersCnt
Independent Voting Member	48	IndependentVotingMemberCnt
Family Or Business Rln	Yes (1)	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	0	DelegationOfMgmtDutiesInd
Change To Org Documents	0	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	0	MaterialDiversionOrMisuseInd
Members Or Stockholders	0	MembersOrStockholdersInd
Election Of Board Members	0	ElectionOfBoardMembersInd
Decisions Subject To Approva	0	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (1)	MinutesOfGoverningBodyInd
Minutes Of Committees	Yes (1)	MinutesOfCommitteesInd
Officer Mailing Address	0	OfficerMailingAddressInd
Local Chapters	0	LocalChaptersInd
Form990 Provided To Gvrn Body	Yes (1)	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (1)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (1)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (1)	RegularMonitoringEnfrcInd
Whistleblower Policy	Yes (1)	WhistleblowerPolicyInd
Document Retention Policy	Yes (1)	DocumentRetentionPolicyInd
Compensation Process CEO	Yes (1)	CompensationProcessCEOInd
Compensation Process Other	Yes (1)	CompensationProcessOtherInd
Investment In Joint Venture	Yes (1)	InvestmentInJointVentureInd
Written Policy Or Procedure	Yes (1)	WrittenPolicyOrProcedureInd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

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

Field	Value	IRS element (for citing)
Phone	3367585233	PhoneNum

US Address USAddress

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

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

Form990 Part VII Section A Form990PartVIISectionAGrp (66 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
Jeanne Whitman Bobbitt
Board Chair	15.00	0.00	Yes (X)	$0	$0	$0
Curtis C Farmer
Board Vice Chair	6.00	2.00	Yes (X)	$0	$0	$0
Matthew A King
Board Vice Chair	6.00	7.00	Yes (X)	$0	$0	$0
Alexander Acquavella
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Diana M Adams
Comm Vice Chair	4.00	0.00	Yes (X)	$0	$0	$0
Lynn C Baranski
Trustee	3.00	0.60	Yes (X)	$0	$0	$0
Shelmer D Blackburn Jr
Committee Chair	5.00	0.20	Yes (X)	$0	$0	$0
Darlene Boytell-Perez
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Rich Brock
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Peter C Brockway
Comm Vice Chair	4.00	0.60	Yes (X)	$0	$0	$0
Thomas W Bunn
Comm Vice Chair	4.00	0.00	Yes (X)	$0	$0	$0
Jocelyn Burton
Committee Chair	6.00	0.00	Yes (X)	$0	$0	$0
Peter M Carlson
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
David F Couch
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Matthew Starbuck Crawford
Comm Vice Chair	4.00	3.00	Yes (X)	$0	$0	$0
Jermyn M Davis
Committee Chair	6.00	0.00	Yes (X)	$0	$0	$0
James E Dixon
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
The Honorable Donna F Edwards
Trustee	4.00	0.00	Yes (X)	$0	$0	$0
Cantey M Ergen
Committee Chair	4.00	0.60	Yes (X)	$0	$0	$0
Frederick W Eubank II
Comm Vice Chair	4.00	2.60	Yes (X)	$0	$0	$0
Lisbeth Clark Evans
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Helen Hough Feinberg
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Anil Rai Gupta
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Julie Ann Mullen Hartman
Trustee	4.00	4.00	Yes (X)	$0	$0	$0
Marybeth Torbet Hays
Comm Vice Chair	6.00	2.60	Yes (X)	$0	$0	$0
Frank B Holding Jr
Committee Chair	5.00	0.60	Yes (X)	$0	$0	$0
A Dale Jenkins
Committee Chair	4.00	8.00	Yes (X)	$0	$0	$0
Deborah D Lambert
Trustee	4.00	0.00	Yes (X)	$0	$0	$0
Aubrey L Martin
Trustee	3.00	0.60	Yes (X)	$0	$0	$0
Jane McGraw
Committee Chair	4.00	0.00	Yes (X)	$0	$0	$0
James M O'Connell
Trustee	3.00	3.60	Yes (X)	$0	$0	$0
Gary S Pinkus
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Rev Dr Prince R Rivers
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Gerald F Roach
Trustee	6.00	0.00	Yes (X)	$0	$0	$0
Jorge Rodriguez
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Stella A Ross
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Mit B Shah
Committee Chair	6.00	3.00	Yes (X)	$0	$0	$0
Hannah VanderWeide Shue
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Michael C Smith
Committee Chair	6.00	0.60	Yes (X)	$0	$0	$0
Janice K Story
Trustee	4.00	0.00	Yes (X)	$0	$0	$0
Ben C Sutton Jr
Comm Vice Chair	5.00	0.00	Yes (X)	$0	$0	$0
Matthew B Teller
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Shannan Spence Townsend
Committee Chair	6.00	2.00	Yes (X)	$0	$0	$0
Patricia L Turner
Trustee	3.00	0.20	Yes (X)	$0	$0	$0
John M Vann
Trustee	3.00	6.00	Yes (X)	$0	$0	$0
Laura Horton Virkler
Trustee	3.00	0.00	Yes (X)	$0	$0	$0
Eric C Wiseman
Comm Vice Chair	5.00	0.00	Yes (X)	$0	$0	$0
Katherine B Wright
Committee Chair	5.00	0.00	Yes (X)	$0	$0	$0
Susan R Wente PhD
President & Trustee	29.30	10.70	Yes (X)	$1,519,832	$0	$363,435	Yes (X)
Julie A Freischlag MD
EVP Health Aff.	2.00	21.20		$0	$7,594,629	$40,091	Yes (X)
Michele Gillespie PhD
Provost	40.00	0.00		$1,015,247	$0	$112,578	Yes (X)
Jacqueline A Travisano EdD
EVP, CFO, Treas	36.50	3.50		$852,445	$0	$243,600	Yes (X)
Brian A White
VP, Corp. Sec, G.C.	19.70	20.20		$693,061	$0	$47,813	Yes (X)
John A Currie
Director of Athletics	40.00	0.00		$1,254,401	$0	$123,576		Yes (X)
Jackie Krasas PhD
Dean, Wake Forest College	40.00	0.00		$523,360	$0	$31,805		Yes (X)
Charles L Iacovou PhD
Dean, School of Profession	40.00	0.00		$869,341	$0	$137,726			Yes (X)
David P Clawson
Football Coach	40.00	0.00		$4,869,999	$0	$81,074			Yes (X)
Warren D Ruggiero
F'ball Offensive Coordinat	40.00	0.00		$1,070,896	$0	$76,070			Yes (X)
Brad Lambert
F'ball Defensive Coordinat	40.00	0.00		$887,048	$0	$49,785			Yes (X)
Steve Forbes
Men's BktBall Co	40.00	0.00		$2,515,493	$0	$71,174			Yes (X)
J Reid Morgan
Former S.VP, Sec, G.C.	19.70	20.20		$412,282	$0	$57,418				Yes (X)
Rogan Kersh PhD
Former Provost	40.00	0.00		$205,645	$0	$35,342				Yes (X)
B Hofler Milam
Former EVP, CFO, Treas	40.00	0.00		$439,002	$0	$57,272				Yes (X)
Mark A Petersen
SVP - Advancement	40.00	0.00		$796,310	$0	$166,486				Yes (X)
Anthony P Marsh PhD
Senior Associate Dean, Wake Forest College	40.00	0.00		$250,201	$0	$64,429				Yes (X)
Annette Ranft PhD
Dean, School of Business	40.00	0.00		$593,752	$0	$32,273				Yes (X)

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$18,768,315	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$7,594,629	TotReportableCompRltdOrgAmt
Total Other Compensation	$1,791,947	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	723	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	Yes (1)	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	Yes (1)	TotalCompGreaterThan150KInd
Compensation From Other Srcs	0	CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (5 entries)

Address Line1ContractorAddress/USAddress/AddressLine1Txt	CityContractorAddress/USAddress/CityNm	State AbbreviationContractorAddress/USAddress/StateAbbreviationCd	ZIPContractorAddress/USAddress/ZIPCd	ServicesServicesDesc	CompensationCompensationAmt
Harvest Table Culinary Group
240 Market Street	Philadelphia	PA	19103	Food Service	$31,957,121
Frank L Blum Construction Company
PO Box 4153	WinstonSalem	NC	27115	Construction	$19,342,102
James R Vannoy & Sons Constructions Co
1255 Creekshire Way Suite 220	WinstonSalem	NC	27103	Construction	$15,521,424
Embanet-Compass Knowledge Group Inc
9720 Wilshire Blvd FL 6	Beverly Hills	CA	90212	Online Education	$6,602,613
Kaplan Higher Education LLC
900 Northpoint Parkway Suite 250	Alpharetta	GA	30005	Online Education	$6,494,507

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	201	CntrctRcvdGreaterThan100KCnt
Fundraising	$4,507	FundraisingAmt
Related Organizations	$1,000,000	RelatedOrganizationsAmt
Government Grants	$14,673,575	GovernmentGrantsAmt
All Other Contributions	$142,787,994	AllOtherContributionsAmt
Noncash Contributions	$12,773,163	NoncashContributionsAmt
Total Contributions	$158,466,076	TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp (5 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
Tuition and Fees	611310	$459,569,927	$459,569,927
Athletic Programs	711210	$56,795,115	$56,795,115
Student Housing & Dining	721310	$53,693,273	$53,693,273
Student Health Services	621400	$4,549,936	$4,549,936
Organized Activities	611710	$3,155,864	$3,155,864

Total Oth Program Service Rev TotalOthProgramServiceRevGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$1,779,311	TotalRevenueColumnAmt
Related Or Exempt Func Income	$1,508,171	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$271,140	UnrelatedBusinessRevenueAmt

Field	Value	IRS element (for citing)
Total Program Service Revenue	$579,543,426	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$36,837,631	TotalRevenueColumnAmt
Unrelated Business Revenue	-$1,013,481	UnrelatedBusinessRevenueAmt
Exclusion	$37,851,112	ExclusionAmt

Royalties Revenue RoyaltiesRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$4,589,824	TotalRevenueColumnAmt
Exclusion	$4,589,824	ExclusionAmt

Gross Rents GrossRentsGrp

Field	Value	IRS element (for citing)
Real	$8,603,157	RealAmt

Less Rental Expenses LessRentalExpensesGrp

Field	Value	IRS element (for citing)
Real	$7,020,723	RealAmt

Rental Income Or Loss RentalIncomeOrLossGrp

Field	Value	IRS element (for citing)
Real	$1,582,434	RealAmt

Net Rental Income Or Loss NetRentalIncomeOrLossGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$1,582,434	TotalRevenueColumnAmt
Unrelated Business Revenue	$835,245	UnrelatedBusinessRevenueAmt
Exclusion	$747,189	ExclusionAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

Field	Value	IRS element (for citing)
Securities	$515,056,268	SecuritiesAmt
Other	$50,539	OtherAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

Field	Value	IRS element (for citing)
Securities	$473,538,093	SecuritiesAmt
Other	$1,468	OtherAmt

Gain Or Loss GainOrLossGrp

Field	Value	IRS element (for citing)
Securities	$41,518,175	SecuritiesAmt
Other	$49,071	OtherAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$41,567,246	TotalRevenueColumnAmt
Exclusion	$41,567,246	ExclusionAmt

Field	Value	IRS element (for citing)
Fundraising Gross Income	$46,825	FundraisingGrossIncomeAmt
Contri Rpt Fundraising Event	$4,507	ContriRptFundraisingEventAmt
Fundraising Direct Expenses	$19,058	FundraisingDirectExpensesAmt

Net Incm From Fundraising Evt NetIncmFromFundraisingEvtGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$27,767	TotalRevenueColumnAmt
Exclusion	$27,767	ExclusionAmt

Field	Value	IRS element (for citing)
Gross Sales Of Inventory	$10,146,101	GrossSalesOfInventoryAmt
Cost Of Goods Sold	$984,381	CostOfGoodsSoldAmt

Net Income Or Loss NetIncomeOrLossGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$9,161,720	TotalRevenueColumnAmt
Unrelated Business Revenue	$7,000,310	UnrelatedBusinessRevenueAmt
Exclusion	$2,161,410	ExclusionAmt

Other Revenue Misc OtherRevenueMiscGrp (3 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt	ExclusionExclusionAmt
Executive Educ/Other Instr	611430	$6,117,228	$6,117,228
Parking Revenue	812930	$2,751,534		$2,751,534
Sponsorship Payments	900099	$1,901,361		$1,901,361

Miscellaneous Revenue MiscellaneousRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$629,926	TotalRevenueColumnAmt
Exclusion	$629,926	ExclusionAmt

Field	Value	IRS element (for citing)
Other Revenue Total	$11,400,049	OtherRevenueTotalAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$843,176,173	TotalRevenueColumnAmt
Related Or Exempt Func Income	$585,389,514	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$7,093,214	UnrelatedBusinessRevenueAmt
Exclusion	$92,227,369	ExclusionAmt

Grants To Domestic Orgs GrantsToDomesticOrgsGrp

Field	Value	IRS element (for citing)
Total	$19,391,004	TotalAmt
Program Services	$19,391,004	ProgramServicesAmt

Grants To Domestic Individuals GrantsToDomesticIndividualsGrp

Field	Value	IRS element (for citing)
Total	$140,821,717	TotalAmt
Program Services	$140,821,717	ProgramServicesAmt

Foreign Grants ForeignGrantsGrp

Field	Value	IRS element (for citing)
Total	$1,388,861	TotalAmt
Program Services	$1,388,861	ProgramServicesAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

Field	Value	IRS element (for citing)
Total	$6,536,233	TotalAmt
Program Services	$2,614,493	ProgramServicesAmt
Management And General	$3,268,117	ManagementAndGeneralAmt
Fundraising	$653,623	FundraisingAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

Field	Value	IRS element (for citing)
Total	$281,185,298	TotalAmt
Program Services	$225,028,784	ProgramServicesAmt
Management And General	$42,604,958	ManagementAndGeneralAmt
Fundraising	$13,551,556	FundraisingAmt

Pension Plan Contributions PensionPlanContributionsGrp

Field	Value	IRS element (for citing)
Total	$19,143,903	TotalAmt
Program Services	$14,989,407	ProgramServicesAmt
Management And General	$3,198,180	ManagementAndGeneralAmt
Fundraising	$956,316	FundraisingAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

Field	Value	IRS element (for citing)
Total	$36,050,556	TotalAmt
Program Services	$25,642,377	ProgramServicesAmt
Management And General	$6,076,492	ManagementAndGeneralAmt
Fundraising	$4,331,687	FundraisingAmt

Payroll Taxes PayrollTaxesGrp

Field	Value	IRS element (for citing)
Total	$18,334,601	TotalAmt
Program Services	$14,387,350	ProgramServicesAmt
Management And General	$3,041,272	ManagementAndGeneralAmt
Fundraising	$905,979	FundraisingAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$2,744,457	TotalAmt
Program Services	$300,182	ProgramServicesAmt
Management And General	$2,444,275	ManagementAndGeneralAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$411,879	TotalAmt
Management And General	$411,879	ManagementAndGeneralAmt

Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp

Field	Value	IRS element (for citing)
Total	$11,254,249	TotalAmt
Program Services	$7,315,262	ProgramServicesAmt
Management And General	$3,938,987	ManagementAndGeneralAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$31,470,396	TotalAmt
Program Services	$25,288,171	ProgramServicesAmt
Management And General	$3,501,040	ManagementAndGeneralAmt
Fundraising	$2,681,185	FundraisingAmt

Advertising AdvertisingGrp

Field	Value	IRS element (for citing)
Total	$4,724,153	TotalAmt
Program Services	$4,004,061	ProgramServicesAmt
Management And General	$313,549	ManagementAndGeneralAmt
Fundraising	$406,543	FundraisingAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$11,437,828	TotalAmt
Program Services	$9,409,580	ProgramServicesAmt
Management And General	$1,048,790	ManagementAndGeneralAmt
Fundraising	$979,458	FundraisingAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$4,808,022	TotalAmt
Program Services	$4,467,015	ProgramServicesAmt
Management And General	$337,347	ManagementAndGeneralAmt
Fundraising	$3,660	FundraisingAmt

Royalties RoyaltiesGrp

Field	Value	IRS element (for citing)
Total	$3,050	TotalAmt
Program Services	$3,050	ProgramServicesAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$10,906,391	TotalAmt
Program Services	$10,760,395	ProgramServicesAmt
Management And General	$139,257	ManagementAndGeneralAmt
Fundraising	$6,739	FundraisingAmt

Travel TravelGrp

Field	Value	IRS element (for citing)
Total	$16,707,564	TotalAmt
Program Services	$15,721,053	ProgramServicesAmt
Management And General	$328,911	ManagementAndGeneralAmt
Fundraising	$657,600	FundraisingAmt

Conferences Meetings ConferencesMeetingsGrp

Field	Value	IRS element (for citing)
Total	$6,621,448	TotalAmt
Program Services	$5,635,702	ProgramServicesAmt
Management And General	$828,603	ManagementAndGeneralAmt
Fundraising	$157,143	FundraisingAmt

Interest InterestGrp

Field	Value	IRS element (for citing)
Total	$20,485,722	TotalAmt
Program Services	$19,814,476	ProgramServicesAmt
Management And General	$671,246	ManagementAndGeneralAmt

Depreciation Depletion DepreciationDepletionGrp

Field	Value	IRS element (for citing)
Total	$52,377,863	TotalAmt
Program Services	$46,824,560	ProgramServicesAmt
Management And General	$5,553,303	ManagementAndGeneralAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$4,048,718	TotalAmt
Program Services	$1,302,961	ProgramServicesAmt
Management And General	$2,745,689	ManagementAndGeneralAmt
Fundraising	$68	FundraisingAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDesc	TotalTotalAmt	Program ServicesProgramServicesAmt	Management And GeneralManagementAndGeneralAmt	FundraisingFundraisingAmt
Settlement Obligations	$31,065,630	$31,065,630
Repairs and Maintenance	$12,438,410	$10,974,132	$980,567	$483,711
Dues. Licenses, Subscri	$11,814,217	$5,771,177	$5,828,251	$214,789
Student Activities	$9,926,385	$8,245,454	$412,763	$1,268,168

All Other Expenses AllOtherExpensesGrp

Field	Value	IRS element (for citing)
Total	$20,175,133	TotalAmt
Program Services	$19,578,236	ProgramServicesAmt
Management And General	$402,601	ManagementAndGeneralAmt
Fundraising	$194,296	FundraisingAmt

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$786,273,688	TotalAmt
Program Services	$670,745,090	ProgramServicesAmt
Management And General	$88,076,077	ManagementAndGeneralAmt
Fundraising	$27,452,521	FundraisingAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$34,616,280	BOYAmt
EOY	$43,478,836	EOYAmt

Pledges And Grants Receivable PledgesAndGrantsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$123,478,893	BOYAmt
EOY	$129,023,122	EOYAmt

Accounts Receivable AccountsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$19,513,938	BOYAmt
EOY	$22,234,727	EOYAmt

Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp

Field	Value	IRS element (for citing)
BOY	$6,600,681	BOYAmt
EOY	$4,460,171	EOYAmt

Inventories For Sale Or Use InventoriesForSaleOrUseGrp

Field	Value	IRS element (for citing)
BOY	$1,145,943	BOYAmt
EOY	$1,158,948	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$8,380,357	BOYAmt
EOY	$9,553,735	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$1,461,637,327	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$707,594,463	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$752,352,085	BOYAmt
EOY	$754,042,864	EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

Field	Value	IRS element (for citing)
BOY	$526,020,022	BOYAmt
EOY	$558,995,088	EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

Field	Value	IRS element (for citing)
BOY	$1,308,822,432	BOYAmt
EOY	$1,428,065,400	EOYAmt

Intangible Assets IntangibleAssetsGrp

Field	Value	IRS element (for citing)
BOY	$667,335	BOYAmt
EOY	$11,920,640	EOYAmt

Other Assets Total OtherAssetsTotalGrp

Field	Value	IRS element (for citing)
BOY	$22,525,435	BOYAmt
EOY	$20,421,963	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$2,804,123,401	BOYAmt
EOY	$2,983,355,494	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$51,007,411	BOYAmt
EOY	$45,417,462	EOYAmt

Deferred Revenue DeferredRevenueGrp

Field	Value	IRS element (for citing)
BOY	$84,205,133	BOYAmt
EOY	$77,865,155	EOYAmt

Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$248,637,935	BOYAmt
EOY	$246,289,708	EOYAmt

Escrow Account Liability EscrowAccountLiabilityGrp

Field	Value	IRS element (for citing)
BOY	$6,665,360	BOYAmt
EOY	$7,467,491	EOYAmt

Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp

Field	Value	IRS element (for citing)
BOY	$65,642,589	BOYAmt
EOY	$74,187,935	EOYAmt

Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp

Field	Value	IRS element (for citing)
BOY	$245,085,000	BOYAmt
EOY	$240,025,000	EOYAmt

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$115,384,431	BOYAmt
EOY	$158,791,101	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$816,627,859	BOYAmt
EOY	$850,043,852	EOYAmt

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

No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$921,003,811	BOYAmt
EOY	$959,933,072	EOYAmt

Donor Restriction Net Assets DonorRestrictionNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$1,066,491,731	BOYAmt
EOY	$1,173,378,570	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$1,987,495,542	BOYAmt
EOY	$2,133,311,642	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$2,804,123,401	BOYAmt
EOY	$2,983,355,494	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	$56,902,485	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	$88,913,615	NetUnrlzdGainsLossesInvstAmt
Other Changes In Net Assets	$0	OtherChangesInNetAssetsAmt
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd
Accountant Compile Or Review	0	AccountantCompileOrReviewInd
FS Audited	Yes (1)	FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

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

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

Schedule A IRS990ScheduleA

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

Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$119,975,960	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$123,550,270	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$74,090,708	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$112,785,723	CurrentTaxYearMinus1YearAmt
Current Tax Year	$158,466,076	CurrentTaxYearAmt
Total	$588,868,737	TotalAmt

Total Calendar Year170 TotalCalendarYear170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$119,975,960	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$123,550,270	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$74,090,708	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$112,785,723	CurrentTaxYearMinus1YearAmt
Current Tax Year	$158,466,076	CurrentTaxYearAmt
Total	$588,868,737	TotalAmt

Field	Value	IRS element (for citing)
Substantial Contributors Tot	$68,844,934	SubstantialContributorsTotAmt
Public Support Total170	$520,023,803	PublicSupportTotal170Amt

Gross Investment Income170 GrossInvestmentIncome170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$22,303,989	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$36,247,457	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$31,062,203	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$32,750,528	CurrentTaxYearMinus1YearAmt
Current Tax Year	$50,208,769	CurrentTaxYearAmt
Total	$172,572,946	TotalAmt

Unrelated Business Net Incm170 UnrelatedBusinessNetIncm170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$51,322	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$367,485	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$766,598	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$412,274	CurrentTaxYearMinus1YearAmt
Current Tax Year	$1,081,168	CurrentTaxYearAmt
Total	$2,678,847	TotalAmt

Other Income170 OtherIncome170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$2,015,064	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$3,470,237	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$4,884,236	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$13,779,827	CurrentTaxYearMinus1YearAmt
Current Tax Year	$14,592,665	CurrentTaxYearAmt
Total	$38,742,029	TotalAmt

Field	Value	IRS element (for citing)
Total Support	$802,862,559	TotalSupportAmt
Gross Receipts Rltd Activities	$2,154,242,079	GrossReceiptsRltdActivitiesAmt
Public Support CY170	0.64770	PublicSupportCY170Pct
Public Support PY170	0.68410	PublicSupportPY170Pct
Thirty Thr Pct Suprt Tests CY170	Yes (X)	ThirtyThrPctSuprtTestsCY170Ind

Form990 Schedule A Part VI Form990ScheduleAPartVIGrp

Field	Value	IRS element (for citing)
Form And Line Reference	Schedule A, Part II	FormAndLineReferenceDesc
Explanation	The filing organization is classified as a school under Internal Revenue Code ("IRC") Section 170(b)(1)(A)(ii). However, it also meets the 33 1/3% Support Test of IRC Section 170(b)(1)(A)(vi) for purposes of limiting the charitable gift disclosures to 2%, using the Special Rule on Schedule B. Therefore, Schedule A, Part II is completed in order to utilize the Schedule B Special 2% Rule. Schedule A, Part II, Section C, Line 10 Miscellaneous Income 14,592,665	ExplanationTxt

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

Field	Value	IRS element (for citing)
Contributor	RESTRICTED	ContributorNum

Contributor Business Name ContributorBusinessName

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

Contributor US Address ContributorUSAddress

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

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

Schedule C IRS990ScheduleC

Field	Value	IRS element (for citing)
Volunteers	0	VolunteersInd
Paid Staff Or Management	0	PaidStaffOrManagementInd
Media Advertisements	0	MediaAdvertisementsInd
Mailings Members	0	MailingsMembersInd
Publications Or Broadcast	0	PublicationsOrBroadcastInd
Grants Other Organizations	0	GrantsOtherOrganizationsInd
Direct Contact Legislators	Yes (1)	DirectContactLegislatorsInd
Direct Contact Legislators	$77,378	DirectContactLegislatorsAmt
Rallies Demonstrations	0	RalliesDemonstrationsInd
Other Activities	0	OtherActivitiesInd
Total Lobbying Expenditures	$77,378	TotalLobbyingExpendituresAmt
Not Described Section501c3	0	NotDescribedSection501c3Ind

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Part II-B, Line 1, Lobbying Activities:	FormAndLineReferenceDesc
Explanation	The filing organization's employees will sometimes make direct contact with legislators, their staff, government officials, or a legislative body. Such employees were actively involved with several federal and state issues during the year, including federal and state appropriations legislation, various authorizing bills as well as legislation governing higher education at state and federal levels. Specifically, worked on provisions around HR1 -- especially on issues focused on student financial aid, endowment tax and other general higher ed provisions. The organization, in collaboration with other institutions, worked on legislation governing the Name Image and Likeness of college student athletes (NIL). Activities included participation in numerous conference calls, webex meetings and one-on-one calls with congressional members and staffers at the federal and state level. The University's Government Relations personnel regularly engaged with various federal agencies related to higher education policy and worked closely with national associations with which the filing organization is associated, which represent interests of institutions of higher education in Washington. At the state level, activities focused on work surrounding the State Budget as well as several policy related bills that impacted higher education. We worked to increase funding for State scholoarships that benefit our students as well as legislation impacting our region. We also worked on sports wagering and issues involving taxation.	ExplanationTxt

Schedule D IRS990ScheduleD

Field	Value	IRS element (for citing)
Collection Used Pub Exhibition	Yes (X)	CollectionUsedPubExhibitionInd
Coll Used Scholarly Rsrch	Yes (X)	CollUsedScholarlyRsrchInd
Collection Used Preservation	Yes (X)	CollectionUsedPreservationInd
Solicited Assets Sale	0	SolicitedAssetsSaleInd
Agent Trustee Etc	Yes (1)	AgentTrusteeEtcInd
Beginning Balance	$647,845	BeginningBalanceAmt
Distributions During Year	$142,587	DistributionsDuringYearAmt
Ending Balance	$505,258	EndingBalanceAmt
Incl Escrow Custodial Acct Liab	Yes (1)	InclEscrowCustodialAcctLiabInd
Explanation Provided	Yes (X)	ExplanationProvidedInd

CY Endwmt Fund CYEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$1,100,888,467	BeginningYearBalanceAmt
Contributions	$45,169,793	ContributionsAmt
Investment Earnings Or Losses	$106,778,203	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$25,834,945	GrantsOrScholarshipsAmt
Other Expenditures	$20,862,054	OtherExpendituresAmt
Administrative Expenses	$8,927,997	AdministrativeExpensesAmt
End Year Balance	$1,197,211,467	EndYearBalanceAmt

CY Minus1 Yr Endwmt Fund CYMinus1YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$1,047,642,422	BeginningYearBalanceAmt
Contributions	$22,649,962	ContributionsAmt
Investment Earnings Or Losses	$80,816,944	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$24,038,627	GrantsOrScholarshipsAmt
Other Expenditures	$19,103,632	OtherExpendituresAmt
Administrative Expenses	$7,078,602	AdministrativeExpensesAmt
End Year Balance	$1,100,888,467	EndYearBalanceAmt

CY Minus2 Yr Endwmt Fund CYMinus2YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$1,028,313,070	BeginningYearBalanceAmt
Contributions	$22,761,746	ContributionsAmt
Investment Earnings Or Losses	$45,582,528	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$22,817,209	GrantsOrScholarshipsAmt
Other Expenditures	$18,815,699	OtherExpendituresAmt
Administrative Expenses	$7,382,014	AdministrativeExpensesAmt
End Year Balance	$1,047,642,422	EndYearBalanceAmt

CY Minus3 Yr Endwmt Fund CYMinus3YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$1,038,917,229	BeginningYearBalanceAmt
Contributions	$24,601,826	ContributionsAmt
Investment Earnings Or Losses	$9,579,810	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$20,685,552	GrantsOrScholarshipsAmt
Other Expenditures	$17,294,766	OtherExpendituresAmt
Administrative Expenses	$6,805,477	AdministrativeExpensesAmt
End Year Balance	$1,028,313,070	EndYearBalanceAmt

CY Minus4 Yr Endwmt Fund CYMinus4YrEndwmtFundGrp

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

Field	Value	IRS element (for citing)
Board Designated Balance EOY	0.20170	BoardDesignatedBalanceEOYPct
Prmnnt Endowment Balance EOY	0.47690	PrmnntEndowmentBalanceEOYPct
Term Endowment Balance EOY	0.32140	TermEndowmentBalanceEOYPct
Endowments Held Unrelated Org	0	EndowmentsHeldUnrelatedOrgInd
Endowments Held Related Org	Yes (1)	EndowmentsHeldRelatedOrgInd
Related Org List Sch R	Yes (1)	RelatedOrgListSchRInd

Land LandGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$23,454,851	OtherCostOrOtherBasisAmt
Book Value	$23,454,851	BookValueAmt

Buildings BuildingsGrp

Field	Value	IRS element (for citing)
Investment Cost Or Other Basis	$62,225,197	InvestmentCostOrOtherBasisAmt
Other Cost Or Other Basis	$581,288,422	OtherCostOrOtherBasisAmt
Depreciation	$325,065,680	DepreciationAmt
Book Value	$318,447,939	BookValueAmt

Leasehold Improvements LeaseholdImprovementsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$478,888,510	OtherCostOrOtherBasisAmt
Depreciation	$229,958,622	DepreciationAmt
Book Value	$248,929,888	BookValueAmt

Equipment EquipmentGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$223,626,332	OtherCostOrOtherBasisAmt
Depreciation	$145,718,096	DepreciationAmt
Book Value	$77,908,236	BookValueAmt

Other Land Buildings OtherLandBuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$92,154,015	OtherCostOrOtherBasisAmt
Depreciation	$6,852,065	DepreciationAmt
Book Value	$85,301,950	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$754,042,864	TotalBookValueLandBuildingsAmt

Other Securities OtherSecuritiesGrp (6 entries)

DescDesc	Book ValueBookValueAmt	Method ValuationMethodValuationCd
Interests in Perpetual Trusts	$24,347,932	F
Private Equity	$309,000	F
Absolute Return Invtmts	$1,350,568,487	F
Real Estate-Commercial	$12,391,263	F
Other Investments	$25,721,000	F
Commodities	$14,727,718	F

Field	Value	IRS element (for citing)
Total Book Value Securities	$1,428,065,400	TotalBookValueSecuritiesAmt

Other Liabilities Org OtherLiabilitiesOrgGrp (6 entries)

DescDesc	AmtAmt
Annuities Payable	$19,656,238
Other Liabilities and Deferrals	$48,106,175
Postretirement Benefits	$12,625,367
Bond Premium	$21,127,901
Operating Lease Obligations	$17,509,790
Settlement Liabilities	$39,765,630

Field	Value	IRS element (for citing)
Total Liability	$158,791,101	TotalLiabilityAmt
Footnote Text	Yes (X)	FootnoteTextInd
Total Rev Etc Audited Fincl Stmt	$758,414,139	TotalRevEtcAuditedFinclStmtAmt
Net Unrealized Gains Invst	$88,913,615	NetUnrealizedGainsInvstAmt
Other Revenue	-$139,379,933	OtherRevenueAmt
Revenue Not Reported	-$50,466,318	RevenueNotReportedAmt
Revenue Subtotal	$808,880,457	RevenueSubtotalAmt
Other Revenues Not Included	$34,295,716	OtherRevenuesNotIncludedAmt
Revenue Not Reported Fincl Stmt	$34,295,716	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$843,176,173	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$612,598,039	TotExpnsEtcAuditedFinclStmtAmt
Other Expenses Included	-$34,295,716	OtherExpensesIncludedAmt
Expenses Not Reported	-$34,295,716	ExpensesNotReportedAmt
Expenses Subtotal	$646,893,755	ExpensesSubtotalAmt
Other Expenses Not Included	$139,379,933	OtherExpensesNotIncludedAmt
Expenses Not Rpt Fincl Stmt	$139,379,933	ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990	$786,273,688	TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail (10 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Part III, Line 1a:	The Consolidated Financial Statements do not contain a footnote regarding the University's art or museum collections. The collections are valued at approximately $18 million.
Part III, Line 4:	The organization has collections of art, rare books, and artifacts within its facilities. These collections enhance the education of its students and provide research materials for its faculty. Artwork is displayed in many buildings on the organization's campus, accessible to students, employees, and visitors.
Part IV, Line 1b:	Certain endowment assets are held and managed for the filing organization and related organizations. The value of these assets allocated to related organizations is reported here and not shown on the filing organization's balance sheet.
Part IV, Line 2b:	Agency accounts are held to provide supervision and banking ability for small student clubs and organizations that are formed by the current student body and may or may not last past the graduation of the members. The University fosters the students' desire to form associations that can function as a social unit on campus.
Part V, Line 4:	According to and in compliance with donor restriction agreements on endowment funds, approximately 55.32% of the expendable endowment funds provided scholarships for Wake Forest University students during the fiscal year. 22.40% was distributed for department chair and faculty positions, including funds for research professorships. 22.28% supported educational programs generally, the libraries, general university operations, and other specific university needs, including infrastructure, and capital funding. Due to the fluctuations of university and student needs, these percentages may change from year to year.
Part X, Line 2:	The University is a tax-exempt organization as described in Section 501(c)(3) of the Internal Revenue Code (the Code) and is generally exempt from federal income taxes on related income pursuant to Section 501(a) of the Code. If applicable, unrelated business income is reported by all member and subsidiary organizations on IRS Form 990-T. Fiscal years ending on or after June 30, 2022 remain subject to examination by federal and state tax authorities. The University has evaluated uncertain tax positions for the year ended June 30, 2025, including a quantification of tax risks in areas such as unrelated business income and taxation of its for-profit subsidiaries. This evaluation did not identify any material items that effect the consolidated financial statements for the year ended June 30, 2025.
Part XI, Line 2d - Other Adjustments:	Scholarship Reclass -139,379,933.
Part XI, Line 4b - Other Adjustments:	Rent Expense Reclass -7,020,723. COGS Reclass -984,381. Fundraising Expense Reclass -19,059. Other Expense Reclass 31,065,630. Investment Management Fees Reclass 11,254,249.
Part XII, Line 2d - Other Adjustments:	Rent Expense Reclass 7,020,723. Fundraising Expense Reclass 19,059. COGS Reclass 984,381. Other Expense Reclass -31,065,630. Investment Management Fees Reclass -11,254,249.
Part XII, Line 4b - Other Adjustments:	Scholarship Reclass 139,379,933.

Schedule E IRS990ScheduleE

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

Supplemental Information Detail SupplementalInformationDetail (2 entries)

Form And Line ReferenceFormAndLineReferenceDesc

ExplanationExplanationTxt

Schedule E, Part I, Line 3

Wake Forest University is committed to equal opportunity, 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. The University publishes its nondiscrimination policy on its web site at www.wfu.edu and in academic bulletins and handbooks, which are distributed to students annually. Nondiscrimination language is also included in employment advertising and in ads for the University's educational programs.

Schedule E, Part I, Line 6

Wake Forest University participates in government loan and scholarship programs on behalf of its students. Funds are awarded to eligible students as part of the University's educational purpose. Funds are awarded to eligible students on a nondiscriminatory basis in compliance with applicable laws. In addition, government agencies award grants to the University for research.

Schedule F IRS990ScheduleF

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

Account Activities Outside US AccountActivitiesOutsideUSGrp (58 entries)

RegionRegionTxt	Type Of Activities ConductedTypeOfActivitiesConductedTxt	Specific Services ProvidedSpecificServicesProvidedTxt	Region Total ExpendituresRegionTotalExpendituresAmt	OfficesOfficesCnt	EmployeeEmployeeCnt
Europe & North Atlantic	Program Service	Athletic Events	$40,946
North America	Program Service	Athletic Events	$3,254
Sub-Saharan Africa	Program Service	Athletic Recruiting	$9,603
Europe & North Atlantic	Program Service	Athletic Recruiting	$49,756
East Asia & Pacific	Program Service	Athletic Recruiting	$1,313
North America	Program Service	Athletic Recruiting	$7,323
Central America & the Caribbean	Program Service	Athletic Recruiting	$1,118
South America	Grantmaking	Assistance	$3,705
Central America & the Caribbean	Program Service	Conference	$9,484
Europe & North Atlantic	Program Service	Conferences	$328,157
Russia & the Newly Independent States	Program Service	Conferences	$957
North America	Program Service	Conferences	$76,496
Middle East & North Africa	Program service	Conferences	$2,441
East Asia & Pacific	Program Service	Conferences	$84,435
South Asia	Program Service	Conferences	$763
South America	Program Service	Conferences	$28,931
Sub-Saharan Africa	Program Service	Conferences	$17,522
Europe & North Atlantic	Program Service	Depreciation on Foreign Assets	$310,186
South America	Program Service	Depreciation on Foreign Assets	$26,363
Sub-Saharan Africa	Program Service	Depreciation on Foreign Assets	$7,497
Europe & North Atlantic	Program Service	Fundraising	$27,034
South Asia	Program Services	Fundraising	$13,417
Central America & the Caribbean	Program Service	Fundraising	$2,912
South America	Program Services	Fundraising	$1,292
Middle East & North Africa	Program Services	Recruiting	$5,301
South America	Program Services	Recruiting	$9,324
Europe & North Atlantic	Program Service	Recruiting	$10,077
South Asia	Program Services	Recruiting	$207,719
North America	Program Service	Recruiting	$1,210
East Asia & Pacific	Program Service	Recruiting	$22,526
Central America & the Caribbean	Program Service	Research	$31,169
South Asia	Program Service	Research	$29,736
East Asia & Pacific	Program Service	Research	$354,328
Europe & North Atlantic	Program Service	Research	$293,112
Russia & the Newly Independent States	Program Service	Research	$3,975
South America	Program Service	Research	$1,733,049	3
North America	Program Service	Research	$92,608	2	2
Sub-Saharan Africa	Program Service	Research	$92,552	2
Middle East & North Africa	Program Service	Research	$8,710
Europe & North Atlantic	Program Service	Services	$59,100
Sub-Saharan Africa	Program Services	Services	$552
North America	Program Service	Services	$23,890
South America	Program Service	Services	$15,095
East Asia & Pacific	Program Service	Services	$10,430
Central America & the Caribbean	Program Service	Services	$3,530
East Asia & Pacific	Program Service	Study Abroad	$149,631
South America	Program Service	Study Abroad	$468,832	2	4
Central America & the Caribbean	Program Service	Study Abroad	$41,843
Europe & North Atlantic	Program Service	Study Abroad	$10,680,276	9	44
Middle East & North Africa	Program Services	Study Abroad	$74,790
Sub-Saharan Africa	Program Service	Study Abroad	$143,459
Central America & the Caribbean	Program Service	Workshops	$2,595
South Asia	Program Services	Workshops	$2,434
Sub-Saharan Africa	Program Service	Workshops	$2,226
Middle East & North Africa	Program Service	Workshops	$1,173
East Asia & Pacific	Program Service	Workshops	$1,081
North America	Program Service	Workshops	$729
Europe & North Atlantic	Program Service	Workshops	$31,779

Field	Value	IRS element (for citing)
Subtotal Offices	0	SubtotalOfficesCnt
Subtotal Employees	0	SubtotalEmployeesCnt
Continuation Total Office	18	ContinuationTotalOfficeCnt
Continuation Total Employee	50	ContinuationTotalEmployeeCnt
Total Office	18	TotalOfficeCnt
Total Employee	50	TotalEmployeeCnt
Subtotal Spent	$117,018	SubtotalSpentAmt
Continuation Spent	$15,546,728	ContinuationSpentAmt
Total Spent	$15,663,746	TotalSpentAmt

Grants To Org Outside US GrantsToOrgOutsideUSGrp (4 entries)

RegionRegionTxt	Purpose Of GrantPurposeOfGrantTxt	Cash GrantCashGrantAmt	Manner Of Cash DisbursementMannerOfCashDisbursementTxt	Non Cash AssistanceNonCashAssistanceAmt
East Asia & Pacific	Research Subcontract	$261,646	Check/Wire	$0
Europe	Research Subcontract	$116,728	Check/Wire	$0
South America	Research Subcontract	$989,572	Check/Wire	$0
North America	Research Subcontract	$22,193	Check/Wire	$0

Field	Value	IRS element (for citing)
Total501c3 Org	5	Total501c3OrgCnt
Total Other Org	0	TotalOtherOrgCnt

Foreign Individuals Grants ForeignIndividualsGrantsGrp

Field	Value	IRS element (for citing)
Type Of Assistance	Scholarships	TypeOfAssistanceTxt
Region	Europe	RegionTxt
Recipient	1	RecipientCnt
Cash Grant	$900	CashGrantAmt
Manner Of Cash Disbursement	Check/wire	MannerOfCashDisbursementTxt

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

Supplemental Information Detail SupplementalInformationDetail (3 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Part I, Line 2:	The organization provides funding to faculty for conferences, research and other projects and scholarships to students for study abroad, research and other projects. Faculty and staff expenses must be substantiated under the Accountable Plan to ensure proper use of funds. The Organization sometimes provides operating funds to collaborative organizations and charitable foreign organizations, generally expenditures are reimbursed upon the submission of appropriate documentation. Other activities funded in advance are subject to review for conformity with the approved budgets.
Part I, line 3:	The Organization uses the accrual method of accounting on its financial statements and all cash grants and noncash assistance is reported on Schedule F using this method.
Part I Line 3f	Expenditures Per Region The Organization uses the accrual method of accounting on its financial statements; therefore, all expenditures shown on Schedule F are based on that method. Program related assets held in the various regions are reported at net book value according to the organization's fixed asset ledger as of the end of the fiscal year. Part II, Line 1- Method of Accounting Grants and subcontracts are provided with the understanding that organizations will expend funds according to grant and subcontract agreements. Information is provided by the grantees to document that funds are expended or their intended purpose.

Schedule G IRS990ScheduleG

Fundraising Event Information FundraisingEventInformationGrp

Field	Value	IRS element (for citing)
Event1	Law Auction	Event1Nm
Gross Receipts Event1	$19,669	GrossReceiptsEvent1Amt
Gross Revenue Event1	$19,669	GrossRevenueEvent1Amt
Other Direct Expenses Event1	$1,303	OtherDirectExpensesEvent1Amt
Event2	Theatre Event	Event2Nm
Gross Receipts Event2	$22,429	GrossReceiptsEvent2Amt
Gross Revenue Event2	$22,429	GrossRevenueEvent2Amt
Rent Facility Costs Event2	$802	RentFacilityCostsEvent2Amt
Entertainment Event2	$6,500	EntertainmentEvent2Amt
Other Direct Expenses Event2	$1,700	OtherDirectExpensesEvent2Amt
Other Events Total	3	OtherEventsTotalCnt
Gross Receipts Other Events	$9,234	GrossReceiptsOtherEventsAmt
Charitable Contri Other Events	$4,507	CharitableContriOtherEventsAmt
Gross Revenue Other Events	$4,727	GrossRevenueOtherEventsAmt
Food And Beverage Other Events	$8,117	FoodAndBeverageOtherEventsAmt
Oth Direct Expnss Other Events	$636	OthDirectExpnssOtherEventsAmt
Gross Receipts Total	$51,332	GrossReceiptsTotalAmt
Charitable Contributions Tot	$4,507	CharitableContributionsTotAmt
Gross Revenue Total Events	$46,825	GrossRevenueTotalEventsAmt
Rent Fclty Costs Total Events	$802	RentFcltyCostsTotalEventsAmt
Food And Beverage Total Events	$8,117	FoodAndBeverageTotalEventsAmt
Entertainment Total Events	$6,500	EntertainmentTotalEventsAmt
Oth Direct Expnss Total Events	$3,639	OthDirectExpnssTotalEventsAmt
Direct Expense Summary Events	$19,058	DirectExpenseSummaryEventsAmt
Net Income Summary	$27,767	NetIncomeSummaryAmt

Schedule I IRS990ScheduleI

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

Recipient Table RecipientTable (117 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	Recipient EINRecipientEIN	IRC SectionIRCSectionDesc	Cash GrantCashGrantAmt	Non Cash AssistanceNonCashAssistanceAmt	Purpose Of GrantPurposeOfGrantTxt	Address Line2USAddress/AddressLine2Txt
Athletes In Action
740 SW 109th Ave	Miami	FL	33174	933648067	501(c)(3)	$6,730	$0	Charitable Contribution
Duke University
324 Blackwell Street	Durham	NC	27701	560532129	501(c)(3)	$38,294	$0	Research Subcontract
UNC Chapel Hill
104 Airport Drive CB 1270	Chapel Hill	NC	27514	566001393	501(c)(3)	$940,591	$0	Research Subcontract
Wake Forest Univ Health Sciences
Medical Center Blvd	WinstonSalem	NC	27157	223849199	501(c)(3)	$1,308,253	$0	Research Subcontract
Brigham & Women's Hospital
399 Revolution Drive No 645	Somerville	MA	02145	042312909	501(c)(3)	$603,639	$0	Research Subcontract
Calvin College
3201 Burton Street SE	Grand Rapids	MI	49546	383071514	501(c)(3)	$10,550	$0	Research Subcontract
Leadership Winston-Salem
624 W Sixth St Ste 110	WinstonSalem	NC	27101	581574887	501(c)(3)	$10,000	$0	Support Local Econ Dev'mt
Yale University
PO Box 208239	New Haven	CT	06520	060646973	501(c)(3)	$27,283	$0	Research Subcontract
George Mason University
4400 University Drive	Fairfax	VA	22030	540836354	Govt	$20,000	$0	Research Subcontract
Seattle Pacific University
3307 Third Avenue W	Seattle	WA	98119	910565553	501(c)(3)	$400,000	$0	Research Subcontract
Arkansas State University
Aggie Rd	Jonesboro	AR	72401	716000556	501(c)(3)	$50,000	$0	Research Subcontract
University of Wisconsin-Madison
500 Lincoln Drive	Madison	WI	53706	391018181	Govt	$11,008	$0	Research Subcontract
Austin Community College District
837 W 12th St	Austin	TX	78701	900341783	501(c)(3)	$50,000	$0	Research Subcontract
Miracle of Love Inc
1301 W Colonial Dr Ste 201	Orlando	FL	32804	593455949	501(c)(3)	$25,000	$0	Research Subcontract
The Pennsylvania State University
201 Old Main University Par	State College	PA	16801	246000376	Govt	$67,880	$0	Research Subcontract
The Regents of the University of Colorado
3100 Marine Street	Boulder	CO	80309	846000555	Govt	$734,427	$0	Research Subcontract
Virginia Tech
925 Prices Fork Road	Blacksburg	VA	24061	546001805	Govt	$500,000	$0	Research Subcontract
AIDS Alabama South LLC
4321 Downtowner Loop N	Mobile	AL	36609	462661900	501(c)(3)	$20,000	$0	Research Subcontract
Be Connected Durham & Beyond
900 S Roxboro St	Durham	NC	27707	871870259	501(c)(3)	$12,500	$0	Research Subcontract
Bellarmine University
2001 Newburg Rd	Louisville	KY	40205	610482955	501(c)(3)	$50,000	$0	Research Subcontract
Community Uplift Services
4101 W Green Oaks Blvd Ste 449	Arlington	TX	76016	820677145	501(c)(3)	$12,500	$0	Research Subcontract
Curators of the University of Missouri
1000 W Nifong Bldg 7 Suite 300	Columbia	MO	65211	436003859	501(c)(3)	$221,976	$0	Research Subcontract
Engaging Arkansas Communities
2801 Millbrook Rd	Little Rock	AR	72227	844947395	501(c)(3)	$25,000	$0	Research Subcontract
FABRIC Incorporated
PO Box 1193	Cleveland	MS	38732	812629009	501(c)(3)	$45,000	$0	Research Subcontract
Florida Institute of Technology Inc
150 W UNIVERSITY BLVD	Melbourne	FL	32901	596046500	501(c)(3)	$8,419	$0	Research Subcontract
Inspiration and Change Inc
200 Towne Center Cir	Sanford	FL	32771	274657493	501(c)(3)	$25,000	$0	Research Subcontract
Occoneechee Council Inc Boy Scouts of America 421
3231 Atlantic Ave	Raleigh	NC	27604	560529984	501(c)(3)	$7,500	$0	Charitable Contribution
Piedmont Triad Partnership
PO Box 2672	High Point	NC	27261	561750279	501(c)(3)	$10,000	$0	Support Local Econ Dev'mt
MashUp Nashville
309 Plus Park Blvd Ste 221	Nashville	TN	37217	823275217	501(c)(3)	$12,500	$0	Research Subcontract
Men's Reentry Initiative
261 Business Park	Columbia	SC	29203	461031840	501(c)(3)	$9,400	$0	Research Subcontract
Montclair State University
Student Ctr Bldg Rm 400	Montclair	NJ	07043	222912692	Govt	$507,500	$0	Research Subcontract
Nashville Cares
633 Thompson Ln	Nashville	TN	37204	621274532	501(c)(3)	$12,500	$0	Research Subcontract
Carleton College
1 N College St	Northfield	MN	55057	410694747	501(c)(3)	$50,000	$0	Research Subcontract
Saint Paul AME Church
706 E Patton Ave	Montgomery	AL	36111	631028429	501(c)(3)	$25,000	$0	Research Subcontract
University of Florida
PO Box 113201 Suite 1250 East	Gainesville	FL	32611	596002052	Govt	$81,415	$0	Research Subcontract	Campus Offive Bldg
University of North Texas
1155 Union Cir 305250	Denton	TX	76203	756002149	501(c)(3)	$21,201	$0	Research Subcontract
University of South Florida The
4202 E Fowler Avenue	Tampa	FL	33620	593102112	Govt	$107,485	$0	Research Subcontract
A Place Called Hope Church Inc
139 West Main Street	Garner	NC	27529	271861057	501(c)(3)	$17,500	$0	Research Subcontract
Abyssinian Community Church Inc
3890 Milbranch Rd	Memphis	TN	38116	850780728	501(c)(3)	$12,500	$0	Research Subcontract
North Carolina A&T University
1601 East Market Street	Greensboro	NC	27411	566172047	Govt	$34,231	$0	Research Subcontract
Equality Foundation of Georgia
1530 Dekalb Ave NE Ste A	Atlanta	GA	30307	582346744	501(c)(3)	$25,000	$0	Research Subcontract
Arizona State University
411 N Central Ave	Phoenix	AZ	85004	860196696	501(c)(3)	$500,000	$0	Research Subcontract
Carson-Newman University
1646 Russell Ave	Jefferson City	TN	37760	620479189	501(c)(3)	$50,000	$0	Research Subcontract
Auburn University at Montgomery
7400 East Dr	Montgomery	AL	36117	636000724	501(c)(3)	$49,180	$0	Research Subcontract
Choose Healthy Life
525 Westlake Drive	East Stroudsburg	PA	18302	862604241	501(c)(3)	$50,000	$0	Research Subcontract
Clarke University of Dubuque Iowa
1550 Clarke Dr	Dubuque	IA	52001	420680408	501(c)(3)	$50,000	$0	Research Subcontract
Belmont University
1900 Belmont Blvd	Nashville	TN	37212	620465076	501(c)(3)	$400,000	$0	Research Subcontract
Board of Trustees of the University of Illinois The
506 S Wright St Mc339	Urbana	IL	61801	376000511	501(c)(3)	$15,000	$0	Research Subcontract
Brandeis University
415 South St	Walhtham	MA	02453	042103552	501(c)(3)	$316,632	$0	Research Subcontract
Campbell University Inc
143 Main St	Buies Creek	NC	27506	560529940	501(c)(3)	$300,000	$0	Research Subcontract
Davidson College
209 Ridge Rd 5000	Davidson	NC	28036	560529961	501(c)(3)	$50,000	$0	Research Subcontract
Fairleigh Dickinson University
1000 River Rd	Teaneck	NJ	07666	221494434	501(c)(3)	$50,000	$0	Research Subcontract
Catholic University of America The
620 Michigan Ave NE	Washington	DC	20064	530196583	501(c)(3)	$500,000	$0	Research Subcontract
Christ the King Episcopal Church Inc
26 Willow Dr	Orlando	FL	32807	590791009	501(c)(3)	$25,000	$0	Research Subcontract
Fort Lewis College
1000 Rim Dr	Durango	CO	81301	846000556	501(c)(3)	$50,000	$0	Research Subcontract
Colorado State University
2200 Bonforte Blvd	Pueblo	CO	81001	846000545	Govt	$268,615	$0	Research Subcontract
Cuyahoga Community College District
700 Carnegie Ave	Cleveland	OH	44115	237320719	501(c)(3)	$7,660	$0	Research Subcontract
Reynolda House Inc
PO Box 7287	WinstonSalem	NC	27109	560810676	501(c)(3)	$1,346,455	$0	Operations Support
Second Harvest Food Bank of Northwest North Carolina
3655 Reed Street	WinstonSalem	NC	27107	581457912	501(c)(3)	$11,775	$0	Charitable Contribution
Hildegard College
150 Paularino Ave Bldg B	Costa Mesa	CA	92626	933657133	501(c)(3)	$50,000	$0	Research Subcontract
Miami University
501 E High St	Oxford	OH	45056	316402089	501(c)(3)	$50,000	$0	Research Subcontract
Middle Georgia State University
100 University Pkwy	Macon	GA	31206	237066010	501(c)(3)	$50,000	$0	Research Subcontract
Franciscan Missionaries of Our Lady University
4200 Essen Ln	Baton Rouge	LA	70809	721173156	501(c)(3)	$49,500	$0	Research Subcontract
George Fox University
414 N Meridian St	Newberg	OR	97132	930386839	501(c)(3)	$333,000	$0	Research Subcontract
Harvard University
1033 Massachusetts Ave Ste 3	Cambridge	MA	02138	042103580	501(c)(3)	$295,000	$0	Research Subcontract
National Louis University
122 S Michigan Ave	Chicago	IL	60603	362167804	501(c)(3)	$50,000	$0	Research Subcontract
Hope College
100 E 8th St Ste 210	Holland	MI	49423	381381271	501(c)(3)	$400,000	$0	Research Subcontract
King University
1350 King College Rd	Bristol	TN	37629	581363100	501(c)(3)	$125,000	$0	Research Subcontract
Lee University
1120 N Ocoee St	Cleveland	TN	37311	620502739	501(c)(3)	$47,027	$0	Research Subcontract
North Park University
3225 W Foster Ave	Chicago	IL	60625	361557840	501(c)(3)	$50,000	$0	Research Subcontract
Pride in the Pews NFP Inc
754 E 77th St	Chicago	IL	60619	871623538	501(c)(3)	$50,000	$0	Research Subcontract
Montana State University
2327 University Way	Bozeman	MT	59715	810171141	501(c)(3)	$15,000	$0	Research Subcontract
Research Foundation of The City University of New York
230 W 41st St Fl 7	New York City	NY	10036	131988190	501(c)(3)	$50,000	$0	Research Subcontract
North Carolina State University
4001 Carya Dr	Raleigh	NC	27610	566000756	Govt	$29,767	$0	Research Subcontract
Rhodes College
2000 N Parkway	Memphis	TN	38112	620476301	501(c)(3)	$50,000	$0	Research Subcontract
Ohio Nothern University
525 S Main St	Ada	OH	45810	344429091	501(c)(3)	$15,000	$0	Research Subcontract
Ohio State University
1179 University Dr	Newark	OH	43055	316025986	Govt	$5,291	$0	Research Subcontract
Providence College
1 Cunningham Sq	Providence	RI	02918	050258932	501(c)(3)	$49,800	$0	Research Subcontract
Purdue University
403 W Wood St	West Lafayette	IN	47907	356002041	501(c)(3)	$500,000	$0	Research Subcontract
Radford University
905 Tyler Ave	Radford	VA	24141	237219782	501(c)(3)	$49,844	$0	Research Subcontract
Ramapo College Foundation
505 Ramapo Valley Rd	Mahwah	NJ	07430	510244756	501(c)(3)	$15,000	$0	Research Subcontract
Regents of the University of California at Irvine
Office of Financial Aid	Irvine	CA	92697	943067788	501(c)(3)	$200,000	$0	Research Subcontract	Scholarships 102 Aldrich Hall
Santa Clara University
500 El Camino Real	Santa Clara	CA	95053	941156617	501(c)(3)	$50,000	$0	Research Subcontract
Rochester Christian University
800 W Avon Rd	Rochester Hills	MI	48307	381619831	501(c)(3)	$9,000	$0	Research Subcontract
Saint Mary's College of California
1928 Saint Marys Rd PMB 3554	Moraga	CA	94575	941156599	501(c)(3)	$49,711	$0	Research Subcontract
Salem College
601 S Church St	Winston Salem	NC	27101	560530005	501(c)(3)	$40,000	$0	Research Subcontract
Seton Hill University
1 Seton Hill Dr	Greensburg	PA	15601	250965557	501(c)(3)	$50,000	$0	Research Subcontract
Triad Health Project The
801 Summit Ave	Greensboro	NC	27405	581705502	501(c)(3)	$75,000	$0	Research Subcontract
The Vision Community Foundation
704 Ornewood Ave	Atlanta	GA	30312	870743282	501(c)(3)	$50,000	$0	Research Subcontract
Trustees of the University of Pennsylvania
3451 Walnut St	Philadelphia	PA	19104	231352685	501(c)(3)	$420,400	$0	Research Subcontract
Tufts University
80 George St	Medford	MA	02155	042103634	501(c)(3)	$49,747	$0	Research Subcontract
Tuskegee University
Kresge Center 204	Tuskegee	AL	36088	630288878	501(c)(3)	$195,161	$0	Research Subcontract
US Naval Academy
301 King George St	Annapolis	MD	21402	237003516	501(c)(3)	$175,000	$0	Research Subcontract
University of California Berkeley
1995 University Ave 401	Berkeley	CA	94704	946090626	501(c)(3)	$400,000	$0	Research Subcontract
Trustees of the College of Our Lady of the Elms
291 Springfield St	Chicopee	MA	01013	042225850	501(c)(3)	$50,000	$0	Research Subcontract
University of California Santa Barbara
3201 Saasb Building Payroll Office	Santa Barbara	CA	93106	956006145	501(c)(3)	$53,616	$0	Research Subcontract
University of Delaware
325 Academy St	Newark	DE	19716	911955015	501(c)(3)	$49,744	$0	Research Subcontract
University of Dubuque
2000 University Ave	Dubuque	IA	52001	420680323	501(c)(3)	$49,975	$0	Research Subcontract
University of Kansas The
1301 Jayhawk Blvd	Lawrence	KS	66045	486033927	501(c)(3)	$46,040	$0	Research Subcontract
University of Mississippi The
PO Box 1848	Oxford	MS	38677	640884671	501(c)(3)	$500,000	$0	Research Subcontract
University of Notre Dame
Controllers Office - 731 Grace Hal	Notre Dame	IN	46556	350868188	501(c)(3)	$500,000	$0	Research Subcontract
University of Puget Sound The
1500 N Warner St Stop 1075	Tacoma	WA	98416	910564961	501(c)(3)	$15,000	$0	Research Subcontract
University of Chicago
5801 S Ellis Avenue	Chicago	IL	60637	362177139	501(c)(3)	$50,000	$0	Research Subcontract
University of Tulsa The
800 S Tucker Dr	Tusla	OK	74104	730579298	501(c)(3)	$300,000	$0	Research Subcontract
University of Virginia
1001 Emmet St N	Charlottesville	VA	22903	546001796	501(c)(3)	$500,000	$0	Research Subcontract
University of Texas at San Antonio The
1 Utsa Cir Bauerle Rd Garage 304	San Antonio	TX	78249	741977996	501(c)(3)	$50,000	$0	Research Subcontract
Villanova University
800 E Lancaster Ave	Villanova	PA	19085	231352688	501(c)(3)	$48,090	$0	Research Subcontract
Warren Wilson College
701 Warren Wilson Rd	Swannanoa	NC	28778	560767736	501(c)(3)	$49,980	$0	Research Subcontract
Wheaton College
26 E Main St	Norton	MA	02766	042103638	501(c)(3)	$250,000	$0	Research Subcontract
Whitworth University
300 W Hawthorne Rd	Spokane	WA	99251	910473310	501(c)(3)	$247,103	$0	Research Subcontract
Utah State University
2400 Old Main Hl	Logan	UT	84322	876000528	501(c)(3)	$50,000	$0	Research Subcontract
United Negro College Fund Inc
1805 7th St NW	Washington	DC	20001	131624241	501(c)(3)	$11,000	$0	Charitable Contribution
United States Association for Small Business and Entrepreneurship
4044 N Lincoln Ave 260	Chicago	IL	60618	521287170	501(c)(3)	$10,000	$0	Charitable Contribution
United Way of Forsyth County
301 North Main Street	WinstonSalem	NC	27101	237357234	501(c)(3)	$20,000	$0	Charitable Contribution
Winston-Salem Foundation
751 W Fourth Street	WinstonSalem	NC	27101	566037615	501(c)(3)	$10,000	$0	Charitable Contribution
Winston-Salem State University Foundation Incorporated
Campus Box 19537 No 304	WinstonSalem	NC	27110	560989620	501(c)(3)	$50,000	$0	Charitable Contribution
Wake Forest College Birthplace Society Inc
PO Box 494	Wake Forest	NC	27587	566072013	501(c)(3)	$8,521	$0	Charitable Contribution

Field	Value	IRS element (for citing)
Total501c3 Org	111	Total501c3OrgCnt
Total Other Org	6	TotalOtherOrgCnt

Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp (6 entries)

Grant TypeGrantTypeTxt	RecipientRecipientCnt	Cash GrantCashGrantAmt
Departmental Scholarships	782	$1,190,052
General Tuition Scholarships	3253	$126,052,920
Tuition Concessions	146	$6,461,465
ROTC Scholarships	25	$1,679,390
Study Abroad Scholarships	327	$916,634
Third Party Scholarships	253	$4,521,256

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Part I, Line 2:	FormAndLineReferenceDesc
Explanation	Wake Forest University carefully selects qualified exempt organizations for its contributions and provides support for worthy projects and events in which the University has an interest. Grants provided to students are monitored either through use -for University tuition and fees- or by requiring substantiation from the students for research projects or scholastic travel grants. Research subcontracts are passed through to qualifying research institutes to complete a portion of externally funded sponsored projects awarded to Wake Forest University. Wake Forest University monitors these subcontracts to ensure that the subrecipients are in compliance with federal regulations and terms and conditions cascading down from the prime awards. The subrecipient's requests for reimbursement are reviewed for allowability of costs. Interim and final reporting is monitored to ensure adherence to performance expectations as set out in the scope of work.	ExplanationTxt

Schedule J IRS990ScheduleJ

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

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (18 entries)

TitleTitleTxt	Base Compensation Filing OrgBaseCompensationFilingOrgAmt	Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt	Bonus Filing OrganizationBonusFilingOrganizationAmount	Bonus Related OrganizationsBonusRelatedOrganizationsAmt	Other Compensation Filing OrgOtherCompensationFilingOrgAmt	Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt	Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt	Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt	Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt	Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt	Total Compensation Filing OrgTotalCompensationFilingOrgAmt	Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt	Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt	Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt
Julie A Freischlag MD
EVP Health Aff.	$0	$2,476,070	$0	$4,358,126	$0	$760,433	$0	$19,092	$0	$20,999	$0	$7,634,720	$0	$688,380
David P Clawson
Football Coach	$4,763,190	$0	$30,000	$0	$76,809	$0	$34,500	$0	$46,574	$0	$4,951,073	$0	$0	$0
Steve Forbes
Men's BktBall Co	$2,387,140	$0	$92,000	$0	$36,353	$0	$25,875	$0	$45,299	$0	$2,586,667	$0	$0	$0
Susan R Wente PhD
President & Trustee	$1,129,530	$0	$322,500	$0	$67,802	$0	$288,531	$0	$74,904	$0	$1,883,267	$0	$0	$0
John A Currie
Director of Athletics	$984,090	$0	$240,000	$0	$30,311	$0	$75,875	$0	$47,701	$0	$1,377,977	$0	$0	$0
Warren D Ruggiero
F'ball Offensive Coordinat	$1,063,438	$0	$0	$0	$7,458	$0	$34,500	$0	$41,570	$0	$1,146,966	$0	$0	$0
Michele Gillespie PhD
Provost	$738,556	$0	$52,600	$0	$224,091	$0	$84,500	$0	$28,078	$0	$1,127,825	$0	$150,000	$0
Jacqueline A Travisano EdD
EVP, CFO, Treas	$783,456	$0	$56,500	$0	$12,489	$0	$217,250	$0	$26,350	$0	$1,096,045	$0	$0	$0
Charles L Iacovou PhD
Dean, School of Profession	$486,327	$0	$135,667	$0	$247,347	$0	$109,500	$0	$28,226	$0	$1,007,067	$0	$234,450	$0
Mark A Petersen
SVP - Advancement	$705,672	$0	$60,000	$0	$30,638	$0	$119,500	$0	$46,986	$0	$962,796	$0	$0	$0
Brad Lambert
F'ball Defensive Coordinat	$871,590	$0	$8,000	$0	$7,458	$0	$17,250	$0	$32,535	$0	$936,833	$0	$0	$0
Brian A White
VP, Corp. Sec, G.C.	$611,099	$0	$58,000	$0	$23,962	$0	$17,250	$0	$30,563	$0	$740,874	$0	$0	$0
Annette Ranft PhD
Dean, School of Business	$544,889	$0	$34,667	$0	$14,196	$0	$17,250	$0	$15,023	$0	$626,025	$0	$0	$0
Jackie Krasas PhD
Dean, Wake Forest College	$475,005	$0	$36,001	$0	$12,354	$0	$17,250	$0	$14,555	$0	$555,165	$0	$0	$0
B Hofler Milam
Former EVP, CFO, Treas	$438,631	$0	$0	$0	$371	$0	$34,500	$0	$22,772	$0	$496,274	$0	$0	$0
J Reid Morgan
Former S.VP, Sec, G.C.	$366,986	$0	$39,600	$0	$5,696	$0	$34,500	$0	$22,918	$0	$469,700	$0	$0	$0
Anthony P Marsh PhD
Senior Associate Dean, Wake Forest C	$249,805	$0	$0	$0	$396	$0	$26,195	$0	$38,234	$0	$314,630	$0	$0	$0
Rogan Kersh PhD
Former Provost	$205,447	$0	$0	$0	$198	$0	$21,183	$0	$14,159	$0	$240,987	$0	$0	$0

Supplemental Information Detail SupplementalInformationDetail (4 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Part I, Line 1a	Charter and First-Class Travel: Charter and First-Class travel are sometimes made available for various business and scheduling needs of the officers who are traveling. Athletics personnel sometimes use charters for team travel. Chartered flights are sometimes provided by donors to the university. As such travel is for business purposes only, it is not treated as taxable. Travel for companions: Reimbursed spousal travel is allowed per the filing organization's policy when pursuant to a bona fide business purpose. To the extent that there is a business purpose for the travel, it is not treated as taxable. Tax indemnification and gross-up payments: Individuals may have certain payments grossed up at the discretion of the President, Board of Trustees, CFO, or as provided by their employment contract. All such payments are considered taxable. Discretionary spending account: The President has a discretionary spending account. Any expenses deemed personal are treated as taxable compensation. Residence & personal services: The President is provided lodging for the convenience of the University as a condition of the President's employment, and as such, pursuant to IRC Section 119, it is not deemed a taxable benefit. Certain services, such as cleaning, landscaping and maintenance, are provided as part of the operation of the President's University-owned residence. The value of cleaning attributed to personal spaces is included in the President's taxable income. Social club dues: Social club dues are provided by the University when membership fulfills a university business purpose. All such dues are included in taxable compensation when applicable.
Part I, Line 4b	Line 4b payments - included in Schedule J, column(C): The compensation of Susan R. Wente PhD, President of Wake Forest University, includes $262,656 shown in Schedule J, Part II, Column C, from her participation in a deferred compensation arrangement. The compensation of Dr. Jacqueline A. Travisano, Ed.D., EVP, CFO, and Treasurer of Wake Forest University, includes $200,000 shown in Schedule J, Part II, Column C, from her participation in a deferred compensation arrangement. The compensation of Mark A. Petersen, VP Advancement, includes $85,000 shown in Schedule J, Part II, Column C, from his participation in a deferred compensation arrangement. The compensation of Michele Gillespie PhD, Provost, includes a deferred compensation payout of $208,200 which is included in her 2024 Form W-2 and in column B(iii). $150,000 of that payment is shown in Schedule J, Part II, Column F and has been previously reported on a prior year Form 990. Her compensation also includes $50,000 shown in Schedule J, Part II, Column C, from her participation in a deferred compensation arrangement. The compensation of Charles Iacovou PhD, Dean of Wake Forest School of Professional Studies and Former Dean of Wake Forest School of Business, includes a deferred compensation payout of $234,450 which is included in his 2024 Form W-2 and in column B(iii). $234,450 of that payment is shown in Schedule J, Part II, Column F and has been previously reported on a prior year Form 990. His compensation also includes $75,000 shown in Schedule J, Part II, Column C, from his participation in a deferred compensation arrangement. The compensation of John Currie, Athletic Director, includes $50,000 from participation in a deferred compensation arrangement included in Schedule J, Part II, Column C. The compensation of Julie Ann Freischlag M.D., Executive Vice President for Health Affairs, includes a payment of $688,380 on her deferred compensation arrangement, which is included in her 2024 W-2 and reported in Schedule J, Part II, Column B(iii) and Column F. All compensation to Dr. Freischlag is paid by a related organization as described later in Sch J, Part III.
Part I, Line 7	Various Officers and Key Employees have incentive compensation components contained in their employment agreements. These are often goal-based and are determined in the course of evaluation of the employee's performance by his or her supervisor or the compensation committee of the filing organization's board, as applicable. Others are awarded discretionary amounts, but within budgetary constraints. Other non-fixed payments may include sums for relocation that are typically included as a provision in an employment agreement. All such payments are reflected on the individual's W-2 when applicable.
Schedule J, Part II	The following individuals have amounts included in Schedule J, column D (nontaxable benefits) for tuition provided to family members under the Wake Forest University Tuition Concession Plan for Dependent Children. David P. Clawson: $9,683 John A. Currie: $12,358 Anthony P. Marsh: $10,549 Mark A. Peterson: $18,401 Warren D. Ruggiero: $12,358 Steve Forbes: $12,358 All compensation provided to Julie Ann Freischlag M.D. (Current EVP- Health Affairs) was paid by a related organization, Wake Forest University Health Sciences (WFUHS), for her service as an employees of that related organization (and other related and affiliated organizations comprising the academic medical center of which the filing organization's Medical School is a part) and not for any of her services as an officer or former officer of the filing organization. Wake Forest University Baptist Medical Center (WFUBMC) is the organization that has been delegated authority to operate WFUHS and the North Carolina Baptist Hospital (NCBH), an unrelated but affiliated organization, and all of the respective subsidiaries of each of WFUHS and NCBH. Filing organization Wake Forest University (WFU) is one of three Members of WFUBMC; the other two Members are NCBH and Atrium Health, Inc.

Schedule K IRS990ScheduleK

Tax Exempt Bonds Issues TaxExemptBondsIssuesGrp (2 entries)

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

Tax Exempt Bonds Proceeds TaxExemptBondsProceedsGrp (2 entries)

Bond ReferenceBondReferenceCd	RetiredRetiredAmt	Total ProceedsTotalProceedsAmt	Capitalized InterestCapitalizedInterestAmt	Issuance Costs From ProceedsIssuanceCostsFromProceedsAmt	Capital ExpendituresCapitalExpendituresAmt	Other Spent ProceedsOtherSpentProceedsAmt	Substantial CompletionSubstantialCompletionYr	Refunding Tax Exempt BondsRefundingTaxExemptBondsInd	Refunding Taxable BondsRefundingTaxableBondsInd	Final Allocation MadeFinalAllocationMadeInd	Adequate Books And Rec MaintAdequateBooksAndRecMaintInd
A	$7,875,000	$190,248,809	$2,170,879	$1,214,783	$65,163,737	$121,699,410	2019	Yes (1)	Yes (1)	Yes (1)	Yes (1)
B	$100,000	$108,558,082	$3,594,340	$818,325	$104,145,417		2021	0	0	Yes (1)	Yes (1)

Tax Exempt Bonds Private Bus Use TaxExemptBondsPrivateBusUseGrp (2 entries)

Bond ReferenceBondReferenceCd	Owning Bond Financed PropertyOwningBondFinancedPropertyInd	Any Lease ArrangementsAnyLeaseArrangementsInd	Mgmt Contract Bond Fincd PropMgmtContractBondFincdPropInd	Engage Bond Counsel ContractsEngageBondCounselContractsInd	Any Research AgreementsAnyResearchAgreementsInd	Private Bus Use By OthersPrivateBusUseByOthersPct	Private Bus Concerning UBIPrivateBusConcerningUBIPct	Total Private Business UseTotalPrivateBusinessUsePct	Bond Iss Meet Prvt Sec Pymt TestBondIssMeetPrvtSecPymtTestInd	Change In Use Bond Financed PropChangeInUseBondFinancedPropInd	Procs Nonqualified Bond RemdtdProcsNonqualifiedBondRemdtdInd
A	0	Yes (1)	Yes (1)	Yes (1)	0	0.01180	0.00340	0.01520	0	0	Yes (1)
B	0	0	Yes (1)	Yes (1)	0	0.03460		0.03460	0	0	Yes (1)

Tax Exempt Bonds Arbitrage TaxExemptBondsArbitrageGrp (2 entries)

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

Procedures Corrective Action ProceduresCorrectiveActionGrp (2 entries)

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

Supplemental Information Detail SupplementalInformationDetail (2 entries)

Form And Line ReferenceFormAndLineReferenceDesc

ExplanationExplanationTxt

Date Rebate Computation Performed

Issuer Name: NC Capital Facs Fin Agency Date the Rebate Computation was Performed: 08/27/2020 Issuer Name: NC Capital Facs Fin Agency Date the Rebate Computation was Performed: 07/22/2022

Schedule K Part II

Bond A,Col(a) Issuer's Name: North Carolina Capital Facilities Finance Agency Bond A,Col(f) The Educational Facilities Revenue Bonds (Wake Forest University), Series 2016 were used for New Capital Facilities and to fund the refinancing escrow for the 2009 Bond. It also refunded a line of credit used to finance the initial building processes covered by the 2016 bond. Bond B,Col(a) Issuer's Name: North Carolina Capital Facilities Finance Agency Bond B,Col(f) The Educational Facilities Revenue Bonds (Wake Forest University), Series 2018 were issued for the purpose of repaying a portion of the line of credit and financing the costs of acquisition, construction, renovation, and installation of capital assets of the Reynolda Campus. Bond A, Total proceeds of issue include interest earned of $155,980 Bond B, Total proceeds of issue include interest earned of $817,871

Schedule L IRS990ScheduleL

Grnt Asst Bnft Interested Prsn GrntAsstBnftInterestedPrsnGrp

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	Not Required	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Relationship With Org	See Part V	RelationshipWithOrgTxt
Cash Grant	$43,296	CashGrantAmt
Type Of Assistance	Tuition Concession	TypeOfAssistanceTxt
Assistance Purpose	Education	AssistancePurposeTxt

Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp

Name Of Interested NameOfInterested

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	Chris Hardy	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Relationship Description	See Part V	RelationshipDescriptionTxt
Transaction	$97,870	TransactionAmt
Transaction	Compensation	TransactionDesc
Sharing Of Revenues	0	SharingOfRevenuesInd

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Schedule L Part III	FormAndLineReferenceDesc
Explanation	The University has an employee dependent tuition remission benefit plan, which is available to all employees and their eligible dependents. Various listed persons have received, or have dependents who are currently receiving, tuition remission benefits under this plan.Part IVChris Hardy: Family member of the organization's president, Susan R. Wente, was paid wages for his employment with the filing organization.	ExplanationTxt

Schedule M IRS990ScheduleM

Works Of Art WorksOfArtGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	1	ContributionCnt
Noncash Contributions Rpt F990	$16,600	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Appraised Value	MethodOfDeterminingRevenuesTxt

Cars And Other Vehicles CarsAndOtherVehiclesGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	181	ContributionCnt
Noncash Contributions Rpt F990	$219,735	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Sales Proceeds	MethodOfDeterminingRevenuesTxt

Securities Publicly Traded SecuritiesPubliclyTradedGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	859	ContributionCnt
Noncash Contributions Rpt F990	$12,481,509	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Market Value	MethodOfDeterminingRevenuesTxt

Food Inventory FoodInventoryGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	44	ContributionCnt
Noncash Contributions Rpt F990	$6,705	NoncashContributionsRptF990Amt

Other Non Cash Contri Table OtherNonCashContriTableGrp (3 entries)

Non Cash CheckboxNonCashCheckboxInd	DescDesc	ContributionContributionCnt	Noncash Contributions Rpt F990NoncashContributionsRptF990Amt	Method Of Determining RevenuesMethodOfDeterminingRevenuesTxt
Yes (X)	Furniture	1	$39,834	Market Value
Yes (X)	Supplies	1	$4,780	Market Value
Yes (X)	Photos	1	$4,000	Market Value

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

Supplemental Information Detail SupplementalInformationDetail

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

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (7 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Form 990, Part VI, Section A, line 2	Winston-Salem is a relatively small city, and some of the officers, key employees, and trustees of the filing organization (the "specified group") have routine business dealings with each other. These include the following: some trustees are members or employees of law firms that provide legal services to some of the specified group or to businesses owned or operated by members of the specified group and to the filing organization; and some members of the specified group have banking relationships with banks in which trustees are executives; members of the specified group may also have common investments; and some members may serve together on boards of other entities. As noted in the response to Part VI, Question 12, however, the filing organization has a written conflict of interest policy designed to ensure that none of these transactions adversely affects the filing organization. Interested party transactions with the filing organization that meet the required thresholds, if any, are disclosed on Schedule L.
Form 990, Part VI, Section B, line 11b	Line 11b Explanation - The organization sends a draft of the Form 990 to its governing board (Board of Trustees) prior to its filing, allowing adequate time for follow-up questions and comments. The draft form is reviewed with the Audit & Compliance Committee of the organization's Board of Trustees. The organization provides a complete copy of the finalized Form 990 to the entire Board of Trustees prior to filing the Form 990 with the IRS.
Form 990, Part VI, Section B, line 12c	The organization requires officers and key employees to annually review the conflict of interest policy and determine and report any actual and potential conflicts. In addition to the annual disclosure, officers and key employees are required to disclose actual and potential conflicts when they arise. Any actual and potential conflicts noted in the disclosures are reviewed for appropriate resolution by an appropriate reviewer and the organization's Compliance Office. All members of the Board of Trustees are similarly required to determine and report annually, and as they arise, any actual or potential conflicts of interest to the organization's Audit and Compliance Committee. Conflict of interest management plans are prepared in accordance with the applicable policy for all those officers, trustees, and key employees who are found to have conflicts. The conflict management plans are approved by appropriate individuals, also in accordance with the applicable policy. University officers are asked to certify annually that trustees have not exercised inappropriate influence concerning matters within the conflict management plan. Officers and key employees are monitored in accordance with the agreed upon management plan. The resolution of potential and actual conflicts for members of the Board of Trustees is subject to the approval of the Chair of the Board (or by the Vice Chair in cases of conflicts involving the Chair)and is reported to the Chair of the Audit & Compliance Committee of the Board of Trustees.
Form 990, Part VI, Section B, line 15	An external compensation consultant experienced in higher education compensation presents available total compensation comparability data for the positions for which compensation is being determined. Other sources of data are used as well to supplement this process. The data is reviewed by the Compensation Committee of the organization's governing board at its meetings; none of the members of that committee are employees of the organization. The Compensation Committee of the organization's governing board has been delegated the authority to review and approve compensation. Minutes of the deliberations of the committee are contemporaneously recorded. In the event that any member of the Compensation Committee has a conflict of interest, that committee member does not participate in the deliberation or approval process and their abstention from the process is reflected in the minutes. Form 990, Part VI, Section B, Line 15B An external compensation consultant experienced in higher education compensation presents available total compensation comparability data for the positions for which compensation is being determined. Other sources of data are used as well to supplement this process. The data is reviewed by the Compensation Committee of the organization's governing board at its meetings; none of the members of that committee are employees of the organization. The Compensation Committee of the organization's governing board has been delegated the authority to review and approve compensation. Minutes of the deliberations of the committee are contemporaneously recorded. In the event that any member of the Compensation Committee has a conflict of interest, that committee member does not participate in the deliberation or approval process and their abstention from the process is reflected in the minutes.
Form 990, Part VI, Section C, line 19	The organization's Articles of Incorporation are available to the public on request and are available on the website of the North Carolina Secretary of State. The organization's bylaws are not published, but provisions from the bylaws are included as necessary in the organization's policies. The organization's conflicts of interest policy is available to the public on request. The organization's consolidated financial statements are made available to the public on the University's website.
Form 990 Part VII	Hours Allocated to This and Other Related and Affiliated Organizations: Susan R. Wente, PhD. Filing Organization: 29.3 hours Related Organizations: 10.7 hours Jacqueline A. Travisan, Ed.D. Filing Organization: 36.5 hours Related Organizations: 3.5 hours Brian A. White Filing Organization: 19.7 hours Related Organizations: 20.2 hours Affiliated Organizations: 0.1 hours Dr. Julie A. Freischlag MD Filing Organization: 2 hours Related Organizations: 21.2 hours Affiliated Organizations: 16.8 hours
Form 990 Part VII	Julie A. Freischlag, M.D. All compensation provided to Julie A. Freishlag, M.D. was paid by a related organization, Wake Forest University Health Sciences (WFUHS) for her services as an officer of that related organization (and other related and unrelated organizations comprising the academic medical center of which the filing organization's Medical School is a part) and not for any of her services as an officer of the filing organization. Wake Forest University Baptist Medical Center (WFUBMC) is the organization that has been delegated authority to operate WFUHS and the North Carolina Baptist Hospital (NCBH), an unrelated but affiliated organization, and all of the respective subsidiaries of each of WFUHS and NCBH. WFUBMC's three Members are the filing organization Wake Forest University (WFU), NCBH, and Atrium Health, Inc. Dr. Freischlag is the Executive Vice President of Health Affairs of the filing organization and is also the CEO of each of WFUBMC, WFUHS, and NCBH as well as Chief Academic Officer of the Medical Center and of the Atrium enterprise. Dr. Freischlag's remaining work hours are divided among those entities she serves, and their respective subsidiaries. NCBH is unrelated to the filing organization, thus the hours are not reported in Part VII.

Schedule R IRS990ScheduleR

Id Disregarded Entities IdDisregardedEntitiesGrp (5 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	EINEIN	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	End Of Year AssetsEndOfYearAssetsAmt	Direct Controlling NADirectControllingNACd	Address Line1ForeignAddress/AddressLine1Txt	CityForeignAddress/CityNm	Province Or StateForeignAddress/ProvinceOrStateNm	CountryForeignAddress/CountryCd	Foreign PostalForeignAddress/ForeignPostalCd	Legal Domicile Foreign CountryLegalDomicileForeignCountryCd	Total IncomeTotalIncomeAmt
Deacon Blvd Holdings I LLC
PO Box 7201	WinstonSalem	NC	27109	262203211	Real Estate Holding - Currently Inactive	NC	$2,672	N/A
Creative Cafe' LLC
PO Box 7201	WinstonSalem	NC	27109	263700428	No Operations	NC		N/A
Wake Forest University Spain SL
				560532138	Study abroad educ. activities		$805,218	N/A	C/Toro 84-90 Oficina Izquierda	Salamanca	Salamanca	SP	37120	SP	$403,918
Wake Forest Advantage LLC
PO Box 7201	Winston Salem	NC	27109	462754916	Study Abroad	NC		N/A
Verger Fund I LLC
751 W Fourth Street Suite 410	Winston Salem	NC	27101	560532138	Holding Verger Capital Fund	DE	$999,701,677	N/A							$76,317,292

Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (14 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	Address Line1ForeignAddress/AddressLine1Txt	CityForeignAddress/CityNm	CountryForeignAddress/CountryCd	Legal Domicile Foreign CountryLegalDomicileForeignCountryCd	Direct Controlling NADirectControllingNACd
Wake Forest University Foundation
PO Box 7201	WinstonSalem	NC	27109	562038193	Real Estate Holding and Management	NC	501(c)(3)	Line 12a, I	Wake Forest University	Yes (1)
Wake Forest University Health Sciences
Medical Center Blvd	WinstonSalem	NC	27157	223849199	Medical Education, research and patient care	NC	501(c)(3)	Line 2	Wake Forest University	Yes (1)
Wake Forest University Development Foundation
PO Box 7201	WinstonSalem	NC	27109	562038194	Management/Sale of charitable real property donations	NC	501(c)(3)	Line 12a, I	Wake Forest University	Yes (1)
Reynolda House Inc
PO Box 7287	WinstonSalem	NC	27109	560810676	Museum of American Art	NC	501(c)(3)	Line 7	Wake Forest University	Yes (1)
Fundacion Educacional Wake Forest Chile
				560532138	Study Abroad Education		501(c)(3)		Wake Forest University	Yes (1)	280 Santa Lucia	Santiago	CI	CI
Wake Forest Univ Baptist Med Center
Medical Center Blvd	WinstonSalem	NC	27157	510190238	Supports WFU, WFU Health Sciences, NC Baptist Hospital	NC	501(c)(3)	Line 12a, I	WFU 50 & NC Baptist Hospital 50	0
Wake Forest Univ Health Sciences Group
Medical Center Blvd	WinstonSalem	NC	27157	900222618	Kidney dialysis treatment centers	NC	501(c)(3)	Line 12a, I	WFU Health Sciences	0
Wake Forest Innovation Quarter Development Company
Medical Center Blvd	WinstonSalem	NC	27157	562094067	Research Park development	NC	501(c)(6)		WFU Health Sciences	0
Innovation Quarter
Medical Center Blvd	WinstonSalem	NC	27157	061818498	Research park development	NC	501(c)(3)	Line 12a, I	WFU Health Sciences	0
RegenMed Development Organization
Medical Center Blvd	WinstonSalem	NC	27157	202710571	Education supporting Regenerative Med.	NC	501(c)(3)	Line 7	WFU Health Sciences	0
Wake Forest Innovation Quarter CDC
Medical Center Blvd	WinstonSalem	NC	27157	200177581	Research development	NC	501(c)(3)	Line 12a, I	WFU Health Sciences	0
Childress Institute for Pediatric Trauma
575 N Patterson Ave Ste 140	WinstonSalem	NC	27101	463674691	Medical Research	NC	501(c)(3)	Line 3	WFU Health Sciences	0
Wake Forest Emergency Providers
Medical Center Blvd	WinstonSalem	NC	27157	561903275	Operates Primary Care Clinics	NC	501(c)(3)	Line 3	WFU Health Sciences	0
The James W Denmark Loan Fund Inc
PO Box 7354	WinstonSalem	NC	27109	560774769	Financial Assistance Provider	NC	501(c)(3)	Line 12c, III		0					N/A

Id Related Org Txbl Partnership IdRelatedOrgTxblPartnershipGrp (5 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	EINEIN	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt	Share Of Total IncomeShareOfTotalIncomeAmt	Share Of EOY AssetsShareOfEOYAssetsAmt	Disproportionate AllocationsDisproportionateAllocationsInd	General Or Managing PartnerGeneralOrManagingPartnerInd	OwnershipOwnershipPct
Verger Capital Management LLC
751 W Fourth Street Suite 410	Winston Salem	NC	27101	464037343	Asset Management	DE	Wake Forest Univ	$1,301,233	$9,204,870	0	0	1.00000
Verger Capital Fund LLC
751 W Fourth Street Suite 410	Winston Salem	NC	27101	464027021	Endowment investing	DE	Verger Fund I	$76,317,292	$999,701,677	0	0	0.50560
Wake Forest Technology Development Prog
2520 Meridian Pkwy 400	Durham	NC	27713	475437596	Tech Devel.	NC	WFU Health Sciences			0	0
Verger Fund II LLC
751 W Fourth Street Suite 410	WinstonSalem	NC	27101	352514227	Endowment investing	DE	WFU Health Sciences			0	0
Wake Forest Ambulatory VTR LLC
Medical Center Blvd	WinstonSalem	NC	27157	820777206	Healthcare	NC	WFU Health Sciences			0	0

Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp (2 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt	Entity TypeEntityTypeTxt	Controlled OrganizationControlledOrganizationInd
Charitable Remain Trusts (16)
1834 Wake Forest Road	WinstonSalem	NC	27109	Investment	NC	WFU	T	0
Charitable Remain Trusts (9)
Medical Center Blvd	Winston Salem	NC	27157	Investment	NC	WFU Health Sciences	T	0

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

Transactions Related Org TransactionsRelatedOrgGrp (13 entries)

Transaction TypeTransactionTypeTxt	InvolvedInvolvedAmt	Method Of Amount DeterminationMethodOfAmountDeterminationTxt
Wake Forest University Foundation
D	$1,737,081	Cash Transfer
Wake Forest University Foundation
O	$36,352	Fair Value
Wake Forest University Health Sciences
C	$1,000,000	Cash Transfer
Wake Forest University Health Sciences
P	$7,986,444	Cash Transfer
Wake Forest University Health Sciences
Q	$4,656,553	Cash Transfer
Wake Forest University Development Foundation
O	$23,980	Fair Value
Reynolda House Inc
B	$582,000	Cash Transfer
Reynolda House Inc
Q	$331,735	Cash Transfer
Verger Capital Management LLC
S	$2,062	Cash Transfer
Verger Capital Management LLC
M	$3,931,765	Investment Management Fees
Verger Capital Management LLC
Q	$1,914	Cash Transfer
Verger Capital Fund LLC
R	$45,169,793	Cash Transfer
Verger Capital Fund LLC
S	$55,676,573	Cash Transfer

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Part VII	FormAndLineReferenceDesc
Explanation	Verger Capital Management, LLC is a controlled entity that is taxable as a Partnership. It was formed to manage the investment activities for the endowment assets of the University and the Wake Forest controlled group. Verger Capital Fund (VCF) was created in order to hold the filing organization's Endowment Assets for investment, assets of other members of the controlled group, and assets from other, unrelated, entities for investment. Verger Fund I is a disregarded entity that holds the University's partnership interest in Verger Capital Fund, the entity holding the Endowment assets. Verger Fund II is the partnership which holds the interest in VCF (endowment assets) for the other members of the WFU controlled group. These subsidiary entities have a combined controlling interest in the partnership, thus the common parent, Wake Forest University has an indirect controlling interest. Wake Forest Technology Development Program, LP and Wake Forest Ambulatory Ventures, LLC are partnerships controlled by Wake Forest University Health Sciences. Since Wake Forest University is deemed to control Wake Forest University Health Sciences, it has an indirect controlling interest in these partnerships.	ExplanationTxt