EIN 56-0532138

Wake Forest University (WFU)

IRS 501(c) type
501(c)(3)
Num. employees
5,772
Year formed
1834
Most recent tax filings
2023-06-01
Description
Founded in 1834, Wake Forest University (WFU) is a private university located in Winston-Salem, North Carolina, with over 8,000 students from 48 states and 46 countries.
Total revenues
$686,860,190
2023
Total expenses
$654,792,741
2023
Total assets
$2,655,159,124
2023
Num. employees
5,772
2023

Program areas at WFU

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 diverse 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 2022, Wake Forest's enrollment was comprised of 5,447 undergraduates and 2,678 graduate students for a total of 8,125. Undergraduates in Fall 2022 came from 49 U.S. states; Washington, D.C.; other U.S. territories and possessions; and approximately 40 international countries. Women represented 55% of the undergraduate population and international students accounted for 8.6% of the total. Wake Forest offers 50 majors and 62 minors in Wake Forest College and in the School of Business. In the Fall 2022 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 2022 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 half 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 3,500 graduates have lived and studied at one or more of the houses. Wake Forest operates more than 50 of its own international-study programs and offers students access to approximately 400 more through various affiliation agreements. As of November 2022, those experiences were available in 176 cities in 75 foreign countries. Also under the umbrella of Study Away opportunities is Wake Washington, a University-run program in which students combine classroom instruction with internships. They work four days a week for a variety of government and non-government organizations and agencies and take classes in space rented by the University and located in the heart of the city's Dupont Circle. Participation in all Study Away programs has rebounded considerably after the pandemic. As of June 2023, a record total of 601 students had registered for these opportunities for the Fall 2023 semester. 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 National Association of State Boards of Accountancy suspended data collection by institution with the onset of the COVID-19 pandemic. The School of Business also co-sponsors dual degrees in Law and Medicine. Divinity: Although less than 25 years old, 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, 93% of Class of 2023 graduates passed the bar exam in the state of their choosing on the first try. In employment, 96% of the Class of 2022 held full-time positions for which bar passage was required or for which a JD degree was advantageous. That cohort is the most recent for which data is available. 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 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 Campus, home to the School of Medicine and select Graduate School programs; 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 FY23 alone, the University created 72 new scholarship funds and enhanced several others in the name of expanding its reach. Approximately 52% of the undergraduate student population and the vast majority of graduate students received financial aid awards in the form of grants or loans in 2022-23. 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. In 2023, Wake Forest was one of only 12 institutions to receive a Career Spark Award from Handshake, a career networking firm with more than 1,400 college and university partners. Approximately 97% of Class of 2022 graduates had secured employment or a graduate school opportunity within six months of receiving Wake Forest degrees. That figure is based on an extraordinarily high reporting rate in excess of 80%. OPCD's commitment to Wake Forest graduates extends beyond the receipt of a diploma. In FY23 alone, approximately 1,500 alumni benefited from career coaching and other programs.
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 affiliation and affinity; 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 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 2022-23 academic year, Wake Forest was one of only two North Carolina colleges to receive funds for a new initiative, Public Health AmeriCorps. Over the year, 13 students partnered with seven unique community organizations to help meet various public-health needs. In 2022-23, more than 40% of undergraduates participated in one or both of the major campus fundraising events supporting cancer research. 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 a 124% increase in gym usage between its opening and the onset of the COVID-19 pandemic. 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 37 club sports and 37 intramural leagues and competitions. Nearly every late afternoon and early evening features contests in several distinct sports.
Residence Halls & Dining:In the interest of building community, Wake Forest requires all undergraduates to live on campus for at least three years. The University has done its part in this endeavor by acquiring, building or substantially renovating all residence halls in the past decade. The Division of Residence Life and Housing (RLH) maintains 27 facilities. They are equipped with high-speed internet service and include common areas suited to group study. Mission Statement- Find an authentic sense of belonging;- Successfully navigate citizenship within diverse communities; - Develop the skills, knowledge and perspective to maintain a healthy, balanced life; and- Exhibit responsibility for self, others, property and the environment.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 five most financially and athletically potent Division I conferences, but that size is a strength rather than a weakness. The distinction helps the University attract student-athletes who excel in competition and academics. Across all sports, Wake Forest posted a 96% NCAA-measured graduation report in a report released in 2023. 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 10 NCAA team championships in six unique sports. Men's golf and field hockey have won three each and women's golf, men's tennis, men's soccer and baseball have one title apiece. In the spring of 2023, the women's golf team won its first NCAA title and the baseball team advanced to the semifinal stage of the College World Series.
Research:Wake Forest is classified as a High Research Activity institution, the second-highest level, by the Carnegie Foundation for the Advancement of Teaching. Wake Forest University has grants and internally funded research pursuant to basic science and technology. Wake Forest University manages research projects in Biology, Chemistry, Physics, Mathematics, Computer Science, Health & Exercise Science, Divinity and Business. The Z. Smith Reynolds library and the professional school libraries together house 900,000 physical books and 971,000 eBooks, as well as access to a multitude of other web-based resources. The campus libraries provide resources for both student and faculty researchers. 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 2022, more than 150 students presented their work, achieved under the guidance of faculty in 29 unique academic disciplines. In the Class of 2023, approximately one of every 11 graduates had participated in at least one Undergraduate Research Day. Wake Forest is also distinctive and impactful in the study of leadership and character. In January of 2023, the University announced it had secured a $30.7 million grant from the Lilly Endowment Inc., to benefit the Program for Leadership and Character, an initiative that seeks to inspire, educate and empower leaders of character to serve humanity. The grant will create a national higher education network dedicated to educating character. Research at Wake Forest is enhanced by the work of 10 discipline-specific institutes and centers. In 2022-23, 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 Center for Research, Engagement and Collaboration in African American Life (RECAAL), which promotes awareness about the diverse experiences of Black people in the United States; andThe Translational Science Center (TSC), which focuses on promoting and maintaining functional health in aging through research of cognitive function and physical activity.Conference ServicesWake 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. WFDDThe University owns 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.

Grants made by WFU

GranteeGrant descriptionAmount
Wake Forest University Health SciencesResearch Subcontract$1,253,361
Reynolda House Museum of American ArtOperations Support$663,356
Carnegie Mellon University (CMU)Research Subcontract$254,411
...and 42 more grants made totalling $4,086,001

Who funds Wake Forest University (WFU)

Grants from foundations and other nonprofits
GrantmakerDescriptionAmount
Atlantic Coast ConferenceAllocation of General Support$44,516,141
Lilly EndowmentLeadership & Character Educ Prog$14,142,221
Fidelity Investments Charitable Gift FundFor Grant Recipient's Exempt Purposes$5,868,942
...and 164 more grants received totalling $88,281,426

Personnel at WFU

NameTitleCompensation
Bruce Hoflar MilamExecutive Vice President and Chief Financial Officer and Treasurer
Mark A PetersenVice President for University Advancement / Vice President - Advancement$713,601
Julie A FreischlagExecutive Vice President for Health Affairs , Wake Forest University: Chief Executive Officer , / Executive Vice President Health Aff. / Interim Director and Chief Executive Officer , Wake Forest Baptist Medical Center / Evphlth 4 and 27 and 17$0
Charles L IacovouDean of Business / Dean , Business School / Dean , School of Business / Dean , School of Bus , F$809,695
Jane AikenDean , Law School$654,682
...and 15 more key personnel

Financials for WFU

RevenuesFYE 06/2023
Total grants, contributions, etc.$74,090,708
Program services$541,023,038
Investment income and dividends$26,644,820
Tax-exempt bond proceeds$0
Royalty revenue$4,417,383
Net rental income$1,719,066
Net gain from sale of non-inventory assets$21,720,719
Net income from fundraising events$22,170
Net income from gaming activities$0
Net income from sales of inventory$7,802,626
Miscellaneous revenues$9,419,660
Total revenues$686,860,190

Form 990s for WFU

Fiscal year endingDate received by IRSFormPDF link
2023-062024-05-15990View PDF
2022-062023-05-15990View PDF
2021-062023-02-14990View PDF
2020-062021-05-26990View PDF
2019-062021-02-05990View PDF
...and 11 more Form 990s

Organizations like WFU

OrganizationLocationRevenue
Dartmouth CollegeHanover, NH$1,603,346,438
University of PittsburghPittsburgh, PA$3,139,570,956
Rensselaer Polytechnic Institute (RPI)Troy, NY$666,573,071
Loyola University Chicago (LUC)Chicago, IL$992,738,428
Fordham UniversityBronx, NY$1,017,256,067
Drexel UniversityPhiladelphia, PA$1,412,910,056
Baylor University (BU)Waco, TX$1,454,111,582
Northeastern University (NU)Boston, MA$2,586,227,003
Syracuse University (SU)Syracuse, NY$1,739,194,343
Santa Clara University (SCU)Santa Clara, CA$622,017,263
Data update history
July 11, 2024
Posted financials
Added Form 990 for fiscal year 2023
May 18, 2024
Received grants
Identified 2 new grant, including a grant for $200,000 from Paul K Richter Memorial Fund
February 4, 2024
Received grants
Identified 3 new grant, including a grant for $150,000 from North Carolina Community Foundation (NCCF)
January 3, 2024
Received grants
Identified 36 new grant, including a grant for $2,000,000 from Wake Forest University Health Sciences
October 26, 2023
Received grants
Identified 17 new grant, including a grant for $854,678 from Z. Smith Reynolds Foundation (ZSR)
Nonprofit Types
Grantmaking organizationsSchoolsHigher ed institutionsHeadquarter / parent organizations
Issues
Education
Characteristics
Political advocacyLobbyingFundraising eventsOperates internationallyState / local levelReceives government fundingEndowed supportCommunity engagement / volunteeringProvides scholarshipsAuction fundraisersFundraising races, competitions, and tournamentsTax deductible donationsAccepts online donations
General information
Address
1834 Wake Forest Rd Box 7201
Winston Salem, NC 27109
Metro area
Winston-Salem, NC
County
Forsyth County, NC
Website URL
wfu.edu/ 
Phone
(336) 758-5000
Facebook page
wfuniversity 
Twitter profile
@wakeforest 
IRS details
EIN
56-0532138
Fiscal year end
June
Taxreturn type
Form 990
Year formed
1834
Eligible to receive tax-deductible contributions (Pub 78)
Yes
Categorization
NTEE code, primary
B43: University or Technological Institute
NAICS code, primary
611310: Colleges, Universities, and Professional Schools
Parent/child status
Central organization
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