EIN 56-0532138

Wake Forest University (WFU)

IRS 501(c) type
501(c)(3)
Num. employees
5,546
Year formed
1834
Most recent tax filings
2022-06-01
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
$715,438,504
2022
Total expenses
$627,965,784
2022
Total assets
$2,572,484,456
2022
Num. employees
5,546
2022

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.The University consists of Wake Forest College, the undergraduate arts and sciences division that honors the full institution's former name; the Graduate School of Arts and Sciences; the School of Law; the School of Medicine; the School of Business, which provides undergraduate and graduate study; the School of Divinity; and the School of Professional Studies.In Fall 2021, Wake Forest's enrollment was comprised of 5,472 undergraduates and 2,647 graduate students for a total of 8,119.Undergraduates come from 47 U.S. states; Washington, D.C.; other U.S. territories and possessions; and approximately 64 international countries. Women represent 56% of the undergraduate population and international students are 9.8% of the total. Wake Forest has been ranked among the Top 30 National Universities by U.S. News & World Report for 27 consecutive years. Classified as a Regional University when the U.S. News survey began in the 1980s, Wake Forest expanded its academic profile and qualified for National University status, which generally dovetails with Carnegie Foundation classification as a research institution, in the mid-1990s. More than 600 institutions have been classified as top Regional Universities at some point in U.S. News rankings history. Wake Forest is the only one of them to advance to distinction as a Top-30 National University. Additionally, Wake Forest has been ranked in the Top 25 among Best Value Universities by U.S. News in each of the past six years. In the September 2021 U.S. News survey, Wake Forest is one of only 14 National Universities (out of 392 total) ranking in the Top 30 in all of the following: general quality (28th); value (24th) and undergraduate teaching quality (21st). In the Fall 2021 semester, 99% of all undergraduate classes had fewer than 50 students. That is the highest rate of any Top-50 National University. The average student-faculty ratio in Fall 2021 was 10.6 to 1. The class size is consistent with Wake Forest's educational model, known as the Engaged Liberal Arts, which seeks to make students active participants in their learning. Its core tenets include the merger of classroom learning and real-world experience; the melding of multiple academic disciplines; and variety of instructional methods beyond the traditional lecture format. Wake Forest's footprint extends worldwide and more than half of its students participate in study abroad programs. Wake Forest is one of only two doctoral institutions ranked among in the Top 10 in the Open Doors Report's national rankings in every year from 2002-03 through 2019-20, the final academic year in which international study was fully operational before the COVID-19 pandemic.Wake Forest is one of a select group of universities to own and operate three academic-residential houses overseas. They are Casa Artom, located on the Grand Canal in Venice; Flow House in Vienna; and Worrell House in London. Since the early 1970s, more than 3,200 graduates have lived and studied at one or more of the houses. Wake Forest operates more than 50 of its own international-study programs and offers students access to approximately 400 more through various affiliation agreements. As of November 2021, those experiences were available in 176 cities in 75 foreign countries. Also under the umbrella of Study Away opportunities is Wake Washington, a University-run program in which students combine classroom instruction with internships. They work four days a week for a variety of government and non-government organizations and agencies. Graduate StudiesMore than 40 graduate programs are offered in the Graduate School of Arts and Sciences and the Schools of Business, Divinity, Law and Medicine. General subject areas include Biomedical Science; Business; Computer and Information Systems; Counseling; Education; Humanities; Interdisciplinary Studies; Law; Liberal Arts Studies; Life and Physical Sciences; Mathematics and Statistics; Medicine; Social and Behavioral Sciences; Theology; and Visual and Performing Arts. Business: The School of Business offers highly rated graduate programs in Accountancy, Business Administration, Management and Analytics. Over the past 20 years, Wake Forest leads the nation in CPA exam passage rate and has placed in the top five in 19 of those 20 years. The part-time MBA program was ranked first in North Carolina and 22nd nationally in the U.S. News rankings released in March of 2021.Divinity: Although less than 25 years old, the Wake Forest School of Divinity is a national leader. It is one of a select few institutions to make the list of Seminaries That Change the World in every year the rankings were compiled by the Center for Faith and Service. The School aspires for its graduates to be agents of justice, reconciliation and compassion and architects of equity, hope and healing. Law: The School of Law is among national leaders in value, employment rate, bar-passage rate and several practice areas according to various sources, including The National Jurist and U.S. News. Grad School: The Graduate School of Arts and Sciences houses 30 Masters and Doctoral disciplinary or interdisciplinary programs and sponsors 12 programs jointly with the Schools of Medicine, Business, Divinity and the Undergraduate College.Wake Forest considers access and opportunity vital to the mission articulated by its motto, "Pro Humanitate." Approximately 53% of the graduate and undergraduate student population received financial aid awards.
Campus Life:Approximately 200 student organizations are active at Wake Forest, providing extracurricular learning and service opportunities for their members and ancillary benefit to the campus and local communities. They are centered around academic and professional development; business development; recreational-sports participation; fraternity and sorority life; cultural affiliation and affinity; media; fine-arts performance and exhibition; student governance; and other focal points. In addition to student-run organizations, the Office of Civic and Community Engagement partners with approximately 120 projects and institutions across policy areas including aging; poverty; health; food access; various children's matters; education; and environmental sustainability. In 2017, the University opened the renovated Reynolds Gym and the new Sutton Center, collectively known as the Wake Forest Wellbeing Center. The project immediately increased space dedicated to personal and group fitness; doubled the size of the Student Health center; and led to a 124% increase in gym usage between its opening and the onset of the COVID-19 pandemic. A robust campus recreation department oversees 37 club sports and 37 intramural leagues and competitions. Nearly every late afternoon and early evening features contests in several distinct sports.
Residence Halls & Dining:In the interest of building community, Wake Forest requires all undergraduates to live on campus for at least three years. The University has done its part in this endeavor by acquiring, building or substantially renovating all residence halls in the past decade. The Division of Residence Life and Housing (RLH) aspires to help students: Find an authentic sense of belonging; Successfully navigate citizenship within diverse communities; Develop the skills, knowledge and perspective to maintain a healthy, balanced life; and Exhibit responsibility for self, others, property and the environment.RLH maintains 20 facilities. They are equipped with high-speed internet service and include common areas suited to group study. The Division of Dining Services includes 17 locations. The main dining hall, affectionally known as The Pit, serves cafeteria-style food with several distinct areas, including vegan, gluten-free and other diet-specific options. Athletics:Wake Forest fields 18 intercollegiate athletics teams nine for men, nine for women in NCAA's Division I and the Atlantic Coast Conference, of which it is a charter member. The University's undergraduate enrollment is the smallest of any school in the five most financially and athletically potent Division I conferences, but that size is a strength rather than a weakness. The distinction helps the University attract student-athletes who excel in competition and academics. Across all sports, Wake Forest posted a 96% NCAA-measured graduation report in a report released in 2022. The institutional-level report measured graduation rates of 14 Wake Forest sport cohorts, considering teams in indoor track, outdoor track and cross country as one entity per gender. Of those 14 groups, nine posted perfect scores of 100. Demon Deacon teams have won nine NCAA team championships in five unique sports. Men's golf and field hockey have won three each and men's tennis, men's soccer and baseball have one title apiece.
Wake Forest is classified as a High Research Activity institution, the second-highest level, by the Carnegie Foundation for the Advancement of Teaching. Wake Forest University has grants and internally funded research pursuant to basic science and technology. Wake Forest University manages research projects in Biology, Chemistry, Physics, Mathematics, Computer Science, Health & Exercise Science, Divinity and Business. The Z. Smith Reynolds library and the professional school libraries together house 900,000 physical books and 971,000 eBooks, as well as access to a multitude of other web based resources. The campus libraries provide resources for both student and faculty researchers. An Undergraduate Research Day is held annually, in which students display and explain the results of their faculty-guided research, which often takes place the previous summer. In most recent years, approximately one of every 11 graduates has made at least one presentation at the event, informally known as a celebration of collaboration.

Grants made by WFU

GranteeGrant descriptionAmount
Reynolda House Museum of American ArtOperations Support$884,000
Wake Forest University Health SciencesPass-Through Grant$414,764
Wake Forest University Health SciencesResearch Subcontract$308,197
...and 37 more grants made totalling $4,293,806

Who funds Wake Forest University (WFU)

Grants from foundations and other nonprofits
GrantmakerDescriptionAmount
Atlantic Coast ConferenceAllocation of General Support$39,276,272
Lilly EndowmentLeadership & Character Ed Programs$16,642,222
Fidelity Investments Charitable Gift FundFor Grant Recipient's Exempt Purposes$5,868,942
...and 154 more grants received totalling $84,431,952

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 06/2022
Total grants, contributions, etc.$123,550,270
Program services$510,330,123
Investment income and dividends$19,212,818
Tax-exempt bond proceeds$0
Royalty revenue$3,478,618
Net rental income$2,255,538
Net gain from sale of non-inventory assets$42,431,861
Net income from fundraising events$24,061
Net income from gaming activities$0
Net income from sales of inventory$6,373,308
Miscellaneous revenues$7,781,907
Total revenues$715,438,504

Form 990s for WFU

Fiscal year endingDate received by IRSFormPDF link
2022-062023-05-15990View PDF
2021-062023-02-14990View PDF
2020-062021-05-26990View PDF
2019-062021-02-05990View PDF
2018-062019-07-23990View PDF
...and 10 more Form 990s

Organizations like WFU

OrganizationLocationRevenue
Illinois Institute of Technology (IIT)Chicago, IL$364,483,065
University of PittsburghPittsburgh, PA$3,230,553,057
Dartmouth CollegeHanover, NH$1,952,191,796
Touro UniversityNew York, NY$366,981,680
Georgetown UniversityWashington, DC$1,988,566,479
Hofstra UniversityHempstead, NY$607,156,021
Long Island University (LIU)Greenvale, NY$501,155,477
Loyola University Chicago (LUC)Chicago, IL$1,069,361,900
Trustees of Boston UniversityBoston, MA$3,129,652,283
Texas Christian University (TCU)Fort Worth, TX$1,103,356,620
Data update history
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)
August 20, 2023
Received grants
Identified 133 new grant, including a grant for $39,276,272 from Atlantic Coast Conference
Nonprofit Types
SchoolsHigher ed institutionsHeadquarter / parent organizations
Issues
Education
Characteristics
Political advocacyLobbyingFundraising eventsOperates internationallyState / local levelReceives government fundingEndowed supportCommunity engagement / volunteeringProvides scholarshipsGala fundraisersAuction fundraisersTax deductible 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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