WAKE FOREST UNIVERSITY HEALTH SCIENCES

EIN: 223849199 501(c)(3) Education

WINSTONSALEM, NC

Total Revenue
$1,642,738,661
Total Expenses
$1,535,945,189
Total Assets
$2,098,996,618
Net Assets
$983,731,950
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
2001
Legal Domicile
NC
Principal Officer
JULIE ANN FREISCHLAG MD
Phone
3367164445
Tax Period
2023-01-01 to 2023-12-31

WAKE FOREST UNIVERSITY HEALTH SCIENCES, founded in 2001, is a large national nonprofit in the Education sector that reported $1.6B in total revenue in fiscal year 2023. Revenue surged 35% from the prior year, signaling strong growth momentum. Expenses of $1.5B left a modest 7% surplus.

Mission

TO IMPROVE HEALTH, ELEVATE HOPE AND ADVANCE HEALING FOR ALL.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $366,067,620
Program Service Revenue $1,203,401,838
Investment Income $68,749,404
Other Revenue $4,519,799
TOTAL REVENUE $1,642,738,661

Expense Breakdown

Grants Paid $74,207,537
Salaries & Benefits $1,060,452,091
Fundraising Expenses $1,960,719
Program Expenses $1,446,110,095
Other Expenses $400,018,342
TOTAL EXPENSES $1,535,945,189

Year-over-Year Comparison

2023 2022 Change
Revenue $1,642,738,661 $1,216,917,552 +0.3%
Expenses $1,535,945,189 $1,358,890,515 +0.1%
Net Income $106,793,472 $-141,972,963 -1.8%
Key Indicators
✓ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
14
Independent Members
12
Employees
2073
Volunteers
470

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
⚠ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✓ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
14
$15,697,429
Total Directors
22
$7,043,533
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JULIE ANN FREISCHLAG MD DIRECTOR, CEO AHWFB 15.70
Officer Director
$5,194,069 $50,088 $5,244,157
KEVIN P HIGH MD PRES, HEALTH SYSTEM (TO 7/1/23) 5.80
Officer
$2,269,909 $52,075 $2,321,984
TERRY G WILLIAMS FORMER OFFICER (7/31/22) 0.00
$1,681,163 $281,221 $1,962,384
KENNETH LENNON MD CLIN ADJ FACULTY 40.00
Highest
$0 $50,779 $1,902,505
SUSAN R WENTE PHD DIRECTOR, PRES WFU 3.00
Officer Director
$0 $325,680 $1,799,376
EDWARD H KINCAID MD DEPT. CHAIR 40.00
Highest
$1,601,841 $52,489 $1,654,330
BRADLEY A CLARK EVP, TREASURER 1.00
Officer
$1,431,976 $145,795 $1,577,771
ANTHONY ATALA MD DEPT. CHAIR 40.00
Highest
$1,465,039 $54,475 $1,519,514
CHARLES BRANCH DEPT. CHAIR 40.00
Highest
$1,336,526 $48,499 $1,385,025
CRAIG GREVEN DEPT. CHAIR 40.00
Highest
$1,206,838 $46,486 $1,253,324
E EBONY BOULWARE MD DEAN, WFU SOM 35.00
Officer
$923,292 $32,149 $955,441
TERRY L HALES JR ASST TREASURER 35.20
Officer
$867,249 $56,067 $923,316
J REID MORGAN GEN COUNSEL & SEC (TO 7/1/23) 8.00
Officer
$0 $108,874 $799,445
LISA M MARSHALL VP, CH PHIL OF 10.50
Officer
$0 $36,014 $671,055
STEPHAN L LILLIE SVP & CFO 9.70
Officer
$0 $33,957 $606,226
WILLIAM D SHOWALTER FORMER OFFICER (5/13/22) 0.00
$0 $29,498 $550,339
DAVID W ZAAS MD PRES, HEALTH SYSTEM (FR 9/1/23) 20.00
Officer
$530,164 $6,594 $536,758
ANITA CONRAD ASST SECRETARY (TO 10/31/23) 12.00
Officer
$0 $42,998 $261,900
A DALE JENKINS CHAIR 2.00
Officer Director
$0 $0 $0
BRENDA CLINE DIRECTOR 2.00
Director
$0 $0 $0
BRIAN A WHITE SECRETARY (FR 7/1/23) 2.00
Officer Director
$0 $0 $0
CATHY WALL THOMAS MD DIRECTOR 2.00
Director
$0 $0 $0
CURTIS C FARMER DIRECTOR 2.00
Director
$0 $0 $0
DAVID I WAHRHAFTIG DIRECTOR (FR 7/1/23) 2.00
Director
$0 $0 $0
DONALD E FLOW VICE CHAIR 3.00
Officer Director
$0 $0 $0
DONNA A BOSWELL PHD DIRECTOR 2.00
Director
$0 $0 $0
ERIC C WISEMAN DIRECTOR 2.00
Director
$0 $0 $0
ERIC EUBANK DIRECTOR (FR 7/1/23) 2.00
Director
$0 $0 $0
GERALD F ROACH DIRECTOR 2.00
Director
$0 $0 $0
JAMES HELVEY III DIRECTOR (TO 6/30/23) 2.00
Director
$0 $0 $0
JAMES M O'CONNELL DIRECTOR 2.00
Director
$0 $0 $0
JOHN M VANN DIRECTOR 4.00
Director
$0 $0 $0
MARYBETH TORBET HAYS DIRECTOR 2.00
Director
$0 $0 $0
MATTHEW A KING DIRECTOR 2.00
Director
$0 $0 $0
MATTHEW CRAWFORD DIRECTOR (FR 7/1/23) 2.00
Director
$0 $0 $0
MIT B SHAH DIRECTOR 2.00
Director
$0 $0 $0
PETE CARLSON DIRECTOR (TO 6/30/23) 2.00
Director
$0 $0 $0
SHANNAN SPENCE TOWNSEND DIRECTOR 2.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $1,642,738,661 $1,535,945,189 $2,098,996,618 $106,793,472
2022 $1,216,917,552 $1,358,890,515 $1,941,039,363 $-141,972,963
2021 $629,827,374 $633,532,610 $4,063,609,787 $-3,705,236
2021 $1,345,440,206 $1,193,111,372 $2,049,073,606 $152,328,834
2020 $1,070,156,873 $1,105,965,785 $1,634,362,996 $-35,808,912
2019 $1,047,919,534 $1,075,819,896 $1,435,646,931 $-27,900,362
2018 $960,431,388 $975,971,480 $1,417,037,950 $-15,540,092
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