WAKE FOREST UNIVERSITY HEALTH SCIE… - Form 990 Financial Data

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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

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

FOR CONTINUATIONWAKE FOREST UNIVERSITY HEALTH SCIENCES (AT TIMES ALSO REFERRED TO AS "WAKE FOREST UNIVERSITY SCHOOL OF MEDICINE", "WFUHS OR "THE FILING ORGANIZATION") IS AN INTEGRAL PART OF ATRIUM HEALTH WAKE FOREST BAPTIST (AT TIMES ALSO REFERRED TO AS "AHWFB"), A PREEMINENT LEARNING HEALTH SYSTEM AND ACADEMIC MEDICAL CENTER OF THE HIGHEST QUALITY WITH BALANCED EXCELLENCE IN PATIENT CARE, RESEARCH AND EDUCATION THAT PROMOTES BETTER HEALTH FOR ALL THROUGH COLLABORATION, EXCELLENCE AND INNOVATION. AHWFB'S MISSION IS TO IMPROVE HEALTH, ELEVATE HOPE AND ADVANCE HEALING - FOR ALL AND ITS VISION IS TO BE THE FIRST AND BEST CHOICE FOR CARE.

Program Service Accomplishments

Program 1

Expenses: $36,500,190 Revenue: $283,613

MEDICAL RESEARCH, GENERAL/OTHER: RESEARCH COMPRISED OF BASIC SCIENCE CLINICAL RESEARCH AND POPULATION BASED STUDIES AND IS CENTERED ON THE ACQUISITION AND ADVANCEMENT OF SCIENTIFIC KNOWLEDGE AND NEW TECHNOLOGY AND THEIR TRANSFER TO INDUSTRY AND THE PATIENT IN ORDER TO PREVENT AND TREAT DISEASE AND PROMOTE HEALTH (1,213 GRANTS).

Program 2

Expenses: $1,052,937,330 Revenue: $1,138,745,002

PATIENT CARE AND MEDICAL EXPENSES IN PROVIDING SERVICES TO OVER 1,526,000 PATIENT ENCOUNTERS DURING THE TAX YEAR.

Program 3

Expenses: $356,672,575 Revenue: $64,656,836

PROFESSIONAL EDUCATION: INSTRUCTION OF 2,076 MEDICAL, GRADUATE, PHYSICIAN ASSISTANT, CRNA, AND BIOMEDICAL ENGINEERING STUDENTS. SCHOLARSHIPS AND AID PROVIDED TO 1,790 STUDENTS.

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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%)

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

Governance

Voting Members

Independent Members

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

$15,697,429

Total Directors

$7,043,533

Key Employees

Highest Compensated

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

WAKE FOREST UNIVERSITY HEALTH SCIENCES