WAKE FOREST UNIVERSITY (EIN 560532138) - Form 990 Financial Analysis & Trantor Score

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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

1834

Legal Domicile

Principal Officer

Susan R Wente PhD

Phone

3367585233

Tax Period

2024-07-01 to 2025-06-30

WAKE FOREST UNIVERSITY, founded in 1834, is a major nonprofit in the Education sector that reported $843.2M in total revenue in fiscal year 2024. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $786.3M left a modest 7% surplus.

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.

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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 (2024)

Revenue Breakdown

Contributions & Grants $158,466,076

Program Service Revenue $579,543,426

Investment Income $78,404,877

Other Revenue $26,761,794

TOTAL REVENUE $843,176,173

Expense Breakdown

Grants Paid $161,601,582

Salaries & Benefits $361,250,591

Fundraising Expenses $27,452,521

Program Expenses $670,745,090

Other Expenses $263,421,515

TOTAL EXPENSES $786,273,688

Year-over-Year Comparison

	2024	2023	Change
Revenue	$843,176,173	$764,367,570	+0.1%
Expenses	$786,273,688	$705,687,576	+0.1%
Net Income	$56,902,485	$58,679,994	0.0%

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

6118

Volunteers

2200

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

$12,482,731

Total Directors

$1,883,267

Key Employees

$1,933,142

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Jeanne Whitman Bobbitt	Board Chair	15.00	Director	$0	$0	$0
Curtis C Farmer	Board Vice Chair	6.00	Director	$0	$0	$0
Matthew A King	Board Vice Chair	6.00	Director	$0	$0	$0
Alexander Acquavella	Trustee	3.00	Director	$0	$0	$0
Diana M Adams	Comm Vice Chair	4.00	Director	$0	$0	$0
Lynn C Baranski	Trustee	3.00	Director	$0	$0	$0
Shelmer D Blackburn Jr	Committee Chair	5.00	Director	$0	$0	$0
Darlene Boytell-Perez	Trustee	3.00	Director	$0	$0	$0
Rich Brock	Trustee	3.00	Director	$0	$0	$0
Peter C Brockway	Comm Vice Chair	4.00	Director	$0	$0	$0
Thomas W Bunn	Comm Vice Chair	4.00	Director	$0	$0	$0
Jocelyn Burton	Committee Chair	6.00	Director	$0	$0	$0
Peter M Carlson	Trustee	3.00	Director	$0	$0	$0
David F Couch	Trustee	3.00	Director	$0	$0	$0
Matthew Starbuck Crawford	Comm Vice Chair	4.00	Director	$0	$0	$0
Jermyn M Davis	Committee Chair	6.00	Director	$0	$0	$0
James E Dixon	Trustee	3.00	Director	$0	$0	$0
The Honorable Donna F Edwards	Trustee	4.00	Director	$0	$0	$0
Cantey M Ergen	Committee Chair	4.00	Director	$0	$0	$0
Frederick W Eubank II	Comm Vice Chair	4.00	Director	$0	$0	$0
Lisbeth Clark Evans	Trustee	3.00	Director	$0	$0	$0
Helen Hough Feinberg	Trustee	3.00	Director	$0	$0	$0
Anil Rai Gupta	Trustee	3.00	Director	$0	$0	$0
Julie Ann Mullen Hartman	Trustee	4.00	Director	$0	$0	$0
Marybeth Torbet Hays	Comm Vice Chair	6.00	Director	$0	$0	$0
Frank B Holding Jr	Committee Chair	5.00	Director	$0	$0	$0
A Dale Jenkins	Committee Chair	4.00	Director	$0	$0	$0
Deborah D Lambert	Trustee	4.00	Director	$0	$0	$0
Aubrey L Martin	Trustee	3.00	Director	$0	$0	$0
Jane McGraw	Committee Chair	4.00	Director	$0	$0	$0
James M O'Connell	Trustee	3.00	Director	$0	$0	$0
Gary S Pinkus	Trustee	3.00	Director	$0	$0	$0
Rev Dr Prince R Rivers	Trustee	3.00	Director	$0	$0	$0
Gerald F Roach	Trustee	6.00	Director	$0	$0	$0
Jorge Rodriguez	Trustee	3.00	Director	$0	$0	$0
Stella A Ross	Trustee	3.00	Director	$0	$0	$0
Mit B Shah	Committee Chair	6.00	Director	$0	$0	$0
Hannah VanderWeide Shue	Trustee	3.00	Director	$0	$0	$0
Michael C Smith	Committee Chair	6.00	Director	$0	$0	$0
Janice K Story	Trustee	4.00	Director	$0	$0	$0
Ben C Sutton Jr	Comm Vice Chair	5.00	Director	$0	$0	$0
Matthew B Teller	Trustee	3.00	Director	$0	$0	$0
Shannan Spence Townsend	Committee Chair	6.00	Director	$0	$0	$0
Patricia L Turner	Trustee	3.00	Director	$0	$0	$0
John M Vann	Trustee	3.00	Director	$0	$0	$0
Laura Horton Virkler	Trustee	3.00	Director	$0	$0	$0
Eric C Wiseman	Comm Vice Chair	5.00	Director	$0	$0	$0
Katherine B Wright	Committee Chair	5.00	Director	$0	$0	$0
Susan R Wente PhD	President & Trustee	29.30	Officer Director	$1,519,832	$363,435	$1,883,267
Julie A Freischlag MD	EVP Health Aff.	2.00	Officer	$0	$40,091	$7,634,720
Michele Gillespie PhD	Provost	40.00	Officer	$1,015,247	$112,578	$1,127,825
Jacqueline A Travisano EdD	EVP, CFO, Treas	36.50	Officer	$852,445	$243,600	$1,096,045
Brian A White	VP, Corp. Sec, G.C.	19.70	Officer	$693,061	$47,813	$740,874
John A Currie	Director of Athletics	40.00	Key Emp	$1,254,401	$123,576	$1,377,977
Jackie Krasas PhD	Dean, Wake Forest College	40.00	Key Emp	$523,360	$31,805	$555,165
Charles L Iacovou PhD	Dean, School of Profession	40.00	Highest	$869,341	$137,726	$1,007,067
David P Clawson	Football Coach	40.00	Highest	$4,869,999	$81,074	$4,951,073
Warren D Ruggiero	F'ball Offensive Coordinat	40.00	Highest	$1,070,896	$76,070	$1,146,966
Brad Lambert	F'ball Defensive Coordinat	40.00	Highest	$887,048	$49,785	$936,833
Steve Forbes	Men's BktBall Co	40.00	Highest	$2,515,493	$71,174	$2,586,667
J Reid Morgan	Former S.VP, Sec, G.C.	19.70		$412,282	$57,418	$469,700
Rogan Kersh PhD	Former Provost	40.00		$205,645	$35,342	$240,987
B Hofler Milam	Former EVP, CFO, Treas	40.00		$439,002	$57,272	$496,274
Mark A Petersen	SVP - Advancement	40.00		$796,310	$166,486	$962,796
Anthony P Marsh PhD	Senior Associate Dean, Wake Forest College	40.00		$250,201	$64,429	$314,630
Annette Ranft PhD	Dean, School of Business	40.00		$593,752	$32,273	$626,025

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
2025	$843,176,173	$786,273,688	$2,983,355,494	$56,902,485
2024	No data	No data	No data	No data
2023	$686,860,190	$654,792,741	$2,655,159,124	$32,067,449
2022	$715,438,504	$627,965,784	$2,572,484,456	$87,472,720
2021	$681,736,258	$585,188,441	$2,570,183,256	$96,547,817
2020	$583,443,727	$577,597,318	$2,139,822,388	$5,846,409
2019	$636,454,264	$553,710,404	$2,089,648,634	$82,743,860
2018	$583,361,532	$514,451,794	$1,919,040,249	$68,909,738

WAKE FOREST UNIVERSITY