WAKE FOREST UNIVERSITY

EIN: 560532138 501(c)(3) Education

WINSTONSALEM, NC

Total Revenue
$843,176,173
Total Expenses
$786,273,688
Total Assets
$2,983,355,494
Net Assets
$2,133,311,642
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Financial Trends

Organization Details

Formation Year
1834
Legal Domicile
NC
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, a 501(c)(3) institution of higher education, is dedicated to the pursuit of excellence in the liberal arts and in graduate and professional education. The organization is comprised of seven constituent parts: Wake Forest College; the Graduate School of Arts and Sciences; the School of Law; the School of Medicine; the School of Business; the School of Divinity; and the School of Professional Studies. It seeks to honor the ideals of liberal learning, which entail commitment to transmission of cultural heritages; teaching the modes of learning in the basic disciplines of human knowledge; developing critical appreciation of moral, aesthetic and religious values; advancing the frontiers of knowledge through in-depth study and research; and applying knowledge in the service of humanity.

Program Service Accomplishments

Program 1
Expenses: $436,455,868 Revenue: $459,569,927

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...

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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 varied 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 2024, Wake Forest's enrollment was comprised of 5,490 undergraduates and 2,563 graduate students for a total of 8,053. Undergraduates in Fall 2024 came from all 50 U.S. states; Washington, D.C.; other U.S. territories and possessions; and approximately 40 international countries. Women represented 54% of the undergraduate population and international students accounted for 8% of the total. Wake Forest offered 49 majors and 62 minors in Wake Forest College and in the School of Business in 2024-25. In the Fall 2024 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 2024 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 85% 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 3,600 graduates have lived and studied at one or more of the houses. Wake Forest operates nearly 50 of its own international study programs and offers students access to approximately 400 more through various affiliation agreements. In 2024-25, a record total of 1,171 undergraduates studied in 61 cities in 35 countries, traveling an estimated 10.8 million miles round-trip from Winston-Salem. 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. 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 School of Business also co-sponsors dual degrees in Law and Medicine. The part-time Master of Business Administration program offers working professionals the opportunity to keep their jobs while enhancing their careers. Serving separate cohorts of students in Winston-Salem and Charlotte, the MBA program is consistently ranked among the nation's best part-time offerings in the field. Divinity: 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, 97.4% of graduates in Wake Forest's Class of 2024 held full-time positions for which bar passage was required or for which a JD degree was advantageous. That rate is the third-highest in the country for that year. 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 School of Professional Studies houses 12 Masters degree programs, all of which are offered online; six certificate, certification or other online training programs; and more than 15 non-credit classes, which take place in-person in Charlotte and Winston-Salem or online. 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 Center for Medical Education, home to the School of Medicine and select Graduate School programs; the Charlotte Center, home to select graduate degree programs and the administration of the School of Professional Studies; a second Medical School campus in a new innovation district in Charlotte known as The Pearl; 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 FY25 alone, the University created 175 new scholarships in the name of expanding its reach. Approximately 48% of the undergraduate student population and the vast majority of graduate students received financial aid awards in the form of grants or loans in 2024-25.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. Approximately 97% of Class of 2024 graduates had secured employment or a graduate school opportunity within six months of receiving Wake Forest degrees.

Program 2
Expenses: $108,638,963 Revenue: $111,739,621

Residence Halls & Dining:In the interest of building community, Wake Forest requires all undergraduates to live on campus for at least three years. Only 10 of the 189 research institutions with data...

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Residence Halls & Dining:In the interest of building community, Wake Forest requires all undergraduates to live on campus for at least three years. Only 10 of the 189 research institutions with data in a November 2024 survey by collegetransitions.com required three or four years of on-campus residency. 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. 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 four 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 November 2024. 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 11 NCAA team championships: three each in men's golf and field hockey; two in men's tennis, the most recent of which was earned in May 2025; and one each in baseball, women's golf and men's soccer. Wake Forest is one of only 30 Division I schools with titles in six unique sports. The median undergraduate enrollment of this group in Fall 2023 was 32,574 almost six times the Wake Forest figure.

Program 3
Expenses: $73,897,470 Revenue: $3,155,864

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...

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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 interests; 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 (OCCE) 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 2024-25 academic year, Wake Forest was one of only two North Carolina colleges to receive funds for an important initiative, Public Health AmeriCorps. Over the year, 14 students partnered with seven unique community organizations to help meet various public-health needs. In 2024-25, approximately 47% of undergraduates participated in at least one of the three major campus fundraising events supporting cancer research. In 2024-25, the OCCE celebrated the fifth anniversary of its Virtual Tutoring initiative. Born amid the restrictions related to COVID-19, the program has helped more than 700 students in nearly all Winston-Salem/Forsyth County Schools. In 2024-25 alone, unique tutees benefited from the guidance and mentorship of 164 Wake Forest students. Nearly one of every 14 Wake Forest graduates in the Class of 2025 participated in at least one academic year of tutoring while undergraduates.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 an increase in gym usage. A member of the Wake Forest community enters the facility every 68 seconds.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 40 club sports and 37 intramural leagues and competitions. Nearly every late afternoon and early evening features contests in several distinct sports. In 2024-25, approximately one of every four undergraduates took a fitness class.

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

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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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Governance

Voting Members
49
Independent Members
48
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
5
$12,482,731
Total Directors
49
$1,883,267
Key Employees
2
$1,933,142
Highest Compensated
5
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
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