Wake Forest University
Wake Forest University reported $843.2 million in revenue and $786.3 million in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $85.31 went to program services, $11.20 to management and general costs and $3.49 to fundraising. Its largest source of revenue was program service revenue such as fees, sales and contracts: 68.7% of the total. The highest compensation it reported for one person was $7,634,720 (EVP Health Aff.). 723 people received more than $100,000 in reportable compensation. Revenue rose 45% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending June 30, 2025 · Form 990, Part IX, line 25 · total expenses $786MFor context, the median across 5,499 covered education charities: $85.56 programs, $13.59 management, $0.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending June 30, 2025 · Form 990, Part VIII · total revenue $843MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 85.3% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 11.2% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 3.5% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.17 | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 18.8% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 1.7% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 68.7% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $7,634,720 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 0.97% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 723 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 32.6 | 13.3 |
| Independent voting board members Part VI 1a–1b | 48 of 49 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2025 · Form 990, Part III · the three largest programs by expenseFounded 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…
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…
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…
Highest reported compensation
FY2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| EVP Health Aff. Officer, 2.00 hrs/week | $0 | $7,594,629 | $40,091 | $7,634,720 |
| Football Coach Highest compensated employee, 40.00 hrs/week | $4,869,999 | $0 | $81,074 | $4,951,073 |
| Men's BktBall Co Highest compensated employee, 40.00 hrs/week | $2,515,493 | $0 | $71,174 | $2,586,667 |
| President & Trustee Director/trustee, officer, 29.30 hrs/week | $1,519,832 | $0 | $363,435 | $1,883,267 |
| Director of Athletics Key employee, 40.00 hrs/week | $1,254,401 | $0 | $123,576 | $1,377,977 |
| F'ball Offensive Coordinat Highest compensated employee, 40.00 hrs/week | $1,070,896 | $0 | $76,070 | $1,146,966 |
| Provost Officer, 40.00 hrs/week | $1,015,247 | $0 | $112,578 | $1,127,825 |
| EVP, CFO, Treas Officer, 36.50 hrs/week | $852,445 | $0 | $243,600 | $1,096,045 |
723 people received more than $100,000 in reportable compensation from Wake Forest University (Part VII, line 2). Compensation of current officers, directors and key employees totaled $6.5M (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b49 · 48 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2Yes
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4Yes
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 56,118
- Volunteers Part I, line 62,200
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| Harvest Table Culinary Group Food Service | $31,957,121 |
| Embanet-Compass Knowledge Group Inc Online Education | $6,602,613 |
| Kaplan Higher Education LLC Online Education | $6,494,507 |
Individuals listed as contractors are left out. 201 contractors were paid more than $100,000 in all.
Private foundation grants it received
173 private foundations reported grants to Wake Forest University totaling $34M on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Wake Forest University's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Wake Forest University, you can publish a response that is linked from this page.
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Of every $100 Wake Forest University spent in FY2025, $85.31 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Lehigh UniversityBethlehem, PA · revenue $840M · programs 86.7% · FY2025
- St John's University New YorkJamaica, NY · revenue $844M · programs 92.9% · FY2025
- Marquette UniversityMilwaukee, WI · revenue $840M · programs 91.7% · FY2025
- Step Up for Students - FloridaJacksonville, FL · revenue $859M · programs 98.3% · FY2025
- Creighton UniversityOmaha, NE · revenue $818M · programs 70.7% · FY2025
All education charities · Largest charities in North Carolina
Questions people ask
How much of Wake Forest University's spending goes to programs?
In the fiscal year ending June 30, 2025, Wake Forest University reported that 85.3% of its $786.3 million in expenses went to program services, 11.2% to management and general and 3.5% to fundraising (Form 990, Part IX).
How much does Wake Forest University pay its top executive?
The largest total compensation Wake Forest University reported for one person in the fiscal year ending June 30, 2025 was $7,634,720, for the role of EVP Health Aff. (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Wake Forest University get its money?
Of $843.2 million in revenue in the fiscal year ending June 30, 2025, 18.8% came from contributions and grants (including 1.7% from government grants) and 68.7% from program service revenue (Form 990, Part VIII).
Is Wake Forest University a registered charity?
The IRS lists EIN 56-0532138 as a 501(c)(3) organization (school), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending June 30, 2025, object 202601359349305890 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202541359349303354 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202401369349307255 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202301359349302225 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202320459349301642 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202131379349300153 · read the filing
All filings for EIN 56-0532138: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.