Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in May 2001.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
85 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
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Who runs it and what they're paid
66 people listed on the 990; $18.8M paid to officers and key staff.
David P Clawson’s $4.9M as Football Coach is at the 96th percentile of top reported officer pay among 674 $100M+ education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Daniel R Manning | — | — | — | $14,658,459 | $769,379 | $2,539,220 |
| David P Clawson | $4,869,999 | $4,774,547 | $4,709,021 | $4,220,955 | $3,356,169 | $3,553,085 |
| Steve Forbes | $2,515,493 | $2,281,576 | $3,068,179 | $1,601,737 | $1,080,624 | — |
| B Hofler Milam | $439,002 | $1,041,654 | $734,339 | $2,133,852 | $617,669 | $699,913 |
| Nathan O Hatch | — | — | $965,961 | $1,893,057 | — | — |
| Nathan O Hatch PHD | — | — | — | — | $1,524,226 | $1,665,827 |
| Susan R Wente PHD | $1,519,832 | $1,473,696 | $1,398,169 | $692,191 | — | — |
| John a Currie | $1,254,401 | $1,146,384 | $954,788 | $1,094,303 | $715,044 | $651,920 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2Yes
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Provides higher education in the liberal arts, graduate, and professional fields while fostering student-led community service and extracurricular development.
Questions for Wake Forest University
Your first name shows with your question. Wake Forest University answers here, for everyone.
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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.
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.
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.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2025 990, line by line.
Download 990
| Line | Start FY25 | End FY25 |
|---|---|---|
| Cash and savingsLn 1–2 | $34.6M | $43.5M |
| InvestmentsLn 11–13 | $1.83B | $1.99B |
| Land, buildings, equipmentLn 10c | $752.4M | $754.0M |
| Total assetsLn 16 | $2.80B | $2.98B |
| LiabilitiesLn 26 | $816.6M | $850.0M |
| Net assetsLn 32 | $1.99B | $2.13B |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $19.4M | $19.4M | ||
| Grants to domestic individualsLn 2 | $140.8M | $140.8M | ||
| Grants and assistance to foreign recipientsLn 3 | $1.4M | $1.4M | ||
| Pay of current officers, directors and key staffLn 5 | $6.5M | $2.6M | $3.3M | $654K |
| Other salaries and wagesLn 7 | $281.2M | $225.0M | $42.6M | $13.6M |
| Pension plan contributionsLn 8 | $19.1M | $15.0M | $3.2M | $956K |
| Other employee benefitsLn 9 | $36.1M | $25.6M | $6.1M | $4.3M |
| Payroll taxesLn 10 | $18.3M | $14.4M | $3.0M | $906K |
| Legal feesLn 11b | $2.7M | $300K | $2.4M | |
| Accounting feesLn 11c | $412K | $412K | ||
| Investment management feesLn 11f | $11.3M | $7.3M | $3.9M | |
| Other fees for servicesLn 11g | $31.5M | $25.3M | $3.5M | $2.7M |
| Advertising and promotionLn 12 | $4.7M | $4.0M | $314K | $407K |
| Office expensesLn 13 | $11.4M | $9.4M | $1.0M | $979K |
| Information technologyLn 14 | $4.8M | $4.5M | $337K | $4K |
| RoyaltiesLn 15 | $3K | $3K | ||
| OccupancyLn 16 | $10.9M | $10.8M | $139K | $7K |
| TravelLn 17 | $16.7M | $15.7M | $329K | $658K |
| Conferences, conventions and meetingsLn 19 | $6.6M | $5.6M | $829K | $157K |
| InterestLn 20 | $20.5M | $19.8M | $671K | |
| Depreciation, depletion and amortizationLn 22 | $52.4M | $46.8M | $5.6M | |
| InsuranceLn 23 | $4.0M | $1.3M | $2.7M | $68 |
| Other expenses (24a–d)Ln 24 | $65.2M | $56.1M | $7.2M | $2.0M |
| All other expensesLn 24e | $20.2M | $19.6M | $403K | $194K |
| Total functional expensesLn 25 | $786.3M | $670.7M | $88.1M | $27.5M |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest Viewing | $843.2M | $786.3M | $56.9M | $2.1B | 990 PDF |
| FY2024 | $764.4M | $705.7M | $58.7M | $2.0B | 990 PDF |
| FY2023 | $686.9M | $654.8M | $32.1M | $1.9B | 990 PDF |
| FY2022 | $715.4M | $628.0M | $87.5M | $1.8B | 990 PDF |
| FY2021 | $681.7M | $585.2M | $96.5M | $1.8B | 990 PDF |
| FY2020 | $583.4M | $577.6M | $5.8M | $1.4B | 990 PDF |
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Schedules filed Part IV
See the full FY2025 990 (6 parts)
Part I · Summary $843,176,173 revenue, 12 lines filed
Part VI · Governance 48 of 49 board members independent, 1 to look at
Part VIII · Statement of revenue $843,176,173 across 14 lines filed
Part IX · Statement of functional expenses $786,273,688 across 24 lines filed
Part X · Balance sheet $2,983,355,494 assets, 21 lines filed
Part XI · Reconciliation of net assets $2,133,311,642 net assets at year end
Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File
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