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
63 people listed on the 990; $14.4M 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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Instruction of approximately 7,706 students in graduate and undergraduate programs. In addition to the U.S. campus, Wake Forest maintains five student learning centers in Europe, and has numerous study abroad programs available. WFU provides opportunities for foreign students to enter degree programs at the U.S. Campus.
Wake Forest maintains campus bookstores, housing and dining facilities, mail services and other program services, including Athletics. Athletic scholarships provided funding for athletes during the fiscal year. The Wake Forest conference center serves both University and external constituencies.
Wake Forest University maintains a campus with academic buildings, research laboratories, space for fraternities and sororities, and recreational facilities. The grounds add to the student experience. The organization also has other auxiliary enterprises designed to enhance and improve the University and the surrounding community.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2020 990, line by line.
Download 990
| Line | Start FY20 | End FY20 |
|---|---|---|
| Cash and savingsLn 1–2 | $39.6M | $53.6M |
| InvestmentsLn 11–13 | $1.18B | $1.17B |
| Land, buildings, equipmentLn 10c | $695.7M | $701.0M |
| Total assetsLn 16 | $2.09B | $2.14B |
| LiabilitiesLn 26 | $651.4M | $697.7M |
| Net assetsLn 32 | $1.44B | $1.44B |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $3.0M | $3.0M | ||
| Grants to domestic individualsLn 2 | $120.8M | $120.8M | ||
| Grants and assistance to foreign recipientsLn 3 | $1.1M | $1.1M | ||
| Benefits paid to or for membersLn 4 | $0 | |||
| Pay of current officers, directors and key staffLn 5 | $7.4M | $3.0M | $3.7M | $740K |
| Pay of disqualified personsLn 6 | $0 | |||
| Other salaries and wagesLn 7 | $213.6M | $181.4M | $20.4M | $11.8M |
| Pension plan contributionsLn 8 | $16.6M | $12.8M | $2.7M | $1.1M |
| Other employee benefitsLn 9 | $26.7M | $17.5M | $5.5M | $3.7M |
| Payroll taxesLn 10 | $14.0M | $10.7M | $2.2M | $988K |
| Management feesLn 11a | $0 | |||
| Legal feesLn 11b | $6.6M | $558K | $6.0M | |
| Accounting feesLn 11c | $271K | $271K | ||
| Lobbying feesLn 11d | $0 | |||
| Professional fundraising feesLn 11e | $0 | |||
| Investment management feesLn 11f | $7.6M | $4.9M | $2.7M | |
| Other fees for servicesLn 11g | $24.8M | $21.2M | $2.2M | $1.4M |
| Advertising and promotionLn 12 | $4.2M | $3.2M | $76K | $931K |
| Office expensesLn 13 | $10.9M | $8.1M | $1.5M | $1.3M |
| Information technologyLn 14 | $1.1M | $1.0M | $99K | $12K |
| RoyaltiesLn 15 | $0 | |||
| OccupancyLn 16 | $8.2M | $4.5M | $3.6M | $102K |
| TravelLn 17 | $8.9M | $7.4M | $991K | $548K |
| Travel and entertainment for public officialsLn 18 | $0 | |||
| Conferences, conventions and meetingsLn 19 | $2.1M | $1.9M | $44K | $147K |
| InterestLn 20 | $15.8M | $15.1M | $679K | |
| Payments to affiliatesLn 21 | $0 | |||
| Depreciation, depletion and amortizationLn 22 | $49.3M | $44.8M | $4.5M | |
| InsuranceLn 23 | $1.8M | $646K | $1.1M | $188 |
| Other expenses (24a–d)Ln 24 | $27.6M | $21.0M | $5.9M | $676K |
| All other expensesLn 24e | $5.3M | $5.2M | $49K | $79K |
| Total functional expensesLn 25 | $577.6M | $489.9M | $64.1M | $23.5M |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest | $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 Viewing | $583.4M | $577.6M | $5.8M | $1.4B | 990 PDF |
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Schedules filed Part IV
See the full FY2020 990 (6 parts)
Part I · Summary $583,443,727 revenue, 12 lines filed
Part VI · Governance 41 of 46 board members independent, 1 to look at
Part VIII · Statement of revenue $583,443,727 across 14 lines filed
Part IX · Statement of functional expenses $577,597,318 across 31 lines filed
Part X · Balance sheet $2,139,822,388 assets, 24 lines filed
Part XI · Reconciliation of net assets $1,442,169,267 net assets at year end
Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File
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