Form990
Click to see list of attachments
Department of the Treasury
Internal Revenue Service
Return of Organization Exempt From Income Tax
Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private
foundations)
MediumBullet Do not enter social security numbers on this form as it may be made public.
MediumBullet Information about Form 990 and its instructions is at www.IRS.gov/form990.
OMB No. 1545-0047
2014
Open to Public Inspection
A For the 2014 calendar year, or tax year beginning 07-01-2014 , and ending 06-30-2015
BCheck if applicable:
CName of organization
WAKE FOREST UNIVERSITY
 
Doing business as
 
 
Number and street (or P.O. box if mail is not delivered to street address)
PO BOX 7201
 
Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WINSTONSALEM, NC27109
D Employer identification number

56-0532138
E Telephone number

G Gross receipts $ 881,548,452
F Name and address of principal officer:
Nathan O Hatch PhD
Wake Forest PO Box 7226
WinstonSalem,NC27109
I
Tax-exempt status: (   ) LeftBullet (insert no.) or
J
Website:MediumBullet
www.wfu.edu
H(a)
Is this a group return for
subordinates?
H(b)
Are all subordinates
included?
If "No," attach a list. (see instructions)
H(c)
Group exemption number MediumBullet  
K Form of organization:
 
L Year of formation: 1834
M State of legal domicile: NC
Part I
Summary
Activities & Governance 1 Briefly describe the organization’s mission or most significant activities: 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, and four professional schools.
2 Check this box MediumBullet
3 Number of voting members of the governing body (Part VI, line 1a) ........ 3 45
4 Number of independent voting members of the governing body (Part VI, line 1b) ..... 4 42
5 Total number of individuals employed in calendar year 2014 (Part V, line 2a) ...... 5 5,757
6 Total number of volunteers (estimate if necessary) ............. 6 2,150
7a Total unrelated business revenue from Part VIII, column (C), line 12 ........ 7a 5,731,006
b Net unrelated business taxable income from Form 990-T, line 34 ......... 7b  
Revenues Prior Year Current Year
8 Contributions and grants (Part VIII, line 1h) ......... 93,868,783 87,133,767
9 Program service revenue (Part VIII, line 2g) ......... 358,074,542 381,697,611
10 Investment income (Part VIII, column (A), lines 3, 4, and 7d ) .... 52,655,253 60,617,468
11 Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) 11,648,431 11,567,523
12 Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)................... 516,247,009 541,016,369
Expenses; 13 Grants and similar amounts paid (Part IX, column (A), lines 1–3 )... 92,885,819 98,145,184
14 Benefits paid to or for members (Part IX, column (A), line 4).....   0
15 Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10) 215,923,221 219,995,538
16a Professional fundraising fees (Part IX, column (A), line 11e)..... 1,496,917 1,915,027
b Total fundraising expenses (Part IX, column (D), line 25) MediumBullet22,369,038    
17 Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e).... 141,042,088 133,272,514
18 Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25) 451,348,045 453,328,263
19 Revenue less expenses. Subtract line 18 from line 12....... 64,898,964 87,688,106
Net Assets or Fund Balances; Beginning of Current Year End of Year
20 Total assets (Part X, line 16)............. 1,503,979,756 1,567,238,243
21 Total liabilities (Part X, line 26)............. 428,968,742 445,378,214
22 Net assets or fund balances. Subtract line 21 from line 20..... 1,075,011,014 1,121,860,029
Part II
Signature Block
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.
Sign Here
JumboBullet
Signature of officer Date
JumboBullet
Type or print name and title
Paid Preparer Use Only
Print/Type preparer's name
Preparer's signature
Date
PTIN
Firm's name MediumBullet
Firm's EIN MediumBullet
Firm's address MediumBullet



Phone no.
May the IRS discuss this return with the preparer shown above? (see instructions) ..........
For Paperwork Reduction Act Notice, see the separate instructions.
Cat. No. 11282Y Form 990 (2014)
Form 990 (2014)
Page 2
Part III
Statement of Program Service Accomplishments
Check if Schedule O contains a response or note to any line in this Part III ..............
1
Briefly describe the organization’s 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 six constituent parts: Wake Forest College; the Graduate School of Arts and Sciences; the School of Law; the School of Medicine; the School of Business; and the School of Divinity. 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.
2
Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ? ......................
If "Yes," describe these new services on Schedule O.
3
Did the organization cease conducting, or make significant changes in how it conducts, any program services? ............................
If "Yes," describe these changes on Schedule O.
4
Describe the organization’s program service accomplishments for each of its three largest program services, as measured by expenses. Section 501(c)(3) and 501(c)(4) organizations are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported.
4a (Code:   ) (Expenses $ 208,934,718 including grants of $ 81,752,209 ) (Revenue $ 295,026,830 )
Instruction of approximately 7,368 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. The Center for Global Programs and Studies manages the student exchange and study abroad programs, with visiting students from 51 different countries. More than 60% of our U.S. students travel abroad for at least one program. Scholarships are awarded to eligible students based on financial need and academic merit. 59.3% of the graduate and undergraduate student population received financial aid awards. Approximately 4,392 students received scholarships or grants from the institution during the year.
4b (Code:   ) (Expenses $ 99,390,533 including grants of $ 14,183,583 ) (Revenue $ 93,258,909 )
Wake Forest maintains campus bookstores, housing and dining facilities, mail services and other program services, including Athletics. Athletic scholarships provided funding for 294 athletes during the fiscal year. The Wake Forest conference center serves both University and external constituencies. WFDD-FM Radio, the University's Public Broadcasting Station, provides a venue for teaching and learning as well as communication. The station serves the 32-county Winston-Salem, Greensboro, High Point market bringing music and culture, news and information to the public at large.
4c (Code:   ) (Expenses $ 53,859,342 including grants of $ 494,803 ) (Revenue $ 2,973,714 )
Wake Forest University maintains a campus with academic buildings, research laboratories, student dormitories, with 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. The University supports, with occasional gifts, local exempt organizations, in order to enhance arts and culture in the area.
4d Other program services (Describe in Schedule O.)
(Expenses $ 23,013,819 including grants of $ 1,714,589 ) (Revenue $ 8,613,547 )
4e Total program service expensesMediumBullet385,198,412
Form 990 (2014)
Form 990 (2014)
Page 3
Part IV
Checklist of Required Schedules
Yes
No
1
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If "Yes," complete Schedule AClick to see attachment........................
1
Yes
 
2
Is the organization required to complete Schedule B, Schedule of Contributors (see instructions)? Click to see attachment...
2
Yes
 
3
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office? If "Yes," complete Schedule C, Part IClick to see attachment..........
3
 
No
4
Section 501(c)(3) organizations. Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year? If "Yes," complete Schedule C, Part IIClick to see attachment........
4
Yes
 
5
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19? If "Yes," complete Schedule C,
Part IIIClick to see attachment............................
5
 
No
6
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts? If "Yes," complete Schedule D, Part IClick to see attachment........................
6
 
No
7
Did the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas, or historic structures? If "Yes," complete Schedule D, Part IIClick to see attachment...
7
 
No
8
Did the organization maintain collections of works of art, historical treasures, or other similar assets? If "Yes," complete Schedule D, Part III Click to see attachment....................
8
Yes
 
9
Did the organization report an amount in Part X, line 21 for escrow or custodial account liability; serve as a custodian for amounts not listed in Part X; or provide credit counseling, debt management, credit repair, or debt negotiation services? If "Yes," complete Schedule D, Part IVClick to see attachment..............
9
Yes
 
10
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments? If "Yes," complete Schedule D, Part VClick to see attachment......
10
Yes
 
11
If the organization’s answer to any of the following questions is "Yes," then complete Schedule D, Parts VI, VII, VIII, IX, or X as applicable.
a
Did the organization report an amount for land, buildings, and equipment in Part X, line 10?
If "Yes," complete Schedule D, Part VI.Click to see attachment...................
11a
Yes
 
b
Did the organization report an amount for investments—other securities in Part X, line 12 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VIIClick to see attachment.......
11b
Yes
 
c
Did the organization report an amount for investments—program related in Part X, line 13 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VIIIClick to see attachment.......
11c
 
No
d
Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part IXClick to see attachment............
11d
 
No
e
Did the organization report an amount for other liabilities in Part X, line 25? If "Yes," complete Schedule D, Part XClick to see attachment
11e
Yes
 
f
Did the organization’s separate or consolidated financial statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)? If "Yes," complete Schedule D, Part XClick to see attachment.........................
11f
Yes
 
12a
Did the organization obtain separate, independent audited financial statements for the tax year?
If "Yes," complete Schedule D, Parts XI and XII Click to see attachment.................
12a
 
No
b
Was the organization included in consolidated, independent audited financial statements for the tax year? If "Yes," and if the organization answered "No" to line 12a, then completing Schedule D, Parts XI and XII is optional Click to see attachment
12b
Yes
 
13
Is the organization a school described in section 170(b)(1)(A)(ii)? If "Yes," complete Schedule EClick to see attachment....
13
Yes
 
14a
Did the organization maintain an office, employees, or agents outside of the United States?.....
14a
Yes
 
b
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more? If "Yes," complete Schedule F, Parts I and IV......... Click to see attachment
14b
Yes
 
15
Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or other assistance to or for any foreign organization? If “Yes,” complete Schedule F, Parts II and IVClick to see attachment
15
 
No
16
Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or other assistance to or for foreign individuals? If “Yes,” complete Schedule F, Parts III and IV... Click to see attachment
16
Yes
 
17
Did the organization report a total of more than $15,000 of expenses for professional fundraising services on Part IX, column (A), lines 6 and 11e? If "Yes," complete Schedule G, Part I (see instructions) .... Click to see attachment
17
Yes
 
18
Did the organization report more than $15,000 total of fundraising event gross income and contributions on Part VIII, lines 1c and 8a? If "Yes," complete Schedule G, Part II............ Click to see attachment
18
Yes
 
19
Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? If "Yes," complete Schedule G, Part III................... Click to see attachment
19
 
No
20a
Did the organization operate one or more hospital facilities? If "Yes," complete Schedule H....
20a
 
No
b
If "Yes" to line 20a, did the organization attach a copy of its audited financial statements to this return?
20b
 
 
Form 990 (2014)
Form 990 (2014)
Page 4
Part IV
Checklist of Required Schedules (continued)
21
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II.. Click to see attachment
21
Yes
 
22
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals on Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III........ Click to see attachment
22
Yes
 
23
Did the organization answer "Yes" to Part VII, Section A, line 3, 4, or 5 about compensation of the organization’s current and former officers, directors, trustees, key employees, and highest compensated employees? If "Yes," complete Schedule J....................... Click to see attachment
23
Yes
 
24a
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002? If “Yes,” answer lines 24b through 24d and complete Schedule K. If “No,” go to line 25a................ Click to see attachment
24a
Yes
 
b
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?...
24b
Yes
 
c
Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds?......................
24c
 
No
d
Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year?...
24d
 
No
25a
Section 501(c)(3), 501(c)(4), and 501(c)(29) organizations. Did the organization engage in an excess benefit transaction with a disqualified person during the year? If "Yes," complete Schedule L, Part I.... Click to see attachment
25a
 
No
b
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990-EZ? If "Yes," complete Schedule L, Part I................... Click to see attachment
25b
 
No
26
Did the organization report any amount on Part X, line 5, 6, or 22 for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons? If "Yes," complete Schedule L, Part II................ Click to see attachment
26
Yes
 
27
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons? If "Yes," complete Schedule L, Part III......... Click to see attachment
27
Yes
 
28
Was the organization a party to a business transaction with one of the following parties (see Schedule L, Part IV instructions for applicable filing thresholds, conditions, and exceptions):
a
A current or former officer, director, trustee, or key employee? If "Yes," complete Schedule L, Part IV .......................... Click to see attachment
28a
Yes
 
b
A family member of a current or former officer, director, trustee, or key employee? If "Yes,"
complete Schedule L, Part IV..................... Click to see attachment
28b
Yes
 
c
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner? If "Yes," complete Schedule L, Part IV... Click to see attachment
28c
Yes
 
29
Did the organization receive more than $25,000 in non-cash contributions? If "Yes," complete Schedule M..Click to see attachment
29
Yes
 
30
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If "Yes," complete Schedule M............. Click to see attachment
30
Yes
 
31
Did the organization liquidate, terminate, or dissolve and cease operations? If "Yes," complete Schedule N,
Part I...........................
31
 
No
32
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If "Yes," complete Schedule N, Part II......................
32
 
No
33
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3? If "Yes," complete Schedule R, Part I........ Click to see attachment
33
Yes
 
34
Was the organization related to any tax-exempt or taxable entity? If "Yes," complete Schedule R, Part II, III, or IV, and Part V, line 1........................ Click to see attachment
34
Yes
 
35a
Did the organization have a controlled entity within the meaning of section 512(b)(13)?
35a
Yes
 
b
If ‘Yes’ to line 35a, did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If "Yes," complete Schedule R, Part V, line 2... Click to see attachment
35b
Yes
 
36
Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable related organization? If "Yes," complete Schedule R, Part V, line 2............. Click to see attachment
36
 
No
37
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes? If "Yes," complete Schedule R, Part VIClick to see attachment
37
 
No
38
Did the organization complete Schedule O and provide explanations in Schedule O for Part VI, lines 11b and 19? Note. All Form 990 filers are required to complete Schedule O. ............
38
Yes
 
Form 990 (2014)
Form 990 (2014)
Page 5
Part V
Statements Regarding Other IRS Filings and Tax Compliance
Check if Schedule O contains a response or note to any line in this Part V ..............
Yes
No
1a
Enter the number reported in Box 3 of Form 1096 Enter -0- if not applicable ..
1a
10,107
b
Enter the number of Forms W-2G included in line 1a. Enter -0- if not applicable .
1b
0
c
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners? ..................
1c
Yes
 
2a
Enter the number of employees reported on Form W-3, Transmittal of Wage and
Tax Statements, filed for the calendar year ending with or within the year covered by this return ..................
2a
5,757
b
If at least one is reported on line 2a, did the organization file all required federal employment tax returns?
Note. If the sum of lines 1a and 2a is greater than 250, you may be required to e-file (see instructions)
2b
Yes
 
3a
Did the organization have unrelated business gross income of $1,000 or more during the year?...
3a
Yes
 
b
If “Yes,” has it filed a Form 990-T for this year? If “No” to line 3b, provide an explanation in Schedule O...
3b
Yes
 
4a
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?..........................
4a
Yes
 
b
If "Yes," enter the name of the foreign country: MediumBulletOC
See instructions for filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
5a
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?..
5a
 
No
b
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?
5b
 
No
c
If "Yes," to line 5a or 5b, did the organization file Form 8886-T? ............
5c
 
 
6a
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?...
6a
 
No
b
If "Yes," did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?........................
6b
 
 
7
Organizations that may receive deductible contributions under section 170(c).
a
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?....................
7a
 
No
b
If "Yes," did the organization notify the donor of the value of the goods or services provided?.....
7b
 
 
c
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?...........................
7c
 
No
d
If "Yes," indicate the number of Forms 8282 filed during the year ....
7d
0
e
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?............................
7e
 
No
f
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?..
7f
 
No
g
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?............................
7g
 
No
h
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?..........................
7h
Yes
 
8
Sponsoring organizations maintaining donor advised funds.
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?.........................
8
 
No
9a
Did the sponsoring organization make any taxable distributions under section 4966?...
9a
 
No
b
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?...
9b
 
No
10
Section 501(c)(7) organizations. Enter:
a
Initiation fees and capital contributions included on Part VIII, line 12 ...
10a
 
b
Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities
10b
 
11
Section 501(c)(12) organizations. Enter:
a
Gross income from members or shareholders .........
11a
 
b
Gross income from other sources (Do not net amounts due or paid to other sources against amounts due or received from them.) ..........
11b
 
12a
Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041?
12a
 
No
b
If "Yes," enter the amount of tax-exempt interest received or accrued during the year. ....................
12b
 
13
Section 501(c)(29) qualified nonprofit health insurance issuers.
a
Is the organization licensed to issue qualified health plans in more than one state?
Note. See the instructions for additional information the organization must report on Schedule O.
13a
 
No
b
Enter the amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans ....
13b
 
c
Enter the amount of reserves on hand ............
13c
 
14a
Did the organization receive any payments for indoor tanning services during the tax year?.....
14a
 
No
b
If "Yes," has it filed a Form 720 to report these payments? If "No," provide an explanation in Schedule O..
14b
 
No
Form 990 (2014)
Form 990 (2014)
Page 6
Part VI
Governance, Management, and Disclosure For each "Yes" response to lines 2 through 7b below, and for a "No" response to lines 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.
Check if Schedule O contains a response or note to any line in this Part VI ..............
Section A. Governing Body and Management
Yes
No
1a
Enter the number of voting members of the governing body at the end of the tax year .....................
1a
45
If there are material differences in voting rights among members of the governing body, or if the governing body delegated broad authority to an executive committee or similar committee, explain in Schedule O.
b
Enter the number of voting members included in line 1a, above, who are independent ...................
1b
42
2
Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee? .................
2
Yes
 
3
Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors or trustees, or key employees to a management company or other person? .
3
 
No
4
Did the organization make any significant changes to its governing documents since the prior Form 990 was filed? ...........................
4
Yes
 
5
Did the organization become aware during the year of a significant diversion of the organization’s assets? .
5
 
No
6
Did the organization have members or stockholders? ................
6
 
No
7a
Did the organization have members, stockholders, or other persons who had the power to elect or appoint one or more members of the governing body? ....................
7a
 
No
b
Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, or persons other than the governing body? ...................
7b
 
No
8
Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:
a
The governing body? .........................
8a
Yes
 
b
Each committee with authority to act on behalf of the governing body? ............
8b
Yes
 
9
Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the organization’s mailing address? If "Yes," provide the names and addresses in Schedule O.......
9
 
No
Section B. Policies (This Section B requests information about policies not required by the Internal Revenue Code.)
Yes
No
10a
Did the organization have local chapters, branches, or affiliates? ............
10a
 
No
b
If "Yes," did the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with the organization's exempt purposes?
10b
 
 
11a
Has the organization provided a complete copy of this Form 990 to all members of its governing body before filing the form? ............................
11a
Yes
 
b
Describe in Schedule O the process, if any, used by the organization to review this Form 990. .....
12a
Did the organization have a written conflict of interest policy? If "No," go to line 13.......
12a
Yes
 
b
Were officers, directors, or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ..........................
12b
Yes
 
c
Did the organization regularly and consistently monitor and enforce compliance with the policy? If "Yes," describe in Schedule O how this was done.......................
12c
Yes
 
13
Did the organization have a written whistleblower policy? ...............
13
Yes
 
14
Did the organization have a written document retention and destruction policy? .........
14
Yes
 
15
Did the process for determining compensation of the following persons include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?
a
The organization’s CEO, Executive Director, or top management official ...........
15a
Yes
 
b
Other officers or key employees of the organization ................
15b
Yes
 
If "Yes" to line 15a or 15b, describe the process in Schedule O (see instructions).
16a
Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a taxable entity during the year? ......................
16a
Yes
 
b
If "Yes," did the organization follow a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and take steps to safeguard the organization’s exempt status with respect to such arrangements? ............
16b
Yes
 
Section C. Disclosure
17
List the States with which a copy of this Form 990 is required to be filedMediumBullet
IN , OK
18
Section 6104 requires an organization to make its Form 1023 (or 1024 if applicable), 990, and 990-T (501(c)(3)s only) available for public inspection. Indicate how you made these available. Check all that apply.
19
Describe in Schedule O whether (and if so, how) the organization made its governing documents, conflict of interest policy, and financial statements available to the public during the tax year.
20
State the name, address, and telephone number of the person who possesses the organization's books and records:
MediumBulletBrandon E Gilliland
PO BOX 7201
WINSTONSALEM,NC27109 (336) 758-5233
Form 990 (2014)
Form 990 (2014)
Page 7
Part VII
Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
Check if Schedule O contains a response or note to any line in this Part VII ..............
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
1a Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s tax year.
RoundBullet List all of the organization’s current officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation. Enter -0- in columns (D), (E), and (F) if no compensation was paid.

RoundBullet List all of the organization’s current key employees, if any. See instructions for definition of "key employee."
RoundBullet List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (Box 5 of Form W-2 and/or Box 7 of Form 1099-MISC) of more than $100,000 from the
organization and any related organizations.

RoundBullet List all of the organization’s former officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.

RoundBullet List all of the organization’s former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.

List persons in the following order: individual trustees or directors; institutional trustees; officers; key employees; highest
compensated employees; and former such persons.
Check this box if neither the organization nor any related organization compensated any current officer, director, or trustee.
(A)
Name and Title 		(B)
Average hours per week (list any hours for related organizations below dotted line) 		(C)
Position (do not check more than one box, unless person is both an officer and a director/trustee) 		(D)
Reportable compensation from the organization (W- 2/1099-MISC) 		(E)
Reportable compensation from related organizations (W- 2/1099-MISC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; OfficerInd; Key Employee; Highest compensated employee; FormerOfcrDirectorTrusteeInd;
(1) Jeanne Whitman Bobbitt........................................................................
Trustee
 4.00
.......................0.00 		X           0 0 0
(2) Ranlet S Bell........................................................................
Committee Chair
 6.00
.......................0.20 		X           0 0 0
(3) W Louis Bissette Jr........................................................................
Committee Chair
 6.00
.......................0.30 		X           0 0 0
(4) Shelmer D Blackburn Jr........................................................................
Comm Vice Chair
 4.00
.......................2.00 		X           0 0 0
(5) Donna A Boswell PhD........................................................................
Board ViceChair
 6.00
.......................8.20 		X           0 0 0
(6) Peter C Brockway........................................................................
Committee Chair
 6.00
.......................1.20 		X           0 0 0
(7) Thomas W Bunn........................................................................
Comm Vice Chair
 6.00
.......................0.20 		X           0 0 0
(8) Jocelyn Burton........................................................................
Trustee
 4.00
.......................0.00 		X           0 0 0
(9) John I Bitove Jr........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(10) Bobby R Burchfield........................................................................
Board ViceChair
 7.00
.......................2.20 		X           0 0 0
(11) Daniel M Delen........................................................................
Comm Vice Chair
 5.00
.......................0.20 		X           0 0 0
(12) Thomas A Dingledine........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(13) Cantey M Ergen........................................................................
Committee Chair
 5.00
.......................0.20 		X           0 0 0
(14) Frederick W Eubank II........................................................................
Committee Chair
 6.00
.......................0.20 		X           0 0 0
(15) Lisbeth Clark Evans........................................................................
Comm Vice Chair
 5.00
.......................0.30 		X           0 0 0
(16) Curtis C Farmer........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(17) Lelia J Farr........................................................................
Trustee
 4.00
.......................0.20 		X           0 0 0
Form 990 (2014)
Form 990 (2014)
Page 8
Part VII
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)
(A)
Name and Title 		(B)
Average hours per week (list any hours for related organizations below dotted line) 		(C)
Position (do not check more than one box, unless person is both an officer and a director/trustee) 		(D)
Reportable compensation from the organization (W- 2/1099-MISC) 		(E)
Reportable compensation from related organizations (W- 2/1099-MISC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; OfficerInd; Key Employee; Highest compensated employee; FormerOfcrDirectorTrusteeInd;
(18) Mary R Farrell........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(19) Donald E Flow........................................................................
Board Chair
 12.00
.......................6.00 		X           0 0 0
(20) Kathleen Brelsford French MD........................................................................
Trustee
 3.00
.......................2.00 		X           0 0 0
(21) James R Helvey III........................................................................
Trustee
 4.00
.......................7.00 		X           0 0 0
(22) Frank B Holding Jr........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(23) Lawrence D Hopkins MD........................................................................
Comm Vice Chair
 4.00
.......................0.00 		X           0 0 0
(24) Alice Kirby Horton........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(25) Albert R Hunt........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(26) A Dale Jenkins........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(27) Matthew A King........................................................................
Committee Chair
 6.00
.......................2.50 		X           0 0 0
(28) Deborah D Lambert........................................................................
Comm Vice Chair
 6.00
.......................0.20 		X           0 0 0
(29) John R Lowden........................................................................
Trustee
 3.00
.......................0.20 		X           0 0 0
(30) James J Marino........................................................................
Comm Vice Chair
 5.00
.......................2.00 		X           0 0 0
(31) John K Medica........................................................................
Trustee
 4.00
.......................0.20 		X           0 0 0
(32) Wade W Murphy........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(33) Ogden Phipps II........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(34) Diana M Adams........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(35) Harold O Rosser........................................................................
Committee Chair
 5.00
.......................0.20 		X           0 0 0
(36) Michael J Selverian Sr........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(37) Andrew J Schindler........................................................................
Comm Vice Chair
 4.00
.......................8.00 		X           0 0 0
(38) Adelaide A Sink........................................................................
Committee Chair
 6.00
.......................1.20 		X           0 0 0
(39) Janice K Story........................................................................
Comm Vice Chair
 4.00
.......................0.00 		X           0 0 0
(40) Lloyd P Tate Jr........................................................................
Committee Chair
 5.00
.......................1.00 		X           0 0 0
(41) Benjamin C Sutton Jr........................................................................
Trustee
 4.00
.......................1.00 		X           0 0 0
(42) John M Vann........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(43) Seth H Waugh........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(44) Katherine B Wright........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(45) Charles Jeffrey Young........................................................................
Trustee
 3.00
.......................0.00 		X           0 0 0
(46) Sonia M Kuguru........................................................................
Trustee
 3.00
.......................0.00 		X           6,660 0 0
(47) Anita M Conrad........................................................................
Asst Secretary
 20.00
.......................20.00 		    X       163,282 0 32,713
(48) Nathan O Hatch PhD........................................................................
President
 29.00
.......................11.00 		    X       1,023,508 0 433,311
(49) J Reid Morgan........................................................................
S.VP, Sec, G.C.
 19.70
.......................20.30 		    X       478,079 0 110,947
(50) John D McConnell MD........................................................................
ExecVP HlthAff
 2.00
.......................38.00 		    X       0 1,551,137 232,372
(51) B Hofler Milam........................................................................
Exec VP & CFO
 38.50
.......................1.50 		    X       472,643 0 171,605
(52) Rogan Kersh PhD........................................................................
Provost
 40.00
.......................0.00 		    X       503,762 0 114,349
(53) Charles L Iacovou........................................................................
Dean, School of Bus, FY15
 40.00
.......................0.00 		      X     371,467 0 42,802
(54) Ronald D Wellman........................................................................
Director of Athletics
 40.00
.......................0.00 		      X     729,885 0 316,070
(55) Mark A Petersen........................................................................
VP - Advancement
 40.00
.......................0.00 		      X     449,103 0 134,750
(56) Jim B Grobe........................................................................
Football Coach
 40.00
.......................0.00 		        X   1,681,273 0 8,511
(57) Andrew R Chan........................................................................
VP Career Develop.
 40.00
.......................0.00 		        X   478,264 0 90,599
(58) Jeffrey Bzdelik........................................................................
Basketball Coach
 40.00
.......................0.00 		        X   1,235,818 0 31,656
(59) David P Clawson........................................................................
Football Coach
 40.00
.......................0.00 		        X   2,077,227 0 35,939
(60) Daniel R Manning........................................................................
Basketball Coach
 40.00
.......................0.00 		        X   1,274,562 0 27,457
(61) Mark E Welker PhD........................................................................
Former Interim Provost
 40.00
.......................0.00 		          X 219,754 0 42,191
(62) James J Dunn........................................................................
Former Chief Invest Officr
 0.00
.......................40.00 		          X 177,831 685,290 390,807
(63) Craig O Thomas........................................................................
Former Asst Treasurer
 40.00
.......................0.00 		          X 301,051 0 177,932
(64) Jacquelyn Fetrow PhD........................................................................
Former Dean of Wake Forest College
 40.00
.......................0.00 		          X 147,263 0 17,764
(65) Steven S Reinemund........................................................................
Former Dean, School of Business
 40.00
.......................0.00 		          X 199,804 0 28,518
1b Sub-Total................MediumBullet
c Total from continuation sheets to Part VII, Section A....MediumBullet
d Total (add lines 1b and 1c)............MediumBullet 11,991,236 2,236,427 2,440,293
2
Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organizationMediumBullet417
Yes
No
3
Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on line 1a? If "Yes," complete Schedule J for such individual ..............
3
Yes
 
4
For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000? If "Yes," complete Schedule J for such individual...........................
4
Yes
 
5
Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for services rendered to the organization? If "Yes," complete Schedule J for such person ........
5
 
No
Section B. Independent Contractors
1
Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization. Report compensation for the calendar year ending with or within the organization’s tax year.
(A)
Name and business address 		(B)
Description of services 		(C)
Compensation
Frank L Blum Construction Company

830 25th St NE
WinstonSalem,NC27105 		Construction 4,873,749
Aramark Campus Services

1101 Market St 12th Fl
Philadelphia,PA19107 		Food Service 19,023,567
Carolina Green Corp

10108 Indian Trail-Fairview Road
Indian Trail,NC28079 		Construction 2,522,240
IL Long Construction Co Inc

PO Box 4186
WinstonSalem,NC27115 		Construction 9,793,739
CISCO Systems

170 West Tasman Drive
San Jose,CA95134 		Leasing, maintenance 2,070,059
2
Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization MediumBullet5
Form 990 (2014)
Form 990 (2014)
Page 9
Part VIII
Statement of Revenue
Check if Schedule O contains a response or note to any line in this Part VIII .............
(A)
Total revenue 		(B)
Related or
exempt
function
revenue 		(C)
Unrelated
business
revenue 		(D)
Revenue
excluded from
tax under sections
512-514
Contributions, Gifts, GrantAmt and OtherAmt Similar Amounts 1a Federated campaigns..1a  
b Membership dues....1b  
c Fundraising events....1c 1,234,528
d Related organizations...1d  
e Government grants (contributions)1e 8,613,547
f All other contributions, gifts, grants, and
similar amounts not included above1f 		77,285,692
g Noncash contributions included in lines
1a-1f:$ 		11,255,235
h Total. Add lines 1a-1f.......MediumBullet 87,133,767
Program Service RevenueAmt Business Code
2a Athletic Programs 711210 34,357,552 32,841,563   1,515,989
b Organized Activities 515100 4,886,626 3,989,001 9,760 887,865
c Student Health Services 621400 2,856,514 2,856,514    
d Student Housing & Dining 721310 39,742,329 39,742,329    
e Tuition and Fees 611310 295,026,830 295,026,830    
f All other program service revenue . 4,827,760 2,020,349 579,256 2,228,155
g Total. Add lines 2a–2f........MediumBullet 381,697,611
OtherAmt RevenueAmt 3 Investment income (including dividends, interest, and other similar amounts).......MediumBullet 13,109,261   1,284,593 11,824,668
4 Income from investment of tax-exempt bond proceeds..MediumBullet 0      
5 Royalties...........MediumBullet 2,386,910     2,386,910
(i) Real (ii) Personal
6a Gross rents 10,025,405  
b Less: rental expenses 7,915,626  
c Rental income or (loss) 2,109,779  
d Net rental income or (loss).......MediumBullet 2,109,779     2,109,779
(i) Securities (ii) Other
7a Gross amount from sales of assets other than inventory 377,778,000 143,026
b Less: cost or other basis and sales expenses 330,412,819  
c Gain or (loss) 47,365,181 143,026
d Net gain or (loss)..........MediumBullet 47,508,207     47,508,207
8a Gross income from fundraising events (not including
$ 1,234,528
of contributions reported on line 1c). See Part IV, line 18 ..
a 54,180
b Less: direct expenses ...b 158,278
c Net income or (loss) from fundraising events..MediumBullet -104,098   -104,098
9a Gross income from gaming activities.
See Part IV, line 19 ...
a  
b Less: direct expenses ...b  
c Net income or (loss) from gaming activities...MediumBullet 0      
10a Gross sales of inventory, less
returns and allowances .
a 8,668,892
b Less: cost of goods sold ..b 2,045,360
c Net income or (loss) from sales of inventory..MediumBullet 6,623,532   3,305,997 3,317,535
Miscellaneous Revenue Business Code
11a Athletic Advertising 541800 27,525   27,525  
b Indoor Tennis Club 713940 178,225   178,225  
c Winston Salem Tennis Open 711210 345,650   345,650  
d All other revenue ....        
e Total. Add lines 11a–11d ...... MediumBullet 551,400
12 Total revenue. See Instructions......MediumBullet 541,016,369 376,476,586 5,731,006 71,675,010
Form 990 (2014)
Form 990 (2014)
Page 10
Part IX
Statement of Functional Expenses
Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A).Check if Schedule O contains a response or note to any line in this Part IX ...............
Do not include amounts reported on lines 6b,
7b, 8b, 9b, and 10b of Part VIII. 		(A)
Total expenses 		(B)
Program service expenses 		(C)
Management and general expenses 		(D)
Fundraising expenses
1 Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 .... 1,490,128 1,490,128
2 Grants and other assistance to domestic individuals. See Part IV, line 22 .... 95,948,560 95,948,560
3 Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16 ............ 706,496 706,496
4 Benefits paid to or for members .... 0  
5 Compensation of current officers, directors, trustees, and key employees .... 4,705,884 963,313 2,445,876 1,296,695
6 Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .... 0      
7 Other salaries and wages .... 169,583,197 141,246,297 17,838,714 10,498,186
8 Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) .... 13,694,399 11,139,721 1,615,813 938,865
9 Other employee benefits ....... 19,555,750 14,264,709 3,831,151 1,459,890
10 Payroll taxes ........... 12,456,308 10,132,595 1,469,730 853,983
11 Fees for services (non-employees):        
a Management ...... 0      
b Legal ......... 259,727 25,123 234,604  
c Accounting ........... 182,643 7,820 174,823  
d Lobbying ........... 0      
e Professional fundraising services. See Part IV, line 17 1,915,027 1,915,027
f Investment management fees ...... 5,905,091 3,923,347 1,981,744  
g Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O) .... 15,705,974 10,622,410 5,027,563 56,001
12 Advertising and promotion .... 6,008,921 4,039,802 301,802 1,667,317
13 Office expenses ....... 20,760,691 13,228,680 5,483,650 2,048,361
14 Information technology ...... 5,003,442 4,600,393 208,414 194,635
15 Royalties .. 0      
16 Occupancy ........... 12,017,249 9,916,770 1,938,494 161,985
17 Travel ............ 11,769,131 10,602,965 102,218 1,063,948
18 Payments of travel or entertainment expenses for any federal, state, or local public officials ...... 0      
19 Conferences, conventions, and meetings .... 1,963,826 1,521,885 345,362 96,579
20 Interest ........... 12,225,963 12,225,963    
21 Payments to affiliates ....... 0      
22 Depreciation, depletion, and amortization ..... 25,596,276 25,596,276    
23 Insurance .............. 2,646,015 846,315 1,797,182 2,518
24 Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a Library, Books & Subscriptions 6,599,127 6,463,908 76,946 58,273
b Auxiliary Enterprises 3,171,982 3,171,833 149  
c Non Capital Equip & Furnishing 2,139,420 1,659,647 425,556 54,217
d Miscellaneous 1,317,036 853,456 461,022 2,558
e All other expenses 0      
25 Total functional expenses. Add lines 1 through 24e 453,328,263 385,198,412 45,760,813 22,369,038
26 Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here MediumBullet if following SOP 98-2 (ASC 958-720).        
Form 990 (2014)
Form 990 (2014)
Page 11
Part X Balance Sheet Check if Schedule O contains a response or note to any line in this Part X ..............
(A)
Beginning of year 		(B)
End of year
Assets 1 Cash–non-interest-bearing .............   1 0
2 Savings and temporary cash investments ......... 39,697,289 2 46,358,173
3 Pledges and grants receivable, net ........... 103,474,989 3 115,403,929
4 Accounts receivable, net ............. 11,562,235 4 8,857,304
5 Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
Schedule L ..................
54,941 5 195,000
6 Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations (see instructions) Complete Part II of Schedule L
  6 0
7 Notes and loans receivable, net ............. 22,069,346 7 27,870,529
8 Inventories for sale or use .............. 645,912 8 629,317
9 Prepaid expenses and deferred charges .......... 4,923,215 9 3,990,919
10a Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D 10a 818,964,237
b Less: accumulated depreciation ..... 10b 364,986,626 440,378,601 10c 453,977,611
11 Investments—publicly traded securities .......... 389,273,584 11 244,314,168
12 Investments—other securities. See Part IV, line 11 ..... 488,235,590 12 661,697,189
13 Investments—program-related. See Part IV, line 11 .....   13 0
14 Intangible assets ...............   14 0
15 Other assets. See Part IV, line 11 ........... 3,664,054 15 3,944,104
16 Total assets. Add lines 1 through 15 (must equal line 34)...... 1,503,979,756 16 1,567,238,243
Liabilities 17 Accounts payable and accrued expenses ......... 23,429,638 17 28,982,956
18 Grants payable ................. 9,688,229 18 9,582,348
19 Deferred revenue ................ 26,568,564 19 32,825,456
20 Tax-exempt bond liabilities ............. 150,500,000 20 144,305,000
21 Escrow or custodial account liability. Complete Part IV of Schedule D.. 403,623 21 594,507
22 Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
persons. Complete Part II of Schedule L..........   22  
23 Secured mortgages and notes payable to unrelated third parties .. 5,904,589 23 16,408,273
24 Unsecured notes and loans payable to unrelated third parties .... 125,000,000 24 125,000,000
25 Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D.................... 87,474,099 25 87,679,674
26 Total liabilities. Add lines 17 through 25......... 428,968,742 26 445,378,214
Net Assets or Fund Balance Organizations that follow SFAS 117 (ASC 958), check here MediumBullet and complete lines 27 through 29, and lines 33 and 34.
27 Unrestricted net assets .............. 458,170,848 27 470,738,480
28 Temporarily restricted net assets ........... 362,247,638 28 375,176,375
29 Permanently restricted net assets ........... 254,592,528 29 275,945,174
Organizations that do not follow SFAS 117 (ASC 958), check here MediumBullet and complete lines 30 through 34.
30 Capital stock or trust principal, or current funds ........   30  
31 Paid-in or capital surplus, or land, building or equipment fund .....   31  
32 Retained earnings, endowment, accumulated income, or other funds   32  
33 Total net assets or fund balances ........... 1,075,011,014 33 1,121,860,029
34 Total liabilities and net assets/fund balances ........ 1,503,979,756 34 1,567,238,243
Form 990 (2014)
Form 990 (2014)
Page 12
Part XI
Reconcilliation of Net Assets
Check if Schedule O contains a response or note to any line in this Part XI ..............
1
Total revenue (must equal Part VIII, column (A), line 12) ............
1
541,016,369
2
Total expenses (must equal Part IX, column (A), line 25) ............
2
453,328,263
3
Revenue less expenses. Subtract line 2 from line 1 ..............
3
87,688,106
4
Net assets or fund balances at beginning of year (must equal Part X, line 33, column (A)) ..
4
1,075,011,014
5
Net unrealized gains (losses) on investments ...............
5
-40,839,091
6
Donated services and use of facilities .................
6
 
7
Investment expenses .....................
7
 
8
Prior period adjustments .....................
8
 
9
Other changes in net assets or fund balances (explain in Schedule O) ........
9
 
10
Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal Part X, line 33, column (B))
10
1,121,860,029
Part XII
Financial Statements and Reporting
Check if Schedule O contains a response or note to any line in this Part XII .............
Yes
No
1
Accounting method used to prepare the Form 990:  
If the organization changed its method of accounting from a prior year or checked "Other," explain in
Schedule O.
2a
Were the organization’s financial statements compiled or reviewed by an independent accountant?
2a
 
No
If ‘Yes,’ check a box below to indicate whether the financial statements for the year were compiled or reviewed on a separate basis, consolidated basis, or both:
b
Were the organization’s financial statements audited by an independent accountant?
2b
Yes
 
If ‘Yes,’ check a box below to indicate whether the financial statements for the year were audited on a separate basis, consolidated basis, or both:
c
If "Yes," to line 2a or 2b, does the organization have a committee that assumes responsibility for oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant?
2c
Yes
 
If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O.
3a
As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Single Audit Act and OMB Circular A-133? .................
3a
Yes
 
b
If "Yes," did the organization undergo the required audit or audits? If the organization did not undergo the required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits.
3b
Yes
 
Form 990 (2014)
Form 990 (2014)
Page 13
Form 990, Special Condition Description:
Special Condition Description
Form 990 (2014)
Form 990 (2014)
Page 14
Additional Data


Software ID: 14000265
Software Version: 2014v6.0
SCHEDULE A
(Form 990 or 990EZ)

Department of the Treasury
Internal Revenue Service
Public Charity Status and Public Support
Complete if the organization is a section 501(c)(3) organization or a section 4947(a)(1) nonexempt charitable trust.
right arrow Attach to Form 990 or Form 990-EZ.
right arrow Information about Schedule A (Form 990 or 990-EZ) and its instructions is at www.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public
Inspection
Name of the organization
WAKE FOREST UNIVERSITY
 
Employer identification number

56-0532138
Part I
Reason for Public Charity Status (All organizations must complete this part.) See instructions.
The organization is not a private foundation because it is: (For lines 1 through 11, check only one box.)
1
2
3
4
5
section 170(b)(1)(A)(iv). (Complete Part II.)
6
7
8
9
receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 331/3% of
its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses
acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)
10
11
a
b
c
d
e
f
Enter the number of supported organizations .............................  
g
Provide the following information about the supported organization(s).
(i)Name of supported organization (ii) EIN (iii) Type of organization (described on lines 1- 9 above or IRC section (see instructions)) (iv) Is the organization listed in your governing document? (v) Amount of monetary support (see instructions) (vi) Amount of other support (see instructions)
Yes No
Total    

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990EZ.
Cat. No. 11285F
Schedule A (Form 990 or 990-EZ) 2014
Schedule A (Form 990 or 990-EZ) 2014
Page 2
Part II
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization fails to qualify under the tests listed below, please complete Part III.)
Section A. Public Support
Calendar year (or fiscal year beginning in) right arrow (a) 2010 (b) 2011 (c) 2012 (d) 2013 (e) 2014 (f) Total
1 Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") ....            
2 Tax revenues levied for the organization's benefit and either paid to or expended on its behalf.......            
3 The value of services or facilities furnished by a governmental unit to the organization without charge..            
4 Total. Add lines 1 through 3            
5 The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f)..  
6 Public support. Subtract line 5 from line 4.  
Section B. Total Support
Calendar year (or fiscal year beginning in) right arrow (a) 2010 (b) 2011 (c) 2012 (d) 2013 (e) 2014 (f) Total
7 Amounts from line 4..            
8 Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources...            
9 Net income from unrelated business activities, whether or not the business is regularly carried on..            
10 Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.)..            
11 Total support Add lines 7 through 10.  
12
12
 
13
First five years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here........................................right arrow
Section C. Computation of Public Support Percentage
14
14
 
15
15
 
16a
b
17a
b
18
Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see
instructions ..................................................... right arrow
Schedule A (Form 990 or 990-EZ) 2014
Schedule A (Form 990 or 990-EZ) 2014
Page 3
Part III
Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 9 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)
Section A. Public Support
Calendar year (or fiscal year beginning in) right arrow (a) 2010 (b) 2011 (c) 2012 (d) 2013 (e) 2014 (f) Total
1 Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .            
2 Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose......            
3 Gross receipts from activities that are not an unrelated trade or business under section 513..            
4 Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...            
5 The value of services or facilities furnished by a governmental unit to the organization without charge..            
6 Total. Add lines 1 through 5.            
7a Amounts included on lines 1, 2, and 3 received from disqualified persons...            
b Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.            
c Add lines 7a and 7b..            
8 Public support (Subtract line 7c from line 6.)  
Section B. Total Support
Calendar year (or fiscal year beginning in) right arrow (a) 2010 (b) 2011 (c) 2012 (d) 2013 (e) 2014 (f) Total
9 Amounts from line 6...            
10a Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..            
b Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.            
c Add lines 10a and 10b.            
11 Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on.            
12 Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) ..            
13 Total support. (Add lines 9, 10c, 11, and 12.)..            
14
Section C. Computation of Public Support Percentage
15
15
 
16
16
 
Section D. Computation of Investment Income Percentage
17
17
 
18
18
 
19a
b
20
Schedule A (Form 990 or 990-EZ) 2014
Schedule A (Form 990 or 990-EZ) 2014
Page 4
Part IV
Supporting Organizations
(Complete only if you checked a box on line 11 of Part I. If you checked 11a of Part I, complete Sections A and B. If you checked 11b of Part I, complete Sections A and C. If you checked 11c of Part I, complete Sections A, D, and E. If you checked 11d of Part I, complete Sections A and D, and complete Part V.)
Section A. All Supporting Organizations
Yes
No
1
Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain.
1
 
 
2
Did the organization have any supported organization that does not have an IRS determination of status under section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2).
2
 
 
3a
Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer (b) and (c) below.
3a
 
 
b
Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization made the determination.
3b
 
 
c
Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B) purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.
3c
 
 
4a
Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if you checked 11a or 11b in Part I, answer (b) and (c) below.
4a
 
 
b
Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled or supervised by or in connection with its supported organizations....
4b
 
 
c
Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes.
4c
 
 
5a
Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer (b) and (c) below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the supported organizations added, substituted, or removed, (ii) the reasons for each such action, (iii) the authority under the organization's organizing document authorizing such action, and (iv) how the action was accomplished (such as by amendment to the organizing document).
5a
 
 
b
Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the organization's organizing document?
5b
 
 
c
Substitutions only. Was the substitution the result of an event beyond the organization's control?
5c
 
 
6
Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone other than (a) its supported organizations; (b) individuals that are part of the charitable class benefited by one or more of its supported organizations; or (c) other supporting organizations that also support or benefit one or more of the filing organization’s supported organizations? If “Yes,” provide detail in Part VI.
6
 
 
7
Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor (defined in IRC 4958(c)(3)(C)), a family member of a substantial contributor, or a 35-percent controlled entity with regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990) .
7
 
 
8
Did the organization make a loan to a disqualified person (as defined in section 4958) not described in line 7? If “Yes,” complete Part II of Schedule L (Form 990).
8
 
 
9a
Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or (2))? If “Yes,” provide detail in Part VI.
9a
 
 
b
Did one or more disqualified persons (as defined in line 9(a)) hold a controlling interest in any entity in which the supporting organization had an interest? If “Yes,” provide detail in Part VI.
9b
 
 
c
Did a disqualified person (as defined in line 9(a)) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.
9c
 
 
10a
Was the organization subject to the excess business holdings rules of IRC 4943 because of IRC 4943(f) (regarding certain Type II supporting organizations, and all Type III non-functionally integrated supporting organizations)? If “Yes,” answer b below.
10a
 
 
b
Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess business holdings).
10b
 
 
11
Has the organization accepted a gift or contribution from any of the following persons?
a
A person who directly or indirectly controls, either alone or together with persons described in (b) and (c) below, the governing body of a supported organization?
11a
 
 
b
A family member of a person described in (a) above?
11b
 
 
c
A 35% controlled entity of a person described in (a) or (b) above? If “Yes” to a, b, or c, provide detail in Part VI.
11c
 
 
Schedule A (Form 990 or 990-EZ) 2014
Schedule A (Form 990 or 990-EZ) 2014
Page 5
Part IV
Supporting Organizations (continued)

Section B. Type I Supporting Organizations
Yes
No
1
Did the directors, trustees, or membership of one or more supported organizations have the power to regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year.
1
 
 
2
Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting organization.
2
 
 
Section C. Type II Supporting Organizations
Yes
No
1
Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or management of the supporting organization was vested in the same persons that controlled or managed the supported organization(s).
1
 
 
Section D. All Type III Supporting Organizations
Yes
No
1
Did the organization provide to each of its supported organizations, by the last day of the fifth month of the organization’s tax year, (1) a written notice describing the type and amount of support provided during the prior tax year, (2) a copy of the Form 990 that was most recently filed as of the date of notification, and (3) copies of the organization’s governing documents in effect on the date of notification, to the extent not previously provided?
1
 
 
2
Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the organization maintained a close and continuous working relationship with the supported organization(s).
2
 
 
3
By reason of the relationship described in (2), did the organization’s supported organizations have a significant voice in the organization’s investment policies and in directing the use of the organization’s income or assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations played in this regard.
3
 
 
Section E. Type III Functionally-Integrated Supporting Organizations
1
Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):
a
b
c
2
Activities Test. Answer (a) and (b) below.
Yes
No
a
Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of the supported organization(s) to which the organization was responsive? If "Yes," then in Part VI identify those supported organizations and explain how these activities directly furthered their exempt purposes, how the organization was responsive to those supported organizations, and how the organization determined that these activities constituted substantially all of its activities.
2a
 
 
b
Did the activities described in (a) constitute activities that, but for the organization’s involvement, one or more of the organization’s supported organization(s) would have been engaged in? If "Yes," explain in Part VI the reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the organization’s involvement.
2b
 
 
3
Parent of Supported Organizations. Answer (a) and (b) below.
a
Did the organization have the power to regularly appoint or elect a majority of the officers, directors, or trustees of each of the supported organizations? Provide details in Part VI.
3a
 
 
b
Did the organization exercise a substantial degree of direction over the policies, programs and activities of each of its supported organizations? If "Yes," describe in Part VI the role played by the organization in this regard.
3b
 
 
Schedule A (Form 990 or 990-EZ) 2014
Schedule A (Form 990 or 990-EZ) 2014
Page 6
Part V – Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations

1.   Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov. 20, 1970. See instructions. All other Type III non-functionally integrated supporting organizations must complete Sections A through E.
Section A - Adjusted Net Income (A) Prior Year (B) Current Year
(optional)
1 Net short-term capital gain 1    
2 Recoveries of prior-year distributions 2    
3 Other gross income (see instructions) 3    
4 Add lines 1 through 3 4    
5 Depreciation and depletion 5    
6 Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions) 6    
7 Other expenses (see instructions) 7    
8 Adjusted Net Income (subtract lines 5, 6 and 7 from line 4) 8    

Section B - Minimum Asset Amount (A) Prior Year (B) Current Year
(optional)
1 Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year): 1
a Average monthly value of securities 1a    
b Average monthly cash balances 1b    
c Fair market value of other non-exempt-use assets 1c    
d Total (add lines 1a, 1b, and 1c) 1d    
e Discount claimed for blockage or other factors (explain in detail in Part VI):  
2 Acquisition indebtedness applicable to non-exempt use assets 2    
3 Subtract line 2 from line 1d 3    
4 Cash deemed held for exempt use. Enter 1-1/2% of line 3 (for greater amount, see instructions). 4    
5 Net value of non-exempt-use assets (subtract line 4 from line 3) 5    
6 Multiply line 5 by .035 6    
7 Recoveries of prior-year distributions 7    
8 Minimum Asset Amount (add line 7 to line 6) 8    

Section C - Distributable Amount Current Year
1 Adjusted net income for prior year (from Section A, line 8, Column A) 1  
2 Enter 85% of line 1 2  
3 Minimum asset amount for prior year (from Section B, line 8, Column A) 3  
4 Enter greater of line 2 or line 3 4  
5 Income tax imposed in prior year 5  
6 Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions) 6  
7   Check here if the current year is the organization's first as a non-functionally-integrated Type III supporting organization (see instructions)
Schedule A (Form 990 or 990-EZ) 2014
Schedule A (Form 990 or 990-EZ) 2014
Page 7
Section D - Distributions Current Year
1 Amounts paid to supported organizations to accomplish exempt purposes  
2 Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in
excess of income from activity		  
3 Administrative expenses paid to accomplish exempt purposes of supported organizations  
4 Amounts paid to acquire exempt-use assets  
5 Qualified set-aside amounts (prior IRS approval required)  
6 Other distributions (describe in Part VI). See instructions  
7Total annual distributions. Add lines 1 through 6.  
8 Distributions to attentive supported organizations to which the organization is responsive (provide
details in Part VI). See instructions		  
9 Distributable amount for 2014 from Section C, line 6  
10 Line 8 amount divided by Line 9 amount  

Section E - Distribution Allocations (see instructions) (i)
Excess Distributions 		(ii)
Underdistributions
Pre-2014 		(iii)
Distributable
Amount for 2014
1 Distributable amount for 2014 from Section C, line
6 		 
2 Underdistributions, if any, for years prior to 2014
(reasonable cause required--see instructions)		  
3 Excess distributions carryover, if any, to 2014:
a From 2009.......X
b From 2010.......X
c From 2011.......X
d From 2012.......X
e From 2013.......  
fTotal of lines 3a through e  
g Applied to underdistributions of prior years  
h Applied to 2014 distributable amount  
i Carryover from 2009 not applied (see
instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from 3f.  
4Distributions for 2014 from Section D, line 7:
$  
a Applied to underdistributions of prior years  
b Applied to 2014 distributable amount  
c Remainder. Subtract lines 4a and 4b from 4.  
5 Remaining underdistributions for years prior to
2014, if any. Subtract lines 3g and 4a from line 2
(if amount greater than zero, see instructions)		  
6 Remaining underdistributions for 2014. Subtract
lines 3h and 4b from line 1 (if amount greater than
zero, see instructions)		  
7 Excess distributions carryover to 2015. Add lines
3j and 4c.		  
8 Breakdown of line 7:
a From 2010.......X
b From 2011.......X
c From 2012.......X
d From 2013.......  
e From 2014.......  
Schedule A (Form 990 or 990-EZ) (2014)
Schedule A (Form 990 or 990-EZ) 2014
Page 8
Part VI
Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12; Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a and 3b; Part V, line 1; Part V, Section B, line 1e; Part V Section D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any additional information. (See instructions).
Facts And Circumstances Test
 
Return Reference Explanation
Part I: Additional Information The filing organization is a School. However, it also meets the 33 1/3% Support Test of IRC Section 170(b)(1)(A)(vi) for purposes of limiting the charitable gift disclosures to 2%, using the Special Rule on Schedule B.Due to limitations in the tax filing software, Schedule A, Part II will not print, and the Schedule B Special Rule cannot be used, unless Box 7, 170(b)(1)(A)(vi) organization, is checked on Sch A, Part I. If we follow this course, we are unable to check "Yes" on Form 990, Part IV, line 13a ("Is the organization a school..."), nor can we attach Schedule E, both of which are required. The software provider makes these options available only when Box 2, School, on Schedule A, Part I is checked.In an effort to file as correctly as possible, we have checked the School Box on Schedule A, Line 2, reported under the Special Rule on Schedule B and attached a separate page to demonstrate that we pass the Support Test of Section 170(b)(1)(A)(vi). The attached additional completed Schedule A, Part II has Box 16a checked, as required by the Schedule B instructions.
Schedule A (Form 990 or 990-EZ) 2014

Additional Data


Software ID: 14000265
Software Version: 2014v6.0
Schedule B
(Form 990, 990-EZ,
or 990-PF)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors
Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
Arrow Bullet Information about Schedule B (Form 990, 990-EZ, or 990-PF) and its instructions is at www.irs.gov/form990.
OMB No. 1545-0047
2014
Name of the organization
WAKE FOREST UNIVERSITY
 
Employer identification number

56-0532138
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ





Form 990-PF




Check if your organization is covered by the General Rule or a Special Rule.  
Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule
Special Rules
......... Arrow Bullet $  
Caution. An organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it does not meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2014)

Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
Page 2
Name of organization
WAKE FOREST UNIVERSITY
  		Employer identification number

56-0532138
Part I
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
RESTRICTED
 
 

   
 
 
  ,    

$RESTRICTED


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 

   
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 

   
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 

   
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 

   
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 

   
 
 

$  


(Complete Part II for noncash contributions.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
Page 3
Name of organization
WAKE FOREST UNIVERSITY
  		Employer identification number

56-0532138
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
Page 4
Name of organization
WAKE FOREST UNIVERSITY
  		Employer identification number

56-0532138
Part III
Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10)
that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
Use duplicate copies of Part III if additional space is needed.
(a) No.
from
Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a) No.
from
Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a) No.
from
Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a) No.
from
Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

Additional Data


Software ID: 14000265
Software Version: 2014v6.0
SCHEDULE C
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service
Political Campaign and Lobbying Activities

For Organizations Exempt From Income Tax Under section 501(c) and section 527
SchCMd Bullet Complete if the organization is described below.SchCMd Bullet Attach to Form 990 or Form 990-EZ.
SchCMd Bullet Information about Schedule C (Form 990 or 990-EZ) and its instructions is at www.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public
Inspection
If the organization answered "Yes" to Form 990, Part IV, Line 3, or Form 990-EZ, Part V, line 46 (Political Campaign Activities), then
Round Bullet Section 501(c)(3) organizations: Complete Parts I-A and B. Do not complete Part I-C.
Round Bullet Section 501(c) (other than section 501(c)(3)) organizations: Complete Parts I-A and C below. Do not complete Part I-B.
Round Bullet Section 527 organizations: Complete Part I-A only.
If the organization answered "Yes" to Form 990, Part IV, Line 4, or Form 990-EZ, Part VI, line 47 (Lobbying Activities), then
Round Bullet Section 501(c)(3) organizations that have filed Form 5768 (election under section 501(h)): Complete Part II-A. Do not complete Part II-B.
Round Bullet Section 501(c)(3) organizations that have NOT filed Form 5768 (election under section 501(h)): Complete Part II-B. Do not complete Part II-A.
If the organization answered "Yes" to Form 990, Part IV, Line 5 (Proxy Tax) (see separate instructions) or Form 990-EZ, Part V, line 35c (Proxy Tax) (see separate instructions), then
Round Bullet Section 501(c)(4), (5), or (6) organizations: Complete Part III.
Name of the organization
WAKE FOREST UNIVERSITY
 
Employer identification number

56-0532138
Part I-A
Complete if the organization is exempt under section 501(c) or is a section 527 organization.

1
Provide a description of the organization’s direct and indirect political campaign activities in Part IV.
2
Political expenditures ....................................SchCMd Bullet
$  
3
Volunteer hours ........................................
 

Part I-B
Complete if the organization is exempt under section 501(c)(3).
1
Enter the amount of any excise tax incurred by the organization under section 4955 .........SchCMd Bullet
$  
2
Enter the amount of any excise tax incurred by organization managers under section 4955 ......SchCMd Bullet
$  
3
If the organization incurred a section 4955 tax, did it file Form 4720 for this year? ..............
4a
Was a correction made? .........................................
b
If "Yes," describe in Part IV.
Part I-C
Complete if the organization is exempt under section 501(c), except section 501(c)(3).
1
Enter the amount directly expended by the filing organization for section 527 exempt function activities SchCMd Bullet
$  
2
Enter the amount of the filing organization's funds contributed to other organizations for section 527 exempt function activities ...................................SchCMd Bullet

$  
3
Total exempt function expenditures. Add lines 1 and 2. Enter here and on Form 1120-POL, line 17b..SchCMd Bullet

$  
4
Did the filing organization file Form 1120-POL for this year? ..........................
5
Enter the names, addresses and employer identification number (EIN) of all section 527 political organizations to which the filing
organization made payments. For each organization listed, enter the amount paid from the filing organization’s funds. Also enter the amount of political contributions received that were promptly and directly delivered to a separate political organization, such as a separate segregated fund or a political action committee (PAC). If additional space is needed, provide information in Part IV.
(a) Name (b) Address (c) EIN (d) Amount paid from filing organization's funds. If none, enter -0-. (e) Amount of political contributions received and promptly and directly delivered to a separate political organization. If none, enter -0-.










For Paperwork Reduction Act Notice, see the instructions for Form 990 or 990-EZ.
Cat. No. 50084S
Schedule C (Form 990 or 990-EZ) 2014

Schedule C (Form 990 or 990-EZ) 2014
Page 2
Part II-A
Complete if the organization is exempt under section 501(c)(3) and filed Form 5768 (election under section 501(h)).
A Check SchCMd Bulletexpenses, and share of excess lobbying expenditures).
B Check SchCMd Bullet
Limits on Lobbying Expenditures
(The term "expenditures" means amounts paid or incurred.) 		(a) Filing
organization's
totals 		(b) Affiliated group
totals
1a Total lobbying expenditures to influence public opinion (grass roots lobbying) ......    
b Total lobbying expenditures to influence a legislative body (direct lobbying) .......    
c Total lobbying expenditures (add lines 1a and 1b) ...................    
d Other exempt purpose expenditures ........................    
e Total exempt purpose expenditures (add lines 1c and 1d) ...............    
f Lobbying nontaxable amount. Enter the amount from the following table in both
columns.		    
If the amount on line 1e, column (a) or (b) is:The lobbying nontaxable amount is:
Not over $500,00020% of the amount on line 1e.
Over $500,000 but not over $1,000,000$100,000 plus 15% of the excess over $500,000.
Over $1,000,000 but not over $1,500,000$175,000 plus 10% of the excess over $1,000,000.
Over $1,500,000 but not over $17,000,000$225,000 plus 5% of the excess over $1,500,000.
Over $17,000,000$1,000,000.
g Grassroots nontaxable amount (enter 25% of line 1f) .................    
h Subtract line 1g from line 1a. If zero or less, enter -0-. ................    
i Subtract line 1f from line 1c. If zero or less, enter -0-. ................    
j If there is an amount other than zero on either line 1h or line 1i, did the organization file Form 4720 reporting
section 4911 tax for this year? ......................................

4-Year Averaging Period Under section 501(h)
(Some organizations that made a section 501(h) election do not have to complete all of the five
columns below. See the separate instructions for lines 2a through 2f.)
Lobbying Expenditures During 4-Year Averaging Period
Calendar year (or fiscal year
beginning in) 		(a) 2011 (b) 2012 (c) 2013 (d) 2014 (e) Total
2a Lobbying nontaxable amount          
b Lobbying ceiling amount
(150% of line 2a, column(e)) 		 
c Total lobbying expenditures          
d Grassroots nontaxable amount          
e Grassroots ceiling amount
(150% of line 2d, column (e))		  
f Grassroots lobbying expenditures          
Schedule C (Form 990 or 990-EZ) 2014


Schedule C (Form 990 or 990-EZ) 2014
Page 3
Part II-B
Complete if the organization is exempt under section 501(c)(3) and has NOT filed Form 5768 (election under section 501(h)).
For each "Yes" response to lines 1a through 1i below, provide in Part IV a detailed description of the lobbying activity.
(a)
No
Yes
(b)
Amount
1
During the year, did the filing organization attempt to influence foreign, national, state or local legislation, including any attempt to influence public opinion on a legislative matter or referendum, through the use of:
a
Volunteers? .........................................
 
No
b
Paid staff or management (include compensation in expenses reported on lines 1c through 1i)? ....
Yes
 
c
Media advertisements? ....................................
 
No
 
d
Mailings to members, legislators, or the public? .........................
 
No
 
e
Publications, or published or broadcast statements? .......................
 
No
 
f
Grants to other organizations for lobbying purposes? .......................
 
No
 
g
Direct contact with legislators, their staffs, government officials, or a legislative body? ........
Yes
 
7,576
h
Rallies, demonstrations, seminars, conventions, speeches, lectures, or any similar means? ......
 
No
 
i
Other activities? ..........................
 
No
 
j
Total. Add lines 1c through 1i ...............................
7,576
2a
Did the activities in line 1 cause the organization to be not described in section 501(c)(3)? .....
 
No
b
If "Yes," enter the amount of any tax incurred under section 4912 .................
 
c
If "Yes," enter the amount of any tax incurred by organization managers under section 4912 .....
 
d
If the filing organization incurred a section 4912 tax, did it file Form 4720 for this year? .......
 
No
Part III-A
Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6).
Yes
No
1
Were substantially all (90% or more) dues received nondeductible by members? ................
1
 
 
2
Did the organization make only in-house lobbying expenditures of $2,000 or less? ................
2
 
 
3
Did the organization agree to carry over lobbying and political expenditures from the prior year? ..........
3
 
 
Part III-B
Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6) and if either (a) BOTH Part III-A, lines 1 and 2, are answered "No" OR (b) Part III-A, line 3, is answered “Yes."
1
Dues, assessments and similar amounts from members .....................
1
 
2
Section 162(e) nondeductible lobbying and political expenditures (do not include amounts of political
expenses for which the section 527(f) tax was paid).
a
Current year .........................................
2a
 
b
Carryover from last year ....................................
2b
 
c
Total ............................................
2c
 
3
Aggregate amount reported in section 6033(e)(1)(A) notices of nondeductible section 162(e) dues .
3
 
4
If notices were sent and the amount on line 2c exceeds the amount on line 3, what portion of the excess does the organization agree to carryover to the reasonable estimate of nondeductible lobbying and political expenditure next year? ................................
4
 
5
Taxable amount of lobbying and political expenditures (see instructions) ..............
5
 
Part IV
Supplemental Information
Provide the descriptions required for Part l-A, line 1; Part l-B, line 4; Part l-C, line 5; Part II-A (affiliated group list); Part II-A, lines 1 and 2 (see instructions), and Part ll-B, line 1. Also, complete this part for any additional information.
Return Reference Explanation
Part II-B, Line 1i - Other Activities Description The organization's medical school subsidiary organization has a Government Relations office which makes contacts; working in coordination with that government relations office, the filing organization's employees will sometimes make direct contact with legislators, their staffs, government officials, or a legislative body. The Government Relations office was actively involved with several federal and state issues during the year, but because of the preponderance of current Health Care legislation, the Government Relations Office of the filing organization's subsidiary spent less time during the tax year on purely educational issues of greatest relevance to the filing organization. At the state level, efforts included legislation to delay the expiration of the Historic Mill Restoration Tax Credit for the Wake Forest Innovation Quarter Research Park in downtown Winston-Salem and the retention of the property tax exemption for North Carolina colleges and universities. Wake Forest University employees met with various legislative representatives regarding the retention of the SEOG and Perkins Loan Program for students.
Schedule C (Form 990 or 990EZ) 2014

Additional Data


Software ID: 14000265
Software Version: 2014v6.0

SCHEDULE D
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Financial Statements
SchDMd Bullet Complete if the organization answered "Yes," to Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
SchDMd Bullet Attach to Form 990.
Information about Schedule D (Form 990) and its instructions is at www.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public Inspection
Name of the organization
WAKE FOREST UNIVERSITY
 
Employer identification number

56-0532138
Part I
Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year .........    
2 Aggregate value of contributions to (during year)    
3 Aggregate value of grants from (during year)    
4 Aggregate value at end of year ........    
5
Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ............
6
Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................
Part II
Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.
1
Purpose(s) of conservation easements held by the organization (check all that apply).
2
Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.
Held at the End of the Year
a Total number of conservation easements ....................... 2a  
b Total acreage restricted by conservation easements .................. 2b  
c Number of conservation easements on a certified historic structure included in (a) ..... 2c  
d Number of conservation easements included in (c) acquired after 8/17/06, and not on a historic structure listed in the National Register .................... 2d  
3
Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during
the tax year SchDMd Bullet  
4
Number of states where property subject to conservation easement is located SchDMd Bullet  
5
Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and
enforcement of the conservation easements it holds? .............................
6
Staff and volunteer hours devoted to monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet  
7
Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet $  
8
Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .......................................
9
In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.
1a
If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.
b
If the organization elected, as permitted under SFAS 116 (ASC 958), to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:
(i)
Revenue included in Form 990, Part VIII, line 1 ........................SchDMd Bullet $  
(ii)
Assets included in Form 990, Part X ..............................SchDMd Bullet $  
2
If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 (ASC 958) relating to these items:
a
Revenue included in Form 990, Part VIII, line 1 ..........................SchDMd Bullet $  
b
Assets included in Form 990, Part X ...............................SchDMd Bullet $  
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 52283D
Schedule D (Form 990) 2014

Schedule D (Form 990) 2014
Page 2
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3
Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):
a
d
b
e
 
c
4
Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.
5
During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?........
Part IV
Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990,
Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
1a
Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................
b
If "Yes," explain the arrangement in Part XIII and complete the following table:
Amount
c Beginning balance ................................. 1c 514,749,898
d Additions during the year .............................. 1d 60,551,468
e Distributions during the year ............................. 1e 26,869,762
f Ending balance ................................... 1f 548,431,604
2a
Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability?
b
If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII .......
Part V
Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.
(a)Current year (b)Prior year b (c)Two years back (d)Three years back (e)Four years back
1a Beginning of year balance .... 682,432,627 630,580,382 586,318,598 609,317,298 531,560,575
b Contributions ........ 17,630,121 18,658,098 34,222,614 4,406,986 37,795,637
c Net investment earnings, gains, and losses 14,391,190 61,345,143 39,951,119 5,771,784 70,599,050
d Grants or scholarships ..... 16,708,857 17,125,125 12,712,804 10,553,138 10,874,429
e Other expenditures for facilities
and programs ........ 		10,462,540 9,464,087 15,742,738 21,222,672 17,390,859
f Administrative expenses .... 5,360,741 1,561,785 1,456,407 1,401,660 2,372,676
g End of year balance ...... 681,921,800 682,432,626 630,580,382 586,318,598 609,317,298
2
Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:
a
Board designated or quasi-endowment SchDMd Bullet30.620 %
b
Permanent endowment SchDMd Bullet35.180 %
c
Temporarily restricted endowment SchDMd Bullet34.210 %
The percentages in lines 2a, 2b, and 2c should equal 100%.
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes
No
(i) unrelated organizations ........................
3a(i)
 
No
(ii) related organizations ........................
3a(ii)
Yes
 
b
If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........
3b
Yes
 
4
Describe in Part XIII the intended uses of the organization's endowment funds.
Part VI
Land, Buildings, and Equipment. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11a. See Form 990, Part X, line 10.
Description of property (a) Cost or other basis (investment) (b)Cost or other basis (other) (c) Accumulated depreciation (d) Book value
1a Land ................. 715,250 13,497,462 14,212,712
b Buildings ................ 55,072,227 410,266,482 163,651,116 301,687,593
c Leasehold improvements ............   174,194,555 120,298,169 53,896,386
d Equipment ................   120,223,286 79,220,629 41,002,657
e Other .................   44,994,975 1,816,712 43,178,263
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).).......SchDMdBullet 453,977,611
Schedule D (Form 990) 2014

Schedule D (Form 990) 2014
Page 3
Part VII
Investments—Other Securities. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11b. See Form 990, Part X, line 12.
(a) Description of security or category
(including name of security)		 (b)Book value (c) Method of valuation:
Cost or end-of-year market value
(1)Financial derivatives    
(2)Closely-held equity interests    
Other








Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)Small Bullet 661,697,189
Part VIII
Investments—Program Related. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11c. See Form 990, Part X, line 13.
(a) Description of investment (b) Book value (c) Method of valuation:
Cost or end-of-year market value








Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)Small Bullet  
Part IX
Other Assets. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11d. See Form 990, Part X, line 15.
(a) Description (b) Book value








Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........Small Bullet  
Part X
Other Liabilities. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.
1.(a) Description of liability (b) Book value
Federal income taxes  
Annuities payable 24,660,804
Bond premium 2,089,852
Other liabilities and deferral 45,067,037
Postretirement benefits 15,861,981





Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)Small Bullet 87,679,674
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII
Schedule D (Form 990) 2014

Schedule D (Form 990) 2014
Page 4
Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1 Total revenue, gains, and other support per audited financial statements ....... 1 409,156,619
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains (losses) on investments .... 2a -40,839,091
b Donated services and use of facilities ......... 2b  
c Recoveries of prior year grants ........... 2c  
d Other (Describe in Part XIII.) ............ 2d 10,119,264
e Add lines 2a through 2d ..................... 2e -30,719,827
3 Subtract line 2e from line 1..................... 3 439,876,446
4 Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b . 4a 5,905,091
b Other (Describe in Part XIII.) ........... 4b 95,234,832
c Add lines 4a and 4b....................... 4c 101,139,923
5 Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ...... 5 541,016,369
Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1 Total expenses and losses per audited financial statements ........... 1 362,307,604
2 Amounts included on line 1 but not on Form 990, Part IX, line 25:
a Donated services and use of facilities .......... 2a  
b Prior year adjustments .............. 2b  
c Other losses ................ 2c  
d Other (Describe in Part XIII.) ............ 2d 10,119,264
e Add lines 2a through 2d...................... 2e 10,119,264
3 Subtract line 2e from line 1..................... 3 352,188,340
4 Amounts included on Form 990, Part IX, line 25, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b .. 4a 5,905,091
b Other (Describe in Part XIII.) ............ 4b 95,234,832
c Add lines 4a and 4b....................... 4c 101,139,923
5 Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ...... 5 453,328,263
Part XIII
Supplemental Information
Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b;
Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.
Return Reference Explanation
Part III, Line 1a: If organization elected under SFAS 116 to not report are, historical treasures, o The Consolidated Financial Statements do not contain a footnote regarding the University's art or museum collections. The value of the collections is approximately $18 million.
Part III, Line 4: Description of organization's collections and how it furthers its purpose. The organization has collections of art, rare books, and artifacts within its facilities. These collections enhance the education of its students and provide research materials for its faculty. Artwork is displayed in many buildings on the organization's campus, accessible to students, employees, and visitors.
Part IV, Line 1b: Why is organization an agent, trustee, custodian or other intermediary for contrib Until August 22, 2014, the organization's investment office managed the endowment pool for both the organization and several related organizations identified in Schedule R. Such investments are not included on the organization's balance sheet, but are contained in the consolidated financial statements.
Part IV, Line 2b: Explanation of escrow account liability Agency accounts are held to provide supervision and banking ability for small student clubs and organizations that are formed by the current student body and may or may not last past the graduation of the members. The University fosters the students' desire to form associations that can function as a social unit on campus.
Part V, Line 4: Intended uses of the endowment fund. Approximately 61.4% of the expendable endowment funds provided scholarships for Wake Forest University students during the fiscal year. 14% was distributed for department chair and faculty positions, including funds for research professorships. 15.6% supported educational programs generally, the libraries and general university operations. 9.1% provided support for other specific university needs. Due to the fluctuations of university and student needs, these percentages may change from year to year. Only a portion of the Endowment is Restricted to a single use.
Part X : FIN48 Footnote Wake Forest University is a tax-exempt organization as described in Section 501(c)(3) of the Internal Revenue Code and is generally exempt from federal income taxes on related income pursuant to Section 501(a) of the Code. Accordingly, no provision for income taxes is made in the consolidated financial statements. Unrelated business income of the University is reported on Form 990-T. The University recognizes the effect of income tax positions only if those positions are more likely than not of being sustained.
Part XI, Line 2d: Other revenue amounts included in F/S but not included on form 990 Rental Expenses $7915626 Cost of Goods Sold $1685543 Fundraising event expenses $158278 Coliseum payment to Winston Salem $359817
Part XI, Line 4b: Other revenue amounts included on 990 but not included in F/S Related party transfers In $0 Scholarships net tuition on F/S $95454981 Allocations moved to net expense $4617622 FIN 47 adjustment & Endowment reclass $-4331438 Pledge allowance adjustment $-981019 Other adjustments $474686
Part XII, Line 2d: Other expenses and losses per audited F/S Rental expenses $7915626 Cost of Goods Sold $1685543 Fundraising event expenses $158278 Coliseum payment to Winston-Salem $359817
Part XII, Line 4b: Other revenue amounts included on 990 but not included in F/S Scholarship allowance $95454981 Allocations moved to net expense $4617622 FIN 47 adjustment & Endowment reclass $-4331438 Transactions with related parties $0 Pledge allowance adjustment $-981019 Other adjustments $474686
Schedule D (Form 990) 2014

Additional Data


Software ID: 14000265
Software Version: 2014v6.0




SCHEDULE E(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Schools
Right pointing arrow large imageComplete if the organization answered "Yes" to Form 990,
Part IV, line 13, or Form 990-EZ, Part VI, line 48.
Right pointing arrow large image Attach to Form 990 or Form 990-EZ.
Right pointing arrow large image Information about Schedule E (Form 990 or 990-EZ) and its instructions is at www.irs.gov/form990.
OMB No. 1545-0047 2014Open to Public Inspection
Name of the organization
WAKE FOREST UNIVERSITY
 
Employer identification number

56-0532138
Part I
YES
NO
1
Does the organization have a racially nondiscriminatory policy toward students by statement in its charter, bylaws,
other governing instrument, or in a resolution of its governing body? ......................
1
Yes
 
2
Does the organization include a statement of its racially nondiscriminatory policy toward students in all its
brochures, catalogues, and other written communications with the public dealing with student admissions,
programs, and scholarships? ......................................
2
Yes
 
3
Has the organization publicized its racially nondiscriminatory policy through newspaper or broadcast media during
the period of solicitation for students, or during the registration period if it has no solicitation program, in a way
that makes the policy known to all parts of the general community it serves? If "Yes," please describe. If "No,"
please explain. If you need more space use Part II. .............................
3
Yes
 
 
4
Does the organization maintain the following?
a
Records indicating the racial composition of the student body, faculty, and administrative staff? ..........
4a
Yes
 
b
Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory
basis? ...............................................
4b
Yes
 
c
Copies of all catalogues, brochures, announcements, and other written communications to the public dealing
with student admissions, programs, and scholarships? ...........................
4c
Yes
 
d
Copies of all material used by the organization or on its behalf to solicit contributions? ..............
4d
Yes
 
If you answered "No" to any of the above, please explain. If you need more space, use Part II.
 
5
Does the organization discriminate by race in any way with respect to:
a
Students' rights or privileges? .....................................
5a
 
No
b
Admissions policies? .........................................
5b
 
No
c
Employment of faculty or administrative staff? ..............................
5c
 
No
d
Scholarships or other financial assistance? ................................
5d
 
No
e
Educational policies? .........................................
5e
 
No
f
Use of facilities? ...........................................
5f
 
No
g
Athletic programs? ..........................................
5g
 
No
h
Other extracurricular activities? .....................................
5h
 
No
If you answered "Yes" to any of the above, please explain. If you need more space, use Part II.
 
6a
Does the organization receive any financial aid or assistance from a governmental agency? ...........
6a
Yes
 
b
Has the organization's right to such aid ever been revoked or suspended? ...................
6b
 
No
If you answered "Yes" to either line 6a or line 6b, explain on Part II.
7
Does the organization certify that it has complied with the applicable requirements of sections 4.01 through 4.05
of Rev. Proc. 75-50, 1975-2 C.B. 587, covering racial nondiscrimination? If "No," explain on Part II.
7
Yes
 
Paperwork Reduction Act Notice, see the Instructions for Form 990 or Form 990-EZ.
Cat. No. 50085D
Schedule E (Form 990 or 990-EZ) (2014)
Schedule E (Form 990 or 990EZ) (2014)
Page 2
Part II
Supplemental Information. Provide the explanations required by Part I, lines 3, 4d, 5h, 6b, and 7, as applicable. Also provide any other additional information (see instructions).
Return Reference Explanation
Schedule E, Line 6 - Explanation of Aid or Assistance from Governmental Agency Wake Forest University participates in government loan and scholarship programs on behalf of its students. Funds are awarded to eligible students as part of the University's educational purpose. Funds are awarded to eligible students on a nondiscriminatory basis.
Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized Wake Forest University publishes its nondiscrimination policy in the undergraduate bulletin, which is distributed to all students annually. Nondiscrimination language appears in employment advertising and in ads for the University's educational programs and is available at www.wfu.edu
Schedule E, Line 4 - Explanation of Records and Materials Not Maintained  
Schedule E, Line 5 - Explanation of Organization Discrimination by Race  
Schedule E (Form 990 or 990-EZ) (2014)
Additional Data


Software ID: 14000265
Software Version: 2014v6.0
SCHEDULE F(Form 990)
Department of the Treasury
Internal Revenue Service
Statement of Activities Outside the United States
Right pointing arrow large image Complete if the organization answered "Yes" to Form 990,Part IV, line 14b, 15, or 16.Right pointing arrow large image Attach to Form 990.Right pointing arrow large image Information about Schedule F (Form 990) and its instructions is at www.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public Inspection
Name of the organization
WAKE FOREST UNIVERSITY
 
Employer identification number

56-0532138
Part I
General Information on Activities Outside the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 14b.
1
For grantmakers. Does the organization maintain records to substantiate the amount of its grants
and other assistance, the grantees’ eligibility for the grants or assistance, and the selection criteria
used to award the grants or assistance? ...........................
2
For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of its grants and other assistance outside the United States.
3
Activites per Region. (The following Part I, line 3 table can be duplicated if additional space is needed.)
(a) Region (b) Number of offices in the region (c) Number of employees, agents, and independent contractors in region (d) Activities conducted in region (by type) (e.g., fundraising, program services, investments, grants to recipients located in the region) (e) If activity listed in (d) is a program service, describe specific type of
service(s) in region		 (f) Total expenditures
for and investments
in region
Ctr America & Caribbean 1 10 Program Service Study Abroad 162,316
Ctr America & Caribbean 0 0 Program Service Services 4,493
Europe & North Atlantic 0 0 Program Service Publication & Other Services 17,927
Europe & North Atlantic 0 0 Program Service Recruiting 10,178
East Asia & Pacific 0 0 Program Service Research 12,180
East Asia & Pacific 1 7 Program Service Study Abroad 114,108
Europe & North Atlantic 5 35 Program Service Study Abroad 2,739,244
Europe & North Atlantic 0 0 Program Service Conference 4,572
Europe & North Atlantic 0 0 Program Service Research 16,635
East Asia & Pacific 0 0 Program Service Publication & Other Services 2,304
Mid East & N Africa 0 0 Program Service Research 7,300
Sub-Saharan Africa 1 4 Program Service Research 27,936
North America 0 0 Program Service Conference 24,829
North America 0 0 Program Service Research review services 1,800
South America 1 4 Program Service Study Abroad 260,526
Europe & North Atlantic 0 0 Program Service Grant 600
South America 0 0 Program Service Research 110,297
South America 0 0 Program Service Recruiting 17,001
Sub-Saharan Africa 0 0 Program Service Study Abroad 10,560
East Asia & Pacific 0 0 Program Service Conference 1,309
Ctr America & Caribbean 0 0 Program Service Conference 1,761
Europe & North Atlantic 0 0 Prog-Related Assets Book Value   3,049,260
Ctr America & Caribbean 0 0 Prog-Related Assets Book Value   1,593,125
Sub-Saharan Africa 0 0 Prog-Related Assets Book Value   28,486
Europe & North Atlantic 0 0 Investment Book Value   1,701,892
East Asia & Pacfic 0 0 Investment Book Value   1,896,203
3a Sub-total ..... 9 60 3,517,245
b Total from continuation sheets to Part I ...     8,299,597
c Totals (add lines 3a and 3b) 9 60 11,816,842
For Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) 2014
Schedule F (Form 990) 2014
Page 2
Part II
Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 15, for any recipient who received more than $5,000. Part II can be duplicated if additional space is needed.
1 (a) Name of organization (b) IRS code section
and EIN (if applicable)		 (a)(c) Region (b)(d) Purpose of
grant 		(e) Amount of
cash grant 		(f) Manner of
cash
disbursement 		(g) Amount
of non-cash
assistance 		(h) Description
of non-cash
assistance 		(i) Method of
valuation
(book, FMV,
appraisal, other)
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
2 Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter ....MediumBullet
 
3
Enter total number of other organizations or entities .......................MediumBullet
 
Schedule F (Form 990) 2014
Schedule F (Form 990) 2014Page 3
Part III
Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 16.
Part III can be duplicated if additional space is needed.
(a) Type of grant or assistance (b) Region (c) Number of recipients (d) Amount of
cash grant 		(e) Manner of cash
disbursement 		(f) Amount of
non-cash
assistance 		(g) Description
of non-cash
assistance 		(h) Method of
valuation
(book, FMV,
appraisal, other)
Student scholarship East Asia 1 2,500 Check/wire      
Student scholarship Europe & N Atlant 4 5,682 Check/wire      
Student scholarship South Asia 1 2,000 Check/wire      
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
Schedule F (Form 990) 2014
Schedule F (Form 990) 2014
Page 4
Part IV
Foreign Forms
1 Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes,"the organization may be required to file Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation (see Instructions for Form 926)......................................
2 Did the organization have an interest in a foreign trust during the tax year? If "Yes," the organization may be required to file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and/or Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner (see Instructions for Forms 3520 and 3520-A; do not file with Form 990)............................
3 Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations. (see Instructions for Form 5471)..............................
4 Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If “Yes,” the organization may be required to file Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see Instructions for Form 8621)...............................................
5 Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships. (see Instructions for Form 8865)....................................
6 Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to file Form 5713, International Boycott Report (see Instructions for Form 5713; do not file with Form 990).....................................
Schedule F (Form 990) 2014
Schedule F (Form 990) 2014
Page 5
Part V
Supplemental Information
Provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3, column (f) (accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part III (accounting method); and Part III, column (c) (estimated number of recipients), as applicable. Also complete this part to provide any additional information (see instructions).
ReturnReference Explanation
Part I, Line 2 - Grantmakers Explanation For Monitoring Use of Funds Outside US The organization provides funding to faculty for research and other projects and to students for research and other projects. Expenses must be substantiated under the Accountable Plan to ensure proper use of funds.The Organization sometimes provides operating funds to collaborative organizations and charitable foreign organizations, for which there is no formal monitoring process.
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
Schedule F (Form 990) 2014
Additional Data


Software ID: 14000265
Software Version: 2014v6.0



SCHEDULE G (Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information Regarding
Fundraising or Gaming Activities
Complete if the organization answered "Yes" to Form 990, Part IV, lines 17, 18, or 19, or if the organization entered more than $15,000 on Form 990-EZ, line 6a. right arrowAttach to Form 990 or Form 990-EZ.
right arrowInformation about Schedule G (Form 990 or 990-EZ) and its instructions is at www.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public Inspection
Name of the organization
WAKE FOREST UNIVERSITY
 
Employer identification number

56-0532138
Part I
Fundraising Activities. Complete if the organization answered "Yes" to Form 990, Part IV, line 17. Form 990-EZ
filers are not required to complete this part.
1
Indicate whether the organization raised funds through any of the following activities. Check all that apply.
a e
b f
c g
d
2a
Did the organization have a written or oral agreement with any individual (including officers, directors, trustees
or key employees listed in Form 990, Part VII) or entity in connection with professional fundraising services?
b
If "Yes," list the ten highest paid individuals or entities (fundraisers) pursuant to agreements under which the fundraiser is
to be compensated at least $5,000 by the organization.
(i) Name and address of individual
or entity (fundraiser) 		(ii) Activity (iii) Did fundraiser have custody or control of contributions? (iv) Gross receipts
from activity 		(v) Amount paid to
(or retained by)
fundraiser listed in
col. (i) 		(vi) Amount paid to
(or retained by)
organization
Yes No
 
PW Feats
3 E Read St
 
Baltimore, MD21202 		Consulting   No   372,976  
 
JHE Productions
6427 Saddle Crk
 
Harrisburg, NC28075 		Consulting   No   372,770  
 
Silent R Prod
2749 Spring Gar
 
WinstonSa, NC27106 		Consultant-Film   No   179,178  
 
Ologie LLC
447 E Main St
 
Columbus, OH43215 		Consulting   No   90,000  
 
Lisa Quisenberr
2100 Sharon Rd
 
Charlotte, NC28207 		Consulting   No   59,419  
 
Mary Tribble LL
400 N Church St
 
Charlotte, NC28202 		Consultant   No   30,294  
 
InsideHeads LLC
12241 Johnson B
 
St John,  
VQ00830 		Consulting   No   19,450  
 
Hanover Researc
44 Wilson Blvd
 
Alexandria, VA22203 		Consulting   No   19,426  
 
Bluezoom Inc
230 S Elm St
 
Greensboro, NC27401 		Campaign Dev.   No   18,048  
 
Elephant in the
105 West 4th St
 
Winston, NC27101 		Design Services   No   15,700  
Total .................right arrow   1,177,261  
3
List all states in which the organization is registered or licensed to solicit contributions or has been notified it is exempt from registration or licensing.
AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, LA, ME, MA, MI, MO, MS, MT, NE, NV, NH, NJ, NM, NC, NY, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, DC
For Paperwork Reduction Act Notice, see the Instructions for Form 990or 990-EZ.
Cat. No. 50083H
Schedule G (Form 990 or 990-EZ) 2014
Schedule G (Form 990 or 990-EZ) 2014
Page 2
Part II
Fundraising Events. Complete if the organization answered "Yes" to Form 990, Part IV, line 18, or reported more than $15,000 of fundraising event contributions and gross income on Form 990-EZ, lines 1 and 6b. List events with gross receipts greater than $5,000.
(a) Event #1

WFDD Events
(event type) 		(b) Event #2

Athletics Dinner/Pro AM
(event type) 		(c) Other events

2
(total number) 		(d) Total events
(add col. (a) through col. (c))
VerticalRevenue 1 Gross receipts . . . 1,189,512 64,358 34,838 1,288,708
2 Less: Contributions . . 1,189,512 27,891 17,125 1,234,528
3 Gross income (line 1
minus line 2) . . . 		  36,467 17,713 54,180
VerticalDirectExpenses 4 Cash prizes . . .        
5 Noncash prizes . . 34,405   807 35,212
6 Rent/facility costs . .   504 15,689 16,193
7 Food and beverages . 380 16,291 1,739 18,410
8 Entertainment . . .   10,417   10,417
9 Other direct expenses . 30,606 30,903 16,537 78,046
10 Direct expense summary. Add lines 4 through 9 in column (d) ........... right arrow 158,278
11 Net income summary. Subtract line 10 from line 3, column (d)........... right arrow -104,098
Part III
Gaming. Complete if the organization answered "Yes" to Form 990, Part IV, line 19, or reported more than $15,000 on Form 990-EZ, line 6a.
VerticalRevenue (a) Bingo (b) Pull tabs/Instant
bingo/progressive bingo 		(c) Other gaming (d) Total gaming (add col.(a) through col.(c))
1 Gross revenue . . . .        
VerticalDirectExpenses 2 Cash prizes . . . .        
3 Non-cash prizes . . .        
4 Rent/facility costs . . .        
5 Other direct expenses . .        
6 Volunteer labor . . .
%
%
%
7 Direct expense summary. Add lines 2 through 5 in column (d) ........... right arrow  
8 Net gaming income summary. Subtract line 7 from line 1, column (d) ......... right arrow  
9
Enter the state(s) in which the organization conducts gaming activities:
a
Is the organization licensed to conduct gaming activities in each of these states? ............
b
If "No," explain:
 
10a
Were any of the organization's gaming licenses revoked, suspended or terminated during the tax year? .....
b
If "Yes," explain:
 
Schedule G (Form 990 or 990-EZ) 2014
Schedule G (Form 990 or 990-EZ) 2014
Page 3
11
Does the organization conduct gaming activities with nonmembers? .................
12
Is the organization a grantor, beneficiary or trustee of a trust or a member of a partnership or other entity
formed to administer charitable gaming? ..........................
13
Indicate the percentage of gaming activities conducted in:
a
The organization's facility ......................
13a
%
b
An outside facility ........................
13b
%
14
Enter the name and address of the person who prepares the organization's gaming/special events books and records:
Name right arrow
Address right arrow
15a
Does the organization have a contract with a third party from whom the organization receives gaming
revenue? ......................................
b
If "Yes," enter the amount of gaming revenue received by the organization right arrow $   and the
amount of gaming revenue retained by the third party right arrow $  
c
If "Yes," enter name and address of the third party:
Name right arrow
Address right arrow
 
 
16
Gaming manager information:
Name right arrow
Gaming manager compensation right arrow $  
Description of services provided right arrow
 
17
Mandatory distributions:
a
Is the organization required under state law to make charitable distributions from the gaming proceeds to
retain the state gaming license? ............................
b
Enter the amount of distributions required under state law distributed to other exempt organizations or spent
in the organization's own exempt activities during the tax year right arrow$  
Part IV
Supplemental Information. Provide the explanations required by Part I, line 2b, columns (iii) and (v), and Part III, lines 9, 9b, 10b, 15b, 15c, 16, and 17b, as applicable. Also provide any additional information (see instructions).
Return Reference Explanation
Schedule G (Form 990 or 990-EZ) 2014
Additional Data


Software ID: 14000265
Software Version: 2014v6.0
Schedule I
(Form 990)
Department of the Treasury
Internal Revenue Service
Grants and Other Assistance to Organizations,
Governments and Individuals in the United States
Complete if the organization answered "Yes," to Form 990, Part IV, line 21 or 22.
lBullet Attach to Form 990.
lBullet Information about Schedule I (Form 990) and its instructions is at www.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public
Inspection
Name of the organization
WAKE FOREST UNIVERSITY
 
Employer identification number
56-0532138
Part I
General Information on Grants and Assistance
1
Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ....................................
2
Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.
Part II
Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" to
Form 990, Part IV, line 21, for any recipient that received more than $5,000. Part II can be duplicated if additional space is needed.
(a) Name and address of organization
or government		 (b) EIN (c) IRC section
if applicable		 (d) Amount of cash grant (e) Amount of non-cash
assistance		 (f) Method of valuation
(book, FMV, appraisal,
other)		 (g) Description of
non-cash assistance		 (h) Purpose of grant
or assistance
(1) Bookmarks Book Festival
PO Box 11867
WinstonSalem,NC27116 		54-2152610 501(c)(3) 7,500 0     Sponsor Book Event
(2) Brenner Childrens Hospital
PO Box 571021
Winston Salem,NC27157 		22-3849199 501(c)(3) 21,000 0     Charitable Contrib
(3) Catholic University of Amer
620 Michigan Ave
Washington,DC20064 		53-0196583 501(c)(3) 9,441 0     Research Subcontract
(4) East Carolina University
1001 East 5th Street
Greenville,NC27858 		56-6000403 115 11,111 0     Research Subcontract
(5) Forte Foundation
9600 Escarpment 745 PMB72
Austin,TX78749 		61-1457145 501(c)(3) 15,000 0     Contrib for Scholarship Opportunity
(6) Habitat For Humanity
339 Witt Street
WinstonSalem,NC27103 		56-1448955 501(c)(3) 32,500 0     Habitat House Sponsor
(7) HEART Tutoring Inc
610 E Morehead St Ste 103
Charlotte,NC28202 		45-4366030 501(c)(3) 6,000 0     Sponsorship
(8) Leadership Winston-Salem
624 W Sixth St Ste 110
WinstonSalem,NC27101 		58-1574887 501(c)(3) 6,000 0     Sponsorship General Support
(9) Medical College of Wisconsin
8701 Watertown Plank Road
Milwaukee,WI53226 		39-0806261 501(c)(3) 27,966 0     Research Subcontract
(10) Mission Emanuel
PO Box 25246
WinstonSalem,NC27114 		46-3214379 501(c)(3) 40,460 0     Charitable Service Trip
(11) North Carolina A&T University
1601 E Market St
Greensboro,NC27411 		56-6000007 115 11,409 0     Research Subcontract
(12) Old Hickory Council BSA
6600 Silas Creek Parkway
WinstonSalem,NC27106 		56-0529985 501(c)(3) 12,500 0     Charitable Contribution
(13) Reynolda House Inc
PO Box 7287
WinstonSalem,NC27109 		56-0810676 501(c)(3) 425,000 0     Operations Support
(14) RiverRun International Film
305 W Fourth Street
WinstonSalem,NC27101 		20-0254183 501(c)(3) 16,000 0     Sponsorship - General Support
(15) Sen Geo Mitchell Institute
22 Monument Square Ste 200
Portland,ME04101 		01-0523390 501(c)(3) 25,000 0     Contribution General Support
(16) UNC Chapel Hill
208 West Franklin Street
Chapel Hill,NC27599 		69-9091994 115 6,025 0     Research subcontract
(17) Univ of Kentucky Research Fdn
301 Peterson Service Building
Lexington,KY48109 		61-6033693 115 31,113 0     Research Subcontract
(18) University of Pennsylvania
3451 Walnut Street
Philadelphia,PA19104 		23-1352685 115 27,866 0     Research Subcontract
(19) University of Pittsburgh
116 Atwood Street
Pittsburgh,PA15251 		25-0965591 115 37,134 0     Research Subcontract
(20) University of Virginia
580 Massie Rd
Charlottesville,VA22903 		54-6001796 115 59,038 0     Research Subcontract
(21) Wake Forest College Birthplace Society
PO Box 494
Wake Forest,NC27588 		56-6072013 501(c)(3) 76,228 0     Operations Support
(22) Wake Forest Univ Health Scien
Medical Center Blvd
WinstonSalem,NC27157 		22-3849199 501(c)(3) 731,118 0     Research Subcontracts
(23) Winston Salem Business Inc
1080 W Fourth Street
WinstonSalem,NC27101 		51-0436665 501(c)(3) 10,000 0     Charitable Contribution
(24) W-S Chamber of Commerce
411 W Fourth St Ste 211
WinstonSalem,NC27101 		56-0459820 501(c)(3) 10,000 0     General Support & Membership
(25) YMCA of Northwest NC
301 N Main St Ste 1900
WinstonSalem,NC27101 		56-0530015 501(c)(3) 53,064 0     Research Subcontract
2
Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................ Bullet Image
25
3
Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image
0
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50055P
Schedule I (Form 990) 2014

Schedule I (Form 990) 2014
Page 2
Part III
Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" to Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.
(a)Type of grant or assistance (b)Number of
recipients		 (c)Amount of
cash grant		 (d)Amount of
non-cash assistance		 (e)Method of valuation (book,
FMV, appraisal, other)		 (f)Description of non-cash assistance
(1) Departmental Scholarships 2567 1,856,277      
(2) Grants for Student Travel 614 258,569      
(3) General Tuition Scholarships 3209   77,002,827 Univ. charges Tuition discounts
(4) Tuition Concessions 154   4,951,682 Univ. charges Direct tuition payments
(5) Athletic Tuition Awards 294   10,407,417 Univ. charges Tuition discounts
(6) ROTC Scholarships 32 142,505 15,133    
(7) Athletic Room & Board 197 2,659,913      
(8) Study Abroad Scholarships 269 1,050,475 1,690,593 Univ. charges WFU Program payments
(9) Third Party Scholarships 631 31,606 4,401,980 Univ. charges Direct tuition payments
Part IV
Supplemental Information. Provide the information required in Part I, line 2, Part III, column (b), and any other additional information.
Return Reference Explanation
Grantmaker's Description of How Grants are Used Wake Forest University carefully selects qualified exempt organizations for its contributions and provides support for worthy projects and events in which the University has an interest.Grants provided to students are monitored either through use -for University tuition and fees- or by requiring substantiation from the students for research projects or scholastic travel grants.Research subcontracts are awarded to qualifying research institutes able to complete research projects and monitored during such projects as well as by reviewing and collating the end results of the work.
Schedule I (Form 990) 2014


Additional Data


Software ID: 14000265
Software Version: 2014v6.0


Schedule J
(Form 990)
Department of the Treasury
Internal Revenue Service
Compensation Information
For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet Complete if the organization answered "Yes" to Form 990, Part IV, line 23.
SchJMediumBullet Attach to Form 990.
SchJMediumBullet Information about Schedule J (Form 990) and its instructions is at www.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public Inspection
Name of the organization
WAKE FOREST UNIVERSITY
 
Employer identification number

56-0532138
Part I
Questions Regarding Compensation
Yes
No
1a
Check the appropiate box(es) if the organization provided any of the following to or for a person listed in Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.
b
If any of the boxes in line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain....
1b
Yes
 
2
Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked in line 1a? ..
2
Yes
 
3
Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.
4
During the year, did any person listed in Form 990, Part VII, Section A, line 1a with respect to the filing organization or a related organization:
a
Receive a severance payment or change-of-control payment? ................
4a
 
No
b
Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........
4b
Yes
 
c
Participate in, or receive payment from, an equity-based compensation arrangement? .........
4c
 
No
If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.
Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.
5
For persons listed in Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:
a
The organization? ...........................
5a
 
No
b
Any related organization? .........................
5b
 
No
If "Yes," to line 5a or 5b, describe in Part III.
6
For persons listed in Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:
a
The organization? ...........................
6a
 
No
b
Any related organization? .........................
6b
 
No
If "Yes," to line 6a or 6b, describe in Part III.
7
For persons listed in Form 990, Part VII, Section A, line 1a, did the organization provide any non-fixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............
7
Yes
 
8
Were any amounts reported in Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III .............................
8
 
No
9
If "Yes" to line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................
9
 
No
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50053T
Schedule J (Form 990) 2014

Schedule J (Form 990) 2014
Page 2
Part II
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.
For each individual whose compensation must be reported in Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.
(A) Name and Title (B) Breakdown of W-2 and/or 1099-MISC compensation (C) Retirement and other deferred compensation (D) Nontaxable
benefits		 (E) Total of columns
(B)(i)-(D) 		(F) Compensation in column(B) reported as deferred in prior Form 990
(i) Base compensation (ii) Bonus & incentive compensation (iii) Other reportable compensation
1Andrew R ChanVP Career Develop. (i)
(ii)		 281,011
...............................
  		181,426
...............................
  		15,827
...............................
  		69,500
...............................
  		21,099
...............................
  		568,863
...............................
  		80,213
...............................
 
2Anita M ConradAsst Secretary (i)
(ii)		 160,024
...............................
  		3,000
...............................
  		258
...............................
  		16,660
...............................
  		16,053
...............................
  		195,995
...............................
  		 
...............................
 
3B Hofler MilamExec VP & CFO (i)
(ii)		 431,253
...............................
  		25,000
...............................
  		16,390
...............................
  		150,096
...............................
  		21,509
...............................
  		644,248
...............................
  		 
...............................
 
4Charles L IacovouDean, School of Bus, FY15 (i)
(ii)		 366,123
...............................
  		 
...............................
  		5,344
...............................
  		26,000
...............................
  		16,802
...............................
  		414,269
...............................
  		 
...............................
 
5Craig O ThomasFormer Asst Treasurer (i)
(ii)		 201,071
...............................
  		99,890
...............................
  		90
...............................
  		157,667
...............................
  		20,265
...............................
  		478,983
...............................
  		27,333
...............................
 
6Daniel R ManningBasketball Coach (i)
(ii)		 1,164,789
...............................
  		 
...............................
  		109,773
...............................
  		13,000
...............................
  		14,457
...............................
  		1,302,019
...............................
  		 
...............................
 
7David P ClawsonFootball Coach (i)
(ii)		 1,686,236
...............................
  		100,000
...............................
  		290,991
...............................
  		13,000
...............................
  		22,939
...............................
  		2,113,166
...............................
  		 
...............................
 
8J Reid MorganS.VP, Sec, G.C. (i)
(ii)		 435,176
...............................
  		25,000
...............................
  		17,903
...............................
  		26,000
...............................
  		84,947
...............................
  		589,026
...............................
  		 
...............................
 
9Jacquelyn Fetrow PhDFormer Dean of Wake Forest College (i)
(ii)		 123,276
...............................
  		20,000
...............................
  		3,987
...............................
  		12,528
...............................
  		5,236
...............................
  		165,027
...............................
  		 
...............................
 
10James J DunnFormer Chief Invest Officr (i)
(ii)		 151,805
...............................
  		 
...............................
  		26,026
...............................
685,290 		8,858
...............................
366,117 		5,871
...............................
9,961 		192,560
...............................
1,061,368 		 
...............................
82,033
11Jeffrey BzdelikBasketball Coach (i)
(ii)		 692,994
...............................
  		15,000
...............................
  		527,824
...............................
  		19,500
...............................
  		12,156
...............................
  		1,267,474
...............................
  		 
...............................
 
12Jim B GrobeFootball Coach (i)
(ii)		 361,217
...............................
  		 
...............................
  		1,320,056
...............................
  		5,550
...............................
  		2,961
...............................
  		1,689,784
...............................
  		 
...............................
 
13John D McConnell MDExecVP HlthAff (i)
(ii)		  
...............................
997,693 		 
...............................
  		 
...............................
553,444 		 
...............................
212,316 		 
...............................
20,056 		 
...............................
1,783,509 		 
...............................
 
14Mark A PetersenVP - Advancement (i)
(ii)		 401,650
...............................
  		25,000
...............................
  		22,453
...............................
  		116,582
...............................
  		18,168
...............................
  		583,853
...............................
  		 
...............................
 
15Mark E Welker PhDFormer Interim Provost (i)
(ii)		 219,421
...............................
  		 
...............................
  		333
...............................
  		22,856
...............................
  		19,335
...............................
  		261,945
...............................
  		 
...............................
 
16Nathan O Hatch PhDPresident (i)
(ii)		 816,207
...............................
  		94,000
...............................
  		113,301
...............................
  		372,308
...............................
  		61,003
...............................
  		1,456,819
...............................
  		 
...............................
 
17Rogan Kersh PhDProvost (i)
(ii)		 458,150
...............................
  		25,000
...............................
  		20,612
...............................
  		93,145
...............................
  		21,204
...............................
  		618,111
...............................
  		 
...............................
 
18Ronald D WellmanDirector of Athletics (i)
(ii)		 700,425
...............................
  		 
...............................
  		29,460
...............................
  		297,823
...............................
  		18,247
...............................
  		1,045,955
...............................
  		 
...............................
 
19Steven S ReinemundFormer Dean, School of Business (i)
(ii)		 196,804
...............................
  		 
...............................
  		3,000
...............................
  		20,000
...............................
  		8,518
...............................
  		228,322
...............................
  		 
...............................
 
Schedule J (Form 990) 2014

Schedule J (Form 990) 2014
Page 3
Part III
Supplemental Information
Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II.
Also complete this part for any additional information.
Return Reference Explanation
Part I, Line 1a: Relevant information in regards to selections on 1a. Charter Travel: Charter travel is sometimes made available for various business and scheduling needs of the officers traveling. Athletics personnel sometimes use charters for team travel. Many of the chartered flights provided during the year were donated to the university. As such travel is for business purposes only, it is not treated as taxable.Travel for companions: Reimbursed spousal travel is allowed per the filing organization's policy when pursuant to a bona fide business purpose. To the extent that there is a business purpose for the travel, it is not treated as taxable.Tax indemnification: Individuals may have certain payments grossed up at the discretion of the President, Board of Trustees, CFO, or as provided by their employment contract. All such payments are considered taxable.The President is provided lodging for the convenience of the University as a condition of his employment, and as such, pursuant to IRC Section 119, it is not deemed a taxable benefit. Certain personal services, such as cleaning, landscaping and maintenance, are provided as part of the operation of the President's University-owned residence. Social Club dues are provided by the University when membership fulfills a university business purpose. All such dues are monitored for personal use and included in taxable compensation when applicable.The President has a discretionary spending account which is monitored against the University's Accountable Plan. Any expenses deemed personal are treated as taxable compensation.
Part I, Line 7: Non-Fixed payments not listed above Various Officers and Key Employees have incentive compensation components contained in their employment agreements. These are often goal-based and are determined in the course of evaluation of the employee's performance by his or her supervisor or the compensation committee of the filing organization's board, as applicable. Others are awarded discretionary amounts, but within budgetary constraints. Other non-fixed payments may include sums for relocation that are typically included as a provision in an employment agreement. All such payments are reflected on the individual's W-2.
Part III, Additional Information The following individuals have amounts included in Schedule J, column D (nontaxable benefits) for tuition provided to family members under the Wake Forest University Tuition Concession Plan for Dependent Children, available to all employees.J. Reid Morgan: $59,024 --- Andrew R. Chan: $8,867 All compensation provided to John D. McConnell, M.D. was paid by a related organization, Wake Forest University Health Sciences (WFUHS) for his services as an officer of that related organization (and other related organizations comprising the academic medical center of which the filing organizations Medical School is a part) and not for any of his services as an officer of the filing organization. Wake Forest University Baptist Medical Center (WFUBMC) is the organization that has been delegated authority to operate WFUHS and the North Carolina Baptist Hospital (NCBH), an unrelated but affiliated organization, and all of the respective subsidiaries of each of WFUHS and NCBH. WFUBMCs two equal members are the filing organization (WFU) and NCBH; Dr. McConnell is the CEO of each of WFUBMC, WFUHS and NCBH. The compensation provided to Lawrence D. Hopkins, MD is paid by a related organization for his services as a faculty member and employee of that related organization and not for his service as a trustee of the filing organization.Compensation from January 1 through April 11, 2014 was paid to James J. Dunn, former VP and CIO, by the filing organization. After 4/11/14, Mr. Dunn was paid by the related party Verger Capital Management, which has contracted for the investing of the University's Endowment assets.
Schedule J (Form 990) 2014

Additional Data


Software ID: 14000265
Software Version: 2014v6.0
Schedule K
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information on Tax Exempt Bonds
SchKMediumBullet Complete if the organization answered "Yes" to Form 990, Part IV, line 24a. Provide descriptions,
explanations, and any additional information in Part VI.
SchKMediumBullet Attach to Form 990.
SchKMediumBulletInformation about Schedule K (Form 990) and its instructions is at www.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public
Inspection
Name of the organization
WAKE FOREST UNIVERSITY
 
Employer identification number
56-0532138
Part I
Bond Issues
(a) Issuer name (b) Issuer EIN (c) CUSIP # (d) Date issued (e) Issue price (f) Description of purpose (g) Defeased (h) On
behalf of
issuer 		(i) Pool
financing
Yes No Yes No Yes No
A NC Capital Facs Fin Agcy
  		56-1592154 65818PHB8 05-28-2009 112,612,190 See Sch K, Part VI   X   X   X
B NC Capital Facs Fin Agcy
  		56-1592154 65818PEC9 12-21-2004 36,605,000 See Sch K, Part VI, Ser A   X   X   X
C NC Capital Facs Fin Agcy
  		56-1592154 65818PEB1 12-21-2004 30,760,000 See Sch K, Part VI, Ser B   X   X   X
Part II
Proceeds
A B C D
1 Amount of bonds retired . . . . . . . . . . . . . . 13,130,000 13,130,000 19,930,000  
2 Amount of bonds legally defeased . . . . . . . . . . .        
3 Total proceeds of issue . . . . . . . . . . . . . . 113,514,794 36,605,000 30,760,000  
4 Gross proceeds in reserve funds . . . . . . . . . . . .        
5 Capitalized interest from proceeds . . . . . . . . . . . 5,935,159      
6 Proceeds in refunding escrows . . . . . . . . . . . .        
7 Issuance costs from proceeds . . . . . . . . . . . . 1,108,136 300,161 270,000  
8 Credit enhancement from proceeds . . . . . . . . . . .        
9 Working capital expenditures from proceeds . . . . . . . . .        
10 Capital expenditures from proceeds . . . . . . . . . . . 66,025,058      
11 Other spent proceeds . . . . . . . . . . . . . . 40,446,411 36,304,839 30,490,000  
12 Other unspent proceeds . . . . . . . . . . . . . .        
13 Year of substantial completion . . . . . . . . . . . . 2013 2001 1999
Yes No Yes No Yes No Yes No
14 Were the bonds issued as part of a current refunding issue? . . . . . X   X     X    
15 Were the bonds issued as part of an advance refunding issue? . . . . .   X   X X      
16 Has the final allocation of proceeds been made? . . . . . . . . X   X   X      
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? . . . . . . . . . . . . . . X   X   X      
Part III
Private Business Use
A B C D
Yes No Yes No Yes No Yes No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? . . . . . . .   X            
2 Are there any lease arrangements that may result in private business use of bond-financed property? . . . . . . . . . X              
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50193E
Schedule K (Form 990) 2014
Schedule K (Form 990) 2014
Page 2
Part III
Private Business Use (Continued)
A B C D
Yes No Yes No Yes No Yes No
3a Are there any management or service contracts that may result in private business use of bond-financed property? . . . . . . . . . . . . X              
b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property? X              
c Are there any research agreements that may result in private business use of bond-financed property? . . . . . . . . . . . . . . .   X            
d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property? X              
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government . . SchKMediumBullet 1.540 %      
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government . . . . . . . SchKMediumBullet 0.870 %      
6 Total of lines 4 and 5 . . . . . . . . . . . . . 2.410 %      
7 Does the bond issue meet the private security or payment test? . . . . .   X            
8a Has there been a sale or disposition of any of the bond-financed property to a nongovernmental person other than a 501(c)(3) organization since the bonds were issued?. . . . . . . . . . . . . . . . .   X            
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of.        
c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2? . . . . . . . . . . . . .                
9 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under
Regulations sections 1.141-12 and 1.145-2? . . . . . . . 		X              
Part IV
Arbitrage
A B C D
Yes No Yes No Yes No Yes No
1 Has the issuer filed Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate? . .   X   X   X    
2 If "No" to line 1, did the following apply? . . . .
a Rebate not due yet? . . . . . . . .   X   X   X    
b Exception to rebate? . . . . . . . .   X X     X    
c No rebate due? . . . . . . . . X   X   X      
If "Yes" to line 2c, provide in Part VI the date the rebate
computation was performed . . . . . .
3 Is the bond issue a variable rate issue? . . . .                
4a Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue?   X   X X      
b Name of provider . . . . . . . . . See Part V
  		 
  		See Part V
  		 
 
c Term of hedge . . . . . . . . . . 8.5000   8.5000  
d Was the hedge superintegrated? . . . .   X       X    
e Was the hedge terminated? . . . . . . X       X      
Schedule K (Form 990) 2014
Schedule K (Form 990) 2014
Page 3
Part IV
Arbitrage (Continued)
A B C D
Yes No Yes No Yes No Yes No
5a Were gross proceeds invested in a guaranteed investment contract (GIC)? . . . . . . . . .   X   X   X    
b Name of provider . . . . . . . . .  
  		 
  		 
  		 
 
c Term of GIC . . . . . . . . . .        
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? . . . . .                
6 Were any gross proceeds invested beyond an available temporary period? . . . . . . . . X     X   X    
7 Has the organization established written procedures to monitor the requirements of section 148? . . . X   X   X      
Part V
Procedures To Undertake Corrective Action
A B C D
Yes No Yes No Yes No Yes No
Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations? X   X   X      
Part VI
Supplemental Information. Provide additional information for responses to questions on Schedule K (see instructions).
Return Reference Explanation
Part VI SCHEDULE K, PART IBond A,Col(a) Issuer's Name: North Carolina Capital Facilities Finance AgencyBond A,Col(f) The Educational Facilities Revenue Bonds (Wake Forest University), Series 2009 were used for New Capital Facilities and to refund two lines of credit, dated 2/28/2007 and 11/4/2008. The credit lines originated to begin construction on the facilities which were ultimately financed by the Series 2009 TE Bonds. No interim rebate calculation was undertaken because at no point were the proceeds of the Bond invested above the bond yield. The summary arbitrage rebate calculation date: September 9, 2014.Bond B,Col(a) Issuer's Name: North Carolina Capital Facilities Finance AgencyBond B,Col(f) The Variable Rate Educational Facilities Revenue Bonds (Wake Forest University), Series 2004A, were used to refund two previous bond issues and a line of credit. Prior Bond issues refunded were dated 12/02/2000 (Exempt bonds) and 12/17/1997 (taxable bonds). The 2004A bond also refunded the line of credit, dated 11/1/2004, which had refunded the maturing principal due on 11/1/04 of the 12/17/1997 tax exempt bond issue. Exception applied, no rebate calculation was required. Bond C,Col(a) Issuer's Name: North Carolina Capital Facilities Finance AgencyBond C,Col(f) The Variable Rate Educational Facilities Revenue Bonds (Wake Forest University), Series 2004B were used for refunding the tax exempt bonds issued 12/17/1997. Arbitrage rebate calculation December 21, 2004. SCHEDULE K, PART IV, COLUMN C, LINE 3bHedge Providers: Bank of America, N.A. and Wachovia Bank, N.A. The Bank of America, N.A. hedge was terminated in 2009. The Wachovia Bank, N.A., now Wells Fargo Bank, N.A., hedge was terminated in 2011.
Schedule K (Form 990) 2014

Additional Data


Software ID: 14000265
Software Version: 2014v6.0

Schedule L
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Transactions with Interested Persons
MediumBullet Complete if the organization answered
"Yes" on Form 990, Part IV, lines 25a, 25b, 26, 27, 28a, 28b, or 28c,
or Form 990-EZ, Part V, line 38a or 40b.
MediumBullet Attach to Form 990 or Form 990-EZ.
MediumBulletInformation about Schedule L (Form 990 or 990-EZ) and its instructions is at www.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public Inspection
Name of the organization
WAKE FOREST UNIVERSITY
 
Employer identification number

56-0532138
Part I
Excess Benefit Transactions (section 501(c)(3), section 501(c)(4), and 501(c)(29) organizations only).
Complete if the organization answered "Yes" on Form 990, Part IV, line 25a or 25b, or Form 990-EZ, Part V, line 40b.
1(a) Name of disqualified person (b) Relationship between disqualified person and organization (c) Description of transaction (d) Corrected?
Yes No





2
Enter the amount of tax incurred by organization managers or disqualified persons during the year under section 4958. ........................... Bullet Image$
 
3
Enter the amount of tax, if any, on line 2, above, reimbursed by the organization ....... Bullet Image$
 

Part II
Loans to and/or From Interested Persons.
Complete if the organization answered "Yes" on Form 990-EZ, Part V, line 38a, or Form 990, Part IV, line 26; or if the organization reported an amount on Form 990, Part X, line 5, 6, or 22
(a) Name of interested person (b) Relationship with organization (c) Purpose of loan (d) Loan to or from the organization? (e)Original principal amount (f)Balance due (g) In default? (h) Approved by board or committee? (i)Written agreement?
To From Yes No Yes No Yes No
(1) David P Clawson Coach Insurnce   X   195,000   No   No Yes  
Total ......Small Bullet $ 195,000
Part III
Grants or Assistance Benefiting Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 27.
(a) Name of interested person (b) Relationship between interested person and the organization (c) Amount of assistance (d) Type of assistance (e) Purpose of assistance
(1) Not required See Part V 34,037 Tuition Waiv Education
(2) Not required See Part V 14,000 Scholarships Education
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 50056A
Schedule L (Form 990 or 990-EZ) 2014
Schedule L (Form 990 or 990-EZ) 2014
Page 2
Part IV
Business Transactions Involving Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 28a, 28b, or 28c.
(a) Name of interested person (b) Relationship between interested person and the organization (c) Amount of transaction (d) Description of transaction (e) Sharing of organization's revenues?
Yes No
(1) Blue CrossBlue Shield NC
  		See Part V 1,609,573 Health Plan Administrator   No
(2) Julia Hatch See Part V 60,348 Employee Compensation   No
(3) Muriel Hopkins See Part V 48,630 Employee Wages   No
(4) Angela J Lynde See Part V 33,162 Employee Wages   No
(5) Barbara Perry Holding See Part V 43,815 Employee wages   No
Part V
Supplemental Information
Provide additional information for responses to questions on Schedule L (see instructions).
Return Reference Explanation
Schedule L, Part V Supplemental Information Part IIIThe University has an employee dependent tuition remission benefit plan, which is available to all employees and their eligible dependents. Various listed persons have dependents currently receiving tuition discounts under this plan.The filing organization's Board includes an undergraduate student trustee receiving financial aid. As noted in Form 990, Part III, about 59% of our graduate and undergraduate students receive some financial aid.Part IVJulia Hatch: Family member of the organization's president, Nathan O. Hatch, was paid wages for her employment with the filing organization.Muriel Hopkins: Family member of organization's trustee, Lawrence D. Hopkins, M.D., was paid wages for her employment as an instructor of the filing organization's Law School.Blue Cross/Blue Shield of North Carolina: BCBS is the administrator of the University's employee and retiree healthcare plans, and is also a substantial contributor. Angela J. Lynde: Family member of the organization's key employee, Ronald D. Wellman, was paid wages for her employment with the filing organization.Barbara P. Holding: Family member of organization's trustee, Frank B. Holding, was paid wages for her employment with the filing organization.
Schedule L (Form 990 or 990-EZ) 2014

Additional Data


Software ID: 14000265
Software Version: 2014v6.0




SCHEDULE M
(Form 990)

Department of the Treasury
Internal Revenue Service
Noncash Contributions
Right pointing arrow large imageComplete if the organizations answered "Yes" on Form 990, Part IV, lines 29 or 30.
Right pointing arrow large image Attach to Form 990.
Right pointing arrow large imageInformation about Schedule M (Form 990) and its instructions is at www.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public Inspection
Name of the organization
WAKE FOREST UNIVERSITY
 
Employer identification number

56-0532138
Part I
Types of Property
(a)
Check if applicable 		(b)
Number of contributions or items contributed 		(c)
Noncash contribution amounts reported on
Form 990, Part VIII, line 1g 		(d)
Method of determining
noncash contribution amounts
1 Art—Works of art .... X 3 15,000 Appraisal
2 Art—Historical treasures .        
3 Art—Fractional interests ..        
4 Books and publications ..      
5 Clothing and household
goods ....... 		     
6 Cars and other vehicles .. X 96 87,177 Sale proceeds
7 Boats and planes .... X 1 11,900 Donor Cost
8 Intellectual property ...        
9 Securities—Publicly traded . X 545 9,428,496 Market Value
10 Securities—Closely held stock .        
11 Securities—Partnership, LLC,
or trust interests .... 		       
12 Securities—Miscellaneous ..     1,622,483 Annuity NPV
13 Qualified conservation
contribution—Historic
structures ..... 		       
14 Qualified conservation
contribution—Other ... 		       
15 Real estate—Residential .        
16 Real estate—Commercial ..        
17 Real estate—Other ...        
18 Collectibles .....        
19 Food inventory ... X 39 19,685 Retail
20 Drugs and medical supplies .        
21 Taxidermy ......        
22 Historical artifacts ....        
23 Scientific specimens ..        
24 Archeological artifacts ... X 7 3,513 Appraisal
25 Other Right pointing arrow large image ( Computer Equip ) X 34 43,233 FMV
26 Other Right pointing arrow large image ( Auction goods ) X 37 23,748 FMV
27 Other Right pointing arrow large image( )
28 Other Right pointing arrow large image ( )
29
Number of Forms 8283 received by the organization during the tax year for contributions
for which the organization completed Form 8283, Part IV, Donee Acknowledgement ...
29
3
Yes
No
30a
During the year, did the organization receive by contribution any property reported in Part I, lines 1 through 28, that
it must hold for at least three years from the date of the initial contribution, and which is not required to be used
for exempt purposes for the entire holding period? ..................
30a
 
No
b
If "Yes," describe the arrangement in Part II.
31
Does the organization have a gift acceptance policy that requires the review of any non-standard contributions?
31
Yes
 
32a
Does the organization hire or use third parties or related organizations to solicit, process, or sell noncash
contributions? ..........................
32a
Yes
 
b
If "Yes," describe in Part II.
33
If the organization did not report an amount in column (c) for a type of property for which column (a) is checked,
describe in Part II.
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 51227J
Schedule M (Form 990) (2014)
Schedule M (Form 990) (2014)
Page 2
Part II
Supplemental Information. Provide the information required by Part I, lines 30b,
32b, and 33, and whether the organization is reporting in Part I, column (b), the number of contributions, the number of items received, or a combination of both. Also complete this part for any additional information.
Return Reference Explanation
Part I, Line 32, Hire and Use of Third Parties Part I, Line 32b. The organization uses Charitable Auto Resources(CARS) to process and sell vehicle donations to its radio station. CARS acts as an agent for the Organization in this process, retaining a flat percentage fee and forwarding the net proceeds to the University.Various Banks and brokers are used to sell donated securities.Local Real estate agents are used to sell property donations.
Part I, Line 33, Revenues Not Reported Wake Forest University received contributed services from donors valued at $281,150, courtesy cars used by employees make up a substantial portion of this.
Schedule M (Form 990) (2014)
Additional Data


Software ID: 14000265
Software Version: 2014v6.0
SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
MediumBullet Attach to Form 990 or 990-EZ.
MediumBullet Information about Schedule O (Form 990 or 990-EZ) and its instructions is at
www.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public
Inspection
Name of the organization
WAKE FOREST UNIVERSITY
 
Employer identification number

56-0532138
Return Reference Explanation
Client Note 1 Client Note 1 - Wake Forest University2014 year ended 6/30/2015Attachment to Form 990-TSTATEMENT 12PART V, LINE 1: INTEREST IN OR AUTHORITY OVER A FOREIGN ACCOUNTNAME OF COUNTRY: United Kingdom, France, Spain, Austria, Italy, Nicaragua, Canada, Cayman Islands, China, Chile.
Form 990, Part III, Line 4d: Other Program Services Description OTHER PROGRAM SERVICES 4: Wake Forest University maintains a campus with academic buildings, research laboratories, student dormitories, with 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. The University supports, with occasional gifts, local exempt organizations, in order to enhance arts and culture in the area.
Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et Winston-Salem is a relatively small city, and some of the officers, key employees, and trustees of the filing organization (the "specified group") have routine business dealings with each other. These include the following: a University Key Employee is on the Board of Directors of American Express, which company issues cards used by the University and a number of others in the specified group; another trustee is a Director of Blue Cross Blue Shield of North Carolina, which company provides health insurance plans/services to the filing organization and possibly others in the specified group and their businesses; some trustees are members or employees of law firms that provide legal services to some of the specified group or to businesses owned or operated by members of the specified group and to the filing organization; some members of the specified group do business with a car dealership owned by a trustee; and some members of the specified group have banking relationships with banks in which trustees are executives; members of the specified group may also have common investments. As noted in the response to Part VI, Question 12, however, the filing organization has a written conflict of interest policy designed to ensure that none of these transactions adversely affect the filing organization. Interested party transactions with the filing organization that meet the required thresholds, if any, are disclosed on Schedule L.
Form 990, Part VI, Line 4: Description of Significant Changes to Organizational Documents Since the filing of the filing organizations prior Form 990, the division of responsibilities between the governing boards Investment and Finance Committees was revised, and corresponding modifications to the filing organizations Bylaws and Policy Resolutions were accordingly approved by the Board.
Form 990, Part VI, Line 11b: Form 990 Review Process The organization sends a draft of the Form 990 to its governing board (Board of Trustees) prior to its filing, allowing adequate time for follow-up questions and comments. The draft form is reviewed in detail with the Audit & Compliance Committee of the organization's Board of Trustees. The organization provides a copy of the Form 990 as finalized to all members of both the Audit & Compliance Committee and the entire Board of Trustees for comments and questions prior to filing the Form 990 with the IRS.
Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts Conflict of interest management plans are prepared for all those officers, trustees, and key employees which are found to have conflicts. The conflict management plans are approved by appropriate individuals in accordance with the policy. University officers are asked to certify annually that trustees have not exercised inappropriate influence concerning matters within the conflict management plan. Officers and key employees are monitored by their supervisors and, for the President, by the Chair of the Board.
Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management An external compensation consultant experienced in higher education compensation presents available total compensation comparability data for the positions for which compensation is being determined. Other sources of data are used as well to supplement this process. The data is reviewed by the Compensation Committee of the organization's governing board at its meeting; none of the members of that committee are employees of the organization. The Compensation Committee of the organization's governing board has been delegated the authority to review and approve compensation. Minutes of the deliberations of the committee are contemporaneously recorded. In the event that any member of the Compensation Committee has a conflict of interest, that committee member does not participate in the deliberation or approval process and their abstention from the process is reflected in the minutes.
Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees An external compensation consultant experienced in higher education compensation presents available total compensation comparability data for the positions for which compensation is being determined. Other sources of data are used as well to supplement this process. The data is reviewed by the Compensation Committee of the organization's governing board at its meeting; none of the members of that committee are employees of the organization. The Compensation Committee of the organization's governing board has been delegated the authority to review and approve compensation. Minutes of the deliberations of the committee are contemporaneously recorded. In the event that any member of the Compensation Committee has a conflict of interest, that committee member does not participate in the deliberation or approval process and their abstention from the process is reflected in the minutes.
Form 990, Part VI, Line 19: Other Organization Documents Publicly Available The organization's Articles of Incorporation are available to the public on request and are available on the website of the North Carolina Secretary of State. The organization's bylaws are not published, but provisions from the bylaws are included as necessary in the organization's policies. The organization's conflicts of interest policy is available to the public on request. The organization's consolidated financial statements are made available to the public on the University's website.
PART V, LINE 4b: Foreign Accounts INTEREST IN OR AUTHORITY OVER A FOREIGN ACCOUNTNAME OF COUNTRY: United Kingdom, France, Spain, Austria, Italy, Canada, Nicaragua, Chile, Cayman Islands, China.
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2014

Additional Data


Software ID: 14000265
Software Version: 2014v6.0
SCHEDULE R
(Form 990)
Department of the Treasury
Internal Revenue Service
Related Organizations and Unrelated Partnerships
MediumBulletComplete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
MediumBulletAttach to Form 990.
MediumBullet Information about Schedule R (Form 990) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047
2014
Open to Public Inspection
Name of the organization
WAKE FOREST UNIVERSITY
 
Employer identification number

56-0532138
Part I
Identification of Disregarded Entities Complete if the organization answered "Yes" on Form 990, Part IV, line 33.
(a)
Name, address, and EIN (if applicable) of disregarded entity


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Total income


 		(e)
End-of-year assets


 		(f)
Direct controlling
entity
(1) Deacon Blvd Holdings I LLC
PO Box 7201
WinstonSalem,NC27109
26-2203211 		Real Estate Holding - Currently Inactive NC     NA
 
(2) Creative Cafe LLC
PO Box 7201
WinstonSalem,NC27109
26-3700428 		Restaurant NC     NA
 
(3) Wake Forest Advantage-WF Ed Cons Nanjing
PO Box 7201
Winston Salem,NC27109
46-2754916 		Int'l study program holding China WFOE NC -38,676 57,203 NA
 
(4) Verger Fund I LLC
PO Box 7354
Winston Salem,NC27109
 Holding Verger Capital Fund DE 15,574,678 682,146,794 NA
 
(5) Wake Forest University Spain SL
C/Toro 84-90 Oficina Izquierda
Salamanca,Salamanca37120
SP
study abroad educ. activities SP -34,684 9,758 NA
 


Part II
Identification of Related Tax-Exempt Organizations Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.
(a)
Name, address, and EIN of related organization


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Exempt Code section


 		(e)
Public charity status
(if section 501(c)(3))

 		(f)
Direct controlling
entity

 		(g)
Section 512(b)(13) controlled entity?
Yes No
(1) Wake Forest University Foundation
PO Box 7201

WinstonSalem,NC27109
56-2038193 		Real Estate Holding and Management NC 501(c)(3) Line 11a, I Wake Forest University
 
Yes
 
(2) Wake Forest University Health Sciences
Medical Center Blvd

WinstonSalem,NC27157
22-3849199 		Medical Education, research and patient care NC 501(c)(3) Line 2 Wake Forest University
 
Yes
 
(3) Wake Forest University Development Fndn
PO Box 7201

WinstonSalem,NC27109
56-2038194 		Management/Sale of charitable real property donations NC 501(c)(3) Line 11a, I Wake Forest University
 
Yes
 
(4) Reynolda House Inc
PO Box 7287

WinstonSalem,NC27109
56-0810676 		Museum of American Art NC 501(c)(3) Line 7 Wake Forest University
 
Yes
 
(5) Wake Forest Univ Baptist Med Center
Medical Center Blvd

WinstonSalem,NC27157
51-0190238 		Supports WFU, WFU Health Sciences, NC Baptist Hospital NC 501(c)(3) Line 11a, I WFU 50 & NC Baptist Hospital 50
 
 
No
(6) Wake Forest Univ Health Sciences Group
Medical Center Blvd

WinstonSalem,NC27157
90-0222618 		Kidney dialysis treatment centers NC 501(c)(3) Line 11a, I WFU Health Sciences
 
 
No
(7) Wake Forest Innovation Quarter Devel Co
Medical Center Blvd

WinstonSalem,NC27157
56-2094067 		Research Park development NC 501(c)(6) Line 11a, I WFU Health Sciences
 
 
No
(8) Wake Forest Innovation Quarter Mgmt Co
Medical Center Blvd

WinstonSalem,NC27157
06-1818498 		Research park development oversight NC 501(c)(3) Line 11a, I WFU Health Sciences
 
 
No
(9) Idealliance Foundation
Medical Center Blvd

WinstonSalem,NC27157
56-2094060 		Educational activities supporting Idealliance NC 501(c)(3) Line 11a, I WFU Health Sciences
 
 
No
(10) Wake Forest Innovation Quarter CDC
Medical Center Blvd

WinstonSalem,NC27157
20-0177581 		Research Park & community economic development NC 501(c)(3) Line 11a, I WFU Health Sciences
 
 
No
(11) Dialysis Access Group - Wake Forest Univ
Medical Center Blvd

WinstonSalem,NC27157
20-4241942 		Provide dialysis treatments to patients NC 501(c)(3) Line 9 WFU Health Sciences
 
 
No
(12) WFUBMC Community Physicians CP
Medical Center Blvd

WinstonSalem,NC27157
56-1903275 		Operates Primary Care Clinics NC 501(c)(3) Line 3 WFU Health Sciences
 
 
No
(13) The James W Denmark Loan Fund Inc
PO Box 7354

WinstonSalem,NC27109
56-0774769 		Student Loan Provider NC 501(c)(3) Line 11a, I NA
 
 
No
(14) Childress Inst for Pediatric Trauma
575 N Patterson Ave Ste 140

Winston Salem,NC27101
46-3674691 		Medical Research NC 501(c)(3) 3 WFU Health Sciences
 
 
No
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50135Y
Schedule R (Form 990) 2014
Schedule R (Form 990) 2014
Page 2
Part III
Identification of Related Organizations Taxable as a Partnership Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a partnership during the tax year.
(a)
Name, address, and EIN of
related organization



 		(b)
Primary activity




 		(c)
Legal
domicile
(state or foreign
country)


 		(d)
Direct controlling
entity



 		(e)
Predominant income(related, unrelated, excluded from tax under sections 512-514)

(f)
Share of total income




 		(g)
Share of end-of-year
assets



 		(h)
Disproprtionate allocations?




 		(i)
Code V-UBI
amount in box 20 of
Schedule K-1
(Form 1065)
 		(j)
General or
managing
partner?



 		(k)
Percentage
ownership
Yes No Yes No
(1) Verger Capital Management LLC

PO Box 7354
Winston Salem,NC27109
46-4037343 		Asset Management DE Wake Forest Univ
  		Excluded 466,686 3,838,233   No     No 100.000 %
(2) Verger Capital Fund LLC

1834 Wake Forest Rd Starling Hall
Winston Salem,NC27109
46-4027021 		Endowment investing DE Verger Fund I
  		Excluded 15,574,678 682,146,794   No 1,155,925   No 63.956 %










Part IV
Identification of Related Organizations Taxable as a Corporation or Trust Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.
(a)
Name, address, and EIN of
related organization
 		(b)
Primary activity
 		(c)
Legal
domicile
(state or foreign
country)
 		(d)
Direct controlling
entity
 		(e)
Type of entity
(C corp, S corp,
or trust) 		(f)
Share of total income
 		(g)
Share of end-of-year
assets
 		(h)
Percentage
ownership
 		(i)
Section 512(b)(13) controlled entity?
Yes No
(1) WFU - 5 CRUT

PO Box 7201
WinstonSalem,NC27109
91-2129902 		Investment NC WFU
  		T   399,772 60.860 %   No
(2) WFU - 6 CRUT

PO Box 7201
WinstonSalem,NC27109
58-2175582 		Investment NC WFU
  		T   34,285 68.320 %   No
(3) WFU - 6 CRUT

PO Box 7201
WinstonSalem,NC27109
56-6473036 		Investment NC WFU
  		T   162,255 68.310 %   No
(4) WFU - 6 CRUT

PO Box 7201
WinstonSalem,NC27109
91-1832851 		Investment NC WFU
  		T   371,398 68.310 %   No
(5) WFU - 6375 CRUT

PO Box 7201
WinstonSalem,NC27109
56-6459446 		Investment NC WFU
  		T   92,417 60.030 %   No
(6) WFU - 6 CRUT

PO Box 7201
WinstonSalem,NC27109
90-0237204 		Investment NC WFU
  		T   197,191 68.310 %   No
(7) WFU - 5 CRUT

PO Box 7201
WinstonSalem,NC27109
58-2045283 		Investment NC WFU
  		T   209,642 53.640 %   No
(8) WFU - 79 CRAT

PO Box 7201
WinstonSalem,NC27109
56-6555544 		Investment NC WFU
  		T   401,361 68.650 %   No
(9) WFU - 6 CRUT

PO Box 7201
WinstonSalem,NC27019
56-6476872 		Investment NC WFU
  		T   126,673 57.150 %   No
(10) WFU - 75 CRUT

PO Box 7201
WinstonSalem,NC27109
46-6427408 		Investment NC WFU
  		T   60,923 50.200 %   No
(11) WFU - 5 CRUT

PO Box 7201
WinstonSalem,NC27109
45-6782977 		Investment NC WFU
  		T   182,871 52.630 %   No
(12) WFU - 5 CRAT

PO Box 7201
WinstonSalem,NC27109
56-6537111 		Investment NC WFU
  		T   2,000 100.000 %   No
(13) WFU - 8 CRUT

PO Box 7201
WinstonSalem,NC27109
91-2131579 		Investment NC WFU
  		T   60,223 76.360 %   No
(14) WFU - 5 CRUT

PO Box 7201
WinstonSalem,NC27109
56-6562122 		Investment NC WFU
  		T   52,108 66.410 %   No
Schedule R (Form 990) 2014
Schedule R (Form 990) 2014
Page 3
Part V
Transactions With Related Organizations Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.
Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.
Yes
No
1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?
a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity . . . . . . . . . . . . . . . . . . . . . . .
1a
 
No
b Gift, grant, or capital contribution to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1b
Yes
 
c Gift, grant, or capital contribution from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1c
Yes
 
d Loans or loan guarantees to or for related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1d
Yes
 
e Loans or loan guarantees by related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1e
 
No
f Dividends from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1f
 
No
g Sale of assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1g
 
No
h Purchase of assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1h
 
No
i Exchange of assets with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1i
 
No
j Lease of facilities, equipment, or other assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1j
Yes
 
k Lease of facilities, equipment, or other assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . .
1k
 
No
l Performance of services or membership or fundraising solicitations for related organization(s) . . . . . . . . . . . . . . . . . . . .
1l
 
No
m Performance of services or membership or fundraising solicitations by related organization(s) . . . . . . . . . . . . . . . . . . . .
1m
Yes
 
n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) . . . . . . . . . . . . . . . . . . . . .
1n
 
No
o Sharing of paid employees with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1o
Yes
 
p Reimbursement paid to related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1p
Yes
 
q Reimbursement paid by related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1q
Yes
 
r Other transfer of cash or property to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1r
Yes
 
s Other transfer of cash or property from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1s
Yes
 
2
If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.
(a)
Name of related organization 		(b)
Transaction
type (a-s) 		(c)
Amount involved 		(d)
Method of determining amount involved
(1) Wake Forest University Foundation

 o 81,115 FMV
(2) Wake Forest University Health Sciences

 c 1,000,000 Cash Transfer
(3) Wake Forest University Health Sciences

 p 4,503,916 Cash Transfer
(4) Wake Forest University Health Sciences

 q 7,268,091 Cash Transfer
(5) Wake Forest University Development Fndn

 c 241,835 Cash Payment
(6) Wake Forest University Development Fndn

 d 96,257 FMV
(7) Wake Forest University Development Fndn

 o 71,954 FMV
(8) Reynolda House Inc

 b 425,000 Cash payment
(9) The James W Denmark Loan Fund Inc

 s 165,371 Cash transfer
(10) Verger Capital Management LLC

 d 5,752,947 Cash transfer
(11) Verger Capital Management LLC

 j 150,823 FMV
(12) Verger Capital Management LLC

 m 2,333,544 FMV
(13) Verger Capital Management LLC

 q 1,303,780 Cash transfer
(14) Verger Capital Fund LLC

 r 6,218,066 Cash transfer
(15) Verger Capital Fund LLC

 s 8,748,920 Cash transfer
Schedule R (Form 990) 2014
Schedule R (Form 990) 2014
Page 4
Part VI
Unrelated Organizations Taxable as a Partnership Complete if the organization answered "Yes" on Form 990, Part IV, line 37.
Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.
(a)
Name, address, and EIN of entity 		(b)
Primary activity 		(c)
Legal domicile
(state or foreign
country) 		(d)
Predominant income (related, unrelated, excluded from tax under sections 512-514)

(e)
Are all partners
section
501(c)(3)
organizations? 		(f)
Share of total income




 		(g)
Share of
end-of-year
assets 		(h)
Disproprtionate allocations? 		(i)
Code V-UBI
amount in box 20
of Schedule K-1
(Form 1065) 		(j)
General or
managing
partner? 		(k)
Percentage
ownership
Yes No Yes No Yes No






























Schedule R (Form 990) 2014
Schedule R (Form 990) 2014
Page 5
Part VII
Supplemental Information
Provide additional information for responses to questions on Schedule R (see instructions).
Return Reference Explanation
Related Party Disclosures Verger Capital Management, LLC is a controlled entity that is taxable as a Partnership. It was formed to manage the investment activities for the endowment assets of the University and the Wake Forest controlled group.
Verger Capital Fund LLC Verger Capital Fund, LLC (VCF) was created in order to hold the filing organization's Endowment Assets for investment. During the fiscal year, VCF accepted endowment assets of other members of the controlled group and is currently holding long-tern investment assets for all the members of the Wake Forest University controlled group. All of the VCF investors are exempt 501(c)(3) organizations, and VCF will use partnership reporting for each organization's share.
Verger Fund I Verger Fund I is a disregarded entity that holds the University's partnership interest in Verger Capital Fund, the entity holding the Endowment asset.
Schedule R (Form 990) 2014
Additional Data


Software ID: 14000265
Software Version: 2014v6.0