Civic Intelligence

Wake Forest University Foundation

990 • Fiscal year 2017 • EIN 56-2038193

Jul 01, 2016 to Jun 30, 2017 • Filed on May 11, 2018

Organization ProfileN/A
PO Box 7201WinstonSalem, NC 27109

(336) 758-3760

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

49th percentile

0.30x

Higher debt load relative to assets than 49% of similar nonprofits.

2017 filings • NTEE B • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

100th percentile

140.52x

Higher debt load relative to revenue than 100% of similar nonprofits.

2017 filings • NTEE B • $10M-$25M nonprofits • Source year 2017

Net Margin

1st percentile

-1657%

Higher net margin than 1% of similar nonprofits.

2017 filings • NTEE B • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

99th percentile

$1,686,087

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 7168.1% of source-year revenue.

2017 filings • NTEE B • $10M-$25M nonprofits • Source year 2017

Asset Growth

31st percentile

-0.9%

Faster asset growth than 31% of similar nonprofits.

2017 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

65th percentile

11%

Faster revenue growth than 65% of similar nonprofits.

2017 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets49th percentile

Assets

Down

$10,937,973

Down $97,559 (-0.9%) from 2016

Net Assets

Down

$7,632,594

Down $285,235 (-3.6%) from 2016

Liabilities

Up

$3,305,379

Up $187,676 (+6.0%) from 2016

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin1st percentile

Revenue

Up

$23,522

Up $2,359 (+11%) from 2016

Expenses

Up

$413,275

Up $9,605 (+2.4%) from 2016

Net Income

Down

-$389,753

Down $7,246 (-1.9%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth31st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0Assets 2010: $14,876,580Liabilities 2010: $825,017Net Assets 2010: $14,051,5632010Assets 2011: $11,680,835Liabilities 2011: $2,082,798Net Assets 2011: $9,598,0372011Assets 2012: $11,530,955Liabilities 2012: $2,314,107Net Assets 2012: $9,216,8482012Assets 2013: $11,347,440Liabilities 2013: $2,529,145Net Assets 2013: $8,818,2952013Assets 2014: $11,249,055Liabilities 2014: $2,745,979Net Assets 2014: $8,503,0762014Assets 2015: $11,139,747Liabilities 2015: $2,933,493Net Assets 2015: $8,206,2542015Assets 2016: $11,035,532Liabilities 2016: $3,117,703Net Assets 2016: $7,917,8292016Assets 2017: $10,937,973Liabilities 2017: $3,305,379Net Assets 2017: $7,632,5942017Assets 2018: $10,806,166Liabilities 2018: $3,489,215Net Assets 2018: $7,316,9512018Assets 2019: $10,674,918Liabilities 2019: $3,686,718Net Assets 2019: $6,988,2002019Assets 2020: $9,248,798Liabilities 2020: $3,868,963Net Assets 2020: $5,379,8352020Assets 2021: $9,025,553Liabilities 2021: $4,088,182Net Assets 2021: $4,937,3712021Assets 2022: $7,089,565Liabilities 2022: $2,311,199Net Assets 2022: $4,778,3662022Assets 2023: $7,526,237Liabilities 2023: $2,479,913Net Assets 2023: $5,046,3242023Assets 2024: $5,869,353Liabilities 2024: $73,859Net Assets 2024: $5,795,4942024

Highlighted filing

2017

Assets$10,937,973
Liabilities$3,305,379
Net Assets$7,632,594
Open 2017 Filing

Operations Trend

Revenue Growth65th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $1,422,6052010Expenses 2011: $4,538,6502011Expenses 2012: $441,7602012Expenses 2013: $438,9882013Revenue 2014: $32,744Expenses 2014: $351,704Net Income 2014: -$318,9602014Revenue 2015: $24,317Expenses 2015: $324,379Net Income 2015: -$300,0622015Revenue 2016: $21,163Expenses 2016: $403,670Net Income 2016: -$382,5072016Revenue 2017: $23,522Expenses 2017: $413,275Net Income 2017: -$389,7532017Revenue 2018: $37,694Expenses 2018: $353,337Net Income 2018: -$315,6432018Revenue 2019: $13,664Expenses 2019: $339,782Net Income 2019: -$326,1182019Revenue 2020: $15,255Expenses 2020: $313,534Net Income 2020: -$298,2792020Revenue 2021: $25,782Expenses 2021: $265,063Net Income 2021: -$239,2812021Revenue 2022: $32,660Expenses 2022: $201,138Net Income 2022: -$168,4782022Revenue 2023: $165,184Expenses 2023: $259,187Net Income 2023: -$94,0032023Revenue 2024: $156,092Expenses 2024: $284,826Net Income 2024: -$128,7342024

Highlighted filing

2017

Revenue$23,522
Expenses$413,275
Net Income-$389,753
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 11, 2018
Return Version
2016v3.0
Gross Receipts
$177,740
Mission and Program Overview

Mission

The organization operates as a supporting organization exclusively for the benefit of Wake Forest University ("WFU"). Its objectives include: (1) serving as a holding and management company for long-term properties and endowments; (2) managing planned-giving properties and programs; (3) assisting in WFU development; (4) obtaining, acquiring, receiving, constructing, erecting or otherwise providing real and personal property; improving properties to which the organization holds title; and holding, retaining, leasing, licensing, renting, managing, investing, reinvesting, selling, or otherwise disposing of or assigning the income from and/or rights in or to real and personal property; and (5) establishing subsidiary organizations or entities.

The organization operates as a supporting organization of Wake Forest University. It holds, improves, leases and manages long-term properties and endowments and supports WFU through such activities conducted both by itself and through subsidiary organizations.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$10,906,347$10,823,578▼ $82,769
Cash and Non-Interest-Bearing Accounts$114,041$108,279▼ $5,762
Accounts Receivable$14,694$5,685▼ $9,009
Inventories for Sale or Use$450$431▼ $19
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$11,035,532$10,937,973▼ $97,559
Other Assets Total-$0-
Liabilities
Other Liabilities$3,111,962$3,295,804▲ $183,842
Accounts Payable and Accrued Expenses$5,741$9,575▲ $3,834
Total Liabilities$3,117,703$3,305,379▲ $187,676
Net Assets / Fund Balance
Unrestricted Net Assets$7,917,829$7,632,594▼ $285,235
Total Net Assets Fund Balance$7,917,829$7,632,594▼ $285,235
Total Liabilities and Net Assets / Fund Balance$11,035,532$10,937,973▼ $97,559

Asset Categories

AssetBook ValueDepreciationBasis
Land$8,023,222-$8,023,222
Buildings$2,765,546$1,124,477$3,890,023
Other Land Buildings$34,810$8,370$43,180
Equipment-$22,961$22,961
Compensation and Service Providers
Top Officer Pay99th percentile

Board Members and Trustees

NameTitle
Eric W Eubank IIChair
Nathan O Hatch PhDPresident
Thomas W BunnVice Chair
Andrew J SchindlerTrustee
Curtis C FarmerTrustee
Diana M AdamsTrustee
H Lawrence Culp JrTrustee
Harold O RosserTrustee
James R Helvey IIITrustee
Jeanne Whitman BobbittTrustee
John K MedicaTrustee
John R LowdenTrustee
Mitesh B ShahTrustee
Ogden Phipps IITrustee
Anita M ConradAsst. Secretary
J Reid MorganSecretary
B Hofler MilamVP & Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
None---
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$22,713
Investment Income
$0
Other Revenue
$809
Change in Net Assets
$-389,753

Audited Revenue Reconciliation

Revenue per Audited Statements
$22,922
Revenue Not Reported on Financial Statements
$600
Revenue Not Reported on Form 990
$239,930
Other Revenue Adjustments
$600
Total Revenue per Audited Statements
$262,852
Total Revenue per Form 990
$23,522
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$413,275
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$104,817--$104,817
Fees for Services Management$87,522--$87,522
Advertising$24,000--$24,000
Insurance$3,944--$3,944
Office Expenses$2,828--$2,828
Fees for Services Other$2,136--$2,136
Other Expenses$440--$440
Total Functional Expenses$413,275$0$0$413,275

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$633,799
Total Expenses per Form 990$413,275
Expenses per Audited Statements$393,869
Expenses Not Reported on Form 990$239,930
Expenses Not Reported on Financial Statements$19,406
Other Expense Adjustments$19,406
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Wake Forest University$3,285,340
Asset Retirement Obligation$6,378
Deferred Revenue$4,086
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The organization sends a draft of the Form 990 to its Board of Trustees prior to its filing, allowing adequate time for follow-up questions and comments. The organization provides a copy of the Form 990 as finalized to all members of the Board of Trustees prior to filing it with the IRS.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“The organization requires officers and trustees to annually review the organization's Conflicts of Interest Policy and to disclose annually (and as they arise) any potential conflicts of interest. The policy provides a process for the determination of conflicts of interest and the resolution of potential and actual conflicts by the remaining independent Board members (or an independent third party appointed by the Chair, when appropriate).”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“The President(CEO)receives compensation for full-time employment with the related organization, Wake Forest University. Compensation review and approval are performed in that entity.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The filing organization has no employees, but officers receive compensation for employment with the related organization, Wake Forest University. Compensation review and approval are performed in that entity.”

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 is included in the consolidated financial statements of related organization, Wake Forest University, which are available to the public on the University's website: www.wfu.edu.”

Form 990 Part VII

“Hours Allocated to This and Other Related and Affiliated Organizations:Nathan O. Hatch, Ph.D.Filing Organization: 0.2 hoursRelated Organizations: 34.0 hours Affiliated Orgs: 5.8 hoursJ. Reid MorganFiling Organization: 0.2 hoursRelated Organizations: 32.8 hoursAffiliated Orgs: 7.0 hoursAnita ConradFiling Organization: 0.4 hoursRelated Organizations: 36.6 hours Affiliated Orgs: 3.0 hoursJames R. HelveyFiling Organization: 0.2 hours Related Organizations: 8.4 hoursAffiliated Orgs: 4.0 hours Andrew J. SchindlerFiling Organization: 0.2 hours Related Organizations: 7.4 hoursAffiliated Orgs: 4.0 hours”

Filing and Contact Details

Filer

Filer Name
Wake Forest University Foundation
EIN
56-2038193
Phone
3367583760
Address
PO Box 7201, WinstonSalem, NC 27109

Signing Officer

Name
B Hofler Milam
Title
VP & Treasurer
Signed
2018-05-11

Organization Details

Principal Officer
Nathan O Hatch PhD
Formed
1996
Legal Domicile
Nc
Voting Board Members
12
Independent Board Members
12
Employees
0
Volunteers
12
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Increases

“Allocated tax and financial services = $15065”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Book/Tax differences-depreciation = $3741”

Form 990, Part XII, Line 2: Change of Oversight or Selection Process

“The filing organization is included within the consolidated audit of the parent organization, Wake Forest University, and information concerning the filing organization is subject to review by the Audit and Compliance Committee of the Wake Forest University Board of Trustees.”

Financial Statement Notes

Part X : FIN48 Footnote

“The filing organization is not required to provide a FIN 48 Statement separate from its parent, Wake Forest University, with which it prepares a consolidated financial statement. There are no known FIN 48 disclosure items in the Foundation. The footnote for income taxes from the consolidated financial statements of its parent, Wake Forest University, is as follows:The University is a tax-exempt organization as described in Section 501(c)(3) of the Internal Revenue Code (the 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. If applicable, unrelated business income is reported by all member and subsidiary organizations on IRS Form 990-T. Fiscal years ending on or after June 30, 2014 remain subject to examination by federal and state tax authorities. The University has evaluated uncertain tax positions for the years ended June 30, 2017 and 2016, including a quantification of tax risks in areas such as unrelated business income and taxation of its for-profit subsidiaries. This evaluation did not identify any material items that affect the consolidated financial statements for the years ended June 30, 2017 and 2016.”

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

“Rental expense included on line 6b-UBI $154218”

Part XI, Line 4B: Other revenue amounts included on 990 but not included in F/S

“Internal rent eliminated in Fin Stmts $600”

Part XII, Line 2D: Other expenses and losses per audited F/S

“Rental expense included on line 6b-UBI $154218”

Part XII, Line 4B: Other revenue amounts included on 990 but not included in F/S

“Book/Tax difference Depreciation $3741 Allocated tax and financial services $15065 Consolidation elimination in Fin Stmts $600”

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IRS990/Form990PartVIISectionAGrp/PersonNm6Mitesh B Shah
IRS990/Form990PartVIISectionAGrp/PersonNm7Thomas W Bunn
IRS990/Form990PartVIISectionAGrp/PersonNm8Ogden Phipps II
IRS990/Form990PartVIISectionAGrp/PersonNm9Harold O Rosser
IRS990/Form990PartVIISectionAGrp/PersonNm10Curtis C Farmer
IRS990/Form990PartVIISectionAGrp/PersonNm11Eric W Eubank II
IRS990/Form990PartVIISectionAGrp/PersonNm12John K Medica
IRS990/Form990PartVIISectionAGrp/PersonNm13Nathan O Hatch PhD
IRS990/Form990PartVIISectionAGrp/PersonNm14J Reid Morgan
IRS990/Form990PartVIISectionAGrp/PersonNm15B Hofler Milam
IRS990/Form990PartVIISectionAGrp/PersonNm16Anita M Conrad
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IRS990/Form990PartVIISectionAGrp/TitleTxt4Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt5Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt6Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt7Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt9Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt10Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt11Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt12Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt13President
IRS990/Form990PartVIISectionAGrp/TitleTxt14Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt15VP & Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt16Asst. Secretary
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IRS990/OtherExpensesGrp/ProgramServicesAmt223071
IRS990/OtherExpensesGrp/ProgramServicesAmt3440
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IRS990/OtherExpensesGrp/TotalAmt141653
IRS990/OtherExpensesGrp/TotalAmt223071
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IRS990/PrincipalOfficerNm0Nathan O Hatch PhD
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,937,973
Liabilities
$3,305,379
Net assets
$7,632,594
Revenue
$23,522
Expenses
$413,275
Net income
-$389,753
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.87$0.07$5.80$0.16$0.28$0.13
2023Detailed filing. Detailed filing data is available for this year.$7.53$2.48$5.05$0.17$0.26$0.09
2022Detailed filing. Detailed filing data is available for this year.$7.09$2.31$4.78$0.03$0.20$0.17
2021Detailed filing. Detailed filing data is available for this year.$9.03$4.09$4.94$0.03$0.27$0.24
2020Detailed filing. Detailed filing data is available for this year.$9.25$3.87$5.38$0.02$0.31$0.30
2019Detailed filing. Detailed filing data is available for this year.$10.7$3.69$6.99$0.01$0.34$0.33
2018Detailed filing. Detailed filing data is available for this year.$10.8$3.49$7.32$0.04$0.35$0.32
2017Detailed filing. Detailed filing data is available for this year.$10.9$3.31$7.63$0.02$0.41$0.39
2016Detailed filing. Detailed filing data is available for this year.$11.0$3.12$7.92$0.02$0.40$0.38
2015Detailed filing. Detailed filing data is available for this year.$11.1$2.93$8.21$0.02$0.32$0.30
2014Detailed filing. Detailed filing data is available for this year.$11.2$2.75$8.50$0.03$0.35$0.32
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.3$2.53$8.82$0.44
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.5$2.31$9.22$0.44
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.7$2.08$9.60$4.54
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.9$0.83$14.1$1.42