WAKE FOREST UNIVERSITY
1834 WAKE FOREST ROAD, WINSTONSALEM, NC · IRS data through FY2025
Revenue, expenses and net assets
Revenue Expenses Net assets
| Tax year | Revenue | Expenses | Net assets |
|---|---|---|---|
| FY2025 | $843,176,173 | $786,273,688 | $2,133,311,642 |
| FY2024 | $764,367,570 | $705,687,576 | $1,987,495,542 |
| FY2023 | $686,860,190 | $654,792,741 | $1,852,639,493 |
| FY2022 | $715,438,504 | $627,965,784 | $1,789,930,683 |
| FY2021 | $681,736,258 | $585,188,441 | $1,760,045,157 |
| FY2020 | $583,443,727 | $577,597,318 | $1,442,169,267 |
| FY2019 | $636,454,264 | $553,710,404 | $1,438,216,509 |
| FY2018 | $583,361,532 | $514,451,794 | $1,362,334,420 |
| FY2017 | $650,698,331 | $497,688,005 | $1,283,567,432 |
| FY2016 | $482,299,853 | $478,079,836 | $1,119,014,069 |
| FY2015 | $541,016,369 | $453,328,263 | $1,121,860,029 |
| FY2014 | $516,247,009 | $451,348,045 | $1,075,011,014 |
| FY2013 | $496,807,541 | $414,540,069 | $975,031,857 |
| FY2012 | $422,890,259 | $400,402,117 | $879,923,094 |
Where the revenue came from
| Source | Amount | % of revenue |
|---|---|---|
| Contributions & grants | $158,466,076 | 21% |
| Program service revenue | $579,543,426 | 79% |
Where the money was spent
| Category | Amount | % of expenses |
|---|---|---|
| Program services | $670,745,090 | 85% |
| Management & general | $88,076,077 | 11% |
| Fundraising | $27,452,521 | 3% |
What the numbers show
- Program service revenue made up 79% of total revenue in FY2025.
- Program services accounted for 85% of functional expenses, management & general 11%, and fundraising 3%.
- 85% of functional expenses went to program services in FY2025. That is higher than 65.1% of 152 Education organizations in NC.
- Net assets covered about 32.6 months of expenses at the end of the reporting year. That puts it in the 77th percentile among 1707 Education organizations in NC.
- Total revenue was higher than 99.9% of 1728 Education organizations in NC.
- Total revenue rose from $422,890,259 in FY2012 to $843,176,173 in FY2025, Revenue increased in 9 and decreased in 4 of 13 year-over-year comparisons.
- Revenue covered expenses in each of the 14 reported years, FY2012 to FY2025.
- Net assets grew from $879,923,094 to $2,133,311,642 between FY2012 and FY2025.
- Donations are generally tax-deductible (public charity).
Figures compared against other organizations of the same NTEE program area in the same state. See the methodology page for how these are calculated and the guide to reading nonprofit financials for their limits.
About this organization
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.
IRS status
| Ruling year | 2001 |
| Subsection | 501(c)(3) |
| Classification | Public charity |
| Program area (NTEE) | B430 — Education (in NC) |
| Donations | Donations are generally tax-deductible (public charity). |
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Source: Internal Revenue Service — Exempt Organizations Business Master File (downloaded September 20, 2026), Statistics of Income extracts, Form 990 e-file data, Publication 78 and the Automatic Revocation list. Figures are as reported by the organization; IRS processing may adjust them. This is not a charity rating and not tax advice. Confirm deductibility in IRS Tax Exempt Organization Search.
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