Innovation Quarter

Nonprofit profile at a glance

EIN
061818498
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Winstonsalem, NC, USA
Phone
3367164445
Rating
61
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$83,520
Expenses
$2,689,124
Assets
$77,431
Liabilities
$27,437,732

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • TERRY L HALES JR (DIRECTOR & PRESIDENT)

Highest reported compensation

  • J MCLAIN WALLACE JR (DIRECTOR & TREASURER): $1,689,329 total reported compensation
  • SUSAN R WENTE PHD (DIRECTOR & CHAIR): $1,593,017 total reported compensation
  • TERRY L HALES JR (DIRECTOR & PRESIDENT): $1,363,334 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

See schedule oour dedication to elevating health care for every individual, every teammate and every community is unwavering. We won't stop until everyone - no matter who they are or where they come - from has the possibility to live well. And because of this, we are redefining why we exist, our purpose as an organization and how we make it happen together as one.our purpose: from discovery to everyday moments, we're redefining care.our commitments are the promises our teammates make to fulfill our purpose.-lift everyone up: we believe everyone matters and create spaces where all belong and can thrive.-lead the way: we chart new paths to achieve the extraordinary.-think boldly together: we collaborate with humility, turning the best ideas into new possibilities.-embrace the unknown: we drive change through fearless curiosity and unshakeable optimism.

What it reported doing in 2024

Oversight of all wake forest university health sciences (wfuhs) activities involving the wake forest innovation quarter, including land acquisition, master planning, and park development such as infrastructure, recruiting, etc., and to coordinate the efforts of all wfuhs affiliated research park entities, including wake forest innovation quarter cdc. The organization will provide an additional campus for the long-term research space needs of wfuhs and undertake revitalization and redevelopment efforts of the center-city area of winston-salem.the organization maintains the long branch trail, a 1.7 mile network of greenway trails for walking, running, and biking that runs through innovation quarter. The trail was built through collaboration among the filing organization, its affiliates, the city of winston salem, the North Carolina department of transportation, and the North Carolina department of transportation - rail division. During cy24, the organization provided free community programs hosted at bailey park, which offers a stage, lawn, and food truck court to accommodate large gatherings:- innovation & cinema (community film series);- sunset salutations in bailey park (community yoga series);- fitness fridays (fitness series in partnership with f45 winston-salem); - food truck fridays (monthly may through november); and- juneteenth festival

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 60
  • Accountability: 32
  • Sustainability: 4
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 92.7%; rating input score 93
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 9th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -3,119.7%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 0.03; rating input score 6; 6th percentile among comparable filings
  • Liabilities to assets ratio: 354.35; rating input score 0; 0th percentile among comparable filings
  • Officer compensation ratio: 80.4%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: 12.7% per year; rating input score 100; 79th percentile among comparable filings
  • Revenue growth: -2.4% per year; rating input score 0; 51st percentile among comparable filings
  • Asset growth: -29.9% per year; rating input score 0; 5th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 92.7% of spending went to programs
  • Governance: 0 of 4 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $2.5M in reported program spending
  • Leadership: top reported pay $1.7M · 4 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $757K reported
  • Consistency: 23 of 23 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 12 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 12 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 3/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 6/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.