Wake Forest Innovation Quarter Cdc

Nonprofit profile at a glance

EIN
200177581
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Winstonsalem, NC, USA
Phone
3367164445
Rating
50
Verdict
MIXED
Rating confidence
Moderate
Sector
Economic Development

Official website

Reported finances

Revenue
$75,175
Expenses
$12,065
Assets
$30,481,776
Liabilities
$262,500

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

Leadership & pay

6 people listed

Executive titles in this filing

  • TERRY L HALES JR (DIRECTOR & PRESIDENT)

Highest reported compensation

  • J MCLAIN WALLACE JR (DIRECTOR, VP & 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

To develop and improve a low-income community in downtown winston-salem, nc, and engage in economic and related development of a research park.

What it reported doing in 2024

The organization is the driving force behind the establishment of innovation quarter, a growing urban-based district for research, business, and education in biomedical science, information technology, clinical services, and advanced materials. Located in downtown winston-salem, North Carolina, it is home to more than 90 companies, five leading academic institutions, 3,600 workers, and 1,800 degree-seeking students. The innovation quarter currently comprises more than 2 million square feet of office, laboratory, and education space on its 200 developable acres. Groundbreaking research at the wake forest university school of medicine also includes wake forest innovations, a commercialization enterprise focused on advancing health care through new medical technologies and biomedical discovery.

Operating model

Revenue model
Other-operating. 100% of the money available for current operations came from other operating 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

MIXED - The filed numbers largely add up and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 42
  • Transparency & Controls: 60
  • Accountability: 56
  • Sustainability: 78
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 16.2%; rating input score 16
  • Program expense ratio: 100%; rating input score 100
  • 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: 40%; rating input score 40; 19th 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: 84%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 2,526.46; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 29; 29th percentile among comparable filings
  • Officer compensation ratio: 17,925.5%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: -18.8% per year; rating input score 0; 18th percentile among comparable filings
  • Revenue growth: -8.7% per year; rating input score 0; 34th percentile among comparable filings
  • Asset growth: -0.9% per year; rating input score 0; 36th percentile among comparable filings

Details

  • Where the money goes: 16.2% of revenue deployed · 100% of spending went to programs
  • Governance: 2 of 5 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $12K in reported program spending
  • Leadership: top reported pay $1.7M · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 13 of 13 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 — Financial Efficiency: Mission deployment rate scored 16/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Independent voting board scored 40/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 29/100.