Wake Forest University

What it reported doing in 2024

Founded in 1834, Wake Forest University is a private, coeducational collegiate university based in Winston-Salem, North Carolina. One of the leading institutions of its kind, Wake Forest blends the intimacy of a liberal arts college with the academic vitality of a research university. At the heart of Wake Forest is the teacher-scholar ideal. Professors are committed to personalized teaching and to their students' individual development. Guided by the motto Pro Humanitate (For Humanity), Wake Forest is dedicated to an ethically informed education in a climate that values personal growth, community interaction, and individual honor. It is committed to being a community of students, faculty, staff and alumni from varied backgrounds, lived experiences and perspectives. It seeks to sustain an equitable, inclusive environment in which all can live, learn, belong and thrive. The University consists of Wake Forest College, the undergraduate arts and sciences division that honors the full institution's former name; the Graduate School of Arts and Sciences; the School of Law; the School of Medicine; the School of Business, which provides undergraduate and graduate study; the School of Divinity; and the School of Professional Studies.In Fall 2024, Wake Forest's enrollment was comprised of 5,490 undergraduates and 2,563 graduate students for a total of 8,053. Undergraduates in Fall 2024 came from all 50 U.S. states; Washington, D.C.; other U.S. territories and possessions; and approximately 40 international countries. Women represented 54% of the undergraduate population and international students accounted for 8% of the total. Wake Forest offered 49 majors and 62 minors in Wake Forest College and in the School of Business in 2024-25. In the Fall 2024 semester, 99% of all undergraduate classes had fewer than 50 students. That is among the highest rates of any major university in the country. The average student-faculty ratio in Fall 2024 was 10 to 1. The class size is consistent with Wake Forest's educational model, which seeks to make students active participants in their learning. Its core tenets include the merger of classroom learning and real-world experience; the melding of multiple academic disciplines; and variety of instructional methods beyond the traditional lecture format. Wake Forest's footprint extends worldwide. More than 85% of graduates have participated in study-away programs in recent years. The Institute for International Education's Open Doors Report, which began with the 2002-03 academic year, has ranked Wake Forest among the nation's top 10 doctoral institutions in participation rate in every year the University has operated study-abroad programs. Wake Forest is one of a select group of universities to own and operate academic-residential houses overseas. They are Casa Artom, located on the Grand Canal in Venice; Flow House in Vienna; and Worrell House in London. Since the early 1970s, more than 3,600 graduates have lived and studied at one or more of the houses. Wake Forest operates nearly 50 of its own international study programs and offers students access to approximately 400 more through various affiliation agreements. In 2024-25, a record total of 1,171 undergraduates studied in 61 cities in 35 countries, traveling an estimated 10.8 million miles round-trip from Winston-Salem. Also, under the umbrella of Study Away opportunities is Wake Washington, a University-run program in which students combine classroom instruction with internships. They work four days a week for a variety of government and non-government organizations and agencies and take classes in space rented by the University and located in the heart of the city's Dupont Circle. Graduate Studies: More than 90 graduate degree programs are offered in the Graduate School of Arts and Sciences and the Schools of Business, Divinity, Law, Medicine and Professional Studies. General subject areas include Biomedical Science; Business; Computer and Information

Financial Efficiency

• Mission deployment rate: 85.4%; rating input score 85
• Program expense ratio: 85.3%; rating input score 85
• Fundraising efficiency: $5.77 raised per $1 spent on fundraising; rating input score 25; 25th percentile among comparable filings

Transparency & Controls

• Consistency checks: 95%; rating input score 95; 34th percentile among comparable filings
• Pay-setting controls: 6 of 6 controls in place; rating input score 100
  • Compensation committee: Pass
  • Independent consultant: Pass
  • Other Form 990s reviewed: Pass
  • Written employment contract: Pass
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: 3 of 8 controls in place; rating input score 38
  • Claims monitoring procedures: Pass
  • Requires narrative reports: Fail
  • Conducts field audits: Pass
  • May suspend future funding: Fail
  • Requires financial reports: Pass
  • Conducts site visits: Fail
  • Requires grant agreements: Fail
  • May require repayment: Fail
• Grant itemization coverage: 99.3%; rating input score 99; 39th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 98%; rating input score 98; 54th percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 6.7%; rating input score 63; 63rd percentile among comparable filings
• Total-asset coverage ratio: 3.79; rating input score 81; 81st percentile among comparable filings
• Liabilities to assets ratio: 0.28; rating input score 57; 57th percentile among comparable filings
• Officer compensation ratio: 2.6%; rating input score 44; 44th percentile among comparable filings

Growth

• Program expense growth: 5.1% per year; rating input score 100; 41st percentile among comparable filings
• Revenue growth: 4.5% per year; rating input score 100; 37th percentile among comparable filings
• Asset growth: 6.6% per year; rating input score 100; 48th percentile among comparable filings