Wake Forest University Baptist Medical Center
- Assets
- $507.0m
- Revenue
- $169.4m
- Investments
- $0.0
- Employees
- 22,939
- Location
- Winstonsalem, NC
- Founding
- 05/1976
- Data as of
- 12/2022
- EIN
- 51-0190238
Organization Overview
Wake Forest University Baptist Medical Center is located in Winstonsalem, NC. The organization was established in 1976. According to its NTEE Classification (E12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Health Care and related organizations. As of 12/2023, Wake Forest University Baptist Medical Center employed 22,939 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wake Forest University Baptist Medical Center is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Wake Forest University Baptist Medical Center generated $169.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 26.4% each year . All expenses for the organization totaled $185.0m during the year ending 12/2022. While expenses have increased by 24.5% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE HEALTH, ELEVATE HOPE, AND ADVANCE HEALING FOR ALL
Describe the Organization's Program Activity:
SEE SCHEDULE O
SEE SCHEDULE O
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donald E Flow Chair | OfficerTrustee | 4 | $0 |
Donna A Boswell PHD Director | Trustee | 4 | $0 |
Felicia Allen Director | Trustee | 4 | $0 |
John M Vann Director | Trustee | 4 | $0 |
Matthew A King Director | Trustee | 4 | $0 |
Patricia L Turner MD Director (to 12/31/22) | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Metro Aviation Inc Aviation Services | 12/30/22 | $9,017,728 |
Cornerstone Health Enablement Strategic Healthcare Management Services | 12/30/22 | $3,164,012 |
Trimedx Holdings Llc Clinical Engineering Services | 12/30/22 | $1,047,596 |
Healthcare Reality Trust Inc Real Estate Investment Services | 12/30/22 | $489,038 |
Landmark Builders Of The Triad Inc Construction Services | 12/30/22 | $457,751 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $138,866 |
| All other contributions, gifts, grants, and similar amounts not included above | $20,250,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $20,388,866 |
| Total Program Service Revenue | $148,331,288 |
| Investment income | $2,231,673 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $121,429 |
| Net Gain/Loss on Asset Sales | -$1,638,711 |
| Net Income from Fundraising Events | -$3,764 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $169,430,781 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,002,875 |
| Grants and other assistance to domestic individuals. | $1,743 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,474,043 |
| Compensation of current officers, directors, key employees. | $1,237,021 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $88,529,005 |
| Pension plan accruals and contributions | $4,207,087 |
| Other employee benefits | $9,624,127 |
| Payroll taxes | $4,752,967 |
| Fees for services: Management | $3,182,928 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $466,515 |
| Fees for services: Other | $5,876,709 |
| Advertising and promotion | $15,057 |
| Office expenses | $745,537 |
| Information technology | $92,678 |
| Royalties | $0 |
| Occupancy | $21,300,047 |
| Travel | $245,264 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $98,356 |
| Interest | $8,708,217 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $786,836 |
| Insurance | $1,272,063 |
| All other expenses | $0 |
| Total functional expenses | $184,950,341 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $224,944,948 |
| Savings and temporary cash investments | $2,388,761 |
| Pledges and grants receivable | $49,999,994 |
| Accounts receivable, net | $21,692,886 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $100,000 |
| Inventories for sale or use | $8,953 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $33,879,438 |
| Investments—publicly traded securities | $85,829,818 |
| Investments—other securities | $0 |
| Investments—program-related | $42,925,083 |
| Intangible assets | $15,952,372 |
| Other assets | $29,293,412 |
| Total assets | $507,015,665 |
| Accounts payable and accrued expenses | $470,211,527 |
| Grants payable | $0 |
| Deferred revenue | $916,166 |
| Tax-exempt bond liabilities | $241,018,635 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $20,173,006 |
| Unsecured mortgages and notes payable | $3,469,240 |
| Other liabilities | $35,294,249 |
| Total liabilities | $771,082,823 |
| Net assets without donor restrictions | -$314,067,158 |
| Net assets with donor restrictions | $50,000,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $507,015,665 |
Grants Awarded
Over the last fiscal year, Wake Forest University Baptist Medical Center has awarded $94,800 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
UNITED WAY OF GREATER HIGH POINT PURPOSE: COMMUNITY SUPPORT | $87,500 |
UNITED WAY OF FORSYTH COUNTY PURPOSE: COMMUNITY SUPPORT | $7,300 |