Overview
What is Wake Forest University Development Foundation?
Wake Forest University Development Foundation is a nonprofit organization based in Winston-Salem, North Carolina. Its primary role is to serve as a facilitator for managing and disposing of donated real and personal properties. The proceeds from these sales or dispositions are then utilized to support Wake Forest University, Wake Forest University Health Sciences, and Reynolda House, Inc., designated for various programs and entities within these organizations. The foundation's responsibilities include accepting, retaining, liquidating, or transferring prospective contributions of real or personal property, managing short-term contributed properties, and determining their ultimate disposition. Additionally, the foundation may acquire, construct, or improve properties, hold, lease, manage, sell, or dispose of real and personal property, and establish subsidiary organizations or entities.
Is Wake Forest University Development Foundation legitimate?
Wake Forest University Development Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Wake Forest University Development Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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What is the mission statement of Wake Forest University Development Foundation?
The Wake Forest University Development Foundation serves as a supporting organization mainly benefiting Wake Forest University, Wake Forest University Health Sciences, and Reynolda House, Inc., all being 501(c)(3) organizations. Its purposes include temporarily holding donated properties, managing these assets, determining their fate, acquiring or improving properties, and managing their income or rights. It also has the authority to establish subsidiary organizations or entities. The foundation's primary role is to facilitate the use and management of properties for the benefit of the three supported entities.
Who is the CEO of Wake Forest University Development Foundation?
Susan R Wente Phd is the President of Wake Forest University Development Foundation.
What is the revenue of Wake Forest University Development Foundation?
Wake Forest University Development Foundation's revenue in 2022 was -$337,944.
Who are the executives of Wake Forest University Development Foundation and what are their salaries?
There 12 volunteers at Wake Forest University Development Foundation.
Here are 16 key members and their salaries:
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- Related: $692,191
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- Related: $205,155
- Other: $42,128
Where can I find the form 990 for Wake Forest University Development Foundation?
Wake Forest University Development Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Wake Forest University Development Foundation
Wake Forest University Development Foundation serves as a supporting organization, primarily benefiting Wake Forest University, Wake Forest University Health Sciences, and Reynolda House, Inc. Its mission is multifaceted, aimed at supporting these three 501(c)(3) entities. The foundation's role includes temporarily holding and managing properties that have been donated for their benefit. It also determines whether and when to accept, retain, liquidate, or transfer prospective contributions of real or personal property. Furthermore, the organization constructs, erects, or improves properties, leases, manages, sells, or disposes of the income from and rights in these properties. Lastly, Wake Forest University Development Foundation may establish subsidiary organizations or entities to further its purpose.
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Impact
October, 2024
Wake Forest University Development Foundation plays a crucial role in enhancing the resources and capabilities of Wake Forest University, Wake Forest University Health Sciences, and Reynolda House, Inc. It effectively acts as a conduit for managing donated real and personal property, ensuring that these contributions are used to benefit various programs and entities associated with the university and its affiliates.
By overseeing the holding, maintenance, and eventual sale of donated properties, the foundation provides significant financial support that can be directed towards educational initiatives, health sciences advancements, and cultural enrichment at Reynolda House. This not only optimizes the value of such contributions but also streamlines the process for donors, making it easier for them to support their chosen institutions.
The foundation's strategic management of assets allows for the acquisition and improvement of properties, maximizing their impact on the supported organizations. This comprehensive approach strengthens the financial foundation of Wake Forest University and its affiliates, ensuring their continual growth and capacity to serve students, faculty, and the broader community in Winston-Salem, NC. Through these efforts, the foundation significantly contributes to the educational landscape and cultural heritage of the region.
This information is meant to be a general summary of Wake Forest University Development Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$497,944
- Gross Receipts: $427,000
Assets and Liabilities:
- Total Assets: $223,333
- Total Liabilities: $103,652
- Net Assets: $119,681
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Organization Details
Founding Year
1996
Phone
(336) 758-5233Principal Officer
Susan R Wente Phd
Main Address
POBOX 7201, WinstonSalem, NC, 27109
NTEE Category
Code: B00I - Education
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