Wake Forest University Baptist Medical Center

Analysis

Wake Forest University Baptist Medical Center is a registered charity in United States, based in Winstonsalem, NC. It received its IRS tax-exemption ruling in May 1976, 50 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a supporting organisation (type i) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Wake Forest University Baptist Medical Center reported income of $163.4m and spending of $197.9m, spending 121% of what it took in. Across the 6 years on record, from June 2019 to December 2023, income grew from $141.4m to $163.4m (+16%), an average of +2.9% a year. The sharpest change came in the year to December 2022, when income rose by 139%. Over the whole period it spent 107% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Wake Forest University Baptist Medical Center sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within NC. Charities of a similar size with the same main cause include Memorial Health System ($163.3m), Upper Valley Medical Center ($163.5m) and Bryan Hospital Kearney ($163.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.2% and program service revenue 96% of the total. Compensation of current officers, directors and key employees was $924k (0.5% of expenses). Other salaries and wages came to $96.8m. At year end it held assets of $569.2m against liabilities of $867.9m, net assets of -$298.7m. It reported 24,084 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.