Wakemed

Analysis

Wakemed is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in October 2010, 16 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a hospital or medical research organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Wakemed reported income of $2.07bn and spending of $2.09bn, spending 101% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $1.41bn to $2.07bn (+46%), an average of +10% a year. Over the whole period it spent 99% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Wakemed sits at the 100th percentile: it is one of the largest 1% in its cause. 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 Temple University Hospital Inc ($2.06bn), The Nebraska Medical Center ($2.08bn) and Northwestern Memorial Healthcare ($2.06bn).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.4% and program service revenue 99% of the total. Compensation of current officers, directors and key employees was $12.2m (0.6% of expenses). Other salaries and wages came to $895.8m. At year end it held assets of $1.87bn against liabilities of $1.10bn, net assets of $767.6m. It reported 12,802 employees.