Wakemed

Analysis

Wakemed is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in February 1967, 59 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 $32.5m and spending of $40.9m, spending 126% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $22.2m to $32.5m (+46%), an average of +9.9% a year. The sharpest change came in the year to September 2020, when income rose by 19%. Over the whole period it spent 115% 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 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 99th percentile within NC. Charities of a similar size with the same main cause include Arkansas Childrens Inc ($32.5m), Sterling Health Solutions Inc ($32.5m) and Community Connections ($32.4m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 5.8% and program service revenue 88% of the total. Other salaries and wages came to $1.5m. At year end it held assets of $408.9m against liabilities of $127.0m, net assets of $281.9m.

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.