Wake Forest Innovation Quarter Management Co
- Assets
- $87.6k
- Revenue
- $68.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Winstonsalem, NC
- Founding
- 03/2009
- Data as of
- 12/2023
- EIN
- 06-1818498
Organization Overview
Wake Forest Innovation Quarter Management Co is located in Winstonsalem, NC. The organization was established in 2009. According to its NTEE Classification (S11) the organization is classified as: Single Organization Support, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wake Forest Innovation Quarter Management Co is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO DEVELOP/MANAGE A RESEARCH PARK TO PROVIDE RESEARCH SPACE AND REVITALIZE DOWNTOWN WINSTON-SALEM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OVERSIGHT OF ALL WAKE FOREST UNIVERSITY HEALTH SCIENCES (WFUHS) ACTIVITIES INVOLVING THE WAKE FOREST INNOVATION QUARTER, INCLUDING LAND ACQUISITION, MASTER PLANNING, AND PARK DEVELOPMENT SUCH AS INFRASTRUCTURE, RECRUITING, ETC., AND TO COORDINATE THE EFFORTS OF ALL WFUHS AFFILIATED RESEARCH PARK ENTITIES, INCLUDING WAKE FOREST INNOVATION QUARTER CDC. THE ORGANIZATION WILL PROVIDE AN ADDITIONAL CAMPUS FOR THE LONG-TERM RESEARCH SPACE NEEDS OF WFUHS AND UNDERTAKE REVITALIZATION AND REDEVELOPMENT EFFORTS OF THE CENTER-CITY AREA OF WINSTON-SALEM.THE ORGANIZATION MAINTAINS THE LONG BRANCH TRAIL, A 1.7 MILE NETWORK OF GREENWAY TRAILS FOR WALKING, RUNNING, AND BIKING THAT RUNS THROUGH INNOVATION QUARTER. THE TRAIL WAS BUILT THROUGH COLLABORATION AMONG THE FILING ORGANIZATION, ITS AFFILIATES, THE CITY OF WINSTON SALEM, THE NORTH CAROLINA DEPARTMENT OF TRANSPORTATION, AND THE NORTH CAROLINA DEPARTMENT OF TRANSPORTATION - RAIL DIVISION. DURING CY23, THE ORGANIZATION PROVIDED FREE COMMUNITY PROGRAMS HOSTED AT BAILEY PARK, WHICH OFFERS A STAGE, LAWN, AND FOOD TRUCK COURT TO ACCOMMODATE LARGE GATHERINGS:- INNOVATION & CINEMA (COMMUNITY FILM SERIES);- SUNSET SALUTATIONS IN BAILEY PARK (COMMUNITY YOGA SERIES);- FITNESS FRIDAYS (FITNESS SERIES IN PARTNERSHIP WITH F45 WINSTON-SALEM); - FOOD TRUCK FRIDAYS (MONTHLY MAY THROUGH NOVEMBER); AND- JUNETEENTH FESTIVAL
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan R Wente PHD Director & Chair | OfficerTrustee | 1 | $0 |
J Mclain Wallace Jr Director & Treasurer | OfficerTrustee | 0.5 | $983,574 |
J Reid Morgan Director & Secretary (to 6/30/23) | OfficerTrustee | 0.5 | $0 |
Anita Conrad Asst Secretary (to 10/31/23) | OfficerTrustee | 1 | $0 |
Terry L Hales Jr Director & President | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pleasants Properties Management Services | 12/30/23 | $426,552 |
Blakley Landscape Services Inc Lawn Care Services | 12/30/23 | $251,210 |
Elephant In The Room Llc Interior Design | 12/30/23 | $154,047 |
Bellomy Research Inc Research Consulting | 12/30/23 | $151,800 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $68,714 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $68,714 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $809,354 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $81,396 |
| Payroll taxes | $0 |
| Fees for services: Management | $782,688 |
| Fees for services: Legal | $9,811 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $149,042 |
| Advertising and promotion | $541,369 |
| Office expenses | $103,954 |
| Information technology | $36,794 |
| Royalties | $0 |
| Occupancy | $432,447 |
| Travel | $3,287 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,828 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,955,970 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $70,971 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $16,667 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $87,638 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $24,842,335 |
| Total liabilities | $24,842,335 |
| Net assets without donor restrictions | -$24,754,697 |
| Net assets with donor restrictions | $0 |
| 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 | $87,638 |
Grants Awarded
Over the last fiscal year, Wake Forest Innovation Quarter Management Co has awarded $30,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
VENTURE CAFE WINSTON-SALEM INC PURPOSE: SUPPORTING ECONOMIC DEVELOPMENT & INNOVATION | $20,000 |
WINSTON-SALEM MIXXER INC PURPOSE: SUPPORTING PROGRAM TO PROVIDE SPACE & CONNECTIONS ENCOURAGING INNOVATION | $10,000 |