Wakemed, Wakemed Foundation in Raleigh, North Carolina (NC)

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Wakemed, Wakemed Foundation
Employer Identification Number (EIN)561916549
Name of OrganizationWakemed
Secondary NameWakemed Foundation
In Care of NameJerry C Berstein
Address3000 New Bern Avenue, Raleigh, NC 27610-1231
ActivitiesDescribed in section 170(b)1)(a)(vi) of the Code, Gifts, grants, or loans to other organizations, Fundraising
SubsectionCharitable Organization
Ruling Date10/2010
DeductibilityContributions are deductible
FoundationHospital or medical research organization
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period09/2010
Assets$10,000,000 to $49,999,999
Income$5,000,000 to $9,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$20,367,164
Amount of Income$8,581,537
Form 990 Revenue Amount$7,235,926
National Taxonomy of Exempt Entities (NTEE)Health - General and Rehabilitative: Hospital, General


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Amount of income in 2010: $8,581,537
Wakemed, Wakemed Foundation: 

 $8,581,537
Other organizations performing similar types of work: 

 $17,721,162

Assets in 2010: $20,367,164
This organization: 

 $20,367,164
Other organizations performing similar types of work: 

 $15,703,352

Expenses in 2007: $1,599,745
Wakemed, Wakemed Foundation: 

 $1,599,745
Other organizations performing similar types of work: 

 $16,206,641

Income to expenses ratio in 2007: 4.6
This organization: 

 4.6
Other organizations performing similar types of work: 

 1.2

Expenses allocated to program services in 2007: 17.1%
This organization: 

 17.1%
Other organizations performing similar types of work: 

 86.7%

Grants share in income in 2007: 98.7%
Wakemed, Wakemed Foundation: 

 98.7%
Other organizations performing similar types of work: 

 0.5%

Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Expenses for 2007

Functional Expenses for 2007 ($)

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2004200520062007
Total revenue$2,741,521$4,108,962$6,156,309$7,343,223
Contributions, gifts, grants, and similar amounts received$2,613,312$4,093,673$6,038,568$7,249,834
Contributions to donor advised funds$0$0
Direct public support$2,491,905$3,903,353$5,864,463$7,054,152
Indirect public support$121,407$190,320$174,105$195,682
Government contributions (grants)$0$0$0$0
Program service revenue including government fees and contracts$0$0$0$0
Membership dues and assessments$0$0$0$0
Interest on savings and temporary cash investments$94,206$174,539$291,054$372,465
Dividends and interest from securities$0$0$0$0
Net rental income or (loss)$0$0$0$0
Gross rents$0$0$0$0
Less: rental expenses$0$0$0$0
Other investment income$0$0$0$0
Gain or (loss) from sales of assets other than inventory$-4,893$-7,250$-9,650$-18,363
Gross amount from sales of assets other than inventory$0$306,348$791,540$3,051,487
Less: cost or other basis and sales expenses$4,893$313,598$801,190$3,069,850
Net income or (loss) from special events and activities$0$-195,233$-194,676$-294,663
Gross revenue$0$156,865$190,846$88,735
Less: direct expenses other than fundraising expenses$0$352,098$385,522$383,398
Gross profit or (loss) from sales of inventory$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0
Less: cost of goods sold$0$0$0$0
Other revenue$38,896$43,233$31,013$33,950
Total expenses$549,266$312,707$461,525$1,599,745
Program services$181,170$77,391$14,019$273,032
Management and general$65,038$96,571$119,316$1,095,635
Fundraising$0$0$0$0
Payments to affiliates$303,058$138,745$328,190$231,078
Net assets or fund balances at end of year$6,453,151$10,367,406$16,520,123$19,513,747
Excess or (deficit) for the year$2,192,255$3,796,255$5,694,784$5,743,478
Net assets or fund balances at beginning of year$4,247,379$6,453,151$10,367,406$16,520,123
Other changes in net assets or fund balances$13,517$118,000$457,933$-2,749,854
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$1,368,667$273,032$1,095,635$0
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$0$0$0$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$0$0$0$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$0$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$0$0$0$0
Legal fees$0$0$0$0
Supplies$0$0$0$0
Telephone$0$0$0$0
Postage and shipping$0$0$0$0
Occupancy$0$0$0$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$0$0$0$0
Travel$0$0$0$0
Conferences, conventions, and meetings$656,430$656,430$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$0$0$0$0
Other expenses not covered above$712,237$-383,398$1,095,635$0
Balance Sheets
2004200520062007
Total assets$6,453,151$10,367,406$16,553,318$19,543,997
Cash - non-interest-bearing$0$0$0$0
Savings and temporary cash investments$2,635,483$4,228,627$2,257,925$3,935,865
Accounts receivable less allowance for doubtful accounts$0$0$0$0
Pledges receivable less allowance for doubtful accounts$1,273,464$2,311,354$2,569,520$2,993,634
Grants receivable$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$0
Inventories for sale or use$0$0$0$0
Prepaid expenses and deferred charges$37,500$40,000$0$0
Investments - publicly-traded securities$11,076,269$11,947,138
Investments - other securities$2,001,551$3,189,218$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0
Investments - other$72,079$115,312$129,585$148,126
Land, buildings, and equipment less accumulated depreciation$0$0$0$0
Other assets, including program-related investments$433,074$482,895$520,019$519,234
Total liabilities$0$0$33,195$30,250
Accounts payable and accrued expenses$0$0$0$0
Grants payable$0$0$0$0
Deferred revenue$0$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0
Mortgages and other notes payable$0$0$0$0
Other liabilities$0$0$33,195$30,250
Total liabilities and net assets/fund balances$6,453,151$10,367,406$16,553,318$19,543,997
Total net assets or fund balances$6,453,151$10,367,406$16,520,123$19,513,747
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
2004200520062007
Total revenue$2,741,521$4,108,962$6,156,309$7,343,223
Total revenue, gains, and other support per audited financial statements$3,386,294$5,392,239$7,826,250$6,241,796
Other expenses$644,773$931,179$1,284,419$-1,484,825
Net unrealized gains on investments$13,517$92,905$431,332$-2,778,050
Donated services and use of facilities$631,256$813,179$826,486$1,265,029
Recoveries of prior year grants$0$0$0$0
Other$0$25,095$26,601$28,196
Other revenue$0$-352,098$-385,522$-383,398
Investment expenses$0$0$0$0
Other$0$-352,098$-385,522$-383,398
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
2004200520062007
Total expenses$549,266$312,707$461,525$1,599,745
Total expenses and losses per audited financial statements$1,180,522$1,477,984$1,673,533$3,248,172
Other revenue$631,256$1,165,277$1,212,008$1,648,427
Donated services and use of facilities$631,256$813,179$826,486$1,265,029
Prior year adjustments$0$0$0$0
Losses$0$0$0$0
Other$0$352,098$385,522$383,398
Other expenses$0$0$0$0
Investment expenses$0$0$0$0
Other$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings29
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?Yes
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 20060
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$93,389$0
Program service revenue
Program service revenue 1000000$000$0$0
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$372,465$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$-18,363$0
Net income or (loss) from special events000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$-294,663$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$33,950$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that receives a substantial part of its support from a governmental unit or from the general public
Support Schedule
2003200420052006
Total$0$2,916,175$3,412,094$6,277,196
Gifts, grants, and contributions received$0$2,786,719$3,212,648$5,971,248
Membership fees received$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$90,560$156,213$274,935
Net income from unrelated business activities not included above$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0
Other income$0$38,896$43,233$31,013
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Carolinaeast Medical Center2000 Neuse Blvd, New Bern, NC 28560-3449NC1965-08$253,528,315
2St Lukes - St Vincents Healthcareinc4205 Belfort Rd Ste 4015, Jacksonville, FL 32216-3623FL1946-03$180,178,901
3Iredell Memorial Hospital IncorporatedPO BOX 1828, Statesville, NC 28687-1828NC1956-03$157,696,370
4Columbus Regional Healthcare System500 Jefferson St, Whiteville, NC 28472-3634NC1975-11$89,865,765
5Murphy Medical Center Inc3990 E Us Hwy 64 Alt, Murphy, NC 28906NC1994-02$60,793,845
6Beaufort County Hospital Association Inc628 E 12th St, Washington, NC 27889-3409NC1960-02$41,439,636
7Sharp Healthcare Foundation8695 Spectrum Center Blvd, San Diego, CA 92123-1489CA1980-07$27,646,995
8Tioga Medical CenterPO BOX 159, Tioga, ND 58852-0159ND1960-07$11,541,525
9San Gorgonio Pass Memorial Hospital District600 N Hglnd Spgs Ave, Banning, CA 92220-3090CA1985-03$10,551,951
10Wakemed, Wakemed Foundation3000 New Bern Avenue, Raleigh, NC 27610-1231NC2010-10$8,581,537
11St Lukes Hospital Inc101 Hospital Dr, Columbus, NC 28722-6418NC1942-08$34,006,554
12Wakemed, Wakemed Faculty Practice Plan3000 New Bern Ave, Raleigh, NC 27610-1215NC2010-10$27,948,501
13Pender Memorial Hospital Incorporated507 E Fremont St, Burgaw, NC 28425-5131NC1965-03$18,634,646
14Alleghany Memorial HospitalPO BOX 9, Sparta, NC 28675-0009NC1952-03$12,955,336
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16Carolinas Medical Center-Northeast920 Church St N, Concord, NC 28025-2927NC2009-03$0
17Onslow Memorial Hospital Inc241 New River Dr, Jacksonville, NC 28540-5928NC2004-09$0
18Sampson Regional Medical CntrPO BOX 260, Clinton, NC 28329-0260NC1951-08$0
19Union Memorial Regional Medical Center Inc600 Hospital Dr, Monroe, NC 28112-6000NC1969-04$0
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Number of organizations performing similar types of work
Alaska1
Alabama5
Arkansas8
Arizona6
California42
Colorado11
Connecticut7
District of Columbia1
Delaware1
Florida25
Georgia14
Hawaii3
Iowa10
Idaho2
Illinois25
Indiana21
Kansas10
Kentucky8
Louisiana4
Massachusetts13
Maryland8
Maine7
Michigan15
Minnesota12
Missouri15
Mississippi14
Montana9
North Carolina23
North Dakota10
Nebraska10
New Jersey10
New Mexico2
Nevada4
New York36
Ohio13
Oklahoma10
Oregon11
Pennsylvania22
Rhode Island1
South Carolina6
South Dakota6
Tennessee8
Texas24
Utah4
Virginia13
Vermont4
Washington15
Wisconsin24
West Virginia6
Wyoming2
International5
Total566
All affiliated organizations
AffiliationNameAddressStateEstablishedTotal Income
CentralWakemed, Parent-Wakemed3000 New Bern Avenue, Raleigh, NC 27610-1231NC2010-10$1,460,662,374
SubordinateWakemed, Wakemed Foundation3000 New Bern Avenue, Raleigh, NC 27610-1231NC2010-10$8,581,537
SubordinateWakemed, Wakemed Property Services3000 New Bern Avenue, Raleigh, NC 27610-1231NC2010-10$8,335,454
SubordinateWakemed, Group Return3000 New Bern Avenue, Raleigh, NC 27610-1231NC1967-02$97,399,371
SubordinateWakemed, Wakemed Faculty Practice Plan3000 New Bern Ave, Raleigh, NC 27610-1215NC2010-10$27,948,501
Number of affiliated organizations
North Carolina5
Total5

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