"Donna Boswell" Archive

Expanding the Narrative of Wake Forest: Update on the Advisory Committee on Naming

University President Nathan O. Hatch shared the following message with the Wake Forest community on March 22. 

Dear Wake Forest community,

Over the course of the last several years, our community has taken important steps to illuminate our history, address our present and reaffirm our commitments for the future. The work of the Slavery, Race and Memory Project as well as the efforts of the members of the President’s Commission on Race, Equity and Community have led our progress.

As part of this important work, I created the Advisory Committee on Naming in the summer of 2020 to examine how we use names to identify, recognize and celebrate on the Reynolda Campus. Co-chaired by Dean Jonathan Lee Walton and Trustee Donna Boswell (’72, MA ’74), this committee is made up of University Trustees, administrators, faculty, staff, students and alumni. It is the charge of this committee to affirm a set of principles and decision rubrics for contextualizing sites and elements of honor at Wake Forest. Read more

Founders’ Day Convocation is today at 4 p.m.

Graphic that says "Founders' Day Convocation" in old gold lettering over a white background, white text that says "Thursday, February 25, 4 p.m." over a black background, and an old gold ornamental heading with a design of the WFU ceremonial mace

Please join us today at 4 p.m. EST for Founders’ Day Convocation. Each year, the Wake Forest family gathers to observe the University’s founding in February 1834. This year’s virtual program will include a student oration, musical performances and an update from the President’s Commission on Race, Equity and Community.

We will award the Medallion of Merit, the highest honor bestowed by the University, to Donna Boswell (’72, MA ’74). Dr. Boswell has been a University Trustee since 2004 and was named the first woman chair of the Board of Trustees in 2015, a groundbreaking appointment she held for three terms.

Since current circumstances prevent our gathering together in person, the 2021 Founders’ Day Convocation will be presented as a video which will be streamed today, February 25, 2021 at 4 p.m. EST. Watch the video premiere live at convocation.wfu.edu and share your reactions on social media with #foundersdaywfu.

Join us for Founders’ Day Convocation on Feb. 18

Each year, the Wake Forest family gathers for Founders’ Day Convocation to observe the University’s founding in February 1834. This year’s virtual program will include a student oration, musical performances and an update from the President’s Commission on Race, Equity and Community provided by José Villalba, vice president for diversity and inclusion and chief diversity officer, and Erica Still, associate dean of the College for faculty recruitment, diversity and inclusion.

We will award the Medallion of Merit, the highest honor bestowed by the University, to Donna Boswell (’72, MA ’74). Dr. Boswell has been a University Trustee since 2004 and was named the first woman chair of the Board of Trustees in 2015, a groundbreaking appointment she held for three terms.

Since current circumstances prevent our gathering together in person, the 2021 Founders’ Day Convocation will be presented as a video which will be streamed on Feb. 18, 2021, at 4 p.m. EST. Watch the video premiere live at convocation.wfu.edu and share your reactions on social media with #foundersdaywfu.

A Message from Board of Trustees Chair Donna Boswell

This message was emailed on behalf of Board of Trustees Chair Donna Boswell on Dec. 11 to faculty and staff by Wake Forest Communications and External Relations:

Dear Wake Forest Faculty and Staff,

On Dec. 10, The Chronicle of Higher Education published its annual database of executive compensation packages of private college presidents.

The Chronicle’s analysis showed that in 2015, President Nathan Hatch received just over $4 million and ranked first in total compensation. This analysis was conducted using the compensation of private college presidents who served during 2015. I thought some additional context would be useful for everyone in our campus community.

The Board of Trustees’ original offer to Dr. Hatch in 2005 included a supplemental executive retirement plan (SERP) – a form of deferred compensation commonly used in recruiting and retaining senior executives – that would be paid out upon completion of his 10th year as president in 2015. Each year an average of $255,000 was accrued in the SERP, and the proper amount for each year was reported on that year’s 990 return. More than $2.3 million of the vested $2.89 million SERP had been reported on the previous nine returns, but not paid. The vesting of Dr. Hatch’s deferred compensation prompted a one-year bump among peers because IRS reporting rules require that the entire vested benefit, which includes accruals reported in the tax filings from 2006-2014, plus the final accrual and any investment net earnings be reported in the year of vesting.

Excluding the SERP-related amounts, Dr. Hatch’s compensation is comparable to the previous year. According to comparable tax data published in the analysis by The Chronicle – as well as regular benchmarks by a third-party consultant reporting to an independent committee of the Board – Dr. Hatch’s base salary of $839,944 is in line with peers at similar institutions.

The 2014 salary data published last year by The Chronicle ranked Dr. Hatch’s total compensation package 32nd among private college presidents (26th in 2013, 36th in 2012, 33rd in 2011).

President Hatch’s compensation over the course of his tenure reflects his exceptional leadership and has paid dividends for the University. He has seen Wake Forest through a transformational period that includes achieving the largest fundraising effort in the University’s history – Wake Will Lead has raised more than $795 million to date – adding $275 million for student scholarships and $225 million for faculty and academic programs. He has orchestrated major realignments in the areas of business and medicine, implemented a test-optional admissions policy, increased the diversity of our student body, set the standard for personal and career development, overseen the Reynolda Campus’ most significant renovation and building effort since the 1950s, and ensured an academic and residential environment that educates the whole person. Not a day goes by that I do not appreciate the Board of Trustees’ vision for Wake Forest and their confidence in Dr. Hatch’s ability to lead us through such a successful period in the life of our beloved University.

Sincerely,

Donna Boswell (’72, MA ’74)
Chair, Board of Trustees

A message from Board of Trustees Chair Donna Boswell

This message was emailed to faculty and staff on behalf of Board of Trustees Chair Donna Boswell on May 15:

Dear Wake Forest faculty and staff,

Earlier today, a crowd of nearly 13,000 gathered on Hearn Plaza to celebrate the achievements of nearly 2,000 graduates in Wake Forest University’s Class of 2017. If you haven’t already, I invite you to visit wfu.edu to see their smiling faces, read their inspiring stories and remember their many accomplishments.

In the broader context of higher education, today also bears significance as the IRS Form 990 tax filing deadline for colleges and universities across the country. Because these filings include executive compensation information for top administrators, they often attract media attention. We on the Board of Trustees, together with President Hatch, want to be as open and transparent as possible concerning this information.

The tax filing will show that in 2015, Dr. Hatch received a base salary of $839,944 and a performance bonus of $92,000. Dr. Hatch’s total compensation is benchmarked regularly by a third-party consultant reporting to an independent committee of the Board. Due largely to the vesting of a 10-year $2.89 million supplemental executive retirement plan (SERP) and other benefits such as housing and automobile, Dr. Hatch’s total compensation for 2015 was reported as approximately $4.23 million. Excluding the SERP-related amounts, Dr. Hatch’s compensation is comparable to the previous year.

A SERP is a form of deferred compensation commonly used in recruiting and retaining senior executives. In its most recent annual review of presidential salaries, The Chronicle of Higher Education explained the practice of providing competitive retirement benefits such as a SERP:

“Deferred-compensation plans are used commonly in higher education as a retention tool for top administrators. They work like this: A university sets aside money, tax-free, each year in a prescribed fund for the college leader, who may not withdraw any money from that fund until an agreed-upon date. Those earnings are typically forfeited if the employee resigns before the specified date. These arrangements usually complement a standard retirement plan, such as a 401(k).”

The Board of Trustees’ original offer to Dr. Hatch in 2005 included a SERP that would vest upon completion of his 10th year as president in 2015. Each year an average of $255,000 was accrued in the SERP, and the proper amount for each year was reported on that year’s 990 return. Thus, more than $2.3 million of the vested $2.89 million SERP had been reported on the previous nine returns. Nevertheless, the reporting rules require that the entire vested benefit, which includes accruals reported in the previous nine years, plus the final accrual and any investment net earnings be reported in the year of vesting, which was 2015.

The Board is gratified that our investment in Dr. Hatch has paid dividends for our University. He has seen Wake Forest through a transformational period that includes achieving the largest fundraising effort in the University’s history, adding more than $200 million for student scholarships and $100 million for faculty compensation and academic programs. He has orchestrated major realignments in the areas of business and medicine, implemented a test-optional admissions policy, increased the diversity of our student body, set the gold standard for personal and career development, overseen the Reynolda Campus’ most significant renovation and building effort since the 1950s, and ensured an academic and residential environment that educates the whole person.

Not a day goes by that I do not appreciate the Board of Trustees’ vision for Wake Forest and their confidence in Dr. Hatch’s ability to lead us through such a successful period in the life of our beloved University. In addition to the untold number of hours Dr. and Mrs. Hatch commit to Wake Forest, they have been among our most generous philanthropic donors. We believe Dr. Hatch’s compensation over the course of his tenure reflects his exceptional leadership.

Sincerely,

Donna Boswell (’72, MA ’74)
Chair, Board of Trustees

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