Trustees Approve Fiscal 1997 Budget, Elect Members

April 4, 1997

Wake Forest University’s board of trustees have approved a total operating budget of $473.7 million for fiscal 1997, which begins July 1.

During its April 3-4 meeting on campus, the board also elected 12 trustees and its 1997-98 officers.

The fiscal 1997 budget includes $309.5 million for the Hawthorne campus, site of Bowman Gray School of Medicine. Another $164.2 million will fund the Reynolda campus, location of Wake Forest’s arts and sciences undergraduate college and graduate school, as well as law, MBA, and business and accountancy schools. The Hawthorne campus budget is up 3.8 percent from last year, while the Reynolda campus budget rose by 10 percent. The total budget increase is 5.9 percent.

The following were elected to four-year terms on the board: Jerry H. Baker of Atlanta, an executive search consultant and partner in Schuyler, Frye & Baker Inc.; James S. Boshart III of New York, vice chair of Smith Barney Inc.; Jocelyn Burton of Oakland, Calif., assistant U.S. attorney; O. Bruce Gupton of Greenwich, Conn., president and chief executive officer of Renaissance Solutions Inc.; Alice Kirby Horton of Hillsborough; and Hubert B. Humphrey Jr. of Greensboro, an attorney with Brooks, Pierce, McLendon, Humphrey & Leonard.

Baker, Boshart, Burton, Gupton and Horton have not served on the board previously.

Also elected to four-year terms were Albert R. Hunt of Washington, executive Washington editor of the Wall Street Journal; Joseph W. Luter III of Smithfield, Va., chairman and chief executive officer of Smithfield Foods Inc.; J. Lanny Wadkins Jr. of Dallas, a professional golfer; and Dr. Kyle A. Young of Greensboro, a physician.

Elected for one year, to fill an unexpired term, was Adelaide A. Sink of Tampa, Fla., president of NationsBank Florida.

Jean H. Gaskin of Charlotte was elected a life trustee.

PepsiCo chairman Wayne Calloway of Greenwich, Conn., was re-elected board chairman. Three vice chairs were elected: Wachovia Corp. chairman John G. Medlin of Winston-Salem; Murray C. Greason Jr. of Winston-Salem, an attorney with Womble, Carlyle, Sandridge & Rice; and Adelaide A. Sink.