Wake Forest trustees approve 2001-2002 budget, elect members

April 27, 2001

The Wake Forest University Board of Trustees on April 27 approved a total budget of $678 million for the 2001-2002 fiscal year, beginning July 1.

During its meeting on the university’s Reynolda Campus, the board also approved the tuition amount for next year and a goal of $450 million for the university’s new capital campaign.

In addition, the board elected new trustees and its 2001-2002 officers.

The new budget includes $461 million for the Bowman Gray Campus, site of the Wake Forest School of Medicine. Another $217 million will fund the Reynolda Campus, home of the undergraduate College, the Calloway School of Business and Accountancy, the Graduate School, the School of Law, the Babcock Graduate School of Management, and the Divinity School. Budgets for the Bowman Gray and Reynolda campuses rose by 20 percent and 6 percent, respectively.

Operating expenses for all Reynolda Campus departments will remain flat, as has been the case in recent years.

Salaries and fringe benefits, as well as financial aid, account for more than 65 percent of the Reynolda Campus unrestricted budget.

Financial aid expenditures for the Reynolda Campus are projected to increase by $2.4 million, from $36.1 million to $38.5 million.

Full-time undergraduate tuition will increase 5 percent in the fall to $23,530. This year, tuition is $22,410. Wake Forest’s current undergraduate tuition is among the lowest of the 46 “most competitive” private institutions listed in Barron’s Profile of American Colleges. Only three institutions on the 2000-2001 list have lower tuition.

The board gave its formal approval to the university’s $450 million goal for “The Campaign for Wake Forest University: Honoring the Promise.”

The university announced this week that $264 million has been raised to date for the capital campaign. The university’s Reynolda Campus has raised $140 million of the goal, while the Wake Forest School of Medicine has raised $124 million. The Reynolda Campus is expected to raise approximately two-thirds of the overall campaign goal. (Note to Editors: The Wake Forest News Service distributed a news release on April 26 about the campaign’s kickoff.)

The following people were elected as first-time members of the board: Simpson O. Brown Jr. of Winston-Salem, senior vice president, Bank of America; Jan W. Calloway of Greenwich, Conn.; and Janice Kulynych Story of Atlanta, Ga.

Former members re-elected to the board were: W. Louis Bissette of Asheville, an attorney with McGuire, Wood & Bissette; Harvey R. Holding of Cashiers; Dr. Lawrence D. Hopkins of Winston-Salem, a physician; James W. Johnston of Winston-Salem, president of Stonemarker Enterprises Inc.; Russell W. Meyer Jr. of Wichita, Kan., chairman of Cessna Aircraft Company; and K. Wayne Smith of Newton, president emeritus of OCLC Online Computer Library Center Inc.

Elected as life trustees were: Victor I. Flow Jr. of Winston-Salem, chairman of Flow Lexus; and Frances P. Pugh of Raleigh, owner of Tara Farm.

Jonathan Lee Kelly, a junior from Greensboro, was re-elected to a second consecutive term as student trustee.

William B. Greene Jr. of Elizabethton, Tenn., was elected board chairman. He is chairman of Bank of Tennessee and Carter County Bank. Two vice-chairs were re-elected: Murray C. Greason Jr. of Winston-Salem, an attorney with Womble Carlyle Sandridge & Rice, and Adelaide A. Sink of Thonotosassa, Fla.