The Retirement of Dr. Tribble 353
move to Winston-Salem. The financial situation was especially cha-
otic. The Board of Trustees, he said
realized that it would take a lot of money, and they thought $6 million
would do it. And they had accomplished that on paper in this way: they sold
the campus for $1,600,000 approximately, of which nearly $100,000 had to
go back into the endowment of the college. I never would have allowed that
[the prior use of endowment funds] if I had been president, because I don't
believe in dealing fast and loose with endowment. I believe it's a sacred
trust. But, anyway, there was a million and a half in the clear there.
Then they had conducted a campaign among the churches of North
Carolina for a million and a half, but they hadn't collected it. They only
collected about half of it, and the college didn't have it. The convention was
keeping it…. Then they conducted a campaign in Winston-Salem for a
million and a half, and they raised about seven hundred thousand, but the
college didn't have that. Wachovia Bank had that, holding it.
Another $1.5 million was expected from the accrued grants of the
Reynolds Foundation, but those, too, were being held by the foun-
dation. The only money in hand―in college hands―upon Tribble's
arrival was a $150,000 payment by the Southern Baptist Convention
toward purchase of the old campus for seminary use. That had been
sold, but Wake Forest did not yet have the deed to the property on
which it would build its new campus in Winston-Salem.
To generate momentum toward the move, Tribble said, he con-
ceived of two projects which he thought would catch the public fancy.
One was a challenge gift, which he thought would stimulate Wake
Forest supporters to greater benevolence. The other was a ground-
breaking exercise of such grandeur that all the financial loose ends
could be gathered together.
For the challenge he went to William Neal Reynolds in the hope of
getting a $5-million proffer to be matched by a $5-million fundraising
effort. He said, "Mr. Reynolds, we need a challenge gift. We've got to
do something that will catch the fancy of the people of the state and in
the nation and that'll enable us to collect some money." He said
Reynolds nodded, "and before I could say that I was hoping he might
offer us five million, he said he would
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