Chapter Ten: 1992–1993 173
member of the Board of Trustees and former President of the Alumni Association
and the Deacon Club when the $1 million contribution was made.
In a surprise move, Winston-Salem businessman R. Philip Hanes Jr. and his
wife, Charlotte, signed a life estate agreement in January that gave the University
their 1820s plantation-style Middleton House, their art collection, and twenty-six
acres adjoining the Wake Forest President’s House. The size of the gift was not dis-
closed, but the county tax office assessed the house and land at $2.1 million.
The University’s endowment in June 1992 was $240,000,000, according to John Wil-
lard, Vice President for Financial Resources and University Treasurer, while the overall
Reynolda Campus budget increased from $54,318,000 to $60,191,000, or 10.8 percent.
In February, the Chronicle of Higher Education ranked Wake Forest’s endow-
ment the fortieth largest in the country. At the same time, the Board of Trustees
approved an 8.3 percent increase in tuition for 1993–1994. The hike of almost a
thousand dollars to $12,996 a year was part of a five-year plan to raise faculty salaries
to a level comparable to those at similar institutions. It included a 12.3 percent boost
in financial aid, which had increased from $2,390,000 in 1985–1986 to $10,040,000
in 1992–1993. Financial aid for minority students had risen from $194,000 in 1987–
1988 to $732,000 in 1988–1989 to $808,000 in 1992–1993. The College Fund, used
exclusively for daily operating expenses, reported on June 30 that in its 1992–1993
drive, 9,150 alumni, parents, and friends had contributed $1,838,971.
President Hearn with Philip and Charlotte Hanes outside of Middleton House