206 The History of Wake Forest
after the work began were to be used to create an endowment once the improvements
were made.
Vice President John Anderson proposed a tuition increase of 6.5 percent for fis-
cal year 1995–1996, for a total tuition of $14,750, or $900 above the fiscal year 1994–
1995 tuition. The increase would provide faculty salary pool increases of 4.25 percent.
Salary pools for staff and administrators would increase 3.25 percent, and all other
expenditures would increase 2.25 percent. In addition to announcing salary increases
for faculty and staff, President Hearn’s total compensation package for 1993–1994
was released in November. It was $379,385: $202,288 in salary, $138,119 in benefits,
and allowances of $38,978. Vice President Richard Janeway of the Medical School had
a total compensation package of $467,500.
Alumni
Among alumni, Murray Greason (’59, JD ’62) and Edward Reynolds (’64) received
Distinguished Alumni Awards during Homecoming. Wayne Calloway (’59) accepted
the nomination to Chair the Board of Trustees, replacing John Medlin. Stephen
Coles (’77), a Lexington, North Carolina, attorney, was installed as President of the
Alumni Association. Richard Burr (’76) was elected to represent North Carolina’s
fifth district in Congress.
On April 26, President Hearn sent a letter to alumni and friends of the University
outlining the major benefits of the Plan for the Class of 2000 to students, faculty, and
staff.
Summing Up the Year
Of the many events in the 1994–1995 academic year, two had lasting effects: the
completion of the Heritage and Promise campaign and the public elevation of Wake
Forest from a regional to a national university. The campaign began in 1991 and was
the largest Wake Forest had ever attempted. Its goal of $150 million was ambitious
but achievable; in the end, $171 million was raised. Its national scope came at the
same time as the University’s reclassification by U.S. News & World Report from the
number-one regional university in the South to the “first tier” of national universi-
ties (institutions ranked twenty-sixth to fifty-seventh). In addition, Wake Forest was
ranked the fourteenth “best buy” among the nation’s 3,600 colleges and universities
by Money magazine, and Barron’s Profiles of American Colleges named Wake Forest
one of only thirty-nine colleges and universities, and one of just eight in the South, it
deemed “most competitive.”
The men’s basketball team’s victory in overtime against archrival University of
North Carolina to win the ACC Championship was perhaps the most satisfying event
of the year. It had been thirty-three years since the Deacons had won the champion-
ship. Fans were elated, and prospective students were excited. The University gained
further prestige from the victory and the team’s entry into the NCAA Men’s Bas-
ketball Tournament. (The University also sold thousands of dollars of merchandise
related to the basketball team’s success.)
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