278 The History of Wake Forest
Just before Christmas,
R.J. Reynolds had cut one
thousand jobs.
I emphasize the Univer-
sity remains financially
sound. A recent credit
evaluation by Standard
and Poor’s found us
to be in excellent con-
dition, affirming our
AA credit standard in
a very positive report.
It is precisely because
our University is in a
healthy condition that
each of us must work
to maintain its fiscal
integrity, while mak-
ing every effort to keep
Wake Forest affordable for students from all income groups, now and in the
future.
Hearn had asked the Budget Advisory Committee to prepare a budget based on an
undergraduate tuition increase of less than 5 percent. The actual tuition increase for
1999–2000 was 4.7 percent, raising tuition to $21,420.
Wake Forest staff were unhappy with a salary increase of just 2.5 percent for
1999–2000. At a Speak Out on March 17, Lou Morrell, Vice President for Invest-
ments and Treasurer; Jim Ferrell, Director of Human Resources; and Kathy Fansler,
a computer support consultant answered questions about the University’s financial
health and current salary policies.
In October 1998, Wake Forest University Baptist Medical Center launched the
public phase of its $100 million capital campaign, emphasizing endowment develop-
ment for education, research, and patient care. “Sustaining the Miracle: The Cam-
paign for the Medical Center” had already attracted $64 million in pledges in its quiet
phase. It was scheduled to conclude in June 2001.
One of the biggest financial surprises of the year occurred when Winston-Salem
businessman Thomas Jack Lynch, who died in December 1995 at seventy-nine years
old, left the Philosophy department $2.6 million in his will. His estate could not
be settled until July 1998 because it was so large: $13.5 million. He had established
the Thomas Jack Lynch Philosophy Endowment Fund in 1985. He specified that the
new fund was “to be used for visiting professorships, visiting philosophers in resi-
dence, faculty sabbaticals, and special seminars, and not for the department’s regular
expenses.”
Another nice surprise came in November 1998 when the Davis family of ­
Winston-Salem—Egbert L. Davis Jr. (’33), Thomas H. Davis (LLD ’84), and Pauline
Phi Mu sisters
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