302 The History of Wake Forest
computer science. In both fall 2000 and 2001, two scholarships were awarded to cover
tuition, room and board, and other fees and expenses for their junior and senior
years. Edwin Andrews and his wife, Nancy, of Asheville established a scholarship in
the Divinity School in honor of his father.
The Duke Energy Corporation awarded the Calloway School of Business and
Accountancy $500,000 in honor of the late Thomas H. Davis, a member of Duke
Energy’s board of directors from 1978–1990. Davis designated the University as the
recipient of his memorial gift, which was added to the endowment for the Calloway
School’s Thomas H. Davis Chair of Business, held by Umit Akinc. The Kirby Founda-
tion gave $5 million for construction of a new wing on Calloway Hall. The gift was
the largest from a foundation outside of Forsyth County and the largest gift ever to
the Calloway School. The 50,000-square-foot addition was projected to cost about
$14 million and would be located at the back of Calloway Hall. Nearly four hundred
students enrolled in the Calloway School annually, and one in five Wake Forest stu-
dents earned a degree from it.
The Trustees approved a 4.6 percent full-time tuition hike for undergraduates,
to $22,410 for the 2000–2001 academic year. Full-time tuition for 1999–2000 was
$21,420. On February 5, they also approved a salary opportunity fund, devised by Lou
Morrell. It separated $35 million in unrestricted money from the University’s endow-
ment pool and invested it aggressively. The idea was to raise faculty salaries to the
mean of a group of peer institutions over the next two years. Davidson, Duke, Emory,
Richmond, UNC-Chapel Hill, UVA, Vanderbilt, Washington & Lee, and William and
Mary were considered peer-comparable, or joint admission, institutions at the time.
The plan called for spending $2.2 million during the next two years to lift faculty sala-
ries through merit raises to the average of the joint admissions group. An additional
$1 million was to be spent to boost staff salaries. This money was in addition to
increases already scheduled as part of the University’s long-range financial plan, which
called for 3.5 percent faculty raises and 2.5 percent staff raises for 2000–2001.
On April 28, the Board of Trustees approved a total operating budget of
$584 million for the 2000–2001 fiscal year beginning July 1. The new budget included
$384 million for the Bowman Gray Campus and $200 million for the Reynolda
Campus, increases of 11 percent and 4 percent, respectively.
In an April 10 memo to the University community, President Hearn wrote:
“The Heritage and Promise Campaign which ended in 1995 was our first attempt
at a national funding effort, and it successfully brought in $172 million against a goal
of $150 million, which put it $22 million over its target. That campaign . . . was heav-
ily devoted to bricks-and-mortar, because our early planning processes had identi-
fied space as the primary obstacle to academic growth.”
Hearn stated that even with a healthy growth in endowment, Wake Forest was
still “70 percent tuition-dependent.” The University endowment had a market value
of $974.2 million at the end of February 2000, which included stocks and bonds as
well as real estate. The Reynolda Campus represented 53 percent and the Medical
School 47 percent. The University spent 5.3 percent of its endowment each year, but
the Reynolda Campus endowment was 48 percent restricted.
The Campaign for Wake Forest University: Honoring the Promise was announced
privately. It concentrated on raising endowments for scholarships and faculty support.