330 The History of Wake Forest
In another major development, the Board of Trustees created a new corpora-
tion, Wake Forest Health Sciences (WFHS), as a wholly owned, nonprofit subsidiary.
Richard Dean, Senior Vice President for Health Affairs, was appointed its President.
It included Wake Forest University School of Medicine, One Technology Place
downtown, ten dialysis centers throughout the region, Amos Cottage Rehabilitation
Hospital, and co-ownership of Wake Forest University Baptist Behavioral Health
(formerly Charter Hospital). The new corporation “simply formalizes the way we do
business,” said President Hearn. “The medical school administration has for a long
time managed the medical enterprise for the University.”
WFHS had its own board of directors. The Board of Trustees’ eight-member
health affairs committee oversaw the medical school and constituted the core of
the WFHS board, which was allowed to have up to thirteen additional members.
Hearn  became one of its officers and was responsible for appointing its President.
Under the new structure, the Dean of the medical school reported to the WFHS Pres-
ident, although his appointment involved both the University and WFHS Presidents.
Medical school faculty remained part of the University faculty, and degrees from all
School of Medicine graduate and professional programs continued to be awarded by
the University.
Academics
Wake Forest was ranked twenty-sixth among 249 national universities—tied with
UCLA and two spots up from the previous year—in the new edition of U.S. News &
World Report’s annual guide. The University earned high marks for its small classes,
low student/faculty ratio, high freshman retention rate, alumni giving, and financial
resources. Yahoo! Internet Life magazine ranked it twentieth among America’s top 100
Signing the Reynolda House agreement, left to right: President
Hearn, Barbara Millhouse, and Wake Forest Trustee Chair William
B. Greene, Jr.
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