344 The History of Wake Forest
reminded faculty and staff that the nation was in a recession and that Wake Forest’s
financial aid to undergraduates had “more than doubled in the last five years as we
strive to retain our need-blind admissions policy and maintain economic diversity in
the student population. . . .” He stated that the campaign for Wake Forest was mov-
ing ahead with no changes anticipated and that the University had already generated
more than half of the Reynolda Campus pledges, $156.3 million, toward the $300 mil-
lion goal. He added, “Unlike some other universities, we will have budgeted increases
in salaries and operating items for 2002–2003.” Nonsalary operating budgets were
expected to grow by a modest 1 percent. “In summary, as we begin our annual budget
process, we face a 10 percent decline in available unrestricted endowment income;
continued pressure on tuition rates; increased financial aid expenditures; insurance
cost increasing at double-digit rates; and a sluggish economy.”
On March 22, the Board of Trustees approved a total budget of $734 million
for the 2002–2003 fiscal year: $507 million for the Bowman Gray Campus and $227
million for the Reynolda Campus, increases of 8 percent and 4 percent, respectively.
Full-time undergraduate tuition for the fall of 2002 increased by 5 percent to $24,750
from $23,530. In 2001–2002, 67 percent of undergraduates received financial aid;
32  percent received need-based financial aid; and 42 percent of undergraduates from
North Carolina received need-based aid.
Bill Starling’s portrait is unveiled
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