Chapter Three: 1985–1986 49
In fact, the public campaign for the Reynolda campus did not begin until 1990 due to
a $40 million campaign under way at the Medical Center.
The 1990 campaign for the Reynolda campus will concentrate on facilities.  .
[A] shortage of space is being felt in student extracurricular programs and
most academic departments and schools. Our last two campaigns were devoted
to human resources: scholarships for students, professorships, and academic
support. The Scales Fine Arts Center was the only new space added, and it is a
highly specialized facility.
Hearn identified the need for a University center, a general classroom building, more
space for the science departments, additions to the Z. Smith Reynolds Library, and
new or more space for the undergraduate and graduate business programs. He also
had a funding source in mind:
Wake Forest parents represent our most important opportunity for new sup-
port. The building projects will be attractive to our parents, especially those
of undergraduates. Our research shows that both the interest and the giv-
ing potential of our parents are considerable. About 24 percent have annual
incomes of $100,000 or more. Moreover, between now and the campaign’s
conclusion in 1995, another 10,000 parent couples will be added to the 4,500
currently on our rolls.
Besides these future plans, the University continued receiving significant external
support. William F. Carl, co-founder and director of the Golden Corral Corporation
and a member of the Babcock Board of Visitors, gave a multi-million dollar gift in
support of the Babcock School, which at the time enrolled approximately 275 stu-
dents in its resident and weekend executive MBA programs. Other Babcock donors
included a matching gift of $500,000 over five years from the Mary Reynolds Babcock
Foundation, and $50,000 from the Broyhill Family Foundation to endow a lecture
series that exposed business students to industry leaders.
In other acts of philanthropy, the Z. Smith Reynolds Foundation awarded the
University a grant that “includes $1 million to endow additional Reynolds scholar-
ships, $500,000 to be added to the Reynolds professorships endowment, $600,000
for additional minority scholarships, and $130,000 per year to increase the Foun-
dation’s annual operating contract from $620,000 to $750,000.” Wake Forest was
able to award four more Reynolds scholarships beginning with the 1986 freshman
class, for a total of twenty. In another generous act, Egbert L. Davis Jr. created the
Eleanor Layfield Davis Art Scholarship for undergraduate students in memory of his
wife. According to Wake Forest University Magazine, “Total giving to Wake Forest
for 1985–1986 topped the $20 million mark, an $8 million increase over 1984–1985.
These figures place Wake Forest among the five best schools in the South in voluntary
In addition, the Charles A. Dana Foundation of New York awarded the Univer-
sity $300,000 to fund four junior-level, tenure-track faculty positions. According
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