WFU board of trustees approves new tuition, funds for pay raises; hears report on capital campaign
By Kevin Cox
The Wake Forest University Board of Trustees on Oct. 15 approved new undergraduate tuition and housing costs for the 2005-2006 fiscal year. In other action, the board took steps to provide pay increases for the university's Reynolda Campus faculty and staff next year. The board also learned that the university's capital campaign has reached the $530 million mark.
Full-time undergraduate tuition will increase 6.7 percent to $30,110. This year, tuition is $28, 210. Student housing costs on campus will increase from 5.9 percent to 7.3 percent, depending on the type of room and hall. The automobile registration fee will rise from $250 to $275.
The trustees have not taken action, yet, on tuition for graduate and professional schools.
Wake Forest's current undergraduate tuition is among the lowest of the 52 "most competitive" private higher education institutions listed in Barron's Profile of American Colleges. Only seven schools on the 2004-2005 list have lower tuition.
In 2003-2004, 67 percent of Wake Forest undergraduates received financial aid. Thirty-four percent of undergraduates received need-based aid.
Although the board has not approved the university's entire budget for 2005-2006, the board has approved a budget increase to allow for pay raises on the Reynolda Campus. The budget pool for faculty and staff compensation will include a 3.5 percent increase in funds for faculty and staff pay raises. The percentage of increase for individual faculty and staff members can vary.
There will be a one percent increase in non-salary budget items.
The board also received a report on the university's capital campaign, which concludes in June 2006. To date, pledges and gifts total $530 million in the $600 million campaign.
Wake Forest President Thomas K. Hearn Jr., who has been treated during the past year for a brain tumor, told trustees this week that his health continues to improve steadily. Hearn announced that he had received positive reports from his physicians after undergoing medical tests and examinations.
The president, who took some time off early in 2004 for recuperation, resumed his routine presidential responsibilities last spring and has worked regularly since that time. He is scheduled to retire in June 2005, in keeping with a plan set well before his illness was diagnosed.