WFU Trustees approve new management degree, 2006-2007 Reynolda Campus budget

By Kevin Cox
March 31, 2006

The Wake Forest University Board of Trustees have approved a new Master of Arts in management degree program that will be offered starting this summer in the university's Babcock Graduate School of Management. Designed for college graduates who were liberal arts and sciences majors, the program introduces students to the fundamentals of business and management over the course of 12 months.

In other action, the board approved the budget for the university's Reynolda Campus for 2006-2007. Trustees also voted on officers for the board and new members.

The actions were taken at the trustees' regular meeting held March 30 and 31 at Wake Forest.

"We created this new management program with the non-business major in mind," Ajay Patel, dean of the Babcock School, said. "It will provide college graduates with a fifth year of study that will instill in them solid, marketable business fundamentals that will add to the fine education they have in their college major, already."

After earning a Master of Arts in management, Patel explained, graduates will possess "the kind of business knowledge that employers are actively seeking among young professionals."

The Babcock School launches the 12-month program July 17 with a four-week summer session designed to establish a foundation of business knowledge needed for the program's curriculum, which will include such basics as accounting, financial management, management communication, marketing management and organizational behavior. An eight-month academic year will run Aug. 21-April 25, followed by a second summer session that will run May 7-July 3.

Two application rounds are scheduled for the first year. Applications will be accepted April 3-28 with decision notification May 12; applications also will be accepted May 1-June 2 with decision notification June 16.

University Budget

The board approved a $286 million budget for the university's Reynolda Campus for 2006-2007. The current Reynolda Campus budget is $268 million. The Reynolda Campus is the home of the College (undergraduate school of arts and sciences), the Calloway School of Business and Accountancy, the Graduate School of Arts and Sciences, the School of Law, the Babcock Graduate School of Management and the Divinity School.

The most significant increase in the Reynolda Campus budget is for salary and fringe benefit increases, up $8.4 million from the current fiscal year.

The new budget allows for a 3 percent overall increase in the staff salary pool and a 6 percent overall increase in the faculty salary pool. Salary percentage increases will vary for individuals. University departments are receiving a 2 percent increase for operating expenses.

Trustees will vote in June on the 2006-2007 budget for Wake Forest University Health Sciences. Wake Forest is the parent organization of Wake Forest University Health Sciences, which conducts activities at the university's Bowman Gray Campus, Piedmont Triad Research Park and various other locations. It operates the Wake Forest School of Medicine, principally on the Bowman Gray Campus.

Other Actions

The board re-elected L. Glenn Orr Jr. of Winston-Salem as chairman and elected K. Wayne Smith of Newton as vice chairman. Orr is president and chief executive officer of The Orr Group. Smith is president emeritus of OCLC Online Computer Library Center Inc.

The following people were elected as first-time members of the board: Ranlet S. Bell of Winston-Salem, an attorney with Womble Carlyle Sandridge & Rice; Susan M. Ivey of Winston-Salem, chairman, president and chief executive officer of Reynolds American Inc.; John R. Lowden of Greenwich, Conn., president of Newcastle Partners LLC; and Harold O. Rosser of New Canaan, Conn., managing director of Bruckmann, Rosser, Sherrill & Co. LLC.

Wake Forest junior Joshua M. King of Johnson City, Tenn., was elected as the student member of the board.

Former members re-elected to the board were: W. Louis Bissette Jr. of Asheville, an attorney with McGuire, Wood & Bissette; Simpson O. (Skip) Brown Jr. of Winston-Salem, president and chief executive officer of TriStone Community Bank; Dr. Lawrence D. Hopkins of Winston-Salem, a physician; James W. Johnston of Winston-Salem, president and chief executive officer of Stonemarker Enterprises Inc.; K. Wayne Smith of Newton; and Janice Kulynych Story of Atlanta.

Current member Graham W. Denton Jr. of Charlotte was re-elected to the board. Denton is North Carolina president, Bank of America.

Former board member Jan W. Calloway of Greenwich, Conn., was elected a life trustee.