Wake Forest president creates new fund for faculty support
By Kevin Cox
April 18, 2006
Wake Forest University President Nathan O. Hatch has announced the establishment of a new plan to attract $10 million in additional funds for faculty support during the next 18 months. Known as the Presidential Trust for Faculty Excellence, the plan will also assist with the purchase of library materials that support faculty research and strengthen Wake Forest's capacity to recruit and retain superior faculty members.
Hatch announced the creation of the Presidential Trust for Faculty Excellence at the April 10 meeting of the College faculty.
Donors are being asked to provide, in cash or securities, gifts of at least $250,000 to the Presidential Trust. Seventy percent of each gift will be used to fund an endowment supporting faculty stipends, departmental professorships, or chairs. Twenty percent of each gift will provide carry-over operating funds to be used at the discretion of the dean to make competitive offers to new faculty and to current faculty members being recruited by other institutions. Ten percent of each gift will support faculty information resources at the Z. Smith Reynolds Library.
James Bullock, vice president-elect for university advancement, said that the plan
differs from previous fundraising efforts in that it will not include planned gifts.
"Planned gifts are critical to our future, and they are often the largest gifts universities receive; however, they are usually part of individuals' estate planning, and a good deal of time can elapse between the pledge and the receipt of the gift. In seeking funds for the Presidential Trust, we are respectfully requesting that donors complete their pledges with cash or securities, so that they can have a relatively rapid impact on faculty support," said Bullock.
He added, "We will, of course, continue aggressively to seek planned gifts for all purposes because they can transform institutions."
Hatch said he has had many visits with prospective donors since last fall to discuss the critical need for expanding faculty support, and he has a large number of additional visits scheduled this spring and summer.
As of this week, donors have pledged $2.3 million to the Presidential Trust to benefit the College and the Calloway School of Business and Accountancy.