WFU Board of Trustees approves 2002-2003 budget, tuition

The board also approved the tuition amount for next year.

The new budget includes $507 million for the Bowman Gray Campus, site of the Wake Forest School of Medicine. Another $227 million will fund the Reynolda Campus, home of the undergraduate College, the Calloway School of Business and Accountancy, the Graduate School, the School of Law, the Babcock Graduate School of Management, and the Divinity School. Budgets for the Bowman Gray and Reynolda campuses rose by 8 percent and 4 percent, respectively.

Overall operating expenses for all Reynolda Campus departments will increase 1 percent.

Full-time undergraduate tuition will increase 5 percent in the fall to $24,750. This year, tuition is $23,530. Wake Forest’s current undergraduate tuition is among the lowest of the 46 “most competitive” private institutions listed in Barron’s Profile of American Colleges. Only three institutions on the 2001-2002 list have lower tuition.

Salaries and fringe benefits, as well as financial aid, account for more than 69 percent of the Reynolda Campus unrestricted budget.

In all, 67 percent of Wake Forest undergraduates receive financial aid. Currently, 32 percent of undergraduates receive need-based financial aid. Of North Carolina undergraduates, 42 percent receive need-based aid.

The average award of all financial aid recipients is $16,719 annually. The average need-based award is $22,797 annually.

Student housing costs will increase 6.4 percent to 11.8 percent, depending on the type of room and hall.

Changes in tuition rates also were approved for Wake Forest’s graduate and professional schools.