Baylor Board Approves $292 Million Budget, Elects New RegentsMay 17, 2002
Baylor University regents May 17 approved a $291.7 million budget for 2002-03, elected two new members to the board and selected a new chair and three vice chairs to lead the governing body during the board's May 17 meeting.
The 2002-03 budget, which is influenced by implementation of several major components of Baylor 2012, the University's 10-year vision, is a $32.5 million, or 12.6 percent, increase over the current operating budget.
Key features of the new budget, which takes effect June 1, are 107 new faculty and staff positions; a 40 percent increase in scholarships and fellowships; start-up funding for the new Honors College; and $10.3 million for various renovation and deferred maintenance projects.
Drayton McLane Jr., chairman of the Houston Astros and Temple-based McLane Group LP, was elected chairman of the Board of Regents. He currently serves as a vice chair. Minette W. Drumwright of Fort Worth, Sam A. Medina, 237th Judicial District Court judge from Lubbock, and attorney and former state Sen. David A. Sibley of Waco, were elected vice chairs of the board for 2002-2003, effective June 1.
Also taking office June 1 will be new regents Stan Allcorn, pastor of Pioneer Drive Baptist Church in Abilene, and Steve Carmack, chairman and CEO of Legacy Bank in Hinton, Okla.
Allcorn, who will assume the seat vacated by Hal Wingo, is a 1976 Baylor graduate and earned a master of divinity degree from Southwestern Baptist Theological Seminary. Prior to his current position, Allcorn pastored churches in DeRidder, La., Commerce and Belton. He also has served on the staff of Columbus Avenue Baptist Church in Waco. Allcorn has served on numerous committees of the Baptist General Convention of Texas. He and his wife, Claudia, have two children: William (Bill) Paul and Hogan Hahn.
Carmack, who earned a B.S. in economics from Baylor in 1970, assumes the seat vacated by Billy Ray Hearn. A former assistant national bank examiner for the U.S. Treasury Department, Carmack serves or has served as chairman of the board for Legacy Bank, Midstate Bancorp Inc., LCM Rentals Inc., Quality Insurance Agency Inc., Legacy Insurance Co. Inc., and the Banker's Bank. Carmack is currently a member of the board of Life Assurance Co. Inc. in Oklahoma City. A former drum major for Baylor's Golden Wave Band, Carmack is currently serving on the board of the Baptist Foundation of Oklahoma. He and his wife, Lorie, are members of First Baptist Church, Hinton, and have four sons: Jason, Josh, John and Rob.
The Board of Regents on June 1 will welcome two other new members who were elected last November at the Baptist General Convention of Texas. Wes Bailey, a Waco businessman, will assume the seat vacated by retired Fort Worth minister Louie B. George, and Harold Cunningham, Baylor's former vice president for finance and administration, will take the seat vacated by Gatesville businessman Charles D. Wise.
In other action, the Board of Regents approved a new external audit policy that calls for the University to bid out auditing services at least every five years. The Board also engaged the accounting firm of KPMG to perform Baylor's audit for the year ending May 31, 2002.