The James A. Gray Endowment

1947 – 2002

Everyone who knew James A. Gray recalls his mod-

est nature. He did have one boast that he enjoyed

sharing with an audience, however. The house he

was born in, a stately two-story home on 138 North

Cherry Street in Winston-Salem, was the house he

lived in his entire life. From the day he was born on

August 21, 1889, until his death in 1952, James A.

Gray could have walked in the same front door to

announce he was home.

✝ 1 ✝

The Gray Family House on North Cherry Street in Winston-Salem

Cover photograph from Fortune magazine. In July 1950, Fortune featured an article aboutGray's success at R.J.Reynolds Tobacco Company.

Everyone who knew James A. Gray recalls his mod-

est nature. He did have one boast that he enjoyed

sharing with an audience, however. The house he

was born in, a stately two-story home on 138 North

Cherry Street in Winston-Salem, was the house he

lived in his entire life. From the day he was born on

August 21, 1889, until his death in 1952, James A.

Gray could have walked in the same front door to

announce he was home.

✝ 1 ✝

The Gray Family House on North Cherry Street in Winston-Salem

Cover photograph from Fortune magazine. In July 1950, Fortune featured an article aboutGray's success at R.J.Reynolds Tobacco Company.

In the sermon delivered at Gray’s funeral, Dr. Mark Depp told the

mourners gathered at Centenary United Methodist Church, “If it is true that the

only riches a man can take with him when he dies are the riches he has given

away during his life, then how very full must be the hands of James Gray today.”

Building a Career

James A. Gray worked hard building the fortune that enabled him

to become a philanthropist. After graduating with an A.B. degree from the

University of North Carolina in 1908, Gray returned to Winston-Salem and

joined what was then called Wachovia National Bank. His father, James A. Gray,

Sr., was president of the bank when his son began working as a clerk. The young

graduate’s business acumen and managerial talents (at UNC his nickname was

“Manager Gray”) were quickly recognized and rewarded. Within ten years he was

the treasurer of Wachovia and a vice president. In 1919 Gray was promoted to

the board of directors of Wachovia, a position he held until his death.

In the midst of his ascendency at the bank, Gray took a short detour

into the world of politics. Running on the Democratic ticket, Gray was elected

by voters in Forsyth County to the State Senate. He served two terms and

enacted forward-thinking legislation aimed at improving public services, includ-

ing public education, for all North Carolinians. Gray co-introduced the state’s

first income tax, believing that those who earn money should pay taxes. The

legislation met with strong opposition. In the end, however, Gray’s structured

approach to progressive change prevailed. He also introduced a bill creating a

State Budget Commission.

✝ 3 ✝

That this boast is his one expression

of pridefulness that friends and

family consistently recall reflects his

humility, and the deep value Gray

placed in constancy. James A. Gray

led a life filled with remarkable

achievement in all arenas. Whether

at work at R.J. Reynolds Tobacco

Company, at Centenary United

Methodist Church, at home with

his wife and six children, or in

the community, Gray demonstrated unwavering devotion, a generosity of spirit,

and an inspired sense of purpose. Those qualities also marked his efforts as

a philanthropist.

Fifty years after his death, James A. Gray is remembered and revered

for his visionary style of philanthropy that was not only groundbreaking but

record-breaking as well. The Winston-Salem Foundation is honored to com-

memorate a man who set the standard when he created the James A. Gray

Endowment in 1947. At that time, the former president of R.J. Reynolds

Tobacco committed $1.7 million to the Endowment that he established at

The Foundation.

When converted to today’s dollars, that amount equals $14.2 million.

It remains the largest individual fund in The Foundation’s history; its influence

on the eleven educational institutions it benefits is immeasurable, and its divi-

dends are continually growing. In 2002 the James A. Gray Endowment Fund,

valued at approximately $19 million, paid out more than $1.1 million to the insti-

tutions it benefits. Over the past five years alone, the Gray Endowment has

distributed more than $4.5 million.

✝ 2 ✝

✟

Pauline and James A. Gray enjoying the beach.

In the sermon delivered at Gray’s funeral, Dr. Mark Depp told the

mourners gathered at Centenary United Methodist Church, “If it is true that the

only riches a man can take with him when he dies are the riches he has given

away during his life, then how very full must be the hands of James Gray today.”

Building a Career

James A. Gray worked hard building the fortune that enabled him

to become a philanthropist. After graduating with an A.B. degree from the

University of North Carolina in 1908, Gray returned to Winston-Salem and

joined what was then called Wachovia National Bank. His father, James A. Gray,

Sr., was president of the bank when his son began working as a clerk. The young

graduate’s business acumen and managerial talents (at UNC his nickname was

“Manager Gray”) were quickly recognized and rewarded. Within ten years he was

the treasurer of Wachovia and a vice president. In 1919 Gray was promoted to

the board of directors of Wachovia, a position he held until his death.

In the midst of his ascendency at the bank, Gray took a short detour

into the world of politics. Running on the Democratic ticket, Gray was elected

by voters in Forsyth County to the State Senate. He served two terms and

enacted forward-thinking legislation aimed at improving public services, includ-

ing public education, for all North Carolinians. Gray co-introduced the state’s

first income tax, believing that those who earn money should pay taxes. The

legislation met with strong opposition. In the end, however, Gray’s structured

approach to progressive change prevailed. He also introduced a bill creating a

State Budget Commission.

✝ 3 ✝

That this boast is his one expression

of pridefulness that friends and

family consistently recall reflects his

humility, and the deep value Gray

placed in constancy. James A. Gray

led a life filled with remarkable

achievement in all arenas. Whether

at work at R.J. Reynolds Tobacco

Company, at Centenary United

Methodist Church, at home with

his wife and six children, or in

the community, Gray demonstrated unwavering devotion, a generosity of spirit,

and an inspired sense of purpose. Those qualities also marked his efforts as

a philanthropist.

Fifty years after his death, James A. Gray is remembered and revered

for his visionary style of philanthropy that was not only groundbreaking but

record-breaking as well. The Winston-Salem Foundation is honored to com-

memorate a man who set the standard when he created the James A. Gray

Endowment in 1947. At that time, the former president of R.J. Reynolds

Tobacco committed $1.7 million to the Endowment that he established at

The Foundation.

When converted to today’s dollars, that amount equals $14.2 million.

It remains the largest individual fund in The Foundation’s history; its influence

on the eleven educational institutions it benefits is immeasurable, and its divi-

dends are continually growing. In 2002 the James A. Gray Endowment Fund,

valued at approximately $19 million, paid out more than $1.1 million to the insti-

tutions it benefits. Over the past five years alone, the Gray Endowment has

distributed more than $4.5 million.

✝ 2 ✝

✟

Pauline and James A. Gray enjoying the beach.

Exchange. In 1922 The Wall Street Journal reported that Reynolds’ net earnings

were “the highest recorded in the tobacco industry.” With the enormous popu-

larity of Camel cigarettes, Reynolds watched its profits soar from just less than

$3 million in 1912 to nearly $24 million in 1924.

In 1934 James A. Gray became the fifth president of R.J. Reynolds

Tobacco. He was proud that he served as president of the company or chairman

of the board longer than anyone with the exception of R.J. Reynolds himself.

The year after becoming president, in 1935, James’ brother Bowman

died unexpectedly while on a cruise in the North Sea. The loss was devastating.

According to James A. Gray, Jr., his Uncle Bowman’s untimely death profoundly

affected his father’s guiding principle when it came to philanthropy. Following

Bowman Gray’s death, the entire Gray family worked tirelessly to bring a first-

class four-year medical school to Winston-Salem. The Bowman Gray School of

Medicine opened in the fall of 1941.

James A. Gray, Jr. said, “My father was influenced by the fact that

his brother, Bowman, had not lived to see the fruits of his benevolence.

Therefore, my father felt strongly that he should undertake charitable giving

during his lifetime.”

✝ 5 ✝✝ 4 ✝

The James A. Gray family James’ brother, Bowman Gray. It was Bowman’s untimely death thatinfluenced James to undertake charitable giving while he was alive.

During his brief political career, Gray exhibited what would become

his trademark as a philanthropist – a keen understanding for what was needed

and the ability to construct enduring financial structures to benefit people for

generations to come.

While balancing work in Winston-Salem and Raleigh, Gray fell in love

with Pauline L. Bahnson, a Salem native. They were married on April 18th, 1918.

The Grays had six children. The first three were boys – James Jr., Bahnson,

and Howard; the next three were girls – Emma Christine (Mrs. John Gallaher),

Pauline Louise (Mrs. Norwood Robinson), and Aurelia Elizabeth (Mrs. John D.

Eller, Jr.).

In 1920 Gray started work at R.J.Reynolds Tobacco Company. Gray’s

brother, Bowman, had become vice president and director at the company the

year before and was promoted to president five years later, in 1924. The Gray

brothers worked closely alongside each other until Bowman’s death.

At R.J.Reynolds, James Gray quickly assessed the foundations of the

tobacco company and enacted structural financial changes, which enabled the

company to experience unprecedented growth. He reorganized the capital struc-

ture, lowered the debt, and listed the company on the New York Stock

Exchange. In 1922 The Wall Street Journal reported that Reynolds’ net earnings

were “the highest recorded in the tobacco industry.” With the enormous popu-

larity of Camel cigarettes, Reynolds watched its profits soar from just less than

$3 million in 1912 to nearly $24 million in 1924.

In 1934 James A. Gray became the fifth president of R.J. Reynolds

Tobacco. He was proud that he served as president of the company or chairman

of the board longer than anyone with the exception of R.J. Reynolds himself.

The year after becoming president, in 1935, James’ brother Bowman

died unexpectedly while on a cruise in the North Sea. The loss was devastating.

According to James A. Gray, Jr., his Uncle Bowman’s untimely death profoundly

affected his father’s guiding principle when it came to philanthropy. Following

Bowman Gray’s death, the entire Gray family worked tirelessly to bring a first-

class four-year medical school to Winston-Salem. The Bowman Gray School of

Medicine opened in the fall of 1941.

James A. Gray, Jr. said, “My father was influenced by the fact that

his brother, Bowman, had not lived to see the fruits of his benevolence.

Therefore, my father felt strongly that he should undertake charitable giving

during his lifetime.”

✝ 5 ✝✝ 4 ✝

The James A. Gray family James’ brother, Bowman Gray. It was Bowman’s untimely death thatinfluenced James to undertake charitable giving while he was alive.

During his brief political career, Gray exhibited what would become

his trademark as a philanthropist – a keen understanding for what was needed

and the ability to construct enduring financial structures to benefit people for

generations to come.

While balancing work in Winston-Salem and Raleigh, Gray fell in love

with Pauline L. Bahnson, a Salem native. They were married on April 18th, 1918.

The Grays had six children. The first three were boys – James Jr., Bahnson,

and Howard; the next three were girls – Emma Christine (Mrs. John Gallaher),

Pauline Louise (Mrs. Norwood Robinson), and Aurelia Elizabeth (Mrs. John D.

Eller, Jr.).

In 1920 Gray started work at R.J.Reynolds Tobacco Company. Gray’s

brother, Bowman, had become vice president and director at the company the

year before and was promoted to president five years later, in 1924. The Gray

brothers worked closely alongside each other until Bowman’s death.

At R.J.Reynolds, James Gray quickly assessed the foundations of the

tobacco company and enacted structural financial changes, which enabled the

company to experience unprecedented growth. He reorganized the capital struc-

ture, lowered the debt, and listed the company on the New York Stock

Bowman Gray School of Medicine of Wake Forest . . . . . . . . . . . . . . . . . . . . . . . . . . . $900,000

University of North Carolina (Chair of the Bible). . . . . . . . . . . . . . . . . . . . . . . . . . . . . $250,000

Salem Academy and College . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000

Winston-Salem Teachers College (WSSU). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,000

Duke University (Divinity School) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,000

Greensboro College . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000

High Point College . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000

Brevard College. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000

Louisburg College . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000

Davidson College. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,000

St. Mary’s Junior College . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,000

Gray’s legacy of giving is eloquently remembered by his daughter,

Aurelia Gray Eller, who once wrote of her father, “Because he was blessed with

the ability to earn money, he wanted to share it with those less fortunate. He

taught us the joy of giving and of living with others besides ourselves in mind.

His was a legacy each of us has tried to live up to.”

Keeping a Legacy Alive

One of the main reasons Gray established his Endowment while he

was living was to see the fruits of his enormous donation. And, indeed, he did

enjoy reading the correspondence that flooded his mail describing how the

Endowment was used and thanking him for the gift. That satisfaction was an

abbreviated one, however. On October 29, 1952, at the age of 63, James A. Gray

died of a heart attack.

✝ 7 ✝

Giving While Living

As with everything he embarked upon, James A. Gray approached his

philanthropy with a strong sense of purpose, intelligence, and exceptional mod-

esty. Several of his early, and numerous, gifts were made anonymously, his acts of

generosity revealed only after his death.

In the 1940s James A. Gray began conceiving his crowning achieve-

ment as a philanthropist, The James A. Gray Endowment. He waited until his

sons returned home from serving in World War II to formally establish his

$1.7 million Endowment with The Winston-Salem Foundation. According to

James A. Gray, Jr., his father wanted to make certain all three sons approved of

his plan to donate a large portion of the children’s inheritance. With their bless-

ing, Gray gave the gift that he was most proud of, a gift that has become his

legacy, The James A. Gray Endowment.

At the heart of his Endowment was the belief that educating North

Carolina’s young people, both intellectually and morally, is the greatest hope for

a strong future. In his philanthropy, as in his business life, he understood the

value of strong foundations and planning for future success. The Endowment

benefits eleven educational institutions in North Carolina.

By setting up his Endowment with The Winston-Salem Foundation,

Gray made one gift, knowing that The Foundation, as a neutral body, would ful-

fill his philanthropic intentions by providing careful stewardship and investing

for growth.

The following is a breakdown of the James A. Gray Endowment, a gift

that was as remarkably generous as it was intelligently structured to influence

the changing educational needs of North Carolina’s students.

✝ 6 ✝

✟

✟

Bowman Gray School of Medicine of Wake Forest . . . . . . . . . . . . . . . . . . . . . . . . . . . $900,000

University of North Carolina (Chair of the Bible). . . . . . . . . . . . . . . . . . . . . . . . . . . . . $250,000

Salem Academy and College . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000

Winston-Salem Teachers College (WSSU). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,000

Duke University (Divinity School) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,000

Greensboro College . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000

High Point College . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000

Brevard College. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000

Louisburg College . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000

Davidson College. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,000

St. Mary’s Junior College . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,000

Gray’s legacy of giving is eloquently remembered by his daughter,

Aurelia Gray Eller, who once wrote of her father, “Because he was blessed with

the ability to earn money, he wanted to share it with those less fortunate. He

taught us the joy of giving and of living with others besides ourselves in mind.

His was a legacy each of us has tried to live up to.”

Keeping a Legacy Alive

One of the main reasons Gray established his Endowment while he

was living was to see the fruits of his enormous donation. And, indeed, he did

enjoy reading the correspondence that flooded his mail describing how the

Endowment was used and thanking him for the gift. That satisfaction was an

abbreviated one, however. On October 29, 1952, at the age of 63, James A. Gray

died of a heart attack.

✝ 7 ✝

Giving While Living

As with everything he embarked upon, James A. Gray approached his

philanthropy with a strong sense of purpose, intelligence, and exceptional mod-

esty. Several of his early, and numerous, gifts were made anonymously, his acts of

generosity revealed only after his death.

In the 1940s James A. Gray began conceiving his crowning achieve-

ment as a philanthropist, The James A. Gray Endowment. He waited until his

sons returned home from serving in World War II to formally establish his

$1.7 million Endowment with The Winston-Salem Foundation. According to

James A. Gray, Jr., his father wanted to make certain all three sons approved of

his plan to donate a large portion of the children’s inheritance. With their bless-

ing, Gray gave the gift that he was most proud of, a gift that has become his

legacy, The James A. Gray Endowment.

At the heart of his Endowment was the belief that educating North

Carolina’s young people, both intellectually and morally, is the greatest hope for

a strong future. In his philanthropy, as in his business life, he understood the

value of strong foundations and planning for future success. The Endowment

benefits eleven educational institutions in North Carolina.

By setting up his Endowment with The Winston-Salem Foundation,

Gray made one gift, knowing that The Foundation, as a neutral body, would ful-

fill his philanthropic intentions by providing careful stewardship and investing

for growth.

The following is a breakdown of the James A. Gray Endowment, a gift

that was as remarkably generous as it was intelligently structured to influence

the changing educational needs of North Carolina’s students.

✝ 6 ✝

✟

✟

endowed a professorship at UNC that reflected his abiding Christian belief. The

Gray Professor Fund established a chair of instruction in the Bible in 1947.

His decision to endow a professorship planted a seed for what has

grown into one of the nation’s preeminent departments of religious studies.

At that time, the Department of Religion was new. Today’s Department of

Religious Studies is ranked among the country’s top ten programs, offering

undergraduate, master, and doctorate degrees.

Fifty years ago, the UNC campus was a different place than it is

today. In 1952 there were approximately 5,400 students, a fraction of the roughly

25,000 students enrolled in 2002. When this endowment was made, the student

population was all white, with 84 percent male and 16 percent female. A half-

century later, the campus is racially diverse and 59 percent of the student body

is female.

While Gray might not have envisioned these enormous changes at his

alma mater, he certainly predicted the continuing need for attracting and retain-

ing a strong faculty. In fact, today he is viewed as a visionary pioneer for that and

many other reasons.

“James A. Gray was extremely forward thinking,” says UNC senior

associate dean in the College of Arts and Sciences, Darryl Gless. With the Gray

Endowment, the university was able to expand its academic offerings beyond

what was supported by state budgets.

In 2002, with the state budget facing a $1.5 billion deficit, the Gray

Endowment is even more critical. According to Gless, this “subsidy” allows

UNC to remain competitive with the private universities that can offer salaries

anywhere from 20 to 100 percent higher than public institutions.

✝ 9 ✝

The following day the Winston-Salem Journal ran an editorial address-

ing the enormity of this loss. “The death of James A. Gray casts a pall of sadness

over this community and the entire State,” the newspaper column began. “Few

men have done more to advance the economic progress and promote the social

welfare of Winston-Salem, Forsyth County and North Carolina as a whole

than this quiet, unassuming business, civic, and religious leader who for over

forty years was an inspiring, dynamic influence in the life of the community

and commonwealth.”

Through his Endowment, people across the state are to this day

inspired by these very qualities and influenced by the quiet force for good that

was James A. Gray.

Designated Gifts: Building on a Vision

University of North Carolina

As a student at the University of North Carolina, many people said that

James A. Gray would have made a great preacher (and a bishop) for he demonstrated

a deep faith and had what one writer called a “humanistic sense of religious duty.”

While Gray decided that his talents would be best used in the business world, he

✝ 8 ✝

✟

James A. Gray, Sr. and James A. Gray, Jr. wearing their UNC Football Manager sweaters.

endowed a professorship at UNC that reflected his abiding Christian belief. The

Gray Professor Fund established a chair of instruction in the Bible in 1947.

His decision to endow a professorship planted a seed for what has

grown into one of the nation’s preeminent departments of religious studies.

At that time, the Department of Religion was new. Today’s Department of

Religious Studies is ranked among the country’s top ten programs, offering

undergraduate, master, and doctorate degrees.

Fifty years ago, the UNC campus was a different place than it is

today. In 1952 there were approximately 5,400 students, a fraction of the roughly

25,000 students enrolled in 2002. When this endowment was made, the student

population was all white, with 84 percent male and 16 percent female. A half-

century later, the campus is racially diverse and 59 percent of the student body

is female.

While Gray might not have envisioned these enormous changes at his

alma mater, he certainly predicted the continuing need for attracting and retain-

ing a strong faculty. In fact, today he is viewed as a visionary pioneer for that and

many other reasons.

“James A. Gray was extremely forward thinking,” says UNC senior

associate dean in the College of Arts and Sciences, Darryl Gless. With the Gray

Endowment, the university was able to expand its academic offerings beyond

what was supported by state budgets.

In 2002, with the state budget facing a $1.5 billion deficit, the Gray

Endowment is even more critical. According to Gless, this “subsidy” allows

UNC to remain competitive with the private universities that can offer salaries

anywhere from 20 to 100 percent higher than public institutions.

✝ 9 ✝

The following day the Winston-Salem Journal ran an editorial address-

ing the enormity of this loss. “The death of James A. Gray casts a pall of sadness

over this community and the entire State,” the newspaper column began. “Few

men have done more to advance the economic progress and promote the social

welfare of Winston-Salem, Forsyth County and North Carolina as a whole

than this quiet, unassuming business, civic, and religious leader who for over

forty years was an inspiring, dynamic influence in the life of the community

and commonwealth.”

Through his Endowment, people across the state are to this day

inspired by these very qualities and influenced by the quiet force for good that

was James A. Gray.

Designated Gifts: Building on a Vision

University of North Carolina

As a student at the University of North Carolina, many people said that

James A. Gray would have made a great preacher (and a bishop) for he demonstrated

a deep faith and had what one writer called a “humanistic sense of religious duty.”

While Gray decided that his talents would be best used in the business world, he

✝ 8 ✝

✟

James A. Gray, Sr. and James A. Gray, Jr. wearing their UNC Football Manager sweaters.

Competition and huge salary differentials were not part

of the academic landscape when Gray created this

Endowment. At that time universities and colleges were

not nearly so driven by the marketplace as they are

today. “As a businessman, Mr. Gray was more aware of

the competition for the best people, perhaps more so than the legislature,” says

Gless. “He understood the market forces.”

With the Gray Endowment, UNC was able to hire Professor Bernard

Boyd in 1950. During his 25-year career, Dr. Boyd became one of the depart-

ment’s most beloved teachers. In the years that followed, the Gray Endowment

is credited with keeping two top scholars, Professors Jack Sasson and John Van

Seeters, at UNC’s Religious Studies Department. On this 50-year commemora-

tion, the university will soon name a new Gray Professor. Although that process

is now under way, the existence of the Gray chair has enabled the department to

sustain its tradition of excellence in biblical studies. One member of its faculty

since 1994 and currently the chair of the department, Professor Bart D. Ehrman,

is also the author of one of the best and most widely used textbooks on the

New Testament.

While much at UNC has changed in the last half-century, the verities

that guided Gray’s giving remain: great teachers deserve remuneration, and the

Bible is a book worthy of study for its timeless and invaluable lessons.

Duke University Divinity School

When a graduate of the University of North Carolina donates a size-

able endowment to its neighbor and rival Duke University, people take note.

For Gray, the former UNC football team manager, his donation to the Divinity

School brought out his humor. Explaining his decision, Gray would say, “I fixed

the gift to Duke so they can’t use it for the football team.”

He was serious, however, about supporting the university’s Divinity

School, especially as it pertained to ministerial education. In 1947 the Gray

Endowment was one of only two permanent sources of annual funds given to the

Divinity School. Gray wrote that he wanted Duke Divinity School to expand and

maintain its educational services “for the benefit of the North Carolina churches

and pastors, particularly rural churches and pastors.”

His directive extended the reach of his Endowment to include all of

North Carolina’s Methodist churches and people at various stages in their ministe-

rial lives. His gift has benefitted not only divinity students but clergy as well. In this

way he proved, once again, that he was a philanthropist with exceptional vision.

Fifty years ago, approximately 200 students were enrolled in Duke’s

Divinity School. Today the Divinity School consists of nearly 500 students,

approximately 200 of whom are women. Throughout the years, the Gray

resources have allowed Duke to focus upon excellence that is timeless in forming

persons for faithful Christian service.

According to L. Gregory Jones, Duke Divinity School dean, “James A.

Gray had a clear sense that education mattered. His investment in the Divinity

School was really a way to be committed to the long-term needs of the church.

James A. Gray was thinking about what would be needed three, four, five genera-

tions from now.”

✝ 11 ✝✝ 10 ✝

Bart Ehrman, professor of religious studies at UNC-Chapel Hillworks with student, Scott Frans, from Pilot Mountain.

Professor Bernard Boyd. Hired by UNC through the Gray Endowment, Dr. Boydwas a respected and beloved teacher in UNC’s Department of Religious Studies.

Competition and huge salary differentials were not part

of the academic landscape when Gray created this

Endowment. At that time universities and colleges were

not nearly so driven by the marketplace as they are

today. “As a businessman, Mr. Gray was more aware of

the competition for the best people, perhaps more so than the legislature,” says

Gless. “He understood the market forces.”

With the Gray Endowment, UNC was able to hire Professor Bernard

Boyd in 1950. During his 25-year career, Dr. Boyd became one of the depart-

ment’s most beloved teachers. In the years that followed, the Gray Endowment

is credited with keeping two top scholars, Professors Jack Sasson and John Van

Seeters, at UNC’s Religious Studies Department. On this 50-year commemora-

tion, the university will soon name a new Gray Professor. Although that process

is now under way, the existence of the Gray chair has enabled the department to

sustain its tradition of excellence in biblical studies. One member of its faculty

since 1994 and currently the chair of the department, Professor Bart D. Ehrman,

is also the author of one of the best and most widely used textbooks on the

New Testament.

While much at UNC has changed in the last half-century, the verities

that guided Gray’s giving remain: great teachers deserve remuneration, and the

Bible is a book worthy of study for its timeless and invaluable lessons.

Duke University Divinity School

When a graduate of the University of North Carolina donates a size-

able endowment to its neighbor and rival Duke University, people take note.

For Gray, the former UNC football team manager, his donation to the Divinity

School brought out his humor. Explaining his decision, Gray would say, “I fixed

the gift to Duke so they can’t use it for the football team.”

He was serious, however, about supporting the university’s Divinity

School, especially as it pertained to ministerial education. In 1947 the Gray

Endowment was one of only two permanent sources of annual funds given to the

Divinity School. Gray wrote that he wanted Duke Divinity School to expand and

maintain its educational services “for the benefit of the North Carolina churches

and pastors, particularly rural churches and pastors.”

His directive extended the reach of his Endowment to include all of

North Carolina’s Methodist churches and people at various stages in their ministe-

rial lives. His gift has benefitted not only divinity students but clergy as well. In this

way he proved, once again, that he was a philanthropist with exceptional vision.

Fifty years ago, approximately 200 students were enrolled in Duke’s

Divinity School. Today the Divinity School consists of nearly 500 students,

approximately 200 of whom are women. Throughout the years, the Gray

resources have allowed Duke to focus upon excellence that is timeless in forming

persons for faithful Christian service.

According to L. Gregory Jones, Duke Divinity School dean, “James A.

Gray had a clear sense that education mattered. His investment in the Divinity

School was really a way to be committed to the long-term needs of the church.

James A. Gray was thinking about what would be needed three, four, five genera-

tions from now.”

✝ 11 ✝✝ 10 ✝

Bart Ehrman, professor of religious studies at UNC-Chapel Hillworks with student, Scott Frans, from Pilot Mountain.

Professor Bernard Boyd. Hired by UNC through the Gray Endowment, Dr. Boydwas a respected and beloved teacher in UNC’s Department of Religious Studies.

“With this gift Mr. Gray recognized that to deepen people’s minds is a way to

show love for God and love for people.”

Winston-Salem State University

The third educational institution given a designated endowment by

Mr. Gray is located in his hometown of Winston-Salem. Gray provided annual

funds to Winston-Salem State University with the expressed purpose of teach-

ing the Bible. While courses in the Old and New Testament are still taught today,

how the Gray Endowment is used has changed over the past half century. In

many respects, these transformations are a reflection of the tremendous changes

in education, especially education within the African-American community.

In 1952 the races were segregated by laws that no longer exist; the

civil rights movement was yet to come. When James A. Gray made his generous

endowment to WSSU, the school had 626 students enrolled in what was then a

four-year institution that granted teaching degrees. Initially a portion of the

endowment funded the state school with a chaplain.

Today 36 bachelor degree programs are offered to the nearly 3,000

students who attend, 18 percent of whom are not African-American. As the

school grew and educational opportunities expanded, the Gray Endowment

continually provided funds to support professors teaching courses in religion.

Since he arrived in 1969, Reverend Cedric Rodney has served in both

capacities – as a Gray chaplain and as a religion professor. Today he is the Gray

Distinguished Professor at WSSU. Rev. Rodney has a deep affection for his

benefactor and an appreciation for the motivations that led him to make such

a generous contribution.

“Mr. Gray was a good investor,” says Rodney, “and he used that to

share the word of God with other persons as well. Here was a man who said,

‘I have found something that is rich in the Bible.’ He wanted other people to

know about it.” ✝ 13 ✝

The linchpin of the Endowment is the Gray Lecture Series held every

fall during the Divinity School’s convocation and pastor’s school. Started in 1950,

the annual event attracts up to 700 people who come back to Duke to participate.

“Fifty years ago hardly anyone had heard of continuing education for the

clergy,” says Jones. “To start a lecture series was to create something that didn’t

exist. Mr. Gray understood that people – preachers – need to learn over a lifetime.”

It is because of the Endowment that interested clergy can easily

attend since the cost is nominal. And because of the Endowment, Jones says, it is

easy to attract the best thinkers in the field of theology. “Thanks to the James A.

Gray Endowment, we can offer an honorarium that we could never afford with

our normal budget,” says Jones, explaining that his invitations to speakers are

always accepted.

In 2001, for example, the Gray Lecture Series featured Miroslav Volf,

the Henry B. Wright Professor of Theology at Yale University Divinity School.

Volf is the author of the book Exclusion and Embrace, which won the Graymeyer

Award, the top honor in the field of theological writing.

“The issues addressed in these lectures capture imaginations and are

helpful for the ministry and for their understanding of the world,” Jones says.

✝ 12 ✝

Yale University Professor Miroslav Volf was the featured speaker at the 2001 Gray Lecture Series at Duke University Divinity School.

“With this gift Mr. Gray recognized that to deepen people’s minds is a way to

show love for God and love for people.”

Winston-Salem State University

The third educational institution given a designated endowment by

Mr. Gray is located in his hometown of Winston-Salem. Gray provided annual

funds to Winston-Salem State University with the expressed purpose of teach-

ing the Bible. While courses in the Old and New Testament are still taught today,

how the Gray Endowment is used has changed over the past half century. In

many respects, these transformations are a reflection of the tremendous changes

in education, especially education within the African-American community.

In 1952 the races were segregated by laws that no longer exist; the

civil rights movement was yet to come. When James A. Gray made his generous

endowment to WSSU, the school had 626 students enrolled in what was then a

four-year institution that granted teaching degrees. Initially a portion of the

endowment funded the state school with a chaplain.

Today 36 bachelor degree programs are offered to the nearly 3,000

students who attend, 18 percent of whom are not African-American. As the

school grew and educational opportunities expanded, the Gray Endowment

continually provided funds to support professors teaching courses in religion.

Since he arrived in 1969, Reverend Cedric Rodney has served in both

capacities – as a Gray chaplain and as a religion professor. Today he is the Gray

Distinguished Professor at WSSU. Rev. Rodney has a deep affection for his

benefactor and an appreciation for the motivations that led him to make such

a generous contribution.

“Mr. Gray was a good investor,” says Rodney, “and he used that to

share the word of God with other persons as well. Here was a man who said,

‘I have found something that is rich in the Bible.’ He wanted other people to

know about it.” ✝ 13 ✝

The linchpin of the Endowment is the Gray Lecture Series held every

fall during the Divinity School’s convocation and pastor’s school. Started in 1950,

the annual event attracts up to 700 people who come back to Duke to participate.

“Fifty years ago hardly anyone had heard of continuing education for the

clergy,” says Jones. “To start a lecture series was to create something that didn’t

exist. Mr. Gray understood that people – preachers – need to learn over a lifetime.”

It is because of the Endowment that interested clergy can easily

attend since the cost is nominal. And because of the Endowment, Jones says, it is

easy to attract the best thinkers in the field of theology. “Thanks to the James A.

Gray Endowment, we can offer an honorarium that we could never afford with

our normal budget,” says Jones, explaining that his invitations to speakers are

always accepted.

In 2001, for example, the Gray Lecture Series featured Miroslav Volf,

the Henry B. Wright Professor of Theology at Yale University Divinity School.

Volf is the author of the book Exclusion and Embrace, which won the Graymeyer

Award, the top honor in the field of theological writing.

“The issues addressed in these lectures capture imaginations and are

helpful for the ministry and for their understanding of the world,” Jones says.

✝ 12 ✝

Yale University Professor Miroslav Volf was the featured speaker at the 2001 Gray Lecture Series at Duke University Divinity School.

Christian. Before work each day he read the Bible and in the evenings, after

eating his nightly apple, he would do the same. At Centenary United Methodist

Church, he seldom missed a Sunday at Centenary’s Men’s Bible Class. After his

death the class was named the James A. Gray Bible Class.

Mr. Gray believed in religious education as deeply as he believed in

education generally. Hope is the common denominator guiding his Endowment.

The remaining eight institutions that benefit from the Gray Endowment have

received yearly funds aimed at helping them reach academic excellence.

Unrestricted giving has enabled each institution to progress unencumbered to

meet goals that were unimaginable 50 years ago.

The largest gift in Mr. Gray’s Endowment was given to The Bowman

Gray School of Medicine (later renamed The Wake Forest School of Medicine),

a school his family brought to Winston-Salem. He understood both the promise

of medicine and the costs associated with creating a first-class institution.

Among the nation’s medical schools, The Wake Forest School of Medicine is

ranked 39th in both research and primary care. Funding received from the

National Institutes of Health has increased by 25 percent, which reflects its

growing reputation as an institution committed to cutting-edge research.

There were 59 students in the class of 1952 and all were white; only

four were women. The class of 2005 totals 108 – 36 percent of whom are women

✝ 15 ✝

During the past decade, the university has hosted the James A. Gray

Symposium, a lecture series addressing ethical issues confronting the country.

The lectures are free and open to the community. Rev. Rodney, who organizes

the symposium, says the lectures attract people from all walks of life and serve as

an important bridge bringing together the academy and the community. Started

in 1992, “Religion and Ethics in the 21st Century” was predicated on the idea

that religion is evolving as a means of addressing ethical and social problems con-

fronting the community.

Developing the symposium is a crowning achievement in the evolu-

tion of the Endowment. Moreover, Rodney explains, the symposium shows that

the Gray Endowment is not static. “The lectures are inspiring,” says Rodney.

“They feed the soul, and people are refreshed. These speakers hold a beacon of

light for this generation and others to come.”

Unrestricted Giving

For anyone who knew James A. Gray, it comes as no surprise that the

three designated funds relate to religion and the Bible. Mr. Gray was a devout

✝ 14 ✝

Reverend Cedric Rodney and Episcopal Bishop Michael B. Curry.“How Large is Your Lord?” was the title of Curry’s talk presented

during the 1999 James A. Gray Lecture Series at WSSU.

✟

Wake Forest University School of Medicine, 1941; Wake Forest University School of Medicine, 2002

Christian. Before work each day he read the Bible and in the evenings, after

eating his nightly apple, he would do the same. At Centenary United Methodist

Church, he seldom missed a Sunday at Centenary’s Men’s Bible Class. After his

death the class was named the James A. Gray Bible Class.

Mr. Gray believed in religious education as deeply as he believed in

education generally. Hope is the common denominator guiding his Endowment.

The remaining eight institutions that benefit from the Gray Endowment have

received yearly funds aimed at helping them reach academic excellence.

Unrestricted giving has enabled each institution to progress unencumbered to

meet goals that were unimaginable 50 years ago.

The largest gift in Mr. Gray’s Endowment was given to The Bowman

Gray School of Medicine (later renamed The Wake Forest School of Medicine),

a school his family brought to Winston-Salem. He understood both the promise

of medicine and the costs associated with creating a first-class institution.

Among the nation’s medical schools, The Wake Forest School of Medicine is

ranked 39th in both research and primary care. Funding received from the

National Institutes of Health has increased by 25 percent, which reflects its

growing reputation as an institution committed to cutting-edge research.

There were 59 students in the class of 1952 and all were white; only

four were women. The class of 2005 totals 108 – 36 percent of whom are women

✝ 15 ✝

During the past decade, the university has hosted the James A. Gray

Symposium, a lecture series addressing ethical issues confronting the country.

The lectures are free and open to the community. Rev. Rodney, who organizes

the symposium, says the lectures attract people from all walks of life and serve as

an important bridge bringing together the academy and the community. Started

in 1992, “Religion and Ethics in the 21st Century” was predicated on the idea

that religion is evolving as a means of addressing ethical and social problems con-

fronting the community.

Developing the symposium is a crowning achievement in the evolu-

tion of the Endowment. Moreover, Rodney explains, the symposium shows that

the Gray Endowment is not static. “The lectures are inspiring,” says Rodney.

“They feed the soul, and people are refreshed. These speakers hold a beacon of

light for this generation and others to come.”

Unrestricted Giving

For anyone who knew James A. Gray, it comes as no surprise that the

three designated funds relate to religion and the Bible. Mr. Gray was a devout

✝ 14 ✝

Reverend Cedric Rodney and Episcopal Bishop Michael B. Curry.“How Large is Your Lord?” was the title of Curry’s talk presented

during the 1999 James A. Gray Lecture Series at WSSU.

✟

Wake Forest University School of Medicine, 1941; Wake Forest University School of Medicine, 2002

According to Salem’s president, Julianne Still Thrift, “Mr. Gray’s fund

played a large role in supporting Salem’s technological gateway, and it continues

to enable Salem to remain current in an era of rapid technological change.”

Mr. Gray’s gift also assisted Salem in diversifying the student body. In

1952 there were 304 students enrolled at Salem, including three from countries

other than the United States. In 2002 Salem’s enrollment topped 1,000. The

diversity of Salem’s current enrollment reflects its push toward globalization.

Among the students are 57 undergraduates from 36 countries, including many

young women from countries where educational opportunities available to

women are severely limited. Campus wide, the population of foreign and minority

students has climbed to 24 percent.

“Mr. Gray was rooted in the Moravian tradition that invites and

welcomes diversity (his wife was Moravian),” Dr. Thrift says. “He likely would

be pleased to see a women’s college in the South being a microcosm of the world

at large.”

The relationship between the Gray family and Greensboro College

dates back to 1863 when James’ mother, Aurelia Bowman, was a student. Through

the Endowment, that relationship continues.

In 1952 Greensboro College was a women’s college with an enrollment

of 368 students. The only foreign student was from Brazil, and minorities were

not yet admitted. A person visiting campus today would see a vastly different

landscape. For one thing, the college is coed, with a nearly even split between

men and women. In addition, enrollment has nearly tripled to approximately

1,200, with about 140 minority students and 26 foreign students representing 18

countries. As the college grew and educational offerings expanded, the unre-

stricted contributions of the James A. Gray Endowment have supported increases

in faculty salaries and the hiring of support staff.

✝ 17 ✝

and 17 percent minorities. Recently the Gray Endowment helped fund studies

that led to fundamental changes in the way medicine is taught. In 1998 the

school implemented “The Prescription for Excellence Curriculum” that relies

heavily on technology and emphasizes doctoring as a team effort.

The explosive changes in teaching style, enrollment, and demographics

are matched by the degrees offered to today’s students. In addition to the

Doctor of Medicine program, there are new programs to train physician assis-

tants and research scientists. Doctor of Philosophy degrees are conferred

to students studying subjects ranging from anatomy to cellular pathobiology.

The James A. Gray Endowment also has supported the construction

of buildings as well as new programs aimed at responding to advances in medi-

cine. For example, Wake Forest School of Medicine recently established the

Pain Research Center to develop better understanding of how pain medicines

operate, and in the school’s Department of Psychiatry and Behavioral Health,

a relatively new program began addressing the problem of substance abuse.

At Salem Academy and College, Mr. Gray’s gift helped finance the

installation of a technology infrastructure on a campus that dates back to 1772.

Technology is at the very heart of information today. Ten years ago Salem began

installing the fiberoptic systems necessary to support the electronic systems for

voice, data, and video communications.

✝ 16 ✝

Students attending Salem College.

According to Salem’s president, Julianne Still Thrift, “Mr. Gray’s fund

played a large role in supporting Salem’s technological gateway, and it continues

to enable Salem to remain current in an era of rapid technological change.”

Mr. Gray’s gift also assisted Salem in diversifying the student body. In

1952 there were 304 students enrolled at Salem, including three from countries

other than the United States. In 2002 Salem’s enrollment topped 1,000. The

diversity of Salem’s current enrollment reflects its push toward globalization.

Among the students are 57 undergraduates from 36 countries, including many

young women from countries where educational opportunities available to

women are severely limited. Campus wide, the population of foreign and minority

students has climbed to 24 percent.

“Mr. Gray was rooted in the Moravian tradition that invites and

welcomes diversity (his wife was Moravian),” Dr. Thrift says. “He likely would

be pleased to see a women’s college in the South being a microcosm of the world

at large.”

The relationship between the Gray family and Greensboro College

dates back to 1863 when James’ mother, Aurelia Bowman, was a student. Through

the Endowment, that relationship continues.

In 1952 Greensboro College was a women’s college with an enrollment

of 368 students. The only foreign student was from Brazil, and minorities were

not yet admitted. A person visiting campus today would see a vastly different

landscape. For one thing, the college is coed, with a nearly even split between

men and women. In addition, enrollment has nearly tripled to approximately

1,200, with about 140 minority students and 26 foreign students representing 18

countries. As the college grew and educational offerings expanded, the unre-

stricted contributions of the James A. Gray Endowment have supported increases

in faculty salaries and the hiring of support staff.

✝ 17 ✝

and 17 percent minorities. Recently the Gray Endowment helped fund studies

that led to fundamental changes in the way medicine is taught. In 1998 the

school implemented “The Prescription for Excellence Curriculum” that relies

heavily on technology and emphasizes doctoring as a team effort.

The explosive changes in teaching style, enrollment, and demographics

are matched by the degrees offered to today’s students. In addition to the

Doctor of Medicine program, there are new programs to train physician assis-

tants and research scientists. Doctor of Philosophy degrees are conferred

to students studying subjects ranging from anatomy to cellular pathobiology.

The James A. Gray Endowment also has supported the construction

of buildings as well as new programs aimed at responding to advances in medi-

cine. For example, Wake Forest School of Medicine recently established the

Pain Research Center to develop better understanding of how pain medicines

operate, and in the school’s Department of Psychiatry and Behavioral Health,

a relatively new program began addressing the problem of substance abuse.

At Salem Academy and College, Mr. Gray’s gift helped finance the

installation of a technology infrastructure on a campus that dates back to 1772.

Technology is at the very heart of information today. Ten years ago Salem began

installing the fiberoptic systems necessary to support the electronic systems for

voice, data, and video communications.

✝ 16 ✝

Students attending Salem College.

At Louisburg College students also are studying subjects unheard

of in the early 1950s. Computer studies and sports management are just two

examples of programs offered to the nearly 400 students attending Louisburg

College. With the freedom of an unrestricted gift provided by the Gray

Endowment, the private college has provided scholarships to minority students

who comprise 39 percent of the population.

In the past half-century Davidson College has doubled in size to

approximately 1,600 students, with 47 of the 50 United States represented.

When the Gray Endowment first benefitted the liberal arts college, the school

was all male and all white. Females now make up half the population, and minori-

ties comprise 15 percent. Many programs and majors have been added that are

consistent with the 21st century. There is, for example, a strong emphasis on

international studies, including a study abroad program.

Unlike many of the other institu-

tions supported by the Gray Endowment,

enrollment has remained the same at Saint

Mary’s Junior College. It is still all female

and still serves approximately 250 students.

There is one fundamental change, however.

Saint Mary’s is no longer a college – it is a

college preparatory school.

At Saint Mary’s Mr. Gray is credited with setting the standard for the

school’s endowment. His early investment led the way for others to follow, and

follow they did. Today Saint Mary’s holds the largest pool of endowment funds of

any independent school in the state.

✝ 19 ✝

At High Point University educational offer-

ings also have expanded in ways not envisioned

50 years ago. About one-third of the school’s

2,750 students attend the evening degree pro-

gram designed to accommodate adult students, many of whom work full-time.

In 1952 the school’s enrollment was 655 and all but 25 students were from North

Carolina. Today out-of-state students comprise nearly half of the population.

Thirty-two additional degrees have been added over the past 50 years, including

Art, Criminal Justice, Medical Technology, and International Business.

The James A. Gray Endowment contributes to the university’s faculty

professional development program. Each year faculty submit requests for funds

to attend conferences, meetings or seminars, or to travel to conduct research.

In the summer of 2001, Dr. Carole Head traveled to Turkey to participate in a

seminar in cross-cultural communications. She studied, among other topics,

the role of Islam in business.

Brevard College was a tiny junior college with an enrollment of

approximately 100 students in 1952. Over the past five decades the school has

grown to about 700 students, with out-of-state students now surpassing North

Carolinians. The biggest change occurred in 1996 when Brevard became a four-year

college. Since that change, Brevard has used its unrestricted funds from the Gray

Endowment to implement a systemic review program for its new Bachelor of Arts

majors. Students attending this school located

in the mountains of western North Carolina can

major in Ecology, Environmental Studies, and

Wilderness Leadership.

✝ 18 ✝

Dr. Carole Head (far right), recipient of a grant from the James A.Gray Endowment at High Point University.

Students and professor of Brevard College.

Girls attending St. Mary’s School.

At Louisburg College students also are studying subjects unheard

of in the early 1950s. Computer studies and sports management are just two

examples of programs offered to the nearly 400 students attending Louisburg

College. With the freedom of an unrestricted gift provided by the Gray

Endowment, the private college has provided scholarships to minority students

who comprise 39 percent of the population.

In the past half-century Davidson College has doubled in size to

approximately 1,600 students, with 47 of the 50 United States represented.

When the Gray Endowment first benefitted the liberal arts college, the school

was all male and all white. Females now make up half the population, and minori-

ties comprise 15 percent. Many programs and majors have been added that are

consistent with the 21st century. There is, for example, a strong emphasis on

international studies, including a study abroad program.

Unlike many of the other institu-

tions supported by the Gray Endowment,

enrollment has remained the same at Saint

Mary’s Junior College. It is still all female

and still serves approximately 250 students.

There is one fundamental change, however.

Saint Mary’s is no longer a college – it is a

college preparatory school.

At Saint Mary’s Mr. Gray is credited with setting the standard for the

school’s endowment. His early investment led the way for others to follow, and

follow they did. Today Saint Mary’s holds the largest pool of endowment funds of

any independent school in the state.

✝ 19 ✝

At High Point University educational offer-

ings also have expanded in ways not envisioned

50 years ago. About one-third of the school’s

2,750 students attend the evening degree pro-

gram designed to accommodate adult students, many of whom work full-time.

In 1952 the school’s enrollment was 655 and all but 25 students were from North

Carolina. Today out-of-state students comprise nearly half of the population.

Thirty-two additional degrees have been added over the past 50 years, including

Art, Criminal Justice, Medical Technology, and International Business.

The James A. Gray Endowment contributes to the university’s faculty

professional development program. Each year faculty submit requests for funds

to attend conferences, meetings or seminars, or to travel to conduct research.

In the summer of 2001, Dr. Carole Head traveled to Turkey to participate in a

seminar in cross-cultural communications. She studied, among other topics,

the role of Islam in business.

Brevard College was a tiny junior college with an enrollment of

approximately 100 students in 1952. Over the past five decades the school has

grown to about 700 students, with out-of-state students now surpassing North

Carolinians. The biggest change occurred in 1996 when Brevard became a four-year

college. Since that change, Brevard has used its unrestricted funds from the Gray

Endowment to implement a systemic review program for its new Bachelor of Arts

majors. Students attending this school located

in the mountains of western North Carolina can

major in Ecology, Environmental Studies, and

Wilderness Leadership.

✝ 18 ✝

Dr. Carole Head (far right), recipient of a grant from the James A.Gray Endowment at High Point University.

Students and professor of Brevard College.

Girls attending St. Mary’s School.

The Winston-Salem Foundation connects people who care with

causes that matter. Governed by a volunteer board, The Foundation is a pool

of hundreds of charitable funds entrusted to us for long-term philanthropic

good. These funds are invested and income is used to award grants and scholar-

ships to benefit the community as the donors intended. The Foundation exists

to support two of the essential structures of a healthy community: its nonprofits,

which help make our community a better place in which to live and work; and its

philanthropists, who give their money and their hearts.

The Foundation was founded in 1919 by Colonel Francis Fries with

a $1,000 endowment. Now, with custodial assets of over $210 million, we are

ranked in the top 40 out of the 600 community foundations in the United

States. The Winston-Salem Foundation serves as a leader, resource and catalyst,

investing in our community to make philanthropy and its benefits available

to all.

The Winston-Salem Foundation would like to thank Diana Greene for researching and writing this story.

In addition, the Foundation wishes to acknowledge the entire James A. Gray family for their kind assistance,

especially James A. Gray, Jr.

The Gift Without End

The house where James A. Gray was born and lived his entire life is no

longer there. What stands in its place today is a parking lot. Unlike a carefully

constructed endowment, the structure of a building can be destroyed easily,

demolished to make way for the next idea or the latest development plan. What

James A. Gray established with his Endowment, however, remains in place, solid

in its foundation and yet flexible enough to bend with the pull of time.

The breadth of Mr. Gray’s giving is a perennial inspiration. The eleven

institutions that benefit from his Endowment are indebted to the man who

believed that the state’s greatest asset was its rising generation. One of the

striking features of Mr. Gray’s benevolence is the sheer expanse of its reach

and the extensive nature of its embrace. Those who benefit from his enormous

gifts represent young men and women of all races and denominations, and those

who attend private schools or the public institution at the University of North

Carolina. The future, he understood, belongs to each new generation. No one

was excluded from his list. And as each generation rises and prepares to respond

to a changing world, the James A. Gray Endowment is there to help.

A man who becomes a legend is often a man confined by the parame-

ters of his time. But when a man such as James A. Gray becomes a legend for his

generous spirit, there are no limits to his force for good, which remains as strong

50 years after his death as it was throughout his remarkable life.

✝ 20 ✝

✟

What we have done for ourselves alone dies with us; what we have done

for others remains immortal.

– Anonymous

✝

The Winston-Salem Foundation connects people who care with

causes that matter. Governed by a volunteer board, The Foundation is a pool

of hundreds of charitable funds entrusted to us for long-term philanthropic

good. These funds are invested and income is used to award grants and scholar-

ships to benefit the community as the donors intended. The Foundation exists

to support two of the essential structures of a healthy community: its nonprofits,

which help make our community a better place in which to live and work; and its

philanthropists, who give their money and their hearts.

The Foundation was founded in 1919 by Colonel Francis Fries with

a $1,000 endowment. Now, with custodial assets of over $210 million, we are

ranked in the top 40 out of the 600 community foundations in the United

States. The Winston-Salem Foundation serves as a leader, resource and catalyst,

investing in our community to make philanthropy and its benefits available

to all.

The Winston-Salem Foundation would like to thank Diana Greene for researching and writing this story.

In addition, the Foundation wishes to acknowledge the entire James A. Gray family for their kind assistance,

especially James A. Gray, Jr.

The Gift Without End

The house where James A. Gray was born and lived his entire life is no

longer there. What stands in its place today is a parking lot. Unlike a carefully

constructed endowment, the structure of a building can be destroyed easily,

demolished to make way for the next idea or the latest development plan. What

James A. Gray established with his Endowment, however, remains in place, solid

in its foundation and yet flexible enough to bend with the pull of time.

The breadth of Mr. Gray’s giving is a perennial inspiration. The eleven

institutions that benefit from his Endowment are indebted to the man who

believed that the state’s greatest asset was its rising generation. One of the

striking features of Mr. Gray’s benevolence is the sheer expanse of its reach

and the extensive nature of its embrace. Those who benefit from his enormous

gifts represent young men and women of all races and denominations, and those

who attend private schools or the public institution at the University of North

Carolina. The future, he understood, belongs to each new generation. No one

was excluded from his list. And as each generation rises and prepares to respond

to a changing world, the James A. Gray Endowment is there to help.

A man who becomes a legend is often a man confined by the parame-

ters of his time. But when a man such as James A. Gray becomes a legend for his

generous spirit, there are no limits to his force for good, which remains as strong

50 years after his death as it was throughout his remarkable life.

✝ 20 ✝

✟

What we have done for ourselves alone dies with us; what we have done

for others remains immortal.

– Anonymous

✝