He was a major donor toâa $2 million gift he and his wife Betty provided was intended to help lighten up a student body that he thought was âtoo seriousâ; it funded hot air balloon rides, barn dances and VooDoo donuts. But his service as a trustee was perhaps more important. For 45 years, Gray sat on the Reed board and was chairman during the late sixties when Reed was directionless and facing a financial crisis. His stewardship, according to many, is the reason Reed is now considered one of the premier liberal arts institutions in the country.