The leading donation of $10,000 (equivalent to $327,000 in 2023) came from William Peace, a prominent local merchant and a founding member of the First Presbyterian Church of Raleigh.

[3] Peace is believed to have been in the first class of the University of North Carolina,[4] and was a longtime proponent of education as a benefactor of Raleigh Academy, a school primarily for boys.

The Main Building was designed and built by the Holt Brothers, Thomas and Jacob, who were notable builders from nearby Warrenton, NC.

The Burwells, and his successor, James Dinwiddie, served the school until 1910, and were strong Presbyterians and descendants of old Virginia families.

It was the second-oldest in North Carolina, predated only by Salem College (the first school for girls in the United States, founded in 1772).

[17] William Peace University competes in the USA South Athletic Conference as a Division III school in the NCAA.

USA South membership was granted in 2003, making it the first women's college in the state to join a co-educational conference.