Walton Family Fund Pledges $300-Million to U. of Arkansas

The University of Arkansas has received a $300-million commitment from the Walton Family Charitable Support Foundation, which was created by Sam M. Walton, the founder of Wal-Mart stores, and his relatives. The grant is the largest single donation awarded by a private source to a public university in the United States, according to The Chronicle of Higher Education.

University officials say that two-thirds of the money will help establish an undergraduate honors college that will offer scholarships. The remainder will endow the university’s graduate school. University of Arkansas Chancellor John A. White said the gift will play an important role in attracting students and faculty members to the university.

In order to receive the money, the university must raise an additional $300-million by June 2004.

In 1998 the Walton fund gave $50-million to the university’s business school, since renamed the Sam M. Walton College of Business. Mr. Walton, who died in 1992, had two sons who are alumni of the University of Arkansas. Both currently serve on the foundation’s board.