Walton Donation Funds Renovation, Professorships

The University of Arkansas’ Sam M. Walton College of Business Administration is putting a hefty donation from the Walton Family Charitable Support Foundation to good use.

The college received a $50 million donation from the Walton foundation in 1998 and promptly renamed the school in honor of Sam Walton, the founder of Wal-Mart Stores Inc.

The endowment was touted as the largest ever given to an American business school and ranks among the 40 largest gifts given to any university since 1967.

Dean Doyle Williams said he hopes the endowment will help him upgrade the college to national prominence.

Most of the $50 million is being used as an endowment, with $1.8 million being used for facility improvements. The remaining $48.2 million has been allocated for the following areas:

• Faculty support (chairs and professorships): $15 million.

• Centers and programs (the Center for Retailing Excellence, Information Technology Research Center, and Center for Economic Education): $9.6 million.

• Student support (scholarships and educational enrichment): $8 million.

• Faculty development (industry internships, leadership grants, and the Center for Faculty Development): $4.6 million.

• Academic program development (curriculum development, partnering with industry, international studies, honors program): $4 million.

• Technology and distance education: $4 million.

• Donald W. Reynolds Center for Enterprise Development Endowment Fund: $849,000.

Centers

Two of the three research centers mentioned above have already been established.

The Information Technology Research Center (ITRC) provides a forum for multi-disciplinary work on issues related to information technology, promotes student interest in the study of information technology, and facilitates the exchange of information between the academic and business communities.

Through a partnership with retail and vendor industries, the Center for Retailing Excellence (CRE) was established to develop strategic alliances between business, academics and industry by focusing on common issues/concerns of retailers and vendors in both education programs and research; promote student interest in preparation for careers in retailing and closely related businesses; and encourage and support research that advances our knowledge of retailing and addresses problems faced by retailing organizations and vendor firms.

Chair and professorship

The Walton Foundation’s endowment helped fund the Lewis E. Epley Jr. Professorship and the Charles C. Fichtner Chair.

Epley, a former chair of the UA Board of Trustees, is a lawyer and businessman in Eureka Springs.

Gary Ferrier was appointed as the first Lewis E. Epley Jr. Professor. Ferrier, an associate professor, has published widely in the field of economics with articles on efficiency and productivity.

Fichtner was the first dean of the UA College of Business. He came to Arkansas in 1926, at the age of 28, to head the newly established two-year division of business administration studies. In 1937, after 11 years, the college became a four-year school.

When Dean Fichtner left in 1941, enrollment had increased to 493 students. He retired as dean to become chief of the Division of Regional Economy with the U.S. Bureau of Commerce under President Roosevelt.

Dan Ganster is the first holder of the Charles C. Fichtner Chair.

Ganster is also chair of the management department at the Walton College. In 1993, he won the Phillips 66 Faculty Excellence Award for Research at the UA.

Construction

The Walton Foundation endowment also helped fund renovation of classrooms and auditoria in the business school with state-of-the-art technology to enhance teaching.

Additional space was added to seven classrooms to seat 36 students, and one smaller classroom was expanded to seat 60 students.

Other services to students were put in place. A student communications area was created, providing walk-up e-mail and telephone service, as well as a copy machine and lockers. A canteen open to students, faculty and staff will open to provide a variety of snacks and seating, also with walk-up e-mail services. The Undergraduate Student Services area has been completely renovated to provide better services to students, including the new Honors Program.