Luter family makes $1 million donation to Arkansas State University Business College

Arkansas State University’s College of Business held it’s annual banquet Thursday night, and in attendance was Charles and Kay Luter. The college was prepared to name him the college’s “Business Executive of the year.”

Little did anyone know, the Luters planned to give a little reward to the college themselves. The couple announced a $1 million donation to the Business College. About $250,000 will be dedicated to scholarships, the largest such donation in the college’s history.

“There is no one who cares more for this university, about the future, and the opportunities our students are going have than Charles and Kay,” Dr. Shane Hunt, Dean of the College of Business said. “For them to be willing to make this gift and impact what we are able to provide for years to come is something that is transformational.”

Another $250,000 each will go toward the Charles and Kay Luter Endowed Professorships, one in finance and one in strategic management. The endowed professorship in management is the first for the College of Business.

Charles earned a business administration degree from ASU in 1966 and Kay received her bachelor’s degree in education in 1965 before completing a master’s degree in 1978. In 2008, Kay donated $400,000 to school’s athletic department. Charles has also served on the university’s Board of Trustees.

“Whatever success Kay and I have had in life, it really has evolved around Arkansas State,” Charles said. “I’ve always been an advocate that if you are bringing these students on campus from all over Arkansas, other states and other countries, the university should be able to get those instructors to give those students the best education they can get.”