By Hermon Negash
The Razorback Reporter
A UA alumnus created a planned gift of $200,000 for scholarships to the Walton Business College in honor of his parents.
The scholarships will benefit Walton College undergrad students who are majoring in finance. Out-of-state students and students with an insurance concentration will be preferred in receiving the scholarship. The UA alumnus said, “I wanted someone from out of state to see the beauty and greatness of Arkansas people,” in regard to the out-of-state preference.
Kevin Campbell’s donation will create two $100,000 scholarships named after his parents which will be called the John O. Campbell Endowed Scholarship and the Elizabeth Ann Campbell Endowed Scholarship. Campbell made the planned gift to commemorate what he described as the sacrifices his parents made to put him through college.
Campbell’s donation is a planned gift meaning the gift has not been officially received so students will not be able to use the money until it is received. The scholarship is also an endowed scholarship, meaning the money will be put into a spending account to generate interest.
“Mr. Campbell’s gift is being made as a planned gift, so scholarships cannot be awarded until the gift has been received and the endowment has time to generate interest for spending,” Jennifer Holland, director of development communications, said.
It is a general rule of thumb to allow at least one year for the gift amount to generate interest for awarding Holland said. Spending accounts usually generate about 4 percent interest annually; the interest generated will be what students receive through scholarships. The endowment will yield two $4,000 that could come as early as next year. Future UA students will be able to bear the fruit of Campbell’s gift.