FAYETTEVILLE -- More than $1.4 billion raised during an eight-year fundraising campaign by the University of Arkansas, Fayetteville surpassed the university's goal and created more than 1,000 new scholarships and other support accounts for students, the university announced Thursday.
Broken down by areas receiving gift support, $525.5 million out of the $1,449,703,813 total raised is going toward student scholarships and academic programs, according to UA. That amounts to 37% of the total.
The university's Campaign Arkansas began its "silent phase" on July 1, 2012, then had a public launch in 2016 with a $1 billion fundraising goal that increased in 2018 to $1.25 billion.
Chancellor Joe Steinmetz, in a statement, referred to the ongoing pandemic while emphasizing the help the gifts provide to students and for university programs.
"We realize many of our fellow Arkansans and others around the country are facing difficulty at this moment. We hope to be able to do our part in helping students and their families overcome their financial obstacles, support faculty who are involved in innovative research, restore economic development for our region and our state, and offer vital programs on campus to keep our students on track for success, all thanks to Campaign Arkansas," Steinmetz said.
The total gifts and pledges include $463.9 million going to capital improvements, or 32% of the total raised, and $368.2 million for faculty and staff support, or 25% of the total, according to UA. An additional $92.1 million is going toward other initiatives, the university said.
Out of the nearly $1.45 billion giving total, about $304.6 million is considered in support of university athletics, UA spokeswoman Jennifer Holland said in an email, "with a significant portion of those monies reinvested annually in direct support of student-athletes, including through scholarships, academic support, medical care and sports nutrition."
For all students, the university added 1,026 "support accounts," a total that includes scholarships, fellowships and other accounts, including student emergency funds, Holland said.
Mark Power, UA's top fundraising official, in a statement referred to gifts helping students whose circumstances have changed because of the pandemic, as well as the campaign's largest gift, a $194.7 million grant from the Walton Family Charitable Support Foundation supporting university research.
"This fiscal year was undoubtedly a challenge with all of the uncertainty surrounding us and our constituents, however it was also one of the most rewarding. We saw benefactors step up to help students who were facing emergencies as a result of COVID-19 and gained renewed optimism for the future of research with the grant to create the Institute for Integrative and Innovative Research. So, while we have been experiencing unprecedented challenges, there is also a great deal of hope for the future," said Power, UA's vice chancellor for university advancement.
The Walton Family Charitable Support Foundation, led by family members of Walmart founder Sam Walton, has been a big donor to the university dating back more than 20 years, at times giving unprecedented gifts. In 2017, UA announced a $120 million gift from the foundation to support arts education, described as the largest ever to a U.S. university in support of a school of art.
Steuart Walton, grandson of Sam Walton and son of Jim Walton, also served as chair of the Campaign Arkansas volunteer steering committee for the fundraising effort's final year.
In total, UA's campaign received gifts from 123,490 unique donors, including individuals as well as other entities, said UA spokeswoman Jennifer Holland.
By source of funds, a total of $685.8 million is coming from foundations, or 47% of the total, according to data from the university. Another $352 million is from corporations, or 24% of the total, and $312 million, or 22% of the total, is from individuals. UA also tallied $99.1 million in support from other sources, including trusts and estates.
A few other large public universities have announced fundraising totals for similar capital campaigns.
The University of Tennessee this year announced it raised more than $1.33 billion through its Join the Journey campaign that began in 2012. The University of Georgia announced last month that it raised $1.45 billion in its Commit to Georgia campaign, which had a public launch in 2016.
For UA, gifts make up a significant portion of annual revenues. Financial statements break down revenues into two broad categories: operating revenues that include sources like tuition dollars, and nonoperating revenues that include state appropriations and gifts, among other sources.
In fiscal year 2019, the most recent year with financial data available, gift revenue of $79 million accounted for about 21% of nonoperating revenue at UA. The university's financial statement listed $212.6 million in revenue from state appropriations.
