FAYETTEVILLE, Ark. - The University of Arkansas endowment holdings rose to $626,496,628 at the close of the 2003-2004 fund-raising year on June 30, 2004, as announced today by Chancellor John A. White.

The growth of the UA endowment is critical to realizing the goals of the University and securing its place for the future. The endowment acts like a savings account, the interest of which produces a perpetual source of income for purposes designated by benefactors such as scholarships, faculty chairs and academic programs.

G. David Gearhart, vice chancellor for University Advancement, said: "This is very exciting news for the University of Arkansas. Chancellor White's vision has been to build a major endowment for the University and we are most grateful to the vice chancellors, the deans, faculty, directors of development and incredible volunteers who have been tirelessly seeking support from our benefactors to the Campaign for the Twenty-First Century. Their marvelous giving has augmented our endowment, pushing it to new heights. We'd be remiss if we didn't also acknowledge the University of Arkansas Foundation, which under the leadership of executive director Jerry Moore and the foundation board, has worked diligently on behalf of the entire University of Arkansas System to steward our endowment funds in the most diligent and fiscally responsible manner.

"The Campaign for the Twenty-First Century is the major tool for building the university endowment. Now, during the final year of the Campaign, we are stepping up our efforts to secure new gifts dedicated to endowed funds which strengthen our academic programs and ultimately the University of Arkansas. We're not taking our previous success for granted and we will continue to work hard to raise as much as possible to boost our endowment significantly. In fact, Chancellor White has a long term goal of an endowment of $1 billon by 2010. I think that may very well be possible."

University of Arkansas endowment holdings 1997-2004:

Campaign for the Twenty-First Century report:

Since July 1, 1998, the Campaign for the Twenty-First Century has been raising gifts and pledges to help the University achieve its vision for the 21st century. Campaign funds are being raised for six critical areas of need: endowed faculty positions and scholarship funds, academic programs, University Libraries, new and enhanced academic facilities and equipment and annual giving.

Of the $900 million goal, $300 million must be raised exclusively for academic support - a condition of receiving the Walton Family Charitable Support Foundation's $300 million gift. The $300 Million Challenge must raise funds between Jan. 1, 2002, and June 30, 2005. The Challenge total stands at $194.3 million; therefore, an additional $105.7 million must be raised for academics and academic support programs by June 30, 2005.

On July 31, 2004, the Campaign for the Twenty-First Century recorded $832 million in gifts and pledges since 1998.