FAYETTEVILLE, Ark. — Qualified students who can’t afford to attend college now have another opportunity to attend the University of Arkansas, thanks to a $5 million gift from the world’s No. 1 company, Wal-Mart Stores Inc. The gift is the largest Wal-Mart has ever made to a U.S. college or university.

The gift will establish an endowment to support need-based scholarships at the U of A. The Wal-Mart Scholars Endowed Fund will provide financial assistance to undergraduate students with demonstrated financial need.

"We are deeply grateful to Wal-Mart Stores for their leadership in establishing this much needed fund at the University of Arkansas," said UA Chancellor John A. White.

"This will make a profound difference in the lives of many young men and women who are qualified and prepared to go to college but lack the funds to do so," White added.

"Over the long term, the gift will help to increase the proportion of Arkansans who hold bachelor’s degrees, which is essential to the state’s future. It’s also a major boost to our ability to provide need-based scholarships for students who may not qualify for any other type of financial support, which is another great need of ours."

Wal-Mart’s gift is the largest gift made by a corporation to the Campaign for the Twenty-First Century, which began on July 1, 1998. It is also the sixth largest gift made to the Campaign by any entity — individual, corporate or foundation — announced by the University.

The $5 million endowment is expected to generate spendable income providing support for between 55-60 deserving students annually. The Wal-Mart Scholarship will be renewable for up to four years, provided the student is making satisfactory academic progress. Funds will be available starting in the spring 2003 semester.

Lee Scott, Wal-Mart’s president and CEO, said, "The University of Arkansas is a valued institution and resource in Northwest Arkansas, and throughout the state. We make this gift on behalf of our customers and associates in Arkansas. It is our hope that they and their families will benefit from this gift, as will the University, for many years to come."

G. David Gearhart, vice chancellor for University advancement said, "This gift will help the University of Arkansas recruit students who may not otherwise apply to the University due to a lack of financial resources. It sends a message to prospective students with financial need that there are opportunities at the University of Arkansas that can help pay for tuition. We’d like to thank Wal-Mart for its generosity, leadership and initiative in establishing this scholarship fund."

On April 11, 2002, University officials announced a $300 million gift from the Walton Family Charitable Support Foundation, a private entity, separate from Wal-Mart Stores, Inc. The Foundation was founded to support specific charities in the state of Arkansas and was established by the family of the late Sam M. Walton, who created Wal-Mart Stores, Inc.

Wal-Mart’s gift will be counted toward The $300 Million Challenge, the UA effort to raise $300 million for academic programs to match the Walton Family Charitable Support Foundation’s $300 million gift. Challenge funds must be raised between Jan. 1, 2002, and June 30, 2005, the end of the Campaign. The Campaign goal is to raise $900 million. As of Dec. 31, 2002, The Challenge total stands at $73.9 million.

With annual sales of $218 billion, Wal-Mart Stores Inc. operates more than 2,780 discount stores, Supercenters and Neighborhood Markets and more than 510 SAM’S CLUBS in the United States. Internationally, the company operates about 1,200 units. Wal-Mart employs 1.3 million associates worldwide. The company’s securities are listed on the New York and Pacific stock exchanges under the symbol WMT. Last year, Wal-Mart associates raised and contributed $196 million to support communities and local non-profit organizations. Wal-Mart received the 2002 Ron Brown Award, the highest Presidential Award recognizing outstanding achievement in employee relations and community initiatives. More information about Wal-Mart can be located online at http://www.walmartstores.com/ and http://www.walmart.com/. The SAM’S CLUB Web site can be accessed at http://www.samsclub.com/. And more information about Wal-Mart’s Good Works community involvement is available online at http://www.walmartfoundation.org/.