FAYETTEVILLE, Ark. – G. David Gearhart, chancellor of the University of Arkansas, will forego a formal inaugural celebration and investiture of office, instead using the funds that would be used for such an event to create new scholarships for deserving undergraduate students who enter the university this fall.

Traditionally, new university presidents or chancellors hold inaugural ceremonies to formalize the start of a new administration. These investitures range from single ceremonies to weeklong events, and often involve chief executives from institutions around the nation. They typically are held within a year of appointment.

“Given the state of the economy and the struggles that so many of our current and incoming students and families are facing, spending funds on an inauguration seems ill-advised and frankly unnecessary – despite the fact that I have received ongoing questions and interest in holding such an event,” said Gearhart.

“This administration has been driving home the message of putting students first, and this provides us with an opportunity to practice what we are preaching,” he added. “The private funds that were intended for inaugural activities will now be designated for a student scholarship program that will benefit incoming freshmen based on a combination of academic merit and financial need.”

The new Inaugural Scholars program will provide for 50 new one-time scholarship grants valued at $1,000 each. The students will receive special mentoring and will be encouraged to apply for additional scholarships in the sophomore year.

Inaugural Scholars will be selected from the new freshman applicant pool, which requires students to submit high school grades, test scores, an essay and a résumé. A semifinalist pool of the top students, both academically and with respect to need, will be selected and forwarded to an appointed selection committee. The committee will be responsible for selecting the most suitable 50 students to complete a cohort of distinguished incoming students to be recognized as Inaugural Scholars.

“Data from our 2008 applicant pool suggest that high-achieving students who are eligible for aid and receive an academic scholarship enroll at a 15 percent greater rate than similar students who do not receive a scholarship,” said Suzanne McCray, interim dean of the Honors College. “Certainly, this new scholarship fund presents a tremendous opportunity for us to recruit, enroll and retain more highly qualified students who also have financial need.”

Academic criteria for selection will be a combination of an ACT score of 27 or greater and a grade point average of 3.5 or better.

“Difficult financial times require difficult decisions on how to use the limited resources we have available,” said Gearhart. “This, however, was an easy decision. While an inaugural celebration might benefit the campus for a few days, we have the opportunity to provide tangible benefit to 50 students – students who otherwise might miss out on an opportunity to earn a college degree. When they earn that degree, the benefit we provided through the Inaugural Scholars program will have laid part of the foundation for successful, prosperous lives. An investiture would not have the same lasting impact.”