The Walton Arts Center -- currently operated in partnership with the University of Arkansas and Fayetteville -- would become a separate entity if Fayetteville signs off on a proposal to amend the organization's governance agreement.
The UA board of trustees gave the proposal its unanimous approval Wednesday during a meeting at the University of Arkansas Community College at Hope.
The Walton Arts Center, on Dickson Street and West Avenue in Fayetteville, was established by a 1982 donation from the late Sam Walton and his wife, Helen. The performing-arts and entertainment venue was officially opened in 1992 and today hosts Broadway shows, concerts, educational art camps for children as well as numerous community-based events.
Since its inception, the center has been managed by two nonprofit organizations, the Walton Arts Center Council -- the center's administrative arm -- and the Walton Arts Center Foundation, its fundraising entity.
An interlocal agreement has allowed Fayetteville and UA to each appoint an equal number of representatives to each board.
The amendment approved by the UA board Wednesday would pave the way for the Walton Arts Center Council to employ a president/chief executive officer and all necessary personnel, to raise funds, and to buy, sell or lease real and personal property.
The Walton Arts Center Foundation would be able to raise funds, borrow money, review the annual budget and to sell, lease or dispose of the corporation's property.
The agreement would also allow the Walton Family Foundation to appoint nine additional directors to the Walton Arts Center Council's board. The council would also be authorized to expand the number of existing directors in increments of four at a time, as long as the university and the city could appoint one of the four.
The changes in governance are intended to allow for the renovation of the Walton Arts Center, to construct and manage the Arkansas Music Pavilion in Rogers, and potentially to build a new performing-arts venue in Bentonville.
The proposal also calls for the Walton Arts Center Foundation to return a $1.5 million endowment to Fayetteville in order to construct a new parking deck adjacent to the newly renovated center.
UA Chancellor G. David Gearhart said the Walton Foundation and the Fayetteville mayor, Lioneld Jordan, have signed off on the agreement. The proposal has to go before the Fayetteville City Council for approval.
A Section on 05/22/2014