FAYETTEVILLE -- A $2 million gift from the Massey Family Charitable Foundation to the University of Arkansas, Fayetteville will fund student scholarships, the university announced.
"Rick and Anne Massey are incredible champions of the Advance Arkansas scholarship program, and their gift will make a significant impact on the lives of many students," UA Chancellor Joe Steinmetz said in a statement.
In March, the university announced the Advance Arkansas initiative to raise funds for scholarships benefiting in-state students with some financial need. The initiative includes a matching component from UA.
Gifts are being set aside in endowments, which are then invested. Yearly payouts from the endowed funds will go to student scholarships. UA announced it is matching these payouts, typically a small percentage of the endowed fund, to boost scholarship awards.
Rick and Anne Goodman Massey are UA graduates. Rick Massey was listed as chairman of the board for Bear State Financial in recent financial disclosure papers from the Little Rock bank. The bank is being acquired by Arvest Bank, the companies announced in August.
In a statement released by UA, Rick Massey said the couple "embrace Joe Steinmetz's vision of improving retention and graduation rates of Arkansans at the university."
Metro on 12/01/2017