JONESBORO, AR (KAIT) -An Arkansas State University alumnus makes a decision that will help provide hundreds of scholarships to students in the years to come.
Jim Smalley of Fayetteville received a bachelor’s degree in business from ASU in 1976.
Smalley made ASU the beneficiary of one of his retirement savings funds, currently valued at $1.3 million.
The scholarships will be given in the name of his late son, Beau Smalley.
"I couldn't think of a better way to reflect Beau's desire to help people," Smalley explained. "When someone you love becomes a memory, the memory becomes a treasure. While many things have been forgotten since Beau left us, this endowment ensures Beau will never be one of the forgotten. This endowment will let people know Beau lived and that is a great gift."
As a student at Arkansas State, Jim Smalley was active in the campus chapter of Sigma Phi Epsilon fraternity.
His campus experiences and classroom preparation helped him prepare for a very successful business career, retiring as owner and president of Union Capitol Finance Corp.
"One of the many interests I shared with my son was a deep commitment to the importance of a good education,” Smalley said. “Through this gift, I want to honor my son's memory by assisting students at Jessieville and Corning with their education at A-State. I also encourage my fellow Arkansas State alumni to consider a planned gift, according to each one's particular interests and goals."
Given Smalley's life expectancy and the current economic outlook, a financial analyst in the Neil Griffin College of Business, Dr. Matthew Hill, has projected the fund will grow to almost $8 million by the year 2040, generating an endowment income sufficient to support approximately 25 scholarship awards per year.
The high schools where Jim Smalley and his son Beau graduated from will have first priority for the Beau and Jim Smalley Scholarships.
Those schools are Jessieville High School in Garland County and Corning High School in Clay County.
Incoming students from Jessieville High will get top priority, followed by Corning High graduates, then other incoming Arkansas freshmen.
The recipients also must have either a 3.0 grade point average in high school or a score of 24 or higher on the standardized ACT examination to qualify for the award.