Conway Corp. creates scholarship endowments for local colleges
The Conway Corporation board of directors recently approved the establishment of permanent scholarship endowments at the University of Central Arkansas, Hendrix College and Central Baptist College.”We are continuing a long tradition in our support of higher education in Conway,” Board Chairman Tom Courtway said in a prepared statement. “We will utilize $600,000 to be paid $200,000 per year for three years. The endowments will be funded from a portion of the earnings on the electric department reserve funds, and scholarships awarded to students who graduate from high schools in the city of Conway or, if home schooled, reside in Conway Corporation’s service area.”
“Funds will be placed in a permanent scholarship endowment with only 5 percent of the fund balance spent each year. So, the contribution will be there in perpetuity,” said CEO Richard Arnold. “At the end of the three-year period, UCA will have received $300,000; Hendrix $200,000 and Central Baptist $100,000.”
Arnold gave credit to Courtway for having the idea for the scholarship endowments. “We are using some earnings off our reserve funds to finance it,” he said. “There will be no budgetary impact. It won’t affect anyone’s rates. It’s a good plan. It works with us and the colleges too.”
Courtway said Conway Corporation has given contributions toward capital projects and other donations to the schools, but he thought it would be a good idea to put seed money into endowments for students from Conway for each institution. The colleges may be able to use the donations for match money to raise more scholarship money, he added.
Courtway said he began thinking about scholarships because of the beginnings of Conway Corp.
According to information provided by the company, “Conway Corporation was established in 1929 as the community faced the threat of loosing Hendrix College and Central Baptist College. Frank Farris, Attorney R.W. Robins and Attorney George W. Clark conceived the idea of capitalizing the earnings of the municipal electric plant over a period of years and issuing bonds against these earnings. Bonds in the amount of $215,000 were issued and given to each of the three colleges, along with the public and parochial schools.”
UCA President Lu Hardin said, “Executive Director Richie Arnold and Chair Tom Courtway and the board of the Conway Corporation deserve a tremendous amount of credit for their extraordinary generosity in allocating scholarship money to UCA, Hendrix and CBC. This significant contribution will make a dramatic difference in the lives of many students. This gesture exemplifies their commitment to the local community.”
CBC President Terry Kimbrow said, “The $100,000 Conway Corporation scholarship, when fully funded, will be one of the largest endowed scholarships at the college. I am so grateful to Tom Courtway, Richie Arnold and all of the Conway Corp. Board for their including CBC in this program. What a tremendous way to show their support for higher education in the city of Conway.”
Hendrix President J. Timothy Cloyd said, “This scholarship is an example of the outstanding partnership between Conway Corporation and the higher education institutions in Conway. Conway Corp. originally came into being in order to provide support for the higher education institutions, and they have certainly lived up to and even surpassed those goals through several generations. Hendrix is excited that Conway Corp. continues to make significant investments into the lives of our children.”
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