Baldor, ABB Group Give $1 Million to University of Arkansas
Gift was given in honor of John McFarland’s 41 years of service at Baldor Electric Co.
A $1 million gift to the University of Arkansas at Fort Smith Foundation from Baldor, a member of the ABB Group, has been given in honor of John McFarland’s 41 years of service to Baldor Electric Co.
The gift, which was announced this week at Baldor’s 2011 World Sales Meeting, in front of more than 700 in attendance, will establish the John McFarland and Baldor Scholarship for Technology and Applied Sciences. McFarland, former CEO and chairman of the board at Baldor, began his career with the company in 1970 while a student at UA Fort Smith. Back then, it was known as Westark Community College.
Dr. Marta Loyd, vice chancellor for university advancement and executive director of the UA Fort Smith Foundation, said the endowment is expected to fund an estimated $50,000 in scholarships per year, when the university begins awarding scholarships from it in a couple of years.
The endowment will be used to provide scholarships for students enrolled in programs that help meet the needs of Baldor. Program options, which will result in an associate degree or bachelor’s degree offered through UA Fort Smith, are in the College of Applied Science and Technology and in the College of Science, Technology, Engineering and Mathematics.
Scholarship amounts could vary from $1,000 to $5,000 each, depending on other scholarships the recipients might receive. The scholarships are not need-based.