Hendrix College of Conway on Friday announced a $15 million gift from the Windgate Foundation.
"We are grateful for the support of the Windgate Foundation," Hendrix President W. Ellis Arnold III said in a news release. "More than ever, it is critical that we continue moving forward, to meet today's challenges and to continue to be a leader in higher education in the future."
The college said $10 million of the donation will provide endowed scholarships.
The money comes amid a $110 million fundraising campaign that has surpassed its goal a year ahead of schedule. The college said it would extend the campaign to 2023 with a new goal of $150 million. It has already raised $129 million.
"During this campaign, thanks to the support of alumni and friends of the College, we have strengthened the academic and student life experience with new programs and initiatives," Arnold said. "We have added new facilities that celebrate the residential experience and support student recruitment, and we have continued to make Hendrix more affordable and accessible for students and families."
In October, the college announced it would lower fall 2021 tuition by 32%.
As part of the campaign expansion, Hendrix will launch a multimillion-dollar residence hall renewal project, beginning with renovations of Veasey Hall. Fundraising efforts will also support renovations of Martin Hall.
In a news release, Hendrix described the Windgate donation as the largest "outright gift" in the private, liberal art college's history. In 2015, it received a $26 million donation from the estate of Mary Ann Dawkins of Little Rock, who died in in 2014.