The Walton Family Charitable Support Foundation has made the largest single donation to a U.S. business school, a $50 million gift to the University of Arkansas College of Business Administration.

With this gift, Walton family contributions to the University of Arkansas total nearly $64 million. The university's board of directors will vote in November on a proposal to change the business school's name to the Sam M. Walton College of Business Administration.

The largest previous gift to a U.S. business school was $40 million given to the University of Pennsylvania's Wharton School by Salt Lake City industrialist Jon M. Huntsman, according to the American Association of Collegiate Schools of Business.

The $50 million donation will be divided among the following programs:

• $15 million for endowed faculty chairs and professorships.
  
• $9.6 million to the business schools existing centers and programs.
  
• $8 million for student scholarships and educational benefits.
  
• $4.6 million for faculty development, including industry internships, leadership grants and other programs.
  
• $4 million to develop academic programs.
  
• $4 million for new technology and distance education initiatives.
  
• $1.8 million for facilities improvement.
  
• $849,000 to the Donald W. Reynolds Center for Enterprise Development.
  

The Arkansas business school was established in 1926. It has 2,561 undergraduate and 237 graduate students.

The Walton Family Foundation was created in 1987 by Wal-Mart Stores Inc. founder Sam Walton and his wife, Helen. Walton, who died in 1992, graduated from the University of Missouri at Columbia in 1940 with a degree in business.