The Walton Family Charitable Support Foundation has donated $39.5 million to the University of the Ozarks, Clarksville, Ark. as part of the liberal arts college's $55 million capital campaign, the school reports.

The only reported condition of the grant is the private, four-year Presbyterian school must raise the remaining $15.5 million from other sources.

The money will boost academic endowments and scholarship funds, raise faculty salaries, create a freshman counseling program, hire new staff and renovate and improve facilities among other items.

Helen R. Walton, the wife of late Wal-Mart founder Sam M. Walton, is honorary lifetime chairman of the Ozarks' trustees. She was elected to the board in 1975 and was given an honorary doctorate in 1987.

This is reportedly the largest single gift to a private Arkansas school.

The Walton Family Foundation gave $50 million to the University of Arkansas business school in October.

The foundation was created in 1987.

The University of the Ozarks was founded in 1834 as the first institution of higher education in what was then the Arkansas-Oklahoma Territory.