September 9, 2010   <<  Back to News and Events Email This      Printable Version   Former Lockheed Executive Creates $1 Million Scholarship Fund at the Santa Barbara Foundation Former Lockheed Martin Corporation board member, David S. Potter, has announced his intention to create “The Nancy and David Potter Scholarship Fund” at the Santa Barbara Foundation. The resources for the new fund come from Lockheed’s Directors’ Charitable Award Plan under which former directors of the corporation who have served at least five years may recommend a $1 million donation be made to the charitable organization of their choice. Dr. Potter and his wife have chosen to provide support to students from Santa Barbara County through the Foundation’s student aid program. The Nancy and David Potter Scholarship Fund will be an endowed fund, with an annual distribution payout of approximately 5%. The Potters have asked that preference be given to students requiring additional aid in order to attend the college of their choice. The new fund becomes part of the Foundation’s permanent endowment, which awards approximately $2.3 million annually in scholarships and loans to area students. The student aid program was created in 1932. Foundation President & CEO, Chuck Slosser, said, “The Potters’ generosity will be remembered by future generations of deserving young men and women who will now be able to make their educational dreams come true because of this Fund.” A long time Santa Barbara resident, Dr. Potter is a former member of the Foundation’s Investment Committee, which oversees its multi-million dollar endowment. He remarked, “I think the Santa Barbara Foundation is the place to put charitable money.”   RELATED ITEMS Women's Fund of Northern Santa Barbara County Announces $120,000 in Grants Social Venture Partners Santa Barbara Announced 2010 Investees with Check Presentation Ceremony The Santa Barbara Foundation Announces a Special Anniversary Concert Celebrating Baroness Léni Fé Bland and The Fé Bland Foundation 2009 Initiative Makes Real Impact, Offering Real Solutions to Real Problems The 68th Annual Man and Woman of the Year Award Hutton Foundation and Santa Barbara Foundation Announce a Strategic Funding Partnership Tim Owens Joins the Foundation as Executive Vice President of KDB (93.7FM) Foundation Announces 2010-2011 Class of Katherine Harvey Fellows Judy Frost Named Chair of the Board of Trustees Gretchen Milligan and Rob Skinner Elected to Board of Trustees Social Venture Partners Invests More Than Money in Local Nonprofits Social Venture Partners Debuts as a Nonprofit & Business Collaboration Stanford Roundtable Discussions Santa Barbara Foundation Sends Executives to Stanford Santa Barbara Foundation Announces Location Move Foundation CEO Ron Gallo Outlines Community Philanthropy Plans 2008 Floro Award Recipients Announced 2008 Fleischmann Award Recipients Announced 2007 Man & Woman of the Year - Stephen M. Hicks and Carol Doane Slosser Retirement Former Loan Recipient Gives Back New Partnership to Benefit Community 2006 Man & Woman of the Year: Richard Welch and Patricia Caldwell Dow   Email This      Printable Version