FORT WORTH, Texas--(BUSINESS WIRE)--First Command Educational Foundation has received a record-setting $500,000 donation from the family of Carroll H. Payne, founder of the non-profit organization.

"We are extremely pleased with this generous gift from the Payne family," said Don Frizzell, foundation president. "It is quite a tribute to Col. Payne, and it will provide educational programs and scholarships to many deserving students."

Payne, a retired Air Force lieutenant colonel, dedicated himself to providing financial planning advice and products to military families in 1958 with the founding of the firm known today as First Command Financial Planning. In 1983, he established an educational foundation to provide college scholarships to the children of active duty, retired and deceased U.S. service members.

In 2001, First Command Educational Foundation became an independent entity with an expanded mission to significantly improve the short- and long-term personal financial success of U.S. military members through scholarships, educational programs and financial presentations. Last year the foundation awarded more than $176,000 in scholarships to college-bound high school students and selected ROTC cadets. It has awarded more than $3 million since it was founded in 1983. This year the target audience for the foundation's programs has expanded to include civilians as well as military families.

The Payne family has donated a total of $750,000 to the foundation during the past 12 months. The most recent donation of $500,000 is the largest monetary gift in the history of the 22-year-old foundation.
The money will go toward the organization's permanent scholarship endowment, the Carroll H. Payne Scholarship Fund. The foundation's goal is to grow the scholarship endowment to $2.5 million over the next few years.

Copyright Business Wire 2006

First Command Educational Foundation

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