FORT WORTH, Texas--(BUSINESS WIRE)--First Command Educational Foundation has named Vickie C. Mauldin as its new executive director, replacing Donaldson D. Frizzell, who recently retired.

"It's with mixed emotions that I have stepped down as executive director, but it is time to move on to the next phase of my life," Frizzell said. "Vickie Mauldin is the obvious choice as my replacement. She brings a wealth of experience and business savvy to the position."

Frizzell, a retiree from the U.S. Air Force, served in the capacity of executive director of the non-profit organization since 2001.

Mauldin, also retired from the U.S. Air Force, joined the foundation in March of this year after serving First Command Financial Planning, Inc. as a market integration manager. She holds a degree in management and human resources from Park College in Missouri.

"I am extremely grateful to have the opportunity to serve the foundation in this capacity," Mauldin said. "I hope to bring as much integrity and success to the organization as Don has over the past several years."

Carroll C. 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 recently donated $500,000 to the organization, the largest monetary gift in the history of the 22-year-old foundation. The foundation's goal is to grow its scholarship endowment to $2.5 million over the next few years.

Copyright Business Wire 2006

First Command Educational Foundation

First Command Educational Foundation

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