Howard and Elaine Storms, longtime Livermore residents, have continued their generous support of Livermore students by funding an additional scholarship to be awarded in 2017 to a student planning to earn undergraduate degrees in one of the physical sciences.
This most recently funded scholarship is named in honor of Gene Hale who served as the first Board of Directors President for the Pedrozzi Foundation. Gene was a business partner and longtime friend of Mario Pedrozzi and was the only person specifically named in Mario’s estate plans to establish the Foundation.
Previously, Howard and Elaine funded scholarships in honor of Paula Orrell and Elizabeth Trutner. “As a former Foundation board member, I am grateful for the leadership Gene, Paula and Beth provided during the Foundation’s early years,” shares Howard. Beth’s legal expertise guided the organization’s formation, and all three worked with fellow board members to determine how to effectively implement Mario Pedrozzi’s wishes to support local students through the awarding of scholarships. Paula and Beth served multiple terms as board members, including terms as Board President.
“The Foundation developed into a high impact organization providing tremendously valuable programs to Livermore students and families under the leadership of these talented and dedicated individuals. Gene, Paula and Beth also had the foresight to realize the powerful impact the Foundation could make by inviting the community members to join Mario in supporting local students,” continues Howard.
Howard and Elaine funded these undergraduate scholarships by donating long term appreciated stock to the Foundation. In doing so, they significantly increased the amount available for funding the scholarships. The Storms received the double benefit of deducting the fair market value of the donated stock and avoiding the capital gains taxes payable if they instead sold the stock and donate the proceeds. “We were able to achieve our philanthropic goals of honoring Gene, Paula and Beth and supporting multiple students with our stock donations,” agree Howard and Elaine.
“Howard was a scholarship recipient both as an undergraduate student at St. Olaf and a graduate student at MIT so we know firsthand the value of receiving financial support to go to college. In turn, we want to provide the same support to Livermore students. We can think of no better way to help local students than by giving to the Pedrozzi Scholarship Foundation,” say Howard and Elaine proudly.
