The “Gilbert W. Speed Memorial Scholarship” fund has been created in an effort to recognize the many industry contributions and friendships Gil Speed has made during his career in the aviation industry. Speed began his career in aviation as a student apprentice in 1952 at the Bristol Aeroplane Company, now part of BAE Systems. In 1957 he moved to Eastern Airlines where he was a development engineer. Then after an engineering stint at Pan Am, he become the founder of Transequip, now part of Telair International. In 1979, he founded SpeedNews which became the premier newsletter of the aviation industry. The vision in the aviation industry continued as he launched the first annual SpeedNews Aviation Industry Suppliers Conference in 1987. Speed was a long-time supporting member of ISTAT, since 1983, and was the recipient of the 2010 ISTAT Award. During his more than 60-year tenure in the aviation industry, he become a well-respected industry partner and touched many lives. This scholarship is a way to continue his legacy within the aviation community.
All contributions raised for this purpose shall be held in a restricted fund entitled the “Gilbert W. Speed Memorial Scholarship”. Contributions can be made throughout the year or through an annual giving program. The account shall not receive interest on the balance held within the Foundation portfolio. An annual audit shall confirm the fund’s balance each year. No administrative costs shall be applied to the fund. All contributions shall go to fund an annual “Gilbert W. Speed Memorial Scholarship” until funds run out. At that time, the Foundation Trustees shall determine future funding or close the fund. All donors shall receive contribution receipts verifying their contribution to the fund. Annual scholarships provided through the fund shall be deducted from the fund’s balance annually.
Contributions in memory of Gil Speed can be sent to the ISTAT Foundation at 330 N. Wabash Ave., Chicago, IL 60611 or ISTAT Members can contribute on-line at www.istat.org
. All contributions to this fund shall be marked for the “Gilbert W. Speed Memorial Scholarship”.
Scholarship Fund Objectives
The fund shall provide an annual scholarship, or multiple scholarships, of $5,000 each to a maximum of $10,000 each at the discretion of the Trustees, to students interested in aviation careers, including aviation management, aeronautical sciences, aeronautical engineering, flight, airport management, air traffic control, aviation computer sciences, aviation maintenance, aviation law, equipment finance or a related field. Priority will be given to those students studying aviation management, aviation economics, aviation law or equipment finance. Candidates must have completed at least two years of college and can also be graduate students. Ideally, the student shall have a Grade Point Average of 3.0 or higher on a 4.0 scale and demonstrate financial need. The ISTAT Foundation Scholarship Committee shall focus on those individuals that have shown evidence of personal plans and goals in an aviation career. Scholarship applications can be accepted from students on a worldwide basis. Students shall be selected by the Committee using the above criteria.
ISTAT Foundation Tax ID
The ISTAT Foundation, established in 1995, provides funds for scholarships, educational programs, grants and humanitarian aid to qualified individuals, organizations and charities to promote the advancement of commercial aviation. The ISTAT Foundation is a NON-PROFIT organization under IRS Code 501(c)3. Donations are tax deductible as a charitable contribution. The Foundation’s Federal Tax I.D. # is 54-1742507. Additional information on the many activities of the ISTAT Foundation can be found on its website located at www.istat.org