Mr. Schmidt has a long-standing interest in creative approaches to community improvement. Born in Irvine, Ky., to a very gifted family, Mr. Schmidt received his bachelor of arts degree from Depauw University in Greencastle, Ind., and his master's degree in business administration from George Washington University in Washington, D.C. After serving as an Air Force fighter pilot, Mr. Schmidt returned to Indiana where he raised three children. A private man with a tremendous sense of community giving, his entrepreneurial spirit produced a very successful career in various business enterprises. The foundation captures this spirit in the initiatives and projects it selects to fund - always grounded in innovation.

Mr. Schmidt's immediate family comprises the foundation's board of directors, which meets at least twice per year. The foundation mainly considers grants to organizations in the greater Southern Indiana region but is also committed to artistic and educational development in several other parts of the country. Grants are predominantly one- to three-year commitments, and the foundation requires regular tracking and status reports from its grantees.