Cottage and Scholarship Foundation Each Receive $4 Million from Inskeep Trust
September 30, 2009
Santa Barbara Cottage Hospital Foundation and the Scholarship Foundation of Santa Barbara each have received a generous $4 million gift from the J. Jerry Inskeep Jr. Revocable Trust.
Before his death in August, Jerry Inskeep and his wife Jackie lived in Montecito part-time. The couple moved to the South Coast in 2004 and immediately became very interested in providing philanthropic support to Cottage and the Scholarship Foundation. Jackie continues to reside part-time in Montecito.
“We are extremely grateful for this very generous $4 million gift from the Jerry Inskeep trust,” said Bob Andrews, chair of the board of the Santa Barbara Cottage Hospital Foundation. “The level of commitment that Jerry and Jackie Inskeep showed to our community is truly inspiring.”
The Inskeeps previously made a $1 million gift in 2005 to The Campaign for Cottage Health System. This gift will be used to support the outdoor dining area at the new Santa Barbara Cottage Hospital, and the dining area will be named in the Inskeeps’ honor.
Construction on the new Santa Barbara Cottage Hospital began in 2005 and is expected to cost more than $700 million. The first two patient pavilions will be completed in 2011.
“This is one of the largest gifts in the 47 year history of the Scholarship Foundation,” said Patricia MacFarlane, board president for the Scholarship Foundation of Santa Barbara. “We are extremely thankful to Jerry and Jackie for their wonderful commitment and generosity. The Inskeeps have provided significant annual donations for several years, and this $4 million legacy gift will endow the Inskeep Scholarship Fund, enabling the fund to provide scholarships in perpetuity.”
Jerry Inskeep Jr. formed his own investment firm with James Rippey in 1961 after leaving his position at Merrill Lynch. Rippey and Inskeep Inc. later became Columbia Management Company, establishing Oregon’s first mutual fund in 1967 (Columbia Growth Fund), and subsequently one of the first money market mutual funds in the country in 1974 (Columbia Daily Company). In 1997, the firm was acquired by Fleet Financial Group of Boston.