In 1973, Mr. Lazarus joined the staff of the Stanford GSB as director of Admissions and Student Affairs, and remained in that position for four years. His positive attitude and his deep concern for students was greatly appreciated by his fellow staff members, GSB faculty, and students alike. After leaving Stanford, Richard Lazarus became a buyer for Bullock's, the department store chain.

Richard Lazarus died in an automobile accident in 1979 at the age of 34. That same year, alumni from the MBA classes of 1975-78, family, and friends established this fund in appreciation of the fact that "his personal warmth and supportive spirit enriched the Business School experience of MBA students." In keeping with Mr. Lazarus' concerns, this fund provides financial assistance to deserving MBA students.