In 1949 a group of Ouimet's friends started a scholarship in his honor, naming it the Francis Ouimet Scholarship Fund. The scholarship was created to give college scholarship aid to young people who worked as caddies at clubs in Massachusetts. The inaugural class had 13 scholars who received a total of $4,600. Since then over 5,000 students have been selected as Ouimet Scholars, receiving over $25 million in need-based college tuition assistance. Today's requirements state that young people who have given at least two years of service to golf as caddies or worked in a pro shop or in course superintendent operations in Massachusetts are eligible to receive the scholarship.
The Ouimet Fund is the second largest caddie scholarship in the United States, and the largest independent scholarship fund in Massachusetts. Students must go through a rigorous application and interview process before being selected as a Ouimet Scholar. Once selected, students may attend any school they wish, which is one of the major differences between the Ouimet Fund and the Evans Fund, the other major caddie fund in the U.S. Since the Ouimet Fund is a need-based scholarship, awards can range anywhere from a few thousand dollars to $30,000 or more over four years.
The Francis Ouimet Award for Lifelong Contributions to Golf was first presented in 1986, and is presented annually at the Francis Ouimet Scholarship Fund's annual banquet. Past winners include Arnold Palmer (1997), Peter Jacobsen (2006), Jack Nicklaus (2007) and Annika Sörenstam (2010).
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