The MSGA Scholarship Fund was started in 1950, originally as a caddie scholarship. It was expanded in the 1970s and an endowment fund was started. The goal of the endowment fund is to ensure the future of the Scholarship Fund by having it be self-supporting. In 2017, the Fund topped the endowment goal of $1,000,000 in assets for the first time.
Each year, the MSGA holds the Maine Open Pro-Am (title sponsor: Charlie's Auto Dealerships) as the primary event to raise money for the Scholarship Fund. A portion of all revenue raised by the MSGA goes to help support scholarships. The MSGA relies on the generosity of its donors and sponsors to help ensure the future of the fund. Other than bank charges of less than $300 per year, all other donations go directly to the endowment fund and the MSGA administers the fund as part of its daily business, with no costs charged back to the fund. Every contribution made is important to this mission.