Leopold Schepp established the Foundation in 1925. His objectives were to encourage young people to develop good character and to help them complete their education.
- Must be under 40 years of age at the time of application.
- Aplicants must have a minimum GPA of 3.2 on a 4.0 scale and must enroll full-time in a four year bachelor degree or approved graduate program.
- A personal interview in New York City is required of all applicants. Travel expenses are not reimbursed.