The scholarship will award $25,000 annually to the dependents of Beacon employees pursuing post-secondary education at a two-year college, four-year university or vocational-technical school.
A maximum of 10 recipients will each receive a $5,000 award that is renewable for up to three years of undergraduate study if they meet eligibility requirements.
The Davis Memorial Foundation gives priority to students who want to attend a trade school, or get a college or university degree that relates to the construction industry.