Early in the history of the Fraternity, it was recognized that members would benefit from a program of financial support to help defray the growing costs of attending pharmacy programs. Beginning with funds from the general treasury, the first LKS Scholarship (now known as the Cora E. Craven Educational Grant) was given in 1962. Ten years later, in 1972, the first Dr. B. Olive Cole Graduate Educational Grant was established.
The Lambda Kappa Sigma Educational Trust was established in 1974 for the purposes of perpetuating a financial program to assist members in reaching their goals in pharmaceutical education. An Educational Grant Selection Committee and Standing Rules were adopted at the 1976 Biennial Convention in Toledo, Ohio. Effective with the 1978 Biennial Convention in Albany, NY, the Cora E. Craven and Dr. B. Olive Cole Educational Grants have been funded by the LKS Educational Trust.
In 1986, the Mary Connolly Livingston Educational Grant was also created and funded through the Trust. In 1994, 1998 and 2003 respectively, the Norma Chipman Wells, Adele Lobraico Lowe and Marilyn & Joe E. Haberle grants were established and funded by the Trust.
Oversight of the Trust is provided by the Trust Liaison Committee. This group monitors financial and policy aspects of the Trust and works closely with the Grand Council to establish the number and amount of the Educational Grants provided each Biennium.
To maximize growth of the core finances within the Trust and ensure continuity and perpetual oversight of funds, several chapters transferred individual chapter scholarship dollars for management by the Trust. Those funds are owned by the chapter but benefit from financial management and favorable interest rates. All LKS chapters are encouraged to make such arrangements within the framework of the Trust.