The Beinecke Scholarship Program was established in 1971 by the Board of Directors of The Sperry and Hutchinson Company to honor Edwin, Frederick, and Walter Beinecke. The Board created an endowment to provide substantial scholarships for the graduate education of young men and women of exceptional promise. The program seeks to encourage and enable highly motivated students to pursue opportunities available to them and to be courageous in the selection of a graduate course of study in the arts, humanities, and social sciences. Since 1975 the program has selected 664 college juniors from more than 110 different undergraduate institutions for support during graduate study at any accredited university. Each scholar receives $4,000 immediately prior to entering graduate school and an additional $30,000 while attending graduate school. There are no geographic restrictions on the use of the scholarship, and recipients are allowed to supplement the award with other scholarships, assistantships, and research grants. Scholars are encouraged to begin graduate study as soon as possible following graduation from college and must utilize all of the funding within five years of completion of undergraduate studies.