Ford Motor Company Director Emeritus William Clay Ford may have passed on at age 88, but his spirit and philanthropy live on in the form of a scholarship fund to commemorate his contributions to the design legacy of Ford Motor Company.

The Ford Fund will commit $50,000 annually over the next 20 years, giving five automotive design college sophomore or junior students $10,000 each per year. Further details of the program will be announced in the future. In other words, a $1 million scholarship.

One of Willian Clay Ford‘s most memorable highlights was overseeing development of many classic vehicles including the rather iconic Lincoln Continental Mark II. He was also owner of the Detroit Lions for quite some time.