The last students to graduate from either Hayesville or Jeromesville Schools were in 1964. Thereafter, both schools were consolidated into the Hillsdale School System. The people who graduated prior to that date compose the members of the Hayesville and Jeromesville Alumni Associations.

To demonstrate a spirit of cooperation, the members of the Hayesville Alumni Association and the Jeromesville Alumni Association, once longstanding rivals, agreed to create a scholarship in 2005 which would be granted to a Hillsdale senior to further his or her education.

Recognizing that these organizations will one day cease to exist, they desired to create a lasting legacy which would not only immortalize the organizations, but would uphold the importance of education.