Dick Hackenburg, chairman of the Spencer Educational Foundation Inc., said that, "We hope that by fostering the education of our business' future innovators we will appropriately memorialize the talent lost that tragic day."

The Foundation was established in 1979 by the late Robert Spencer, president of the Risk & Insurance Management Society in 1977. The Foundation is administered by its own board of directors but is affiliated with RIMS.

Last year, Spencer gave out seven college scholarships. In addition, the foundation also sponsors grants of up to $4,000 to selected RIMS chapters for launching an intern program, according to the organization's Web site.

Donors can contribute to The Sept. 11 Memorial Scholarship in memory of a personal friend or colleague, or as a remembrance of those lost on Sept. 11, the foundation said.

The foundation reported that it intends to raise a minimum of $100,000 to create the memorial scholarship. Gold, silver and bronze categories for both corporate and individual donations have been established.

A plaque containing names of donors will be mounted at the headquarters of the Risk and Insurance Management Society in New York City.

Anyone interested in contributing to the scholarship fund should contact Angela Sabatino at 212-655-6223, or by e-mail at [email protected].