The Centennial Scholarship was established by the Town of Wilkie and the Battleford's and District Community Foundation in 2012. It was suggested by some former residents who attended the 2011 Centennial Celebrations. The tremendous work of the Centennial committee and supporting volunteers reminded the former residents of the volunteers who made community life richer and more pleasurable during earlier eras.

The fund is administered by the Battleford's and District Community Foundation Inc., an umbrella organization making it easy for donors to create funds in perpetuity without all the legal costs and red tape that would be involved in setting up a foundation of their own. The Community Foundation is also able to invest funds aggregately for better returns on principal, as well as issue charitable tax receipts for donors. The current policy of the Battleford's and District Community Foundation is to distribute 4% of the capital funds under their management. As more donations are received, the annual payout will increase. Donations may be made by either dropping a cheque off (made payable to the Battleford's and District Community Foundation) at the Town Office or by mail to BDCF, Box 1302, North Battleford, SK S9A 3L8. For every $100 donated to the Centennial Scholarship Fund, a donor may name a person or group who made or is making significant voluntary contributions to community life. Donors may also remain anonymous.

While the foundation looks after the monies, a committee consisting of members from the 2011 Centennial Committee, Town Council and McLurg High School chooses the scholarship recipients each year. The scholarship is to be used to recognize and support a McLurg High School graduate entering into a post-secondary education program. Graduates who have participated in community activities and have good marks and who are or will be studying at a Saskatchewan post-secondary institution (not necessarily a university) will be given preference.