In 2002, the Alfred Street Baptist Church Foundation (ASBCF) was formed as a separate 501(c)(3) organization. Managed by a board of directors, the Foundation provides academic scholarships to graduating high school seniors, from the Washington, DC Metropolitan area, who have demonstrated a financial need and have maintained high academic performance. Additionally a limited number of scholarships are awarded to divinity school students.
In 2007 the Alfred Street Baptist Church (ASBC) Foundation awarded its first scholarships to eleven students from the Washington D.C. Metropolitan Area attending a four-year college or university.
For the 2019-20 school year, the Foundation awarded $159,500 in 61 new scholarships and $29,500 in scholarship renewals to 15 prior winners for a total of $189,000 for 76 scholarship awards. Since 2007, the Foundation has given $1,488,259 for 332 scholarship awards to local area students.
The Foundation awards two types of scholarships, Millennium and Legacy. The Millennium Scholarships are funded by the ASBC and the ASBC Foundation. The amount of these scholarships is $20,000 disbursed over four years ($5,000 per year for four years). Two Millennium Scholarships are awarded annually. The Legacy Scholarships are funded by individuals or groups who add their own criteria to Foundation requirements and determine the amounts to be awarded.
Legacy scholarships awarded this year vary from $1,000 to $5,000.