The chapter began awarding scholarships in 1987 when a scholarship was awarded to an outstanding high school graduating senior. In 1991 a $500 award was made available to an outstanding cadet in one of the three service's ROTC programs at the University of Colorado. The award was rotated each year to a different service. Within the Navy program the selection of the awardee alternated between Navy and Marine option students.

The outstanding recipient is selected and recommended by the staffs of the ROTC units. Beginning in 1994 the chapter awarded three scholarships, one to each service's outstanding cadet. In 1995 the Pikes Peak Chapter combined funds with the Boulder County Chapter and three $700 checks were awarded to an Army, Air force and Marine student. In 1996 the Boulder County Chapter alone awarded three $500 scholarships.

When the Navy staff met to review candidates, they decided there were two excellent candidates, one a sailor and one a Marine. The Navy staff recommended that the chapter split the Navy's award between the two. The Army and Air Force recipients received $500 checks and the Navy and Marine recipient's checks were $250 each. Because of the 1996 awards and the expansion of the Marine options in the Navy program, the chapter voted to divide the total amount of the available funds by four and make equal awards to the four services. Therefore, in 1997 and each year since, four $500 checks were awarded to students preparing to be officers in the Army, Navy Air Force and Marine Corps. Since the inception of the ROTC Scholarship Project the chapter has awarded $32,000 to these deserving students.

In the beginning the funds for these scholarships were raised by member's donations, and auctions and raffles at monthly meetings. One member, Colonel David Samuel generously donated a percentage of his real estate commission on transactions referred to him by chapter members.

In 1998 the chapter undertook to collect used military uniforms and equipment and in turn sell these items to collectors at the Denver Militaria Show. Since then, a significant portion of the funds were raised by this means. However, this method of raising money was no longer viable when items of Militaria became hard to locate. Therefore, in the fall of 2006 the Chapter staff voted to hold a 50/50 raffle at the monthly meeting. Half of the proceeds go to the raffle winner; the other half goes into the Scholarship Fund. Additionally, member donations to the fund are needed to continue this important chapter effort to supplement funds received from the 50/50 Raffle. We are asking members to continue your generous support of the AABC Scholarship program, so we never again have to beg for donations in March to make the awards in April.