The Jefferson Scholarship Fund, Inc. was organized on March 3, 1989 and is the successor to Jefferson Co-Op Supply, Inc. Jefferson Co-Op Supply, Inc. was dissolved on March 3, 1989 by the Seventh Judicial District Court of the State of Idaho pursuant to a Stockholder vote for dissolution on October 20, 1988. Both the court order and the stockholder vote directed the Funds' Trustees to realize the assets of the Co-Op and to pay the Co-Op's debts in full. If any assets remained after payment to the Co-Op's debts such assets were to be used for community improvement within the boundaries of Idaho Joint School district #251. Both the stockholder vote dissolving the Jefferson Co-Op Supply, Inc. and the District Court order validating the dissolution gave strong direction to the Board of Trustees that scholarships given to local high school graduates would be considered a highly desirable community improvement.

Since that time, The Jefferson Scholarship Fund has awarded 25 to 35 scholarships annually to graduates of School District #251 high schools. Starting in the Fall of 2013 the Scholarship Fund will also be considering Financial Support for students enrolling in Rigby High School's IEN program.