The RODEO COWBOY ALUMNI was formed during the summer of 1990 to keep former contestants, friends and fans of rodeo in touch, and to promote and support the sport of rodeo.

The permanent projects of this nonprofit organization are the LANE FROST MEMORIAL SCHOLARSHIP and the JOHN R HATLEY MEMORIAL SCHOLARSHIP .  These scholarships are awarded to two high school seniors who have participated in high school rodeos and have made it to the finals.  The National High School Rodeo Association selection committee screens applicants and bases their decisions on factors which include grade point average, college enrollment, and financial need.

As of December 2003, the RODEO COWBOY ALUMNI has awarded a total of sixteen scholarships-  thirteen LANE FROST MEMORIAL SCHOLARSHIPS and three JOHN R HATLEY MEMORIAL SCHOLARSHIPS.  These awards have ranged from $2000 to $4000.