The Legislative Memorial Scholarship Fund was established in 1995 as the successor of the Gould-Michaud Scholarship Funds. The original scholarship funds began in memory of Representative Stephen Gould of Orono and House Page David Michaud, and were available to students attending the Universities in Orono and Fort Kent.

Auctions to raise money for these two funds began in 1981 and continued through 1994, at which time a Scholarship Committee was formed and the new Legislative Memorial Scholarship Fund began.  The new fund would make scholarship awards available to Maine residents attending any accredited Maine institution of higher education, in honor of all Legislators and Staff who served the Maine Legislature.

All funds for the scholarship have been raised through an Auction held in Augusta.  Legislators, Staff and Lobbyists participate in the event by soliciting and making donations, organizing and even "auctioneering".  Hundreds of items are donated, many of them "made in Maine", such as sardines, paintings and weekend get-a-ways.  The auctions have been a tremendous success, making it possible for 16 students, one from each county in Maine, to receive as much as a $1000 award.