Created in 1996 in memory of the late president of the New Jersey State Council of Carpenters, the George H. Laufenberg Scholarship Fund has awarded 161 scholarships totaling over $1,000,000 to the children and grandchildren of union carpenters.

To qualify for a scholarship, students must be a high school senior who has maintained at least a "B" average throughout high school. To retain the yearly grants, they must maintain a "B" average each college semester and remain a full-time student.