In 1997, Chief Washakie was designated as the second Wyoming  individual to be memorialized with a statue in Washington D.C. A committee was organized to raise funds and  create the sculpture of the Chief.  The Wyoming legislature allocated $180,000 for the project.
That amount was matched by private donations.   Contributions for the statue  were in such an abundance  that  the budget for the project far exceeded the actual construction costs. In 2002, the sculpture committee was reorganized as the Chief Washakie Memorial Endowment Committee.  The excess funds from the statue project were used to create the Washakie Scholarship for prospective University of Wyoming students who are residents of the Wind River Reservation area.  The Endowment Committee is now known as the Chief Washakie Foundation.
Currently, applications for the scholarship are available through the University of Wyoming's financial aid office.  Recipients  can enroll in a certificate, undergraduate, or graduate program. UW Student Financial Aid Associate Director of Scholarships, Debra Reed-Littlesun, elaborates on the requirements for applicants:


All class level students, who have strong ties to the Wind River Indian Reservation are encouraged to apply. The deadline to submit applications is March 1st.