The Walter Beall Scholarship Foundation awards scholarships, to students who further their education in general engineering,  aviation or aeronautical engineering degree programs.

A nine member board comprised of Past Regional Presidents of the Fleet Reserve Association serve as Foundation Trustees.

Each year they select candidates for scholarship.

Each award recipient is adjudicated on financial need, academic achievements, and community involvement.

Students attending US military academies or enrolled in reserve officer candidate programs receiving aid are not eligible to apply.

In order to apply, applicants may be  FRA Members or spouses, sons or grandsons, daughters or granddaughters of members in good standing of the Fleet Reserve Association (FRA).
The FRA Member must have been designated as a member in good standing for the two consecutive years prior to applicants submission of application.
Deceased members must have been FRA members in good standing for the two consecutive years prior to death.
Walter Beall scholarships are awarded on merit as well as financial need thus recipients of previous awards may re-apply.
Applicants must be US citizens and enroll at an accredited college/university or technical institution in the United States and must remain a student in good standing.

Applicants must be students who further their education in general engineering , aviation or aeronautical engineering degree programs.

Applicants are adjudicated on their grade point average, scholastic aptitude test scores, curriculum goals, interests, community activities, and awards.
Students' financial needs, based on income and educational expenses, are also considered.