In an effort to directly help accounting students and Nebraska colleges and universities, the Foundation of the Nebraska Society of CPAs was established in 1976. The Foundation provides an annual financial grant and accounting scholarships to select accounting students at 14 Nebraska colleges and universities. The first President of the Board of Trustees of the Foundation was J. B. Dresselhaus of Lincoln. Over the years the Foundation has experienced constant growth through generous donations from CPAs and members.

The Foundation Scholarships are funded through a portion of member dues, investments and also through generous donations from members, member firms and discussion leaders. There are two different kinds of scholarships: a general accounting scholarship and fifth-year (150 hour) scholarships. The main focus of both scholarships is to financially support college and university accounting majors who have the interest and capabilities of becoming a successful accountant, are planning to take the CPA exam and are considering an accounting career in Nebraska. In 2012, the Foundation distributed over $87,000 in scholarships and grants to 14 Nebraska colleges and universities. The number of scholarships awarded and the amount vary depending upon contributions and donations received.