Since 2006, the Algonquin/Lake in the Hills Chamber of Commerce has awarded annually, two $1,500 scholarships to well deserving high school seniors. This was supported through the Chamber contributing 10% of its annual events proceeds to the scholarships.

In 2010, The Chamber Foundation of Algonquin/Lake in the Hills was formed. The mission of the Foundation is "To provide funds and leadership to assist in the current scholarship program and expand similiar opportunities for all ages. Future plans for the Foundation is to assist our communities in areas of economic well being and providing for a high quality of life for all living in Algonquin and Lake in the HIlls. The Chamber Foundation of Algonquin/Lake in the Hills enables contributions to be tax deductible under IRS 501(c)(3).

Each year, the Chamber Foundation of Algonquin/Lake in the Hills awards two $1,500 scholarships to two deserving high school seniors. Eligibility is based on Algonquin or Lake in the Hills residency and/or a family member of the Algonquin/Lake in the Hills Chamber of Commerce. that show exemplary service to their community. The Chamber offers this scholarship to help foster the development of leaders for our community who can address the issues of the next generation and have a lifelong dedication to prosperity and philanthropy in business and community endeavors.

Evaluation of the applicants is completed through a blind process which evaluates their school and civic activities and their commitment to community leadership. Awards will be announced in May.