The Phi Kappa Phi Foundation was incorporated in 1969 to promote academic excellence and achievement by means of scholarships and fellowships. The Foundation supports the following awards.

• Fellowships to support first-year graduate work.

• Study-Abroad Grants to support undergraduates studying overseas.

• Love of Learning Grants supporting active Phi Kappa Phi members in Graduate or professional studies, doctoral dissertations, continuing education, career development, travel related to teaching/studies, and other endeavors.

The JMU chapter annually awards the Elizabeth B. Neatrour award to an outstanding graduating senior. This award carries a stipend of $500 to support graduate study. The JMU chapter also makes a best thesis award each year. This award includes a $250 cash prize.