The Underwood Family Rodeo Scholarship Endowment was established by Fred Underwood in 2006. The scholarship is awarded to students participating on the Texas Tech Rodeo Team.
The Texas Tech Rodeo Association Endowed Scholarship was established by friends and supporters of the Texas Tech Rodeo Team in 2004. The scholarship is awarded to full time students at Texas Tech University, and after the first semester, must maintain eligibility to compete in intercollegiate rodeos.
The Rodeo Facility Enhancement Fund for the College of Agricultural Sciences and Natural Resources was established by David Grohne in 2006. The funds are to be used for construction, maintenance, and enhancement of the Texas Tech rodeo facilities within the College of Agricultural Sciences and Natural Resources.
The Rodeo Heritage Endowment was established by various donors in 1997. The fund usage will be determined by the Rodeo coach and appropriate College of Agricultural Sciences and Natural Resources administration.